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NNPC GMD Lauds Waltersmith on Modular Refinery Project

The Group Managing Director of Nigeria National Petroleum Corporation (NNPC), Mele Kyari has lauded Waltersmith Petroman Oil Limited for completing its 5,000 barrels per day (bpd) Modular Refinery projected located in Ibigwe, Imo State. The NNPC GMD who was represented by Yusuf Usman, Chief Operating Officer, Gas & Power, during a pre-commissioning visit to the plant, said that the modular ...

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Tank farms: We will not compromise on safety – DPR

The Department of Petroleum Resource (DPR) says it will not allow its safety strategy to be compromised by operating tank farms in the country. Mr Bassey Nkanga, the Zonal Operations Controller, Port Harcourt zone, made this known on Tuesday in Port Harcourt. Nkanga is currently undertaking a tour of tank farms initiated by the ad hoc committee on relocation of ...

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Oil Prices Edge Higher Following Trump Return To White House

Oil prices edged higher in early trade on Tuesday after U.S. President Donald Trump returned to the White House from the hospital after being admitted for treatment for COVID-19 last Friday, while another storm brewed in the U.S. Gulf of Mexico. Prices fell sharply last Friday when Trump went into hospital, then climbed more than 5 per cent on Monday ...

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Downstream Sector Deregulation Will Boost Investment in Refining – Kyari

………Calls for Collaboration among Downstream Players across Africa…… The deregulation of the downstream sector of the oil and gas industry in Nigeria will increase investment in the refining business and facilitate exponential growth in the nation’s refining capacity. This was the submission of the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, at the African ...

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Domestic Refinery Owners Support Subsidy Removal

The Domestic Refinery Owners Association of Nigeria (DROAN), have thrown their weight behind the Federal Government’s removal of oil subsidy in the country. The National Chairman of the association, Mr Godwin Sunday, made this known in a press conference organised by the association in Uyo on Saturday. DROAN chairman said that the association was in full support of President Muhammadu ...

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Saving $261 Billion as Cost from the Tractable Storm of Full Deregulation

by Ben Ndubuwa, Abisoye Shola and Jenifer Dike……………………. As the Federal Government announced a hike in the pump price of Premium Motor Spirit (PMS) otherwise known as petrol and electricity tariff, there have been waves of opposing storms across the country. Not a few persons and groups have condemned the policy and have been warming up to ruffle the feathers ...

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Oil Prices Slide As OPEC Opens The Valves

Oil prices took another dive on Thursday, with the price of WTI falling more than 6 percent by late morning as OPEC’s production increased in September over August. Spot prices for WTI had fallen by 6.04% to $37.79 by 11:28 a.m. EDT, while Brent had dropped 5.22% to $40.09. The catalyst for this morning’s price drop is OPEC+’s September seaborne ...

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Exxon Moves Ahead With Major Guyana Oil Field

Exxon has made the final investment decision on the Payara offshore field in Guyana, the company said this week, adding that it expected Payara to yield up to 220,000 bpd of crude when commercial production begins in 2024. This would be the third offshore development project of the supermajor in Guyana, which rose to fame thanks to a string of ...

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Return to Subsidy Will Cause Fuel Scarcity- Minister

The Minister of State for Petroleum Resources, Chief Timipre Sylva, yesterday warned that succumbing to pressure to reinstate the fuel subsidy recently halted by the federal government will cause the return of fuel queues throughout the country. Speaking on a live TV programme, the minister explained that with the loss of over 60 per cent government revenue, it was impossible ...

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Oil Drops Further As Coronavirus Cases Prompt Demand Worries

Oil prices fell for a second day on Wednesday morning, extending big losses from the previous session amid rising concerns about fuel demand as the coronavirus pandemic worsens.Brent crude dropped 23 cents, or 0.6 per cent, to $41.03 per barrel by 0048 GMT. West Texas Intermediate fell 26 cents, or 0.7 per cent, to $39.29.The benchmarks fell more than 3 per cent on Tuesday as global ...

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