Industry analysts see Venezuelan possibility in Nigeria if PIB is not passed soon
Bukola Odufade
October 16, 2018
Industry analysts meeting in Enugu, Enugu State, at a stakeholders roundtable, have urged the federal government to pass the Petroleum Industry Bills (PIBs) as the non-passage of the four bills continue to setback policy reforms in the Nigerian oil and gas sector, a quest which was initiated about two decades ago. The roundtable revolved around […]
New oil find in Niger Republic as Savannah Petroleum struck fifth oil well
Businessam StaffOctober 11, 2018
Savannah Petroleum has knocked out another discovery in Niger Republic. The company’s Zomo-1 exploration well, drilled on the R3 portion of the R3/R4 PSC Area has been deemed an oil discovery. The discovery of oil marks the company’s fifth consecutive discovery in its exploration campaign on the R3 portion of the PSC. Preliminary results based […]
Local content fund bumps indigenous vessel ownership by 38%
Bukola OdufadeOctober 9, 2018
The Nigerian Content Intervention Fund (NCIF) created in a bid to increase local content is responsible for the 38 percent increase in indigenous vessels ownership since its launch in 2017, Simbi Wabote, executive secretary of National Content Development Monitoring Board (NCDMB) has said. He said that “prior to the enactment of the Nigerian oil and […]
Petrochemicals to account for 33% of oil demand growth by 2030, says IEA
Bukola OdufadeOctober 9, 2018
The International Energy Agency has said that petrochemicals will account for more than 33 percent of oil demand growth globally in the period to 2030. This means that petrochemicals not fuels (petrol, diesel, and other fuels) would drive oil demand in the coming years. The projection is contained in a newly released report titled “The […]
Experts skeptical modular refineries can refine 10% of Nigeria’s crude output
Bukola OdufadeOctober 9, 2018
Modular refineries have been described as a cost effective and timely option in comparison with medium and large scale refineries as Nigeria continues in its quest to put an end to the importation of refined petroleum products. With the country hoping to refine at least 10 percent of its total crude production and stop importation […]
Oil independents Aiteo, Eroton, Newcross lose up to 40% of output to vandalisation of Nember Creek line
Bukola OdufadeOctober 2, 2018
Aiteo, Eroton and Newcross, three of Nigeria’s oil independents are losing as much as 40 percent of their crude production to oil theft along the Nembe Creek Trunk Line (NCTL), which has continued to be a favourite for oil thieves and vandals, say sources familiar with the happenings. Aiteo Group, one of the oil industry’s […]
‘Ultimatum’ as state policy to stop a menace
Bukola OdufadeOctober 2, 2018
Nigeria still flares 800 million standard cubic feet of natural gas daily, despite the persistent call for an end to the practice, whose negative economic and environmental effects cannot be exaggerated. This issue of gas flaring has been approached from various perspectives – from gas flaring charge, to permit from the petroleum minister for reinjection, […]
Growth in Nigeria’s electricity industry could well depend on behavioral changes by consumers
Bukola Odufade, NERCOctober 2, 2018
Nigerians view electricity as a right, and not as a utility to be adequately paid for. Electricity is perceived as a due and not as a service like any other service they pay for, including financial services, telecoms services. As a result, the collective attitude towards paying the right amount for electricity consumed is a […]
Saudi Arabia to quietly pump extra oil to offset drop in Iranian production
Businessam StaffSeptember 27, 2018
Saudi Arabia will quietly add extra oil to the market over the next couple of months to offset a drop in Iranian production but is worried it might need to limit output next year to balance global supply and demand as the United States pumps more crude. The kingdom, OPEC’s top producer, came under renewed […]
19 firms to bid for Afam, Yola power company, says FG
Agency ReportSeptember 27, 2018
The Federal Government says 19 firms have indicated interest to acquire Afam Power Company and Yola Distribution Company earlier put up for sale. Mrs Amina Tukur, the Head, Public Communications of the Bureau of Public Enterprises (BPE) made this known in a statement on Thursday in Abuja. She noted that two power companies and seven […]