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‘How oil price may affect rates in economy’
The fear over oil price volatility and its implications on Nigeria’s economy in 2019, continues to headline discourses and research, as Coronation Merchant Bank predicts, “a lot depends on oil this year.”   In the lender’s “2019 Macroeconomic Outlook” report, due to be released today, it forecasts oil price at an average of $58 per barrel…
16 Jan  
NCDMB, indigenous producers move
7 Nov  
The Nigerian Content Development and Monitoring Board (NCDMB) and the Indigenous Petroleum Producers Group (IPPG) have restated their commitment to ending unnecessary delays in contract cycles. In a bid to driving this, the entities signed a Service Level Agreement (SLA), which would boost local content implementation and simplify the procurement and tendering processes for oil…
Kachikwu, Baru others mull gas economy for Nigeria
16 Oct  
The Federal Government and other major stakeholders have identified challenges militating against Nigeria’s journey to a gas-based economy. They spoke at the Nigerian Gas Association (NGA) 11th International Conference and Exhibition yesterday in Abuja. The Minister of State, Petroleum Resources, Dr. Ibe Kachikwu, Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti…
Schneider Electric takes clean energy to rural communities
3 Oct  
Schneider Electric, a global specialist in energy management and automation, restated its resolve to taking clean energy to some of Nigeria’s most rural areas This move, which complements its provision of high quality electrical appliances to Nigerians, is aimed at empowering more Nigerians, especially those not connected to the grid. “The company is doing this…
Boost for Nigerian content agenda as stakeholders collaborate to build vessels
3 Oct  
As more stakeholders in the country’s oil/gas and maritime space continue to leverage critical partnerships to develop vessels, the country’s local content programme championed by the Nigerian Content Development and Monitoring Board (NCDMB) appears to be gathering momentum. Collaborations have been identified as particularly effective way to lower costs and simplify contractor management. Combining equipment,…
At 58, Nigeria’s oil industry still without bearing
3 Oct  
After 58 years of independence, the state of the Nigerian oil industry has remained pathetic among other oil producers. Up till this moment, the industry lacks relevant and contemporary regulations. In other words, the industry lacks global competitiveness, which automatically puts it at the mercy of subjective interests, STANLEY OPARA writes The refusal of President…
Nigeria records 20 unsold crude cargoes as trade slows
3 Oct  
Nigerian crude market is still stuck with an overhang of close to 20 unsold cargoes from the 58-strong October loading programme...
Aveon, National Oilwell Varco unveil OLT-Buoy
3 Oct  
Aveon Offshore has partnered National Oilwell Varco (NOV) to launch an OLT in Port Harcourt, the Rivers State capital. The Chairman of Aveon Offshore, Tein George said: “We at Aveon Offshore continually strives for excellence by delivering top-notch services within defined project timelines. We are a proudly safety-conscious company and our amazing safety record, which…
Gas is remedy for Nigeria’s fast growing population, says NGA
3 Oct  
The Nigerian Gas Association has said the only remedy to addressing the energy needs of the country’s fast growing population remains the effective use of gas resources. The President, NGA, Mr. Dada Thomas, said for a country growing by over three per cent per annum, “we need energy security, and gas provides the solace.” However,…
Oilserv signs joint venture agreement with GEPetrol
3 Oct  
Oilerv Limited, a leading indigenous oil and gas Company in Nigeria recently signed a joint venture agreement with GEpetrol, which resulted in the formation of Oilserv Equatorial Guinea S.L, to expand its global footprint. The joint venture partnership is a collective strategic thinking aimed at driving inbound investment into the Equatorial Guinea oil/gas landscape and…
Nigeria now haven for ‘dirty fuels’ as regulations fail
12 Sep  
Failure on the part of industry regulators in Nigeria has relegated Nigeria to the background among the comity of nations, thus making it a destination for dirty fuels. Petroleum products that are not accepted in other parts of the globe including most African nations, have continued to flood the country’s product space, leaving Nigerians, the…
Total pledges additional 200,000bpd to Nigeria’s oil production by Q4
17 Aug 2018  
Deputy Managing Director, Deep Water District, TOTAL, Mr. Ahmadu-Kida Musa, has promised a 200, 000 barrel per day increase to Nigeria’s oil output. Musa disclosed this at the National Association of Energy Correspondents’ Conference in Lagos yesterday. He said the projection by Total E&P Nigeria Limited would be realised in the fourth quarter of this…
U.S. import from OPEC member countries declines by 23,000bpd
18 Jul 2018  
The United State (U.S) product imports from the Organisation of the Petroleum Exporting Countries (OPEC) member countries dropped by 23 thousand barrels per day (tbpd) compared to a month before to stand at 301 tbpd. Besides, OPEC has raised world oil demand by 1.65 million barrels per day (mbpd) in 2018 in its July monthly…