Oil prices record gains as surging demand gives investors optimism
Onome Amuge
August 24, 2021
By Onome Amuge Oil prices recorded gains on Tuesday as reports of surging demand in top consuming countries raised investors’ optimism of a bullish outlook. Brent crude, against which the Nigerian oil is measured, gained 3.1 percent to $70.88, while U.S West Texas Intermediate (WTI) was up 2.9 percent to $67.54. It will […]
NNPC intervenes in Maiduguri power crisis with 50MW emergency project
Chris IkosaAugust 18, 2021
By Ben Eguzozie & Onome Amuge China’s CMEC, America’s GE sign contract City challenged by power disruptions by insurgents The Nigerian National Petroleum Corporation (NNPC) made a significant step towards redeeming its promise to intervene in the perennial electric power supply challenge in Maiduguri, Borno State, with the execution of the engineering, procurement and […]
ECOWAS schedules mining, petroleum forum for December in Niamey, Niger
Ben EguzozieAugust 18, 2021
Member countries of the Economic Community of West African States (ECOWAS) have planned to hold the third edition of the mining and petroleum forum known as ECOMOF in Niamey, Niger Republic’s capital in December this year. Niger joined the league of petroleum producers when crude oil was discovered in tangible quantities in the former […]
NNPC to support NLNG quest to become global LNG choice company
Ben EguzozieAugust 18, 2021
With $7bn Train 7 construction underway Mele Kyari, group managing director of the Nigerian National Petroleum Corporation (NNPC), said the national oil company is truly committed to supporting the Nigeria Liquefied Natural Gas (NLNG) Limited rise to achieve its goal of becoming a global LNG company of choice. NNPC is the principal […]
Oil prices rise but weak demand persists
Onome AmugeAugust 18, 2021
By Onome Amuge Oil prices posted gains on Tuesday after declining for three consecutive sessions, but industry watchers are pessimistic over a bullish sentiment anytime soon following rising Covid-19 cases in Japan and softened demand figures in Asia, the most populous continent. Brent crude, against which Nigerian oil is priced, gained 36 cents (0.5 […]
Nigeria losing $200m monthly on bunkering in oil sector, says ATOGMAN
Onome AmugeAugust 12, 2021
By Onome Amuge Nigeria could be losing as much as $200 million to bunkering activities in the oil and gas sector, the Association of Tank Farm of Oil and Gas Marketers of Nigeria (ATOGMAN) has said, raising concerns over the illegal activities of bunkers and unlatched trucks. Lawrence Kanu, chairman, and member […]
Nigeria receives $500m gas value chain investments, 12 months after Network Code
Charles AbuedeAugust 12, 2021
The introduction of the Nigerian Gas Transportation Network Code (NGTNC) by Nigeria’s federal government a year ago to guide open-access transportation of natural gas has begun attracting investment proposals estimated at over $500 from investors, Sarki Auwalu, director of the Department of Petroleum Resources, revealed during an interactive session on the first year of operationalising […]
NNPC scraps COO roles in new management structure to drive profitability
Onome AmugeAugust 10, 2021
By Onome Amuge Nigeria’s state-owned national oil company, the Nigerian National Petroleum Corporation (NNPC), has done a make over of its management structure involving the scrapping of the role of chief operating officers (COOs) across its system, elevating the role to that of group executive director, and, hence, benchmarking itself with its peers in the […]
NNPC sees 4-months of steady growth in trading surplus to N128.28bn in 2021
PHILLIP ISAKPAAugust 9, 2021
By Phillip Isakpa, in Lagos & Ben Eguzozie, in Port Harcourt January = N9.62bn; February = N39.85bn March = N35.24bn; April = N43.57bn Expenditure up 17.2% in April to N492.05bn Gas flare also up 9.74% in April NNPC’s low carbon emission plan, energy transition yet to kick in The Nigerian National Petroleum Corporation (NNPC) […]
NNPC ramps up March petroleum product sales to N234.63bn from N188bn
Ben EguzozieAugust 2, 2021
White products yearly sales generated N2.129trn, with petrol accounting for N2.113trn Gas flare rate went up 9.50%, as Nigeria among world’s top 7 gas flaring nations Pipeline vandalism went up with 70 vandalized points The Nigerian National Petroleum Corporation (NNPC) downstream subsidiary, Petroleum Products Marketing Company (PPMC), recorded N234.63 billion revenue from the […]