Category: Oil & Gas

High Crude Oil Prices Not Adding Value To Nigeria’s Economy -World Bank

ADEOLA YUSUF

Nigeria was yet to benefit from increasing oil prices as a result of declining oil production and fuel subsidy,the World Bank has said. It also said the country’s oil production declined in 2021 due to a lack of maintenance and the loss of infrastructure efficiency. The  bank disclosed these  in a new report titled ‘Migration and Development Brief titled ‘A War in a Pandemic: Implications of the Ukraine crisis and COVID-19 on the global governance of migration and remittance flows. READ ALSO BREAKING: Crude Oil Price Hits $85 per barrel, 3-Year…

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Oil Minister, Timipre Sylva, Withdraws From APC Presidential Primaries

ADEOLA YUSUF

Sylva said he withdrew from the race to support President Muhammadu Buhari in his quest to achieve a robust oil sector, an official of the ministrt said Another presidential aspirant on the platform of All Progressives Congress (APC) and Minister of State for Petroleum, Chief Timipre Sylva, has withdrawn from the presidential race. Platforms Africa reports that Sylva has returned to work today, the last day given by President Muhammadu Buhari to all political appointees aspiring for elective political office to quit his cabinet and pursue their ambition. Recall that…

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N500bn Or Fuel Scarcity, IPMAN Threatens Supply Upset Over Bridging Claims

ADEOLA YUSUF

Prepare for worst fuel scarcity ever or prevail on downstream regulator, NMDPRA, to pay us N500 billion incurred on bridging, oil marketers declare   The Independent Petroleum Marketers Association of Nigeria (IPMAN) has warned of the possibility of the worst case of fuel scarcity ever in the country. Platforms Africa reports that IPMAN, which said this, however added that the scarcity can be averted only if the Federal Government prevailed on the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to pay N500 billion bridging claims by its members. READ…

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Not Again, Arik Air, Dana Air, Aero Dump Strike Plan

ADEOLA YUSUF

“We support the efforts by the AON to address the fuel price hike but our passengers would be served, our flight operations won’t stop.”   Three more airlines have joined Ibom Air on the list of airlines that have pulled out of the planned shutdown of flight services  as announced by the Airline Operators of Nigeria (AON). Platforms Africa reports that on Friday, the AON had announced its decision to suspend flight operations from Monday. Ibom Airlines Limited (Ibom Air), on Saturday, became the first airline to counter the AON’s proposed…

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Nigeria Ups Oil Reserves To 37bn barrels, Begins Crude Theft Audit

ADEOLA YUSUF

Here are the details of Country’s new position on mandatory conduct of gas well deliverability tests, gas flaring, below conventional oil window drilling, new automated model for IOCs local and foreign royalty payments; unique identifier for oil cargoes, among others   Nigeria’s total national oil reserves have surged to 37.046 billion barrels. Platforms Africa reports that the data obtained from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which contained this new reserves figure attained as at January 2022, added that the country has also begun a forensic audit of crude…

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Nigeria Mulls Surge of 20% Share In African Lube Market

ADEOLA YUSUF

OVH Energy Marketing joins conversations on eradication of substandard lubricants in Nigeria Nigeria’s Lubricant market currently accounts for about 20% of Africa’s total lubricant demand and the country is planning to surge this share theough the adoption of innovative technological advancements, favorable regulations, increased stakeholder collaborations, and consumer education. Platforms Africa reports that stakeholders and participants at the virtual 2022 Nigeria edition of the International Lubricants Conference (ILC) who said this, shared insights on global trends as well as practical suggestions to improve the state of the industry. READ ALSO:…

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Addax Confirms One Dead in OML 124 Flowstation Bomb Explosion

ADEOLA YUSUF

“What we know about the explosion and how corpse, IEDs were found at the site in Imo,” Chines oil firm opens up   Addax Petroleum Development Nigeria Ltd. says a suspected vandal died in Wednesday’s explosion at its flowstation in Izombe, Imo. Platforms Africa reports that the oil firm in a statement on Friday by its  spokesperson,  Mrs Awatt Etta, said that an unexploded explosive device and the corpse of the suspected vandal were found at the incident site within its Oil Mining Lease (OML) 124. Addax said it was…

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Oil rises as supply concerns persist

ADEOLA YUSUF

Oil prices climbed for a third straight session on Friday, shrugging off concerns about global economic growth as impending European Union sanctions on Russian oil raised the prospect of tighter supply. Brent futures rose $2.08, or 1.88%, to $112.98per barrel by 0922 GMT, while U.S. West Texas Intermediate (WTI) crude climbed $2.00, or 1.85%, to $110.26 a barrel. READ ALSO: Oil Prices Rebound To $107.91 Per Barrel Oil price rises as OPEC projects steady demand growth 275 Oil Workers, Others Escape As Saipem Crane Vessel Nearly Sinks Brent and WTI…

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Why U.S. Is Enacting NOPEC, A bill to crush OPEC

ADEOLA YUSUF

The U.S. leads the onslaught on OPEC with a bill to expose the oil producers’ group or its members to lawsuits for orchestrating supply cuts that raise global crude prices. Here is what to know about the NOPEC bill, in 700 words   A U.S. Senate committee was expected to pass a bill on Thursday that could open members of the Organization of the Petroleum Exporting Countries and its partners to antitrust lawsuits for orchestrating supply cuts that raise global crude prices. The No Oil Producing and Exporting Cartels (NOPEC)…

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