OIL

Dr Bala David, Group General Manager, Renewable Energy Division, Nigerian National Petroleum Corporation (NNPC) says the full scale upgrade of Nigeria’s refineries through Joint Venture partnership is timely. David said the move by the Federal Government would boost the local refineries’ profit going forward and also increase domestic crude production. He spoke on Monday at the Virtual Oil Trading and ...

The 5,000 barrels per day Waltersmith Modular Refinery project in Imo State is ready for operations, the Department of Petroleum Resources (DPR) has said. DPR’s Director, Sarki Auwalu, disclosed this during a pre-commissioning visit to the project site located in Ibigwe, Imo State. Auwalu said the purpose of the visit was to make sure that the Waltersmith Refinery was ready ...

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 ...

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 ...

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 ...

………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 ...

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 ...

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 ...

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 ...

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 ...