Senate flays FG for spending N11tr on fuel subsidies in six years

May 31, 2019

The Senate on Thursday flayed the payment of N11tn to oil marketers as subsidy in the last six years, stressing that the development, if not halted, could kill the nation’s economy. The upper chamber took the decision while considering the report of its committee on the downstream petroleum sector. The chairman of the committee, Kabir […]

Power ministry, firm sign 1.52MW solar plant deal

May 28, 2019

EM-ONE Energy Solutions has signed a contract with the Federal Ministry of Power, Works and Housing to design and install a 1.52 megawatts solar plant with a battery storage capacity of 2.26 megawatt-hours. The solar power plant will be mounted on carport and rooftop canopies and will generate 2.45 gigawatt-hours of energy annually, reducing the […]

223 firms bid for sale, purchase of gas

May 28, 2019

223 local and foreign companies on Tuesday offered to sell and purchase natural gas liquids in domestic and export market. The Nigerian National Petroleum Corporation, group managing director, Maikanti Baru, who was represented by the chief operating officer, Gas and Power, Saidu Mohammed presided over the bid opening ceremony in Abuja. The exercise was monitored […]

Gas production will ensure sustained profitability, Orjiako Seplat chairman assures 

Afolabi OluwaseunMay 17, 2019

Leading indigenous oil and gas company, Seplat Petroleum Development Company Plc has assured stakeholders of the company’s determination to use their gas production divestment to remain profitable despite the volatile oil prices Speaking at the post AGM press briefing, A.B.C. Orjiako, the chairman, Seplat Petroleum said the company’s 2018 operational and financial performance reflected the […]

Oil prices set for weekly fall as U.S.-China trade tensions weigh

May 16, 2019

Oil prices edged up weekend as tightened global supplies overshadowed trade tensions stoked by a U.S. move to hike tariffs on Chinese goods. Prices were set to fall over the week, but gained in the session as investors believed a U.S.-China trade deal could still be reached and supply cuts worldwide continued to buoy prices, […]

Oil exports from Nigeria, Angola to U.S. hit 420,000bpd

May 16, 2019

The United States refineries have upped their imports of Iraqi, Nigerian, Brazilian, and Angolan crude oil, with May volumes, double that of April levels, data from Refinitiv Eikon has shown. Oil imports from Nigeria and other countries to the United States spiked as oil supply from Iran and Venezuela dried up, and as reduced OPEC […]

FG grants Green Energy approval to construct million barrel onshore terminal

May 1, 2019

The Department of Petroleum Resources, DPR, has given approval to Green Energy International Limited, GEIL, operator of the Otakikpo marginal field in Oil Mining Lease OML 11, to construct a one million-barrel capacity onshore terminal in Rivers State.  In a statement by its director of corporate affairs, Olusegun Ilori, Green Energy said the issuance of […]

Oil falls after Trump presses OPEC on Iranian sanctions

April 29, 2019

Oil prices fell on Monday, extending a slump from Friday that ended weeks of rallying after President Donald Trump demanded that producer club, OPEC, raise output to soften the impact of U.S. sanctions against Iran. Brent crude futures were at 71.59 dollars per barrel at 0840 GMT, down 56 cents or 0.78 per cent from […]