Category: Oil & Gas

BREAKING: Fuel queues resurface in Lagos, Ogun

ADEOLA YUSUF

Queues for Premium Motor Spirit (PMS) also known as petrol, on Sunday, resurfaced at filling stations in parts of Lagos and Ogun state as some marketers shut gates against motorists. Platforms Africa reports that the Nigerian National Petroleum Company Limited (NNPC) has earlier told Nigerians not to panic, assuring them that it has sufficient PMS stock to meet their needs. Fuel queues were, however. noticed in Ajah, Lekki, and Victoria Island on Sunday evening, Platforms Africa reports. The situation has started to spread to the mainland areas of Lagos while…

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FPSO explosion: Vessel was at end of lifespan- Analysts

ADEOLA YUSUF

A group of analysts at Rystad Energy has said the Floating Production, Storage and Offloading (FPSO) vessel, Trinity Spirit, which exploded earlier today was at the end of its lifespan. The vessel with capacity to process up to 22,000 barrels of oil per day, inject up to 40,000 barrels of water per day and store 2 million barrels of oil, exploded and sunk at the Ukpokiti Terminal, around Excravos, Warri South-west, Delta State, Nigeria. In a statement obtained by Platforms Africa, Rystad Energy’s senior analyst Zhenying Wu said: “The Trinity…

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NNPC Secures Senate Support for Multi-million Dollars Frontier Exploration

ADEOLA YUSUF

The Nigerian National Petroleum Company limited (NNPC) has secure support from the Senate Committee on Petroleum Resources (Upstream) for its frontier exploration expected to gulp million of dollars. Platforms Africa reports that the Chairman of the Committee, Senator Bassey Albert Akpan, commended the NNPC Ltd for repositioning the Nigerian oil and gas industry into a competitive business environment the commendation when he led members of the Committee on an oversight visit to the NNPC Towers, Abuja, on Tuesday. Senator Akpan said the visit offered the lawmakers the opportunity to have…

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BREAKING: Nigeria Spends N264bn on Refineries, Pipelines in One Year

ADEOLA YUSUF

. NNPC Ex-GED, Upstream, Bello Rabiu, advocates measures to deepen accountability, transparency and efficiency of public refineries as he picks holes in N9 per litre bridging cost The gross inefficiency of the government owned refineries as well as issues about 5,000 kilometers of pipelines across the country cost the Nigerian government over N264 billion in just one year. Former Group Executive Director, Upstream of the Nigerian National Petroleum Corporation (NNPC), Bello Rabiu, who declared this in Lagos on Monday, maintained that the country spends over N22 billion every month on…

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Chevron Rakes In $520m from Assets Sale in 3 Months

ADEOLA YUSUF

Super major announces $5.1 billion Q4 Revenues, $15.6 billion earnings for 2021   United States oil supermajor, Chevron, has announced that it raked in $520 million from the sale of its assets in the last three Months of 2020. Platforms Africa reports that the company also reported full-year 2021 earnings of $15.6 billion ($8.14 per share – diluted), compared with a loss of $5.5 billion ($(2.96) per share – diluted) in 2020. Included in 2021 were net charges for special items of $289 million, compared to net charges of $5.1…

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How, Why NNPC Secured $5 billion Afreximbank Deals

ADEOLA YUSUF

The Nigerian National Petroleum Company (NNPC) Limited has sealed a deal with the African Export-Import Bank (Afreximbank) to fund major investments in its Nigerian upstream sector. Platforms Africa reports that the $5 billion funding commitment is an offshoot of the meeting between Benedict Oramah, Chairman of the board of Directors and President of the African Export-Import Bank (Afreximbank) and the NNPC team led by Group Managing Director, Mele Kyari, in Cairo, Egypt, on Wednesday. Under the deal, the bank agreed to enter into a financial advisory and fundraising role to…

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BREAKING: Oil breaks $90/bbl Mark, Hits Highest Point In 7 Years

ADEOLA YUSUF

Why news is a mixed grill for Nigeria, biggest crude exporter and biggest importer of refined product in Africa + OPEC+ likely to stick with a planned increase to its oil output target for March   Oil rose on Wednesday, tuoching $90 a barrel for the first time in seven years, supported as tight supply and rising political tensions between Russia and Ukraine added to concerns about further disruption in an already-tight market. Platforms Africa reports that the news of high crude prices is a mixed grill for Nigeria, which…

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BREAKING: Do not Panic, No fuel crisis, NNPC tells Nigerians

ADEOLA YUSUF

The Nigerian National Petroleum Company Limited (NNPC) has told Nigerians not to panic, assuring them that it has sufficient PMS stock to meet their needs. Platforms reports that the oil giant said this in a three-paragraph statement issued by its spokesman, Garba Deen Muhammad, charging Nigerians not to engage in panic buying of petrol; and to ignore all rumours that may suggest otherwise. Here, below, is the statement; PRESS RELEASE PLEASE DO NOT PANIC The NNPC Ltd. wishes to assure the public that the Company has sufficient PMS stock to…

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50,000mta to 100% output supply, NLPGA hails NLNG 15-yr LPG Feat

ADEOLA YUSUF

  The Nigeria Liquefied Petroleum Gas Association (NLPGA) has traced the feat recorded by the Nigeria LNG Limited (NLNG) in the Nigeria’s cooking gas market as it commended the Board of Directors and management of the gas giant for its recent decision to supply 100% of the company’s LPG production to the local market. Platforms Africa reports that NLPGA President, Nuhu Yakubu, who stated this in a statement, maintained that this is a major milestone coming just three months after the Company supplied its first Propane cargo into the domestic…

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BREAKING: Interpol Begins Manhunt For Nigeria’s ex-Oil Minister, Diezani

ADEOLA YUSUF

“With the warrant of arrest already in possession of Interpol, she may be given either the Nnamdi Kanu or Sunday Igboho’s treatment except she gives herself in.” The International Police (Interpol) formations across the World have begun a man-hunt for the Nigeria’s former minister of Petroleum Resources, Mrs. Diezani Alinson-Madueke, Platforms Africa can report authoritatively. Alinson-Madueke has been declared wanted through an arrest warrant issued by a Federal High Court sitting in Abuja, and Platforms Africa reports that copies of warrant have been circulated to the Interpol formations, which have,…

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