Ministers of oil resources in Organisation of the Petroleum Exporting Countries (OPEC), have reeled out expected challenges for the global oil sector in 2018.
Two refineries process 331,705MT crude oil in one month
Port Harcourt Refineries Company (PHRC), and the Warri Refining and Petrochemical Company (WRPC), processed 331,705 Metric Tonnes (MT) of crude oil in October last year.
NIPCO promises market friendly rates, unfettered access” in 2018
Amidst the current fuel crisis in the country, NIPCO has offered some soothing words to stakeholders, promising market friendly rates for all petroleum products from its depot in 2018.
‘Oil majors may shun exploration investment in Nigeria, others’
The Nigerian National Petroleum Corporation (NNPC), may continue to spearhead exploration activities, as oil majors are set to remain sluggish in spending on searching for new discoveries. Nigeria has already spent about $3billion on oil search, especially in the northern region, and would, according to the Group Managing Director, NNPC, Maikanti Baru, reinvigorate the search.…
Stakeholders bemoan 2017 challenges, hope for better 2018
At the outset of 2017, the Federal Government had raised a lot of expectations regarding the future of Nigeria’s petroleum sector, upon which the entire economy revolves.
AFDB green energy investments achieve 1,400MW power generation projects
The African Development Bank (AfDB) said it has achieved a 100 per cent investment in renewable energy in the outgoing year, 2017, and also recorded a cumulative of 1,400 megawatts (MW) power generation projects exclusively from renewables within the year under review.
Reps seek local content implementation in power, construction sectors
Members of the Federal House of Representatives have begun working with stakeholders in Power, Construction and Information Communication Technology sectors towards extending the Nigerian Content Act to the power and construction sectors. The collaboration was firmed up at the recent workshop organized by the Nigerian Content Development and Monitoring Board (NCDMB) for members of the…
Green Energy begins Otakikpo 3D seismic acquisition campaign
The Operator of the Otakikpo Marginal Field In OML 11 Rivers state, Green Energy International Limited has commenced the process for the acquisition of 3D seismic data to maximize opportunities from the field. The company has contracted a Chinese renowned company, SINOPEC Changjiang Engineering Services Limited for the 3D seismic acquisition programme of the marginal…
Nigeria’s sales revenue from white products rise to N1.877 trillion
A total sale of ₦151.42 billion was made on the petroleum products for white products by Petroleum Investment Management company (PPMC) in the month of September 2017, compared with ₦111.36 billion sold in the prior month of August 2017. According to the Nigerian National Petroleum Corporation (NNPC) which made this disclosure in its monthly financial report,…
Azura IPP synchronizes first turbine
The first turbine of Azura Edo IPP has been synchronized to the national grid and it is expected to undergo a battery of tests over the coming five weeks. The 459MW Azura-Edo IPP is located in Benin City, Edo State and comprised of three Siemens turbines, each of which is capable of producing 153MW. The…
OPEC countries require $10.5tr to meet oil demand
Members of the Organisation of the Petroleum Exporting Countries (OPEC) are said to require investments of about $10.5trillion to meet the projected increase in global oil demand.