The Nigerian National Petroleum Company (NNPC) Limited said Nigeria’s crude oil grades have become the most preferred choice for refiners in Europe.
The Executive Director, Crude Oil and Condensate, NNPC Trading Limited, Maryamu Idris, said this at a panel presentation at the Argus European crude conference in London, United Kingdom.
She noted that the nation’s crude flow to Europe increased after the ban on Russian crude caused a supply gap, adding that six months before the war, 678,000 bpd of Nigerian crude grades went to Europe, compared to 710,000 bpd six months later and 730,000 bpd so far this year.… Read the rest
Investment into the Nige ria’s oil and gas industry dropped by 77.3 per cent to $5 billion in 2021, from $22 billion in 2014, due mainly to increased divestment by the International Oil Companies, IoCs.
The drop in investment is further worsend by the inability of other companies, except a few independents to invest in the industry.
The Chairman and Chief Executive, AA Holdings Limited, Dr.
Bukola Adubi, the chief operating officer of MicCom Cables and Wires, has emphasised the need to extend the implementation of Executive Order 5 (EO5) beyond the oil and gas sector in Nigeria.
In a statement on Tuesday, Adubi was reported to have made the call on the margins of the just concluded Nigerian Economic Summit, held in Abuja.
The Summit had its theme: “Pathways to sustainable economic and transformation and inclusion.”… Read the rest
The Niger Delta Development Commission, NDDC has said it will work with International Oil Companies, IOCs, and other development partners to increase investments in renewable energy projects to reduce the impact of climate change in the Niger Delta region.
Speaking during a courtesy visit by a delegation from TotalEnergies Nigeria Limited at the NDDC headquarters in Port Harcourt, the Commission’s Managing Director, Dr Samuel Ogbuku, reaffirmed the importance of sustainable partnerships in driving the development process.… Read the rest
President Bola Tinubu has approved the appointment of three new Executive Commissioners to serve in the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the redeployment of one current Executive Commissioner, pending their confirmation by the Nigerian Senate:
(1) Bashir Indabawa — NW — Executive Commissioner, Exploration & Acreage Management.
(2) Kelechi Ofoegbu — SE — Executive Commissioner, Corporate Services & Administration (Redeployed).… Read the rest
An Academic, Dr Yetunde Aladeitan has urged a comprehensive energy strategy that combines Compressed Natural Gas (CNG), improved refinery operations, and investment in renewable energy sources to address Nigeria’s energy challenges.
Aladeitan urged the Federal Government to consider the long-term sustainability and affordability of these energy solutions while addressing the concerns of the citizens.
Aladeitan, a Senior Lecturer, at the Department of Chemical Engineering, University of Abuja, said this in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja.… Read the rest
The state of Nigeria’s pipelines and their vulnerability to physical and cyber attacks came under focus at a conference, organised by Energy and Corporate Africa, in collaboration with Pipeline Professionals’ Association of Nigeria (PLAN), in Abuja, yesterday.
At the event, stakeholders warned that the nation must prioritise pipeline technology amid growing crude oil theft and vandalism.
Participants included: the founder of OilServ, Emeka Okwuosa; Executive Secretary of Nigeria Extractive Industries Transparency Initiative (NEITI), Ogbonna Orji and Chief Executive Officer of Green Energy International Limited, Prof.… Read the rest
The Nigeria Liquefied Natural Gas Limited (NLNG), on Monday, stated that the ongoing construction of the $5 billion Train-7 project being undertaken at Finima, Bonny Island, Rivers State, was at 52 percent completion rate and currently engages 8,300 Nigerians.
This was revealed when the management of NLNG, led by its Managing Director, Dr. Philip Mshelbila, held an engagement session with Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Simbi Wabote, at the gas company’s operational base in Bonny Island.… Read the rest
The scarcity of Liquefied Petroleum Gas also known as cooking gas has hit Lagos and some other states in the country.
The other affected states, according to findings by our correspondents are Katsina, Sokoto, Delta, Kaduna, and Kano.
The rise in the price of the commodity has been noticed since late last month, causing a continuous rise in prices, The PUNCH has learned.… Read the rest
Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), said he is holding the Nigerian National Petroleum Company Limited (NNPCL) accountable for the completion dates of the rehabilitation of Nigeria’s moribund refineries.
Mr Lokpobiri disclosed this while responding to the questions asked by the State House Correspondents at the end of the three-day retreat at the Presidential Villa.
When asked when the rehabilitation of the refineries will be completed, Mr Lokpobiri said: “Yes, the rehabilitation of the refineries if you could remember, was started by the previous administration and as part of the President’s directive, I have gone round all the refineries and from what they have briefed me, Port Harcourt has 3 phases, so Phase 1 will be ready by the end of this year.… Read the rest