Category: Oil & Gas

The Aliko Dangote Interview

ADEOLA YUSUF

From investment to opportunity, $10 billion forex savings to $10 billion exports earning, here, from the horse’s mouth, is all you may need to know about the World biggest single unit refinery, Dangote Refinery to be commissioned May 22 by President Muhammadu Buhari.   Africa’s richest man and owner of the Dangote Refinery, Mr. Aliko Dangote, has said with the planned commencement of the refinery located in Lagos, Nigeria could save up to $10 billion in foreign exchange (FX) and generate another $10 billion in exports when the facility begins…

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JUST IN: Nigerian Government Suspends Fuel Subsidy Removal

Ganiyu Amodu

The National Economic Council, on Thursday, in Abuja, said it has agreed that petrol subsidy should “not be removed” as earlier planned for June 2023. The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, disclosed this to State House correspondents shortly after the valedictory Council meeting presided over by Vice President Yemi Osinbajo at the Council Chambers of the Presidential Villa, Abuja. Ahmed said the Council agreed on the need for continued discussions on the issue adding that the FG, together with states and representatives of the incoming…

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Sahara Group Advocates Backward Integration To Bolster Energy Sector Sustainability

Abibat Babalola

Deploying seamless backward integration in the energy sector will foster growth and sustainability enabled by improved efficiencies, innovation, upgrade in local expertise and participation, and the collaboration of host communities in operations across the value chain, Ejiro Gray, Director, Governance and Sustainability has said. Gray who addressed journalists at the 6th Nigeria International Energy Summit (NIES) in Abuja said building local capacity for extraction and processing of natural resources facilitates job creation and economic growth. She also joined other panelists that discussed “Local Content Investment and Sustainable Energy Future” at…

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Decade of Gas: Wabote Advocates Annual Reporting on Implementation

ADEOLA YUSUF

…. Begins to allocate spaces to investors at NOGaPS   As Nigeria navigates the 3rd year of implementing the Decade of Gas Programme of the Federal Government, the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Kesiye Wabote has advocated for action parties to provide annual status reports of the successes, issues, support required, and target completion dates. He made the recommendation at the just concluded Nigerian International Energy Summit (NIES) held at Abuja where he made separate presentations on Local Content Investment and Sustainable…

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43% Completed, Nigeria Gives Update On $2.8bn AKK Gas Pipeline

Abibat Babalola

    Vice President Insists AKK Project Is To Power 3,600MW Plants      The $2.8bn Ajaokuta-Kaduna-Kano natural gas pipeline project being constructed by the Nigerian Government through the Nigerian National Petroleum Company Limited and its partners, is now 43 per cent completed, the Vice President, Prof. Yemi Osinbajo, announced on Monday. He also revealed that the project would help in generating 3.6 gigawatts (3,600 megawatts) of electricity, adding that the AKK pipeline was a major project of the regime of the President Muhammadu Buhari (retd.). READ ALSO: Nigeria Grants…

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Workers Ground ExxonMobil’s Nigeria Operations, Firm Declares Force Majeure

Efe Wellington

ExxonMobil has declared force majeure on oil lifting from several ports in Nigeria further weakening the country’s declining export potential. This follows industrial action by the company’s in-house workers Union, the company said in a statement on Monday. Platforms Africa reports that this will lead to another set back to the country which is a member of the Organisation of Petroleum Exporting Countries (OPEC), and had lost its status as Africa’s top oil producer last year when businesses such as Shell Plc and TotalEnergies began to reduce their investment due…

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OPL 310: Lekoil Secures Court Injunction Against Optimum Petroleum

ADEOLA YUSUF

Details of the bickering and its link to the US$250 million investments in Ogo discovery offshore Lagos   Lekoil Nigeria Limited, the oil and gas exploration and production company with a focus on Nigeria and West Africa, announces that it has been granted an injunction by a Federal High Court in Lagos against its partner in the Oil Prospecting Lease, OPL 310 asset, Optimum Petroleum Development Limited. Optimum has 60 percent interest while Lekoil’s affiliates collectively own 40 percent participating interest in OPL 310 for which Lekoil has invested over…

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N20bn Payment to Ghost Consultants’ Allegation Rocks NNPC

Efe Wellington

. We Welcome House of Representatives Investigation, NNPC says in Statement to Platforms Africa   The Nigerian National Petroleum Company Limited (NNPC) has said that it was aware of the planned probe by the Parliament of allegation it paid N20 billion dollars payment to ghost consultants. The NNPC Ltd, which said this in a statement to Platforms Africa, maintained that it “received with great relief, the resolution of the House of Representatives to investigate allegation of the payment of a huge sum of twenty billion naira to so-called “ghost consultants.”…

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How In-Coming Govt Can Tackle Fuel Subsidy Burden – NIPCO

ADEOLA YUSUF

President-elect Bola Tinubu has declared plans to end fuel subsidy. CNG pioneer, NIPCO, has these pieces of advice on how this could be a win-win for both the government and the people   Deepened utilization of indigenous natural gas will certainly help the federal government in reducing subsidy burden and reduced importation of other fossil fuels, there by saving towards exchequer. Mr. Suresh Kumar, Managing Director, NIPCO Plc, the CNG pioneer in Nigeria, said this after a tour of the company’s facilities in Apapa by journalists on Thursday. READ ALSO:…

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Number of Vehicles Running On Gas In Nigeria Hits 7,000

ADEOLA YUSUF

CNG pioneer, NIPCO, deepens gas investment, market leadership   The number of vehicles running on Compressed Natural Gas (CNG) In Nigeria has Hit 7,000. Mr. Suresh Kumar, Managing Director, NIPCO Plc, the CNG pioneer in Nigeria, said this while addressing journalists after a tour of the company’s facilities in Apapa on Thursday. Fielding questions from newsmen, Kumar, who addressed journalists with MD NIPCO Gas, Nagendra Verma, maintained that his company has deepened gas investment and market leadership in the country. READ ALSO: Don’t Assault Our Staff, Expect Quality Services During…

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