Oil and Gas

NNPC to build more depots, expand market share

Nigerian National Petroleum Corporation (NNPC) is to build more depots across the Country.
NNPC Group Managing Director, Dr. Maikanti Baru who disclosed this Monday in Abuja while inaugurating the board of one of its downstream Companies, NNPC Retail limited, said the addition to the corporation’s existing 23 depots nationwide would ease products supply and distribution in the country.

OPEC/non-OPEC coalition records 129% production cut compliance

OPEC and participating non-OPEC countries have achieved a record-breaking conformity level of 129% with their voluntary production adjustments in December 2017. 
At the seventh Joint Ministerial Monitoring Committee (JMMC) meeting convened in Muscat, Oman, the Joint Technical Committee (JTC) revealed that across a broad range of indicators, the first year of the Declaration of Cooperation has been a great success. 

Petrol queues return despite NNPC’s sufficiency claims

Consumers of Premium Motor Spirit (PMS) also known as petrol in Lagos and Abuja, saw the return of long queues at filling stations at the weekend.
This is despite assurance from the Nigerian National Petroleum Corporation (NNPC) that it has enough products to bring the nation to normalcy in the supply of petrol.
A visit to some filling stations in Lagos and Abuja Sunday, showed that scarcity of petrol was far from being over as many petrol stations were shut, while a few sold product above the official pump price of N145 per litre.

NNPC labours as PMS landing cost nears N180/litre

The account of the Nigerian National Petroleum Corporation (NNPC) is increasingly over-burdened as the landing cost of Premium Motor Spirit (PMS), otherwise called petrol, has risen following the recent surge in global oil price, analysts have said.
The price of crude oil hit more than three-year high at the beginning of last week rising to $70 per barrel for the first time since December 2014.

OPEC/non-OPEC coalition to manage oil market beyond 2018

Far from breaking up, OPEC and its allies said Sunday they will look to prolong their partnership even after their production cuts have rebalanced the oil market.
Ministers came to a monitoring committee meeting in Oman with a message: continued stewardship of supply into 2019 and beyond is needed to give the industry a smoother market to invest to meet future demand. This came against rife speculation that the coalition could soon discuss an early exit from their cut agreement, which runs through the end of this year.

PIGB will check outright theft in oil industry- NEITI

The Nigeria Extractive Industries Transparency Initiative (NEITI) has expressed its delight with the passage of the Petroleum Industry Governance Bill (PIGB) into law by the House of Representatives, saying it was a bold step taken by both chambers of the National Assembly.
The Senate passed the PIGB in May last year, paving the way for the bill's assent by President Muhammadu Buhari.

$3.3bn Egina Oilfield FPSO to arrive Nigeria Tuesday

Nigeria’S oil and gas industry is set to record another milestone as the $3.3 billion Floating Production Storage Offloading (FPSO) vessel for the 200,000 barrels per day capacity Egina deep water oilfield will arrive Nigeria from South Korea on Tuesday.
The FPSO, which was built by Samsung Heavy Industries (SHI), sailed away from the quay side at Samsung Yard in Geoje, South Korea, on October 31, 2017, on its long anticipated journey to Nigeria, which was initially estimated to last for 90 days.

PENGASSAN lauds Baru for industrial peace

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has conferred a distinguished award on the Group Managing Director of the of the Nigerian National Petroleum Corporation, Dr. Maikanti Baru, for promoting industrial harmony since assumption of office.
The award, by the NNPC Corporate Headquarters Branch of PENGASSAN, was presented to the GMD during the Branch’s Love Feast, with the theme: “Synergy and Collaboration between NNPC Management and the Union.”