Nigeria imported 2.41bn litres of petrol in March 2018- NBS
Businessam Staff
May 28, 2018
Nigeria imported N349.45 billion worth of PMS in the month of March 2018, representing the highest volume of petroleum product import during the quarter under review. Specifically, the petroleum products importation statistics for first quarter 2018 reflected that 5.67 billion litres of PMS, 954.47 million litres of Automotive Gas Oil (AGO); 66.914 million litres of […]
Nigerian state oil firm orders retail subsidiary to capture 30% market share
Businessam StaffMay 24, 2018
The Nigerian National Petroleum Corporation’s (NNPC) downstream subsidiary, NNPC Retail Limited, has been directed to target 30 percent market share of petroleum products distribution business in Nigeria’s downstream petroleum sector by 2020. Maikanti Baru, group managing director, NNPC, said this Wednesday in Abuja during the unveiling ceremony of brand new logos for four of its […]
IEA says few energy technologies, sectors on track for climate goals
Ayobami AdedinniMay 23, 2018
The International Energy Agency has said only four of 38 energy technologies and sectors were on target last year to meet long-term climate and air pollution goals, a study by the Agency showed Wednesday. The IEA tracks energy technologies, including solar, wind, nuclear, coal and gas, as well as energy-intensive sectors such as transport, chemicals, […]
Nigeria’s state oil firm vows to relocate Escravos channel pipelines for seamless products supply
Ayobami AdedinniMay 23, 2018
The Nigerian National Petroleum Corporation (NNPC) has said it would relocate pipelines along the Escravos channel to pave the way for the dredging in Warri Port so as to ease the movement of ships. This commitment was made during the visit of Hadiza Bala Usman, managing director of the Nigerian Ports Authority (NPA), to Maikanti […]
Angola cuts petroleum tax to reduce crude production decline
Bukola OdufadeMay 22, 2018
Africa’s second-largest crude producer, Angola, is cutting tax rates on development of marginal oil fields, a new feat, Joao Lourenco, the country’s president, is trying, in order to slow down the decline of oil production. The Angolan president in a series of decrees, halved petroleum production tax on fields with less than 300 million barrels […]
PIB: For market driven petroleum industry
Ayobami AdedinniMay 22, 2018
Austin Olorunsola, lead consultant to the Senate on the Petroleum Industry Bill and former director of the Department of Petroleum Resources (DPR), has said the PIB will create a more efficient and market-driven industry. Speaking with our correspondent recently, he said as soon as the Nigerian National Petroleum Corporation , (NNPC) begins to operate as […]
Trial of 9 Shell, Eni executives involved in $1.3bn Malabu scandal starts June 20
Businessam StaffMay 21, 2018
The trial of nine current and former executives or contractors from Italy’s Eni and British-Dutch giant, Royal Dutch Shell, including Claudio Descalzi, ENI chief executive over a $1.3 billion oil deal in Nigeria, will begin in Milan June 20. According to a Reuters’ review of court filings on Monday, Italian prosecutors accused the nine executives […]
OPEC, non-OPEC members’ oil cut deal hit over 130%
Ayobami AdedinniMay 21, 2018
The level of conformity to the Declaration of Cooperation by Organisation of Petroleum Exporting Countries (OPEC) and Non-OPEC has hit over 130 percent, Mohammad Sanusi Barkindo, OPEC secretary general has said. Speaking at the 22nd International Exhibition & Conference, “Oil & Gas Uzbekistan (OGU)”, Barkindo said the achievements and impact of the implementation of the […]
Force majeure on Bonny Light shipments remains, Shell says
Businessam StaffMay 21, 2018
The Nigerian subsidiary of Royal Dutch Shell said Monday a declaration of force majeure remained in place on shipments of Nigerian Bonny Light crude oil. Shell Petroleum Development Company of Nigeria Ltd (SPDC) said on May 17 it had declared force majeure on exports of Bonny light following a shutdown on the Nembe Creek Trunk […]
Nigeria’s Trans-Forcados oil pipeline shut due to leak -source
Businessam StaffMay 16, 2018
Nigeria’s Trans-Forcados pipeline which exports the Forcados crude oil is shut down for repairs to inspect a leak, a source with knowledge of the matter said, according to report seen by business a.m. The pipeline was shut about 5 days ago, the source said It transports about 200,000 to 240,000 barrels per day of crude […]