The Nigerian National Petroleum Company Limited (NNPCL) has invited interested insurance brokers registered in Nigeria, to bid as brokers for its oil and non-oil assets and liabilities insurance program for the 2024/2025 period.
A statement by the company released on its X handle on Thursday said interested brokers should ensure that all submissions are completed electronically via the NIPEX Tender Portal on or before 12:00 noon on Monday, 13 November 2023.… Read the rest
The recent memorandum of understanding (MoU) signed by the Nigerian National Petroleum Company Limited (NNPCL) and the Nigerian Content Development and Monitoring Board (NCDMB) with international oil companies will enhance crude oil production. The main goal of the tripartite agreement signed at the NNPCL headquarters in Abuja is to drastically reduce the contracting cycle in the sector to an optimal level of not more than six months.… Read the rest
The ongoing and further divestments of onshore assets by some international operating oil and gas companies (IOCs) and subsequent acquisition by Nigerian operating companies
must not be allowed to impact negatively on the level of compliance with the Nigerian Oil and Gas Industry Content Development (NOGICD) Act and remittance of tax revenues to the Federal Government, the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Simbi Kesiye Wabote has cautioned.… Read the rest
Despite the Federal Government’s commitment to achieving zero flaring by 2060, gas flaring increased by 15.9 per cent year-on-year, YoY, to 187.6 million metric standard cubic feet, MSCF, in the first nine months (January – September) of 2023, from 157.8 MSCF in the corresponding period of 2022.
The flared gas was worth $656.6 million, which translates to N503.5billion at the current Central Bank of Nigeria, CBN, exchange rate of N766.9/United States dollar.… Read the rest
The Republic of Niger has imposed a ban on all exports of liquefied petroleum gas, according to an official statement released by the government on Tuesday.
The statement noted that national production should be used to supply the domestic market, and in case of surplus a special authorization can be requested to export it, Reuters reported.
Niger exports gas to neighbouring Nigeria.… Read the rest
Nigerian Content Development Monitoring Board (NCDMB), yesterday, said the current wave of divestment by international oil companies (IOCs) from the country is a plus, especially for the development of local content.
The agency projected that the share of local firms in crude oil production could reach 30 percent or more in a short while, going by rate of the acquisition.
Speaking at a breakfast meeting with editors of newspapers and directors of broadcast stations, NCDMB’s Executive Secretary, Simbi Wabote, said the reasons for Nigeria’s low crude production is beyond stealing by vandals.… Read the rest
The Nigerian National Petroleum Company Limited (NNPCL) recently reported a concerning surge in crude oil theft within a week, spanning from September 23 to 29, primarily in the oil-producing region of the Niger Delta.
This revelation was part of the company’s informative weekly series, “Energy and You,” broadcasted through the NTA Network News.
During these seven days, a distressing tally of 170 recorded cases of crude oil theft emerged, reflecting a dire situation.… Read the rest
At least 37 people, including two pregnant women, were burned to death after a blast in an illegal oil refinery in a community in River State, South-south Nigeria, a report has said.
The incident occurred in the early hours of Monday in the Ibaa community, in Rivers State, Reuters reported on Tuesday, quoting a local security official and community leader.… Read the rest
The Executive Members of the Maritime Workers Union of Nigeria (MWUN) have directed their members to resume work at the nation’s seaports and oil and gas platform.
The union had earlier ordered closure of all the nation’s Seaports, Jetties, Oil & Gas platforms and Terminals in compliance with the organized labour’s directive on the indefinite strike which was to commence on Tuesday.… Read the rest
OPEC oil output rose for a second straight month in September, a Reuters survey found on Monday, led by increases in Nigeria and Iran despite ongoing cuts by Saudi Arabia and other members of the wider OPEC+ alliance to support the market.
Last month, the Organization of the Petroleum Exporting Countries pumped 27.73 million barrels per day (bpd), the survey found, up 120,000 bpd from August.… Read the rest