Category: Oil & Gas

OPEC Raises Nigeria’s Oil Quota to 1.799 m Barrels Per Day

ADEOLA YUSUF

The Organisation of Petroleum Exporting Countries (OPEC) has increased Nigeria crude oil quota from 1.772million barrels per day for June 2022 to 1.799million barrels per day in July 2022. According to the world’s oil supply governing body, the raise was by 27,000 barrels, translating to 3.4% increase in the month of July. The cartel disclosed the news in its press statement on its 29th OPEC and non-OPEC Ministerial Meeting was held via videoconference on Thursday. In the statement, OPEC also approved the highest production volume of 10.833million barrels per day…

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NAPE Calls For Caution As Caritas Varsity’s Borehole Gas Fire Hits Day 9

ADEOLA YUSUF

  Here is what 12,000 Nigerian Petroleum Explorationists said on the natural gas flare inside a borehole in the University located in Enugu state, Southeast Nigeria, through the NAPE President; Dr. James Edet (Full Speech)   CARITAS UNIVERSITY, ENUGU STATE GAS FLARE: NAPE CALLS FOR CAUTION The Nigerian Association of Petroleum Explorationists (NAPE) has seen reports and videos making the rounds on social media and other print media on the recent gas leak and inferno which engulfed a water borehole site within Caritas University at Amorji Nike (about 3km from…

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Buhari, NNPC CEO Showcase Oil, Gas Investment Opportunities in Spain

ADEOLA YUSUF

CEO/GMD NNPC Ltd, Mallam Mele Kyari has reiterated his commitment to sustain the strategic energy partnership between Nigeria and Spain. Mallam Kyari disclosed this while addressing Nigerian and Spanish business leaders on investment opportunities in the Nigerian Oil and Gas Industry, in Madrid, Spain, on the sidelines of President Muhammadu Buhari’s state visit to Spain, Wednesday. President Buhari had earlier met with the Spanish President, Pedro Sanchez, King of Spain, His Majesty, King Filipe VI, and gave a speech at the headquarters of the World Tourism Organization, WTO, in Madrid.…

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Illegal Oil Refinery, Storage Site Uncovered in Lagos

ADEOLA YUSUF

The Nigeria Security and Civil Defence Corps,NSCDC has uncovered an illegal oil storage site used by vandals to refine Automotive Gas Oil, AGO, also known as diesel, in Lagos. Consequently, 19 suspected members of the syndicate ,among who was a female, were arrested. Eighty one (81) trucks used to convey the products to different parts of the South West region were recovered, including nine buses. In addition, 140 drums containing illegally refined AGO, 15 power generating sets ,12 pumping machines, 25 surface tanks N4 million cash kept in one of…

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Nigeria’s Petrol Subsidy To Hit N6trn by December, IMF Warns

ADEOLA YUSUF

The International Monetary Fund, IMF, said yesterday that Nigeria’s subsidy bill would hit N6 trillion by end of this year. IMF also disclosed that it had given Nigeria $6. 8 billion facilities between 2020, in the wake of the COVID-19 pandemic, and now. Resident Representative of the Fund for Nigeria, Mr. Ari Aisen, who disclosed this while presenting the latest Sub-Saharan Africa Regional Economic Outlook in Abuja, said at the currently monthly subsidy bill of N500 billion, it would sum up to N6 trillion by end of year. READ ALSO…

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NCDMB lauds Temile/Hyundai deal to Build 23,000 cubic LPG Vessel

ADEOLA YUSUF

The Nigerian Content Development and Monitoring Board (NCDMB) on Wednesday congratulated an indigenous shipping company, Temile Development Company on the contract signing agreement with Hyundai Mipo Dockyard (HMD) for the construction of a new 23,000 cubic meters Liquefied Petroleum Gas Carrier Vessel. The indigenous company also signed a separate agreement with NSML – an integrated maritime services subsidiary of Nigeria LNG Limited for the construction supervision of the vessel. The LPG carrier vessel is the second that is being constructed by the Temile Development Company and is a sequel to…

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BREAKING: Petrol Tanker Tumbles In Lagos Otedola Bridge Multiple Car Crash

ADEOLA YUSUF

How tanker overturned caused collision of multiple vehicles on notorious Otedola bridge, Lagos Emergency Management boss explains, as fear rocks Nigeria’s commervial capital over accident   A 45,000 Litre capacity petrol tanker has tumbled in a multiple vehicles’ accident on the Lagos notorious Otedola Bridge, Platforms Africa reports. The Permanent Secretary of the Lagos State Emergency Management Authority (LASEMA), DR OLUFEMI DAMILOLA OKE-OSANYINTOLU, who confirmed the accident in a statement obtained by Platforms Africa on Friday morning, allayed apprehension that has immediately greeted the accident across Lagos. The statement reads;…

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Sierra Leone Begins 5th Offshore Licensing Round

ADEOLA YUSUF

Ukraine war has sens oil and gas prices skyrocketing to their highest levels in almost 10 years   Sierra Leone has launched its 5th offshore licensing round that is anticipated to receive some interesting offers for acquisition of oil blocs, government officials are saying. The announcement was made at the recent African Global Energy Summit in London, and has ‘generated a lot of buzz’ in the sector around the world, according to the officials. This is coming at a time when countries around the world are looking at new ways…

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Saudi Arabia Rakes In $1Billion From Oil Exports Every Day

ADEOLA YUSUF

Crude production by the Kingdom rose to 10.3 million barrels a day in March, with Brent oil prices averaging $112 a barrel   Saudi Arabia’s oil exports reached $30 billion in March, the highest in at least six years, driven by a rally in oil prices and rising production. The value of crude exports, now almost $1 billion a day, increased by 123% year on year, the kingdom’s statistics office said. READ ALSO: EXCLUSIVE: Buhari Declines Ministerial Consent For ExxonMobil $1.6bn Assets’ Sale To Seplat Oil Theft: Fact And Figures…

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Nigeria, Others Need $15.7bn to Upgrade Existing Refineries – Refiners Group

ADEOLA YUSUF

The African Refiners and Distributors Association (ARDA) has said Nigeria and other African countries would need at least $15.7 billion to upgrade existing refineries in their bid to reduce sulphur content. Speaking at the second Refining and Specifications Virtual Workshop organised by the ARDA, the association noted that the upgrade was necessary to ensure that Africa embraces cleaner sources of fuels. The Executive Secretary of ARDA, Anibor Kragha, noted that adoption of harmonised specification would halt importation of fuels not meeting the AFRI specs into Africa. READ ALSO: Caleb Varsity…

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