Oil and Gas

Kachikwu allays fear of debt over Egina FPSO project

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has allayed fear of debt over the Egina Floating Production Storage Offloading (FPSO) project.He gave the assurance on Tuesday in Lagos during the tour of the project.
Kachikwu stated that the country would not run into debts as alleged, adding that the project is largely funded by third party investments.His explanation followed the fear raised in December 2017 by the Legislative Investigation of Local Content Elements and Cost Variations relating to Egina and other projects.

NNPC moves to recover N100bn landed property

…Rolls out Third Party Home Ownership Scheme for Staff
The NNPC Properties Ltd (NPL), the real estate management company of the NNPC, has commenced the recovery of the corporation’s landed property worth N100b across the nation.
This was disclosed by the NNPC Chief Operating Officer (COO) Ventures, Dr. Babatunde Victor Adeniran, at the maiden edition of NPL Property Festival which held today at the NNPC Towers, Abuja.

OVH Energy appoints Huub Stokman as CEO

OVH Energy, leading downstream company, has announced the appointment of Huub Stokman as the new Chief Executive Officer (CEO).
Prior to his appointment, Huub Stokman was the Head of Puma Energy International in Angola, responsible for the overall business, which included managing retail forecourt, terminal/logistics operations, as well as B2B business for fuels, lubricants, aviation fuels and bitumen.

Nigeria records 213.6% increase in oil & gas sales in 2017

Nigeria's crude and oil gas sales rose sharply to N1.22 trillion in 2017, according to data obtained from the Central Bank of Nigeria (CBN). 
The CBN, in its Economic Report for the Fourth Quarter of 2017, disclosed that the amount earned by the Federation from crude oil and gas sales in 2017, appreciated by 213.6 per cent or N831 billion as against N389.55 billion recorded in 2016. 

Dangote Refinery returnee graduate engineers promise to fuel scarcity

Desirous of reducing the hardships facing Nigerians, especially occasioned by perennial fuel scarcity in the country, returnee indigenous India- trained graduate engineers of the Dangote Refinery have promised to arrest it. 
The said they would deploy the knowledge and skills acquired during the training to ensure Nigeria is saved the embarrassment of fuel scarcity when the refinery come on stream. 

NNPC is our biggest debtor – PEF

The Executive Secretary of the Petroleum Equalization Fund (PEF), Ahmed Boboi has said the Nigerian National Petroleum Corporation (NNPC), owes the biggest amount of the percentage yet to be recovered by his organisation.
Boboyi, however, did not mention in specific terms the amount owed by the NNPC, adding that “bridging was to supposed to be about 30 to 40 percent but it has gone to almost 90percent but we are still coping”.