Category: Oil & Gas

BREAKING: Fuel Queues Resurface In Lagos

ADEOLA YUSUF

Long queues of vehicles for Premium Motor Spirit (PMS) otherwise known as petrol on Tuesday morning resurfaced in Lagos, Nigeria’s commercial capital. Platforms Africa reports that while more filling stations shut their gates against motorists, a few that dispensed the product became centres of struggle as about one hundred vehicles lined up to get the product. READ ALSO: Buhari’s Fuel Subsidy Spending Balloons To N11trn in 8 Years Indian, Kenyan Roots, 42; Meet Rishi Sunak, Youngest UK PM in 200 Years Customs Boss Queries NNPC’s ’60m Ltrs’ Daily Consumption Figure…

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Buhari’s Fuel Subsidy Spending Balloons To N11trn in 8 Years

Scott Matthew

The President while campaigning in 2015, kicked against the fuel subsidy scheme that was implemented by the previous administration   The subsidy spending on Premium Motor Spirit, popularly called petrol, by the administration of the President Muhammadu Buhari, will hit N11 trillion from when it came to power in 2015 till May 2023, baring any unforseen circumstances that could make it more. Already the government has, according to a report by Punch, spent about N6.88tn in subsidising the commodity, according to data obtained from the Nigerian National Petroleum Company Limited…

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Celebrating Yakubu Gowon, “Last Good Man Standing” at 88, By Mayowa Afe

Mayowa Afe

Tributes for chairman, Danvic Petroleum International, man, who became the Head of State and Commander -in-chief of the Federal Republic of Nigeria at the age of 31   General Dr. Yukubu Gowon, clocked 88 years old on Wednesday, 19 October, 2022. In 2013, while celebrating him as the ‘Leadership Person of the Year’, The Guardian described him as the ‘last good man standing’. Since he became the chairman, Danvic Petroleum International where I am currently the Managing Director, I have been privileged to have very close interactions with this great…

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NBS Confirms Hike In Cooking Gas Price

Precious Ibekwe

The average price of 5kg of cooking gas has increased from N4,456.56 in August to N4,474.48 in September, the National Bureau of Statistics (NBS) has stated. It stated in its “Cooking Gas Price Watch’’ for September 2022 released Saturday in Abuja that the September price was a 0.40 per cent increase over what obtained in August. “On a year-on-year basis, the September 2022 price of N4,474.48 for 5Kg of gas was an 86.62 per cent increase over the price of N2,397.60 obtainable for the same volume in September 2021, it…

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Bonga: In A Class of Its Own, By Precious Okolobo

Precious Okolobo

“I left behind colleagues working for Nigeria, as SNEPCo, with the support of the Nigerian National Petroleum Company Limited (NNPC), and the co-venture partners –TotalEnergies, Nigerian Agip Oil Company, and ExxonMobil,”  the article that could also be titled as the “return of Okolobo,” reads   The Group General Manager of the National Petroleum Investment Management Services (NAPIMS), Mr. Bala Wunti, visited Bonga, Nigeria’s first deep-water development, last month and came away with an endorsement that shines a light on the status of the field as a pioneer. He described Bonga…

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Kogi Receives First Derivation Allocation As Oil-Producing State

Aliyu Aliyu

Kogi State has received its first derivation allocation as an oil-producing State. Platforms Africa reports that Governor Yahaya Bello disclosed this during the State Executive Council meeting, assuring the people of the determination of his administration to continue to record more wins for Kogites. READ ALSO Shell Resumes Oil Exports At 400,000 b/d Forcados Terminal EXCLUSIVE: Letter conferring Oil State’s Status on Kogi Obtained Oil Mogul Kidnapped in 2019 Abducted Again by Gunmen in Kogi Shell, AFC, GTBank, 6 Other Banks Drag Aiteo to Court Over $2bn Debts He said his…

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Shell Resumes Oil Exports At 400,000 b/d Forcados Terminal

ADEOLA YUSUF

Nigeria’s revenue earnings from crude oil may jump up soon as Shell Petroleum Development Company (SPDC) has resumed export operations at the Forcados Oil Export Terminal, where repair works on the pipeline has been going for some days. The Forcados Export pipeline, which has a capacity to export over 400,000 barrels of crude per day was vandalized by crude oil thieves, and this has hampered the functionality of the pipeline thereby hindering the transportation of crude oil through the pipeline to the export terminal. Confirming the resumption of export operations…

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22 Oil ‘Thieves’, 2 Vessels Busted, Handed Over To EFCC

Abibat Babalola

Two vessels, MT Platform and MV Caribbean Crest alongside a crew of 22 suspected oil thieves were on Tuesday, October 18, 2022 handed over to the Economic and Financial Crimes Commission, EFCC, for further investigation and possible prosecution by the Nigerian Navy. Commanding officer of the Nigerian Navy Forward Operating Base, Bonny, Rivers State, Lieutenant Commander MG Munza disclosed that the vessel, MV Caribbean Crest and her crew members were arrested on the 15th of February, 2022 at the Bonny Fairway Buoy with an unspecified quantity of stolen Petroleum Product…

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Forte Oil Sale: Zenon Gets $19.2m, Wins Arbitration Against Ardova

Efe Wellington

Here is why, how the contractual battle, which started in June 2019 led to one of the major legal fireworks in London Court of International Arbitration (LCIA)   Zenon Petroleum and Gas Limited has won an arbitration case instituted by Ignite Investment Limited in the London Court of International Arbitration (LCIA) over the share purchase agreement (SPA) reached on the sale of Forte Oil Plc to the latter. Precisely, Zenon Petroleum was awarded $19.2 million by the LCIA in the dispute. READ ALSO: 12 Bankers Nabbed For suspected Insider Fraud,…

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BREAKING: NLNG Declares Force Majeure on Gas Supply

ADEOLA YUSUF

All upstream gas suppliers to NLNG have also declared force majeure as flooding wrecks havoc on Nigeria’s oil and gas production    The Nigeria LNG Limited (NLNG) has declared force majeure on product supplies from its production facilities on Bonny Island, Nigeria. Platforms Africa, which reports this quoting a statement from the gas giant, said that this followed the declaration of force majeure by all its upstream gas suppliers. Here, bekow, is the statement; DECLARATION OF FORCE MAJEURE Nigeria LNG Limited (NLNG) has declared force majeure on product supplies from…

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