Nigeria imports 5.61bn litres of petrol between April and June – NBS

The National Bureau of Statistics said 5.61 billion litres of premium motor spirit (PMS) were imported into the country in the second quarter of 2019. The NBS disclosed this in its “Petroleum Products Importation and Consumption (Truck Out) Statistics (Q2 2019)” report released in Abuja. It said 1.38 billion litres of Automotive Gas Oil (AGO) […]

NNPC chief warns against dragging corporation into politics as NEITI pledges support

The public should be wary of attempts that are sometimes made to drag the Nigerian National Petroleum Corporation (NNPC) into politics through request for information under the Freedom of Information law, Mele Kyari, group managing director (GMD) of the corporation has said. Kyari spoke when Waziri Adio, executive secretary, Nigeria Extractive Industries Transparency Initiative, (NEITI), […]

FG gets Siemens’ plan to raise power supply to 25,000mw

The federal government has received a comprehensive plan, ‘the Nigeria Electrification Roadmap: Technical and Commercial Proposal,’ from German power firm, Siemens, on how the firm would help raise the country’s power supply capacity to 25,000 megawatts (MW). The implementation of the plan might be led by the Bureau of Public Enterprises (BPE) on behalf of […]

Seplat eyes completion of 160,000 bopd Amukpe-Escravos pipeline

Seplat Petroleum Development Company Limited is hopeful of bringing on stream its Amukpe-to-Escravos pipeline before the end of this year. The company said the 160,000 barrels of oil per day (bopd) pipeline is at the commissioning phase, with hydro testing which began early July. Completion and export of oil to the permitted capacity of 40,000 […]

Oil rises on Iran tensions, U.S. inventory decline

Oil rose more than $1 on Thursday amid Middle East tensions and a big fall in U.S. crude stocks, but prices faced downward pressure from weak manufacturing data in Western nations indicating slowing economic growth that could reduce fuel demand. Brent crude futures LCOc1 were up 68 cents at $63.86 a barrel by 1325 GMT, […]

Oil edges up as storm hampers U.S. supply, glut forecasts weigh

Oil futures edged up on Friday as U.S. Gulf of Mexico crude output was halved by disruptions caused by a tropical storm, but concerns over a global surplus in the months ahead limited gains. Brent crude futures were up 31 cents to $66.83 a barrel by 11:21 a.m. EDT (1521 GMT). U.S. West Texas Intermediate […]

TCN targets capacity of 10,000mw

The Transmission Company of Nigeria (TCN) is planning to raise the transmission wheeling capacity of the power grid to 10,000 megawatts (MW) as it moves to achieve its target by re-conducting seven critical lines nationwide this year. It also revealed that it has recovered 775 stranded containers from 800 units abandoned for over ten years […]