Oil and Gas

Offshore Lome: An emerging threat to Nigeria’s petroleum hub ambition

...Nigeria loses billion to neighbouring countries yearly

Given the fact that 65 to 70 per cent of refined petroleum products shipped to the West and Central Africa sub region are destined for Nigeria, then it would seem quite unreasonable that most ship-to-ship, bunkering and related activities are being carried out offshore Lome, with huge implications for the Nigerian economy.

How offshore Lome threatens Nigeria's petroleum sector

...Nigeria's petroleum hub ambition threatened

Given the fact that 65 to 70 per cent of refined petroleum products shipped to the West and Central Africa sub region are destined for Nigeria, then it would seem most unreasonable that most of the ship-to-ship, bunkering and related activities are being carried out offshore Lome, with huge implications for the Nigerian economy.

NNPC, Total to produce oil from Egina Field at $20/barrel

The cost of producing a barrel of crude oil from the Egina oil field by the Nigerian National Petroleum Corporation (NNPC) and Total Upstream Nigeria Limited (TUPNI) has been put at $20 per barrel.
 
The Group Operating Officer (COO) Upstream of the NNPC, Mr. Rabiu Bello, disclosed this recently in his presentation at the public hearing organised by the Senate Ad-hoc committee investigating the local content elements of the 200,000 barrels capacity Egina Floating Production Storage and Offloading (FPSO) platform, in Abuja.
 

Oil propels Nigeria's ETF up 18%

On the back of resurgent oil prices, the Global X Nigeria Index ETF (NYSArca: NGE) is up more than 18% this year. Nigeria is one of Africa’s largest oil producers and a member of the Organization of Petroleum Exporting Countries (OPEC).
 
Nigeria previously suffered a downgrade from ratings agency Standard & Poor’s and the Central Bank’s decision to abandon its currency peg. The actions may be traced back to the extended weakness in oil market, which the country relies on with its heavy exports. 
 

Insecurity stalling oil exploration in Chad Basin- NNPC

The Nigerian National Petroleum Corporation (NNPC) has said that, there is prospect in the exploration of oil in the Chad Basin, but security challenges have been the major impediments to the success of the project.
 
The General Manager, Frontier Exploration Services of NNPC, Dr. Mazadu Bako, stated this during the 50th anniversary celebration of the Department of Geology, Ahmadu Bello University (ABU), Zaria, Kaduna State.
 

CIF: Ship owners lack financial muscle to lift crude –Stakeholders

The new arrangement by the Federal Government to make indigenous ship owners participate in the lifting of Nigerian crude oil has come under attack of some stakeholders.

According to them, local ship owners do not have enough vessels to compete effectively with their foreign counterparts. They argue that any effort geared towards changing the trade term from Free On Board to Cost Insurance and Freight is an exercise in futility. They maintained that indigenous ship owners will merely collect the Standard Purchase Order (SPO) and still give it to their foreign counterparts.

OGFZA, NPA partner on Free Zone operation

The Oil and Gas Free Zones Authority (OGFZA) has opened discussions with the Nigerian Ports Authority (NPA) to forge closer ties on a range of issues from use of land in the ports where oil and gas free zones are located to strategic cooperation.

The strategic engagement move between the two government agencies began during the weekend when the managing director of OGFZA, Mr Umana Okon Umana, paid a courtesy call on the managing director of the NPA, Mrs Hadiza Bala Usman, at the NPA head office on the marina, Lagos.

FG spends N5trn on fuel subsidy payments

THE Nigerian National Petroleum Corporation (NNPC) has told the Senate Committee on Petroleum Resources (Downstream) investigating subsidy payment that the Federal Government spent N4.950.80 trillion in the This is coming at a time President of the Senate, Bukola Saraki, has declared that NNPC stinks, vowing that those behind fraud in the corporation will be exposed. Speaking at the hearing on subsidy payment, Group Managing Director of the NNPC, Dr.

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