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Tag Archives: oil

NNPC Sustains Oil Search in Chad Basin

Nigeria’s pursuit of an enlarged crude oil reserve is being sustained by the Nigerian National Petroleum Corporation, which recently indicated that it would resume its oil search in the Chad Basin following signals by the military that it was now safe to get back to the venture, writes Chineme Okafor, who also examines the possible impact on the economy Past …

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PENGASSAN, NUPENG picket Lagos, P/Harcourt GE offices

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The Petroleum and Natural Gas Senior Staff of Nigeria (PENGASSAN) yesterday shut down General Electric’s (GE’s) office at Bishop Aboyade Cole Street, Victoria Island over the its failure to honour the agreement it signed with Arco Group Plc, a member of PENGASSAN and leading oil and gas servicing company. Also in Port Harcourt, PENGASSAN was joined in the picketing by …

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NNPC to procure crude oil from Niger for Kaduna Refinery

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Nigerian National Petroleum Corporation, NNPC, yesterday, unveiled plans to collaborate with the Republic of Niger on the purchase of crude oil from the country for supply to the Kaduna refinery. According to a statement in Abuja, the Group Managing Director, NNPC, Mr. Maikanti Baru, stated this after a bilateral discussion with the Minister of Energy and Oil of the Republic …

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Oil spillage in Bayelsa leaves farm lands destroyed

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There was huge oil spill yesterday in Ekole Creek around Agbura and Otuokpoti communities in Ogbia and Yenagoa Local Gov­ernment Areas of Bayelsa State leading to the de­struction of farmlands and marine lives in the com­munities. According to residents, the oil spill resulted from an oilfield operated by Ni­geria Agip Oil Company (NAOC) which destroyed farmlands and aquatic lives in …

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Check out the new petrol storage capacity by NNPC

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The Nigerian National Petroleum Corporation, NNPC, yesterday, increased Nigeria’s petroleum products storage capacity by 87.70 million litres, with the re-commissioning of four products tanks at the Mosimi depot in Ogun State. The NNPC, in a statement in Abuja, said the re-commissioning of the storage tanks was part of efforts aimed at maintaining seamless supply and distribution of petroleum products across …

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N24bn in one month? Read this

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The Nigerian National Petroleum Corporation, NNPC, yesterday, announced a deficit of N24.18 billion for the month of July 2016. The NNPC, in its Monthly Financial and Operations Report for July 2016, stated that compared to a loss of N26.51 billion recorded in June. According to the report, ‎the deficit was in spite of an improvement in its operating revenue to …

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FG saves N1.4trn from downstream oil, gas deregulation – Osinbajo

Aliko Dangote GCON Chairman of the Occasion & President, Dangote Group, Vice President Prof. Yemi Osinbajo SAN, Dr. Mrs. Nike Akande CON President, Lagos Chamber of Commerce & Industry and Sen. Udo Udo Udoma Minister of Budget & National Planning at the LCCI 2016 Presidential Policy Dialogue Session at the Eko Hotel & Suites, Victoria Island Lagos

Federal Government said yesterday that it has saved about N1.4 trillion that would have been paid as subsidy to oil marketers as a result of the successful deregulation of the downstream oil and gas sector a few months ago.  The Vice-President, Prof. Yemi Osibanjo, disclosed this while speaking at the Lagos Chamber of Commerce and Industry, LCCI 2016 Presidential Policy …

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5 suspected oil thieves arraigned by the EFCC

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The Economic and Financial Crimes Commission, EFCC, has arraigned five suspected oil thieves, Sokari Iminabo; Segun Olagunju; Uche Emmaneul, Obinna Ezinne and Tiny Patience before Justice I. Watilla of the Federal High Court, sitting in Port Harcourt, Rivers State on a two-count charge bordering on illegal dealing in petroleum products. According to the spokesperson of the EFCC, Wilson Uwujaren, who …

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PENGASSAN nationwide strike suspended

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The Petroleum and Natural Gas Workers of Nigeria (PENGASSAN) has suspended its nationwide strike with immediate effect, the News Agency of Nigeria is reporting. The oil workers union suspended the strike at the end of its National Executive Council Meeting, which was called to review offers made by government during days of negotiations. The union had earlier met with the …

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PENGASSAN threatens nationwide strike

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The mamoths at helm of affairs of the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN have said that its planned strike expected to commence Thursday because of the alleged insensitivity of the Federal Government to resolve some issues affecting the oil and gas sector will be total. This is just as the Minister of Labour and Employment, …

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Yet another pipeline blast!

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In a rather devastating and shocking report, Nigerian security officials confirmed there had been an attack on Friday on a pipeline operated by Italy’s Eni in the Niger Delta region. “There was an attack on the Obi Obi Brass Pipeline between 1 and 2 am Friday,” said Desmond Agu, commander of the Nigeria Security and Civil Defense Corps in Bayelsa …

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