Category: Oil & Gas

Oil Crosses $100 Mark, N3trn May Not Be Enough For Nigeria’s Fuel Subsidy

ADEOLA YUSUF

How oil jumped by $10 to hit the highest mark since 2014 just few hours after the start of the Russian-Ukrainian tension   Oil prices on Thursday jumped above the $100 per barrel mark following Russia’s invasion of Ukraine. Platforms Africa reports that International benchmark Brent crude surpassing $100 a barrel for the first time since 2014. While this means more oil revenues for Nigeria, Africa’s biggest crude exporter, it has also constituted a threat to the N3 trillion Nigeria has planned to spend as fuel subsidy from January 2022.…

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Oil Regulator Gave Go-ahead For Us To Offload Off-spec Petrol -Duke Oil

ADEOLA YUSUF

Oando, Duke Oil open up on off-spec petrol import during appearances before Reps Committee Duke oil has said that it received a go-ahead from the Nigerian oil industry regulator before discharging the cargo of premium motor spirit also known as petrol that later turned out to be tagged an off-spec product. Platforms Africa reports that this was made known at a public hearing, in which the Managing Director of Duke Oil, Lawal Sade said that the product his company imported was certified okay both at the port of loading and…

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Oil Spikes, Hits $97.70 Per Barrels

ADEOLA YUSUF

Oil spiked following a televised address by Russian President Vladimir Putin, which revealed the Russian leader’s next move regarding Ukraine. In the speech, Putin recognized the self-proclaimed separatist republics that Russia backs in eastern Ukraine, Bloomberg highlighted, adding that this action intensified a standoff with the West. Following the address, the price of Brent Crude oil was up more than four percent to $97.70 per barrel and the price of West Texas Intermediate (WTI) was up almost four percent to $94.67 per barrel, at the time of writing. This time…

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TotalEnergies Makes New Significant Oil Discovery

ADEOLA YUSUF

TotalEnergies has announced that it and APA Corporation have made a “significant” new oil and associated gas discovery at the Krabdagu-1 well in the central area of Block 58, offshore Suriname. Krabdagu-1, a report by Rigzone read, was drilled at a water depth of 2,559 feet and encountered approximately 295 feet of net oil pay in good quality Maastrichtian and Campanian reservoirs, TotalEnergies revealed. Further operations will be carried out on Krabdagu-1 to appraise the resources and productivity, according to TotalEnergies, which noted that at least three further exploration and…

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Meet Olalekan Ogunleye, NLNG New Deputy MD, Mai-Bornu’s Successor

ADEOLA YUSUF

Mr Ogunleye, who is concluding his tenure as Managing Director and Chief Executive Officer of Gas Aggregation Company Nigeria Limited (GACN), will take over from Engr. Mai-Bornu on 14th April 2022. The Board of Directors of Nigeria LNG Limited (NLNG) has approved the appointment of Mr Olalekan Olufemi Ogunleye as successor to Engr. Sadeeq Mai-Bornu as Deputy Managing Director of the Company. Engr. Mai-Bornu, appointed by the NLNG Board in April 2016, will return to his parent company, Nigerian National Petroleum Company Limited (NNPC), at the expiration of his tenure.…

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Nigeria’s Oil Royalty, Taxes From Shell Crumble by $3.7bn in One Year

ADEOLA YUSUF

Shell: No plan to exit Nigeria, and real reason we paid $4.6bn royalty in 2019 but $900m in 2020 Nigeria, Africa’s biggest crude oil exporter, has suffered a crash of $3.7 billion on taxes and royalties it received from Shell Companies in Nigeria (SCiN) in just one year. Platforms Africa reports that the figures of transactions and operations expressly published by the oil major in its Briefing notes, also showed a bearish business between 2019 and 2020. In 2019, a whooping $4.6 billion was, according to the Briefing Notes, paid…

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Nedogas, NCDMB commissions 300 MMscfd Kwale Gas Gathering Facility

ADEOLA YUSUF

Nedogas Development Company Limited (NDCL), a joint venture company between Xenergi Limited and NCDMB Capacity Development Intervention Company, has, in collaborative partnership with the Nigerian Gas Company Limited (NGC), a subsidiary of the Nigerian National Petroleum Company (NNPC), successfully completed the construction and technical commissioning of a 300 MMscfd Capacity Kwale Gas Gathering (KGG) and injection Facility located in the Umusam Community, near Kwale in Delta State, Niger-Delta, Nigeria. The KGG Facility was designed to handle stranded gas resources in Nigeria’s OML56 oil province by providing the opportunity for independent…

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Petrol to Hit N190/L As Depot Owners Hike Price by N20/L

ADEOLA YUSUF

We are not aware, report them first, Industry Regulator, NMDPRA, says as IPMAN Speaks Out on alleged profiteering, sabotage by private depot owners   The cost of Premium Motor Spirit, popularly called petrol, may hit N190/litre in most filling stations in coming weeks if nothing is done about a recent hike in its ex-depot price by private depot owners. A report by Punch showed that most private depot owners recently raised the cost of petrol by N20 per litre from the approved N142-N145/litre price to between N162-N170/litre. This, oil marketers…

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Nigerian Content Retains $8bn Annually, Creates 50,000 Jobs

ADEOLA YUSUF

The implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act has created over 50,000 direct jobs in the local economy over the past 11 years, the Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Kesiye Wabote has said. Platforms Africa reports that Wabote stated this in Lagos during separate breakfast meetings he held with members of the Guild of Corporate Online Publishers on Thursday and editors of newspapers and broadcast stations on Friday respectively. He hinted that the level of Nigerian content in the…

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The Untold Story Of The Aiteo Santa Barbara Oil Spill

ADEOLA YUSUF

The Untold Story Of The Aiteo Santa Barbara Oil Spill, By Bisi Daniels The recent spill at Santa Barbara 1 well in Nembe, Bayelsa State, made the news so loud that it drowned some salient points and diverted attention from bigger stories elsewhere in the creeks. Aiteo Eastern Exploration and Production Company, operators of the well, must have been under intense pressure going by the number of highly placed Bayelsa indigenes in the oil and gas industry. They include the Minister of State for Petroleum Resources, Timipre Sylvia, who visited…

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