Category: Oil & Gas

Nigeria Declares State of Emergency on Oil Production

Aliyu Aliyu

. NNPCL calls for collaboration to reduce costs In a bid to boost Nigeria’s crude oil production and reserves, the Nigerian National Petroleum Company Limited (NNPC Ltd) has declared a state of emergency on production in the country’s oil and gas industry. Group Chief Executive Officer of NNPC Ltd, Mr. Mele Kyari, made this announcement during his keynote address at the opening ceremony of the 23rd Nigeria Oil & Gas Conference and Exhibition (NOG Energy Week) in Abuja on Tuesday, July 2, 2024. Nigerians’ Annual Spending On Fuelling, Servicing of…

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Nigerians’ Annual Spending On Fuelling, Servicing of Generators Hits N16.5Trn

ADEOLA YUSUF

. “What Band A customers pay is still cheaper compared to spending on self-generation;” What Adelabu said at the 2024 NOG Energy Week + his full speech The annual spending by Nigerians on self-generated electricity, particularly fuelling and servicing of generators, has hit N16.5 trillion. Platforms Africa reports that the Minister of Power, Adebayo Adelabu, who declared this at the ongoing NOG Energy Week in Abuja, maintained that this figure was a result of a research carried out for the year 2023. READ ALSO: Stop ex-Minister Diezani From Using My…

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Nigeria To Achieve 70% Local Content by 2027 – NCDMB

ADEOLA YUSUF

The Nigerian Content Development and Monitoring Board (NCDMB) has deepened its commitment to 70 per cent local content target by the year 2027. Platforms Africa reports that the Executive Secretary, NCDMB, Mr Felix Ogbe, said this on Monday at the Nigerian Content Seminar, a flagship programme of the 2024 Nigerian Oil and Gas Energy Conference (NOG), in Abuja, which was dedlared open by Malam Mele Kyari, Group Chief Executive Officer, Nigerian National Petroleum Company Limited (NNPC Ltd.). Kyari, represented by Mrs Oritsemeyiwa Eyesan, Executive Vice President, Upstream, NNPC Ltd. toured…

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Fire Erupts at $20bn Dangote Refinery

Ganiyu Amodu

A fire broke out on Wednesday afternoon at a section of the $20 billion Dangote Refinery, located near Lekki, Lagos. Platforms Africa reports that emergency services responded swiftly to contain the incident, and according to initial reports, no injuries have been sustained. Dangote Fingers NMDPRA As Dirty Diesel, Substandard Jet Fuel Flood Nigeria The cause of the fire is yet to be made known, and investigations are underway to determine the extent of the damage and what led to the incident. Dangote Industries Limited is yet to release an official…

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Green Industrial Vision Complimentary To Oil, Gas Investment Drive – Tinubu

Aliyu Aliyu

. President Receives Standard Chartered Bank executives President Bola Tinubu says Nigeria remains committed to a balanced approach to energy transition and still requires substantial investments in the oil and gas sector to meet the energy demands and economic needs of its population. Speaking at a meeting on Monday in Abuja with the Group Chief Executive of Standard Chartered Bank, Mr. Bill Winters, the President called for a just energy transition that supports vulnerable communities across the nation. Highlighting the importance of balancing the mutually beneficial shift to green industrial…

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Dangote Fingers NMDPRA As Dirty Diesel, Substandard Jet Fuel Flood Nigeria

ADEOLA YUSUF

. Africa’s richest man accuses IOCs of plot to sabotage $20bn oil refinery   Vice President, Oil and Gas at Dangote Industries Limited (DIL), Devakumar Edwin, has accused International Oil Companies (IOCs) in Nigeria of doing everything to frustrate the survival of Dangote Oil Refinery and Petrochemicals. Edwin said the IOCs are deliberately and wilfully frustrating the refinery’s efforts to buy local crude by jerking up high premium price above the market price, thereby forcing it to import crude from countries as far as United States, with its attendant high…

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Nigeria Announces Sulphur Cap On Oil Products Import

Abibat Babalola

Nigeria has reduced the sulphur cap on refined oil product imports to 50 Parts Per Million (ppm) according to market participants. The new cap which took effect at the start of June, according to sources — marks a sharp reduction from a previous 200 ppm limit set on March 1. According to sources, there was no widespread information campaign to make market participants aware of the specification change. The lower sulphur limit comes as Nigeria braces for the imminent ramp-up of 10 ppm ultra-low sulphur diesel production at the Dangote…

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Aiteo Shuts In 50k bopd OML 29 Production, Blames Oil Leaks

Ganiyu Amodu

Aiteo Eastern Exploration and Production Company (AEEPCO), operator of the NNPC / Aiteo Joint Venture on OML 29, confirms it has detected an oil leak at its Nembe swamp facility in OML 29, Nembe Kingdom, Bayelsa State. AITEO in a statement said the leak was reported on Monday, June 17, 2024, during routine operations. “AEEPCO’s Oil Spill and Emergency Response Team was immediately activated and all production from OML 29 shut down.This is a precautionary measure while mobilizing additional resources to contain the spill”, the company said Nembe production is…

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We’d Have Run Away If We Knew What We Were Going Into, Dangote Bares It All

ADEOLA YUSUF

  ‘It was very, very, very tough… I feel proud as an African that I’ve been able to prove that it can be done and we have done it.” . ‘PMS will flow from refinery by the third week of July,’ Aliko explains how Africa Continental Free Trade Area, AfCFTA agreement can work     Aliko Dangote On CNN So, if Aliko Dangote, President and Chief Executive of Dangote Industries Limited, and Africa’s richest man, says, in retrospect, that had he known the grand scope of what he was getting…

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‘Nigeria’s Oil Production Drops To 1.25mbpd,’ OPEC Contradicts NNPC’s May Figure

Ganiyu Amodu

The monthly report of the Organisation of the Petroleum Exporting Countries (OPEC) has contradicted the claims by the federal government that the nation’s crude oil production is growing. According to the latest organization’s report, Nigeria’s oil production dropped to 1.25mbpd. OPEC data showed that Nigeria lost 30,000bpd as crude production dropped from 1.28mbpd in April to 1.25mpd in April. The Nigerian National Petroleum Company Limited’s (NNPC)’s Group Chief Executive Officer, Mele Kyari, not too long ago stated that crude production was nearing 1.7mbpd at the time. He stated this when…

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