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by Musa Ibrahim…..,…….. The Group Managing Director, Nigeria National Petroleum Corporation (NNPC), Mele Kyari, has stated that it was currently impractical to float the nation’s four refineries commercially and beneficially. However, he projected that a new target date of mid 2023 had been set aside to bring these refineries back alive and to operate full capacity. These refineries in Warri, ...

The Nigerian National Petroleum Corporation (NNPC) has recorded an encouraging 43 per cent drop in cases of willful damage of its oil pipeline infrastructure by suspected oil thieves in May, 2020. The corporation, in a release by its Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, explained that details of the report contained in the May 2020 version ...

There are strong indications that the pump price for the nation’s Premium Motor Spirit (PMS), known as petrol will be sold between N149.12 and N150. 12 for the Month of August. This is because the margin between the pump price and the ex-depot price is usually fixed and often constant. For instance, for the Month of July the ex-depot price ...

by Shola Abisoye……………… Shell has signed agreement for two tankers each with Knutsen LNG and Korea Line Corporation. This will expand Shell’s fleet with charter deals to six newbuild liquefied natural gas (LNG) carriers. This pact is also with ICBC Financial Leasing and institutional investors advised by J.P. Morgan Asset Management. The 174,000-cbm LNG ships will be built by Hyundai ...

Living with the risk of daily oil price volatility on both crude oil and products is part of the life of any refinery. While margin risk can—and has—forced many refiners out of business, the process is generally a slow one. Flat price risk, on the other hand, is potentially far more lethal as a decision to purchase and price a ...

Oil prices jumped on Monday morning, recuperating earlier losses, on the first trading day after OPEC+ eased its record oil production cuts by 2 million barrels per day (bpd), while surging COVID-19 cases have dampened the optimism for a swift oil demand recovery. As of 10:57 a.m. EDT on Monday, WTI Crude was up 1.14 percent at $40.73 and Brent ...

by James Ikenna……………. Seplat Petroleum Development Company Plc (SEPLAT) has confirmed that Mr. Austin Avuru has retired as the CEO of the Company. Mr. Avuru will remain on the Board as a Non-Executive Director. According to Seplat in the interest of full transparency and corporate governance best practice, the Company providing full discusure of his retirement including his benefits. A ...

Vitol, the independent oil trading firm paid over $14 billion to it’s partners in the past 15 year. This amount went mostly into share buyback to Vitol’s top employees as a form of reward to the firm’s old generation management staff who are retiring from the company. Last year, for instance Vitol Group, paid a record $2.2 billion to its ...

by Jenifer Dike……………… The nation’s generating power plants (Gencos) has continued to kick against the debts being owed them by the Nigeria Bulk Electricity Trading Plc (NBET). The N181.39 billion debt by NBET to 25 Generating plants including Egbin has been blamed to be the reason for the drop in power supply by the Gencos which has gone down to ...

Zetech Oil Services Nigeria Limited is one of the leading procurement and supply company with a nationwide reputation for procurement, supply and Logistic service. We are recruiting to fill the position below: Job Title: Computer Operator Location: Lagos Job Summary Responsible for supervising the operation of computer hardware systems and ensuring machines are functional and secure. Sets controls on computers ...