OIL

Aiteo Eastern Exploration and Production, operators of OML 29, said the activities of oil thieves have assumed alarming proportions, leading to loss of about four million barrels of crude in 2019. In dollar terms, the crude stolen is about $240m at an average price of $60 a barrel. Mr Victor Okoronkwo, Managing Director of the oil firm spoke on the ...

In keeping with the Transparency, Accountability, and Performance Excellence (TAPE) agenda of the Mallam Mele Kyari-led management of the Nigerian National Petroleum Corporation (NNPC), the corporation and the Nigeria Extractive Industries Transparency Initiative (NEITI) have set up a joint committee to deepen collaboration in order to promote transparency in the Oil and Gas Industry. Speaking at the inauguration of the ...

The Deputy Managing Director, Deep Water District of Total Exploration and Production Nigeria Limited, Engr. Ahmadu Kida-Musa, has said. that emerging and innovative technologies are  key to ‘big find’ in the oil and gas industry. According to him the dependence on conventional technologies that have been used in the past will surely not be the only solution to harness the ...

The selection of insurer for the Nigerian National Petroleum Corporation’s (NNPC) assets in the 2020/2021 would be transparent, just as is the practice in other areas of the corporation’s operation nationwide, the National Oil Company has said. The Group Managing Director of NNPC, Mallam Mele Kyari, gave the assurance today at the NNPC Towers, Abuja, during the public bid opening ...

The Minister of State for Petroleum Resources, Chief Timipre Sylva, has stated that the 650, 000 per day capacity Dangote Refinery and Petrochemical Plant, which is under construction, will be a success story that is coming out of Nigeria. The minister also pledged the support of the federal government to Dangote Group to ensure the completion of the facility. Sylvia ...

…Reaffirms Commitment to Safety In furtherance of the transparency agenda of the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, the corporation has publicly opened bids from 14 companies for the financing and redevelopment of Oil Mining Lease (OML) 119 OML 119 is operated by the upstream subsidiary of the corporation, the Nigerian Petroleum Development ...

Royal Dutch Shell Plc, the parent company of Shell Nigeria has reported third-quarter earnings on a current cost of supplies basis, excluding identified items, of $4.8 billion, up from $3.5 billion in this year’s second quarter, and down from $5.6 billion in third-quarter 2018. These earnings by Shell worldwide, reflect lower realized oil, LNG, and natural gas prices, as well ...

 By John Meze              Nigeria’s crude oil reserve, which would have been its fail-save during periods of down-turn in the oil and gas  industry, has been depleting due to the  failure of the country to encourage exploration and production which in-turn would have been boosting its reserves. According to Andrew Obaje, former Director of the country’s Department of ...

The recent announcement by the Nigeria National Petroleum Corporation (NNPC) that it has discovered oil and gas in commercial quantity in Gombe, the North East part of Nigeria is not the last to be heard of new discoveries of hydrocarbon deposits in Nigeria. Another oil and gas is now confirmed to be in commercial quantity in Bida, the North central ...

There are strong indications that the coast is now clear for Oando Plc to buy into Port Harcourt Refinery with over $5 billion as the company makes another move to negotiation with the federal government and complete the deal this time around. It can be recalled that between 2014 and 2015 Oando made similar move to take over the refinery ...