NNPC discovers 144 hoarded petroleum products-laden tankers in Kano

The security agencies and the Nigerian National Petroleum Corporation (NNPC) monitoring team set up to rapidly end remnants of petroleum products supply gaps in parts of the country today discovered 144 trucks that were not streamed by some marketers in Kano.
The products were meant to feed Kano and its environs.
Sequel to the discovery, the resurfaced trucks had been sent to discharge their products at the designated locations.

Trafigura's 2017 results show high trading performance

Trafigura Group Pte Ltd, a market leader in the global commodities industry, has today announced another year of strong trading performance and profit.
The robust global economy drove strong growth in demand for all the commodities that the company trades and a tightening supply-demand balance pushed prices of many products higher.  However, the oil and refined product markets were still characterised for much of the year by oversupply and relatively low volatility, reducing margins and arbitrage trading opportunities.

Vitol wins IOC crude supply contract

Vitol has won a tender to supply India Oil Corporation (IOC) Limited with crude oil, but other trading was limited on Thursday as differentials rose and some buyers baulked at higher prices.
The world's largest oil trading firm won at least part of a tender to supply Indian refiner, IOC, with crude. IOC purchased four million barrels, traders said, with Vitol getting at least two million. The grades in the award were not immediately clear.

Clean energy dominates Shell Energy Entrepreneurs Award

Across the African continent, the potential is ripe for a clean energy revolution that brings energy access to all in a cost effective and sustainable manner. 
The rapid development of clean energy in Africa is the catalyst for a robust clean energy economy that will keep jobs and money on the continent, while contributing significantly to the preservation of the environment. 

Oil firms get two weeks ultimatum to remit $250m

The House of Representatives Committee on Oil and Gas, on Thursday gave 10 indigenous oil companies a  two-week ultimatum to remit $250 million oil royalty to the  coffers of  the Federal Government or be ready to face the full wrath of the law.
Some of the companies alleged to have been involved in the infraction include; Aiteo Group, Dubri Oil Limited,  Atlas Energy, Oriental Energy Limited, Express Petroleum, WalterSmith Oil Limited and Neconde Group.

TOTAL concludes 2-year training for 11 engineers

In fulfilment of its commitments to Nigerian Content Human Capacity Development initiatives, Total Upstream Nigeria Limited (TUPNI) has concluded the training of eleven engineers at Saipem yard, Port Harcourt, Rivers State.
The 24-month exercise was conducted as project based trainings on the back of the execution of the Umbilicals, Flowline and Risers (UFR) modules by Saipem Nigeria for Total.

FG moves to amend Deep Offshore Act

Nigeria lost a whopping $21 billion to its failure to implement the premium element governing the country’s oil and gas production sharing contracts (PSCs) as provided under the Deep Offshore and Inland Basin Production Sharing Contracts Act, the Minister of State for Petroleum, Dr. Ibe Kachikwu disclosed Wednesday.

Accordingly, the federal government has initiated moves to amend the Deep Offshore Act, in order to increase government’s revenue from crude oil sales when prices exceed $20 a barrel.

NNPC to end fuel scarcity with 24-hour depot, retail services

The Nigerian National Petroleum Corporation (NNPC) has stated that its adoption of a 24-hour depot and retail services cleared the fuel queues in Abuja, Lagos and many states across the country.

NNPC Chief Operating Officer, Ventures and Chairman of the NNPC Special Task Force on Fuel Monitoring, Dr. Victor Babatunde Adeniran, made this disclosure to newsmen after an on-the-spot monitoring of NNPC Retail stations and those of Major and Independent Marketers in Abuja.

World Bank to stop financing upstream oil, gas from 2019

The World Bank Group Tuesday said it will stop financing upstream oil and gas after 2019, as part of a wider commitment to global efforts to halt climate change.

"As a global multilateral development institution, the World Bank Group is continuing to transform its own operations in recognition of a rapidly changing world," the bank said Tuesday in a statement.

"The World Bank Group will no longer finance upstream oil and gas, after 2019," it said.