Category: Oil & Gas

Nigerian Energy Editors Unveil Date, Theme for NAEC 2024 Int’l Conference

Efe Wellington

“We are raising the bar, focusing on solutions to energy transition, gas-to-power conundrums, underscoring Nigeria’s energy prosperity,” Organisers speak on what to expect Top energy industry leaders and experts are expected to converge in Lagos on October 3, at the Association of Energy Correspondents of Nigeria (NAEC) Annual International Energy Conference 2024. The organiser revealed that the conference will focus on the role of natural gas as an energy transition fuel, addressing Nigeria’s Trilemma of Finance, Energy Security, and International Politics. National Chairman of NAEC, Ugo Amadi, in a statement…

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I Stand by My Words, Lokpobiri Dares Wabote

Efe Wellington

I Stand by My Words, Heineken Lokpobiri Dares Wabote . Tasks journalists to visit project sites of NCDMB’s partners The Hon Minister Of State For Petroleum Resources , Sen. Heineken Lokpobiri have reiterated that he stands by his statement at The Petroleum Club’s quarterly event in Lagos, that NCDMB wasted over $500 million of the industry’s fund in equity investments in private establishments and in loans that are now non-performing. The minster while reacting to recent media statement by SIMBI Wabote, former executive secretary to the Nigerian Content Monitoring and…

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Oil Minister, Wabote’s Faceoff Degenerates

ADEOLA YUSUF

‘Militant activist engaged in reckless and bundles of lies,’ Wabote Bombs Lokpobiri “I stand by all I said about you at Petroleum Club,” Minister fires back at Wabote, tasks journalists to visit project sites of NCDMB’s partners Here are read-by-yourself statements by the feuding minister and NCDMB’s ex-Executive Secretary   The bickering between the minister of state for petroleum resources (oil), Heineken Lokpobiri, and immediate past Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Simbi Wabote, has degenerated with an exchange of hot words by both parties. Platforms Africa…

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Nigeria Boosts Oil Reserves To 37.5bn Barrels

Ganiyu Amodu

Nigeria is facing great challenges salvaging the oil sector following deep cut by oil thieves. The drop in crude oil production from 1.32 million barrels per day in February to 1.23mbpd in March, indicates that output plunged by 91,000bpd. This translates to a loss of N720 billion according to records. For decades, Nigeria has been plagued by oil theft and pipeline vandalism and to recover the losses, the Federal Government has been tasked to recalibrate the security architecture in the Niger Delta to curb the menace. However, this is coming…

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Global Crude Freight Costs Spike Over Iran Attack On Israel

ADEOLA YUSUF

Global oil traders are weighing development in the Middle East after Iran launched attack on Israel. Although, while that has not immediately impacted oil supplies it has increased freight costs and boosted oil demand as the global fleet is forced to make longer voyages. Prices, which already include a risk premium of about $10 a barrel, bbl, are poised to push higher, according to Iman Nasseri, Middle East managing director at consultancy FGE. Prices could add another $2 to $5 a bbl due to concern of further Israeli reprisals or…

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Nigeria Hikes Gas Price, Electricity Tariff Increase Imminent

Abibat Babalola

The Federal Government, on Monday, announced that the new price of natural gas for power generation companies is now $2.42 per metric million British thermal unit, higher than the previous rate of $2.18mmbtu. Nigeria generates over 70 per cent of its electricity from thermal power plants that are fired by gas. Therefore, the rise in the cost of the commodity may lead to a hike in the tariff payable by power consumers once the Nigerian Electricity Regulatory Commission carries out another tariff review. The Nigerian Midstream and Downstream Petroleum Regulatory…

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Oil Marketer Arraigned For Allegedly Defrauding Customers Of N100m

Abibat Babalola

An operative of the Economic and Financial Crimes Commission, Musbau Issa, on Thursday told the Ikeja Special Offences Court how an oil marketer, Glory Benson, allegedly defrauded her customers of N100,865,000. Benson alongside two of her companies Glonnek Energy Resources Limited and Petroyal Energy Limited are facing seven counts bordering on stealing, conversion preferred against her by EFCC. The defendants were alleged to have dishonestly converted petroleum products worth the sum of N100,865,000 to their personal use. When the case was called, the EFCC’s prosecution counsel, Bilikisu Buhari, announced her…

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Petrol Importation Reduced By 50%, Says Nigerian Govt

Abibat Babalola

The Minister of Information and National Orientation, Mohammed Idris, on Wednesday, said petrol importation in the country reduced by 50 per cent since the withdrawal of the fuel subsidy. Idris said this at the third edition of the ministerial press briefing series, where the Coordinating Minister for Health and Social Welfare addressed journalists in Abuja. The briefing series was initiated to provide a platform for public officials to reel out their achievements and apprise Nigerians of the challenges of governance. Idris said Nigeria had begun to reap the benefits of…

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LPG Vessel: Ekpo Lauds Nigerian Firm’s Seal In Harnessing Local Content Law

Ganiyu Amodu

Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, has lauded the courage, vision and hard work exhibited by Nigerian firms in breaking new frontiers in gas businesses in line with the local content law. Ekpo stated this at the commissioning of Temile Development Company Limited’s 23,000 cubic meters ultramodern Liquefied Petroleum Gas (LPG) Carrier, Alfred Temile 10, at the Hyundai Mipo Dockyard in Ulsan, South Korea, yesterday. This was contained in a statement signed by his spokesman, Louis Ibah, and made available to the media. The Minister…

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Nigeria Gives Priority To Gas Production, Commercialisation, Industrialisation Projects – Ekpo

Ganiyu Amodu

Minister of State Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo on Friday met with a delegation of promoters and top officials of the Brass Petrochemical and Gas Project to be located in Bayelsa State. The team was led by its Managing Director, Chief Ben Okoye and the Chief Gas and Power Investment Officer of NNPC Ltd., Dr. Salihu Jamari. A statement by the Minister’s spokesman, Louis Ibah, quoted Ekpo during the meeting as restating the commitment of the Federal Government in supporting private sector investments geared at unlocking the gas…

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