The Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Mele Kyari, has said that Nigeria will target a 20 Percent Increase in Crude oil Production and the extra will not be for Export. According to Kyari though the nation plans to hit a production target of 1.8 million barrels per day in 2023, but not all will ...
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NUPENG Threatens to Shut Eleme Petrochemicals Over Alleged Anti-Labour Practices
Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, has threatened to cripple operations of Indorama Eleme Petrochemicals Company in Rivers State, over alleged anti-labour practices. In a statement weekend, NUPENG alerted government, security agencies and the public in general to what it described as “the anti-labour, crude and unscrupulous machinations of the management of Indorama Eleme Petrochemicals Company in ...
Read More »NPA Awaits 23 Ships Load of petroleum Products, others in Lagos ports
The Nigerian Ports Authority (NPA) on Saturday said 23 ships conveying petroleum products and other goods were expected at Lagos ports. It listed the items expected at the port as bulk sugar, frozen fish, bulk coal, automobile gasoline, jet fuel, bulk urea, base oil, bulk gypsum, general cargo, butane gas, palm oleum, container and petrol. The NPA also said that ...
Read More »Chevron Restate Commitment to Nigeria and No Plan of Exit
Chevron Nigeria Limited, operator of the joint venture between the Nigerian National Petroleum Corporation (NNPC) and CNL ,has reinstated it’s commitment to remain in Nigeria as there is no such plan to exit the country. Faulting the report that it intends to leave Nigeria Esimaje Brikinn,spokesman of the multinational oil company,who clarified the position in a statement made available to ...
Read More »Low-carbon Investments to Rise by $60 Billion in 2023 as Inflation Weakens
Spending on low-carbon projects will increase by $60 billion this year, 10 percent higher than 2022, led by wind developments but helped by a significant rise in funding for hydrogen and carbon capture, utilization and storage (CCUS) infrastructure, Rystad Energy research shows. The growth in total spending is a slowdown from recent years – which averaged 20 percent annual increases ...
Read More »Apapa Customs Generated N1 Trillion in 2022 – Comptroller
The Apapa Area Command of the Nigeria Customs Service has said that between January to December 2022, the command collected revenue worth N1tn. Addressing journalists at the command in Apapa, Lagos on Thursday, the Customs Area Comptroller, Malanta Yusuf, said that the figure was 16 per cent higher when compared to N870bn collected by the command in the previous year. ...
Read More »Nigeria Loses $2.5 Billion Monthly on Failure to Meet OPEC Quota
The Nigeria Employers’ Consultative Association has stated that the country has been losing about $2.5bn monthly for failing to meet the 1.8m barrel per day crude oil production allocation by the Organisation of Petroleum Exporting Countries. In a statement, the Director-General of NECA, Adewale-Smatt Oyerinde, claimed that though the country’s crude oil production grew by 4.2 per cent to 1.23 ...
Read More »HURIWA Carpets FG on Revival of Refinery, High Fuel Prices
Civil rights advocacy group, Human Rights Writers Association of Nigeria (HURIWA), had carpeted the Minister of State for Petroleum Resources, Timipre Sylva, for saying he won’t mind buying petrol at N300 a litre because other countries sell their products at higher prices than in Nigeria and N300 is nothing when compared or changed to the United States dollar and the ...
Read More »Husk Power Targets 500 Customers With 8 Community Solar Grids In Nigeria
Energy services company Husk Power Systems has secured funding from Germany’s development finance institution DEG to build 8 new community solar microgrids in Nigeria, and to support expansion of the company’s India operations. DEG allocated the funds from its Up-Scaling Program, which is co-financed by the German Federal Ministry for Economic Cooperation and Development. With a portfolio of around €9.2 ...
Read More »Crude Oil : EU Planned Sanctions Could Cost Russia $300 Million Per Day
Once new European Union restrictions on Russian oil products come into force on February 5, Russia could face losses of around $300 million per day, a new report from a Finnish research center predicts. A report, by the independent Helsinki-based Centre for Research on Energy and Clean Air (CREA) said that the existing EU ban on crude oil imports from ...
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