Category: Oil & Gas

N4.3bn Worth of Nigerian Crude Oil Stolen In 5 Years – NEITI

Abibat Babalola

The Nigerian government has revealed that over N4.3 trillion worth of crude oil was lost to oil theft in 7,143 pipeline vandalism cases within five years. This startling figure was disclosed at the Nigeria International Pipeline Technology and Security Conference in Abuja, highlighting the severe impact of oil theft on the nation’s economy. In a presentation at the conference, the Nigeria Extractive Industries Transparency Initiative (NEITI), a government agency, painted a grim picture of the oil theft situation, labeling it a “national emergency.” READ ALSO: South Sudan Floods Leave 1.6m Children At…

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Shell Posts $6.2bn Earnings In Q3, 2023

Ganiyu Amodu

British oil giant Shell on Thursday reported $6.2 billion profit for the third quarter, roughly in line with estimates, as the company benefited from higher oil prices and refining margins. Analysts expected adjusted earnings of $6.48 billion, according to an LSEG-compiled consensus. Profit was higher than the $5.1 billion of the second quarter, but marked a sharp decline from the $9.45 billion reported a year ago, when the Russia-Ukraine conflict bolstered oil and gas prices. READ ALSO No Going Back On Overhaul Of DisCos’ Structure, Coverage – Nigerian Govt 2.6…

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UK Court Won’t Attend To Diezani’s £100k Bribery Case Until 2025

Abibat Babalola

. Nigerian ex-oil minister’s case adjourned to November 2025 – Westminster Magistrates Court       The court hearing involving Nigeria’s former minister of petroleum resources, Diezani Alison-Madueke in the United Kingdom, over bribery allegations has been adjourned to November 2025. The Westminster Magistrates Court adjourned hearing on the suit on Monday. Alison-Madueke appeared at Westminster Magistrates Court on Monday, October 2, 2023, after being charged with bribery offences amounting to £100,000 following a National Crime Agency (NCA) investigation. READ ALSO: Bonmati Wins 2023 Women’s Ballon d’Or Rivers Assembly Begins…

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Seplat Energy Grows 2023 9M Revenue By 31% To N478.1bn

Ganiyu Amodu

Seplat Energy Plc, a leading Nigerian independent energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange, announces its unaudited results for the nine months ended 30 September 2023, recording a rise in revenue by 31 per cent to N478.1bn from N258.7bn year-on-year. The company also declared a Q3 2023 dividend of US3 cents per share, in line with higher core annual dividend of US 12 cents. The energy Company’s also grew its 2023 9M gross profit to N245.6bn from N118.5bn year-on-year whilst 9M 2023 production…

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NCDMB Trains 500 Youths In Solar Power Installation, Maintenance In Cross River State

Ganiyu Amodu

The Nigerian Content Development and Monitoring Board (NCDMB) has successfully trained 500 youths in Cross River State on solar power installation and maintenance, with the training taking place in three locations: Calabar, Bekearra and Ogoja, making a significant contribution to the country’s sustainable energy sector. Abdulmalik Halilu, Director, NCDMB, Planning, Research and Statistics, in his comment at the closing ceremony on Friday, hinted that the Board initiated the programme to create employment opportunities in the country, generate wealth and empower the youths to contribute to the economy of the nation.…

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NCC, Systemspecs, New Horizons Bosses To Address Startups At Worldstage Summit 2023

Ganiyu Amodu

All is set for the WorldStage Economic Summit (WES) 2023 on Thursday, November 16, 2023 at the Event Centre, Nigerian Exchange Limited, 2/4 Customs Street, Lagos as top infotec experts confirmed participation to address a special breakout session of the summit tagged Startups on WorldStage with the Theme: ‘The Game Changers’. According to a statement by World Stage Limited, the organizers of the summit, the new Executive Vice Chairman of the Nigerian Communications Commission (NCC), Mr Aminu Maida as the Guest of Honour will present a key note address; Mr.…

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NCDMB Boss Warns Against Tinkering with the Petroleum Industry Act

ADEOLA YUSUF

The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Kesiye Wabote has advised that making unending changes to the structures set up by Petroleum Industry Act 2021 could kill the confidence of investors and stall new projects in the oil and gas sector. Platforms Africa reports that Wabote who spoke on Tuesday at a panel session at the recently concluded Nigerian Economic Summit held in Abuja, explained that the PIA 2021 contains adequate provisions to ignite growth in the energy sector and advised the Federal…

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Nigerian Oil Industry Is On Steady Growth Trend – Wabote

Ganiyu Amodu

The Nigerian oil and gas industry is growing steadily across several fronts despite reduced investments due to the global quest for cleaner energy and divestments of some onshore and shallow assets by a few international oil companies, the Executive Secretary Nigerian Content Development and Monitoring Board, Engr. Simbi Kesiye Wabote has said. He gave the assessment on Monday while delivering the keynote address at the 3rd Biennial International Conference on Hydrocarbon Science and Technology, organised by the Petroleum Training Institute (PTI) in Abuja, with the theme “The Future of the…

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Nigeria Mulls Improved gas Supply to NLNG, industrial, Domestic Users

ADEOLA YUSUF

  We’ll ensure regulatory, fiscal incentives in PIA are seamlessly delivered – Ekpo     Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, has assured that the regulatory and fiscal incentives produced by the Petroleum Industry Act (PIA) would be seamlessly delivered to boost investments in the gas industry. This is as he has pledged improved gas supply for industrial, power, transportation and domestic purposes and the Nigeria Liquefied Natural Gas (NLNG) plant in Bonny, Rivers State. Platforms Africa reports that the minister, according to a statement by his spokesman,…

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Fresh Fuel Crisis Rocks Nigeria

Damilola Olonade

Depots run dry of petrol With N617 per litre, Nigerians beg for fuel as queues return to filling stations . NNPC rations product, wants panic buying blamed  . Fuel subsidy returns five months after Tinubu declared scheme gone forever    Nigeria, Africa’s biggest exporter of crude oil, has been hit by a major fuel crisis that may worsen the anguish citizens have been going through. Platforms Africa reports that the country, which ironically, doubles as the biggest importer of petroleum products, is grappling with supply shortage for premium motor spirit,…

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