The Management of the Nigerian Maritime Administration and Safety Agency (NIMASA), on Wednesday handed over the ultra-modern complex housing the Institute of Marine and Transport Technology to the management of the University of Port Harcourt, Rivers State.
Dr.Bashir Jamoh, Director General of NIMASA said the building which is a donation from his Agency to the University, was the initiative of previous leadership of the Agency, but that on assumption as the Director General, he saw the need to review and commence the project.… Read the rest
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says it projects to attract about $17.64 billion investment inflow from 51 field development plan which it approved in 2022 and 2023.
Commission Chief Executive (CCE) of NUPRC, Mr. Gbenga Komolafe, disclosed this in his keynote speech during a panel session at the ongoing Nigerian International Energy Summit(NIES) 2024 in Abuja.
He added that the 51 fields will deliver cumulative oil recovery and gas recovery estimated at 2.12 billion barrels and 13.13 trillion cubic feet respectively in the coming years.… Read the rest
The African Export-Import Bank on Wednesday, disclosed that it has become the largest financier of oil and gas projects in Africa.
The bank disclosed investing $30bn in industry projects, with Nigeria receiving 60 per cent despite reduced global funding for hydrocarbon ventures in Africa
President, Afreximbank, Prof Benedict Oramah, said Africa has to find innovative solutions to its huge energy deficit.… Read the rest
Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has assured that International Oil Companies (IOCs) were not divesting from Nigeria but were rather moving from onshore and shallow waters to offshore which requires more investment.
Lokpobiri gave this assurance at the opening session of the 7th Nigeria International Energy Summit (NIES) 2024 in Abuja on Tuesday.
LEADERSHIP reports that the minister’s position is notwithstanding a 69 per cent decline in investments in Nigeria’s oil and gas sector in the last five years.… Read the rest
The Maritime Workers Union of Nigeria said it will join the two-day nationwide protest being organised by the Nigeria Labour Congress.
This was contained in a statement on Monday by the Head of Media, MWUN, Kennedy Ikemefuna.
Ikemefuna said the move was necessary following the directive of NLC that its affiliate members across the nation should strictly comply.
The PUNCH reported that on February 16, the NLC announced the nationwide protest scheduled for Tuesday and Wednesday over the alleged government’s failure to implement agreements reached between both parties on October 2, 2023, following the removal of the fuel subsidy.… Read the rest
Efforts by Shell to promote Nigerian content have led to more indigenous companies executing key contracts in oil and gas operations on land and in deep water.
Indigenous contractors deployed a technology for automated tank cleaning at Bonny Terminal for The Shell Petroleum Development Company of Nigeria Limited (SPDC), while locally manufactured stud bolts, nuts and flanges as well as sand screens are being used for well operations.… Read the rest
The 7th Nigeria International Energy Summit (NIES 2024) has begun in Abuja, with at least 6,000 foreign and local delegates, exhibitors and visitors participating.
The summit aims to chart a sustainable way forward to accelerate energy security, transition and finance.
President Bola Tinubu will officially open the summit at the State House Banquet Hall, Aso Villa, on Tuesday.
The global summit is being convened by the federal government as its official energy, oil and gas event, with the Nigerian National Petroleum Company Limited (NNPC Ltd) as the national host.… Read the rest
The International Transport Workers’ Federation UK (ITF-UK) said it has approved a grant to the Nigerian Maritime Industry through the Maritime Workers Union of Nigeria, (MWUN) for the construction of a Seafarers Recreation Centre in Lagos State.
The Head, ITF Seafarers Trust Fund, Katie Higginbottom, revealed this during a meeting with the Minister of Marine and Blue Economy, Adegboyega Oyetola; DG NIMASA, Dr.… Read the rest
Benedict Oramah, president of African Export-Import Bank (Afreximbank), has addressed the oil-for-cash loan agreement with the Nigerian National Petroleum Company (NNPC) Limited.
In an interview with Arise News posted on Sunday on X, Oramah said the $3.3 billion crude oil pre-payment loan obtained by NNPC will not be repaid with $12 billion.
Oramah, who doubles as Afreximbank board chairman, also said the loan has a 6 percent margin, which makes it one of the best-priced loans.… Read the rest
Modular refineries in Nigeria are currently facing the threat of shutting down operations following their inability to access foreign exchange for the purchase of crude oil, a commodity priced in United States dollars.
Nigeria has 25 licenced modular refineries with a combined capacity of producing 200,000 barrels of crude oil daily.
Although not all of the plants are currently operational, it was gathered that the functional ones were increasingly finding it difficult to purchase crude due to the worsening foreign exchange crisis in the country.… Read the rest