Energy

Independent oil marketers cart away 100m liters of Petrol

Two independent oil marketers have been accused of stealing 100 million litres of premium motor spirit (PMS) otherwise known as petrol belonging to the Federal Government. According to reports, the product is said to have disappeared in the storages of the oil marketing companies leased by the Nigerian National Petroleum Corporation (NNPC) without return of the […]

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FG charges oil majors Shell, Eni with corruption

Nigeria’s anti-graft agency on Thursday filed corruption charges against oil majors Shell and Eni over a $1.3 billion offshore block deal. The Economic and Financial Crimes Commission (EFCC) accused 11 defendants of “official corruption”, according to court documents. Shell, Eni and Agip, Eni’s Nigerian subsidiary, are alleged to have corruptly given the “aggregate sum of […]

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Otakikpo field to edge up oil production by 8,350 bpd

Green Energy International Limited (GEIL) will soon increase crude oil output by 8,350 barrels per day (bpd). The firm is set to begin production from its Otakikpo marginal field in oil mining lease (OML) 11, it was learnt. Otakikpo is in a coastal swamp of Rivers State. It is located approximately 60 kilometres Southeast of […]

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Electricity Power Equipment

Power generation rise as power turbines became functional – Report

About 16 power generating turbines have in the last one week become functional and pushed up electricity generation from a little above 3,000 megawatts recorded earlier this month to 4,302.1MW on February 18, 2017. Findings showed that since the 16 turbines of the various power plants across the country began to function, electricity generation had […]

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Oil exporter Saudi starts hunt for solar, wind firms

The world’s biggest oil exporter on Monday took the first step towards a goal of generating 9.5 GW of energy through solar and other renewable means. It invited local and international firms to try to qualify for bidding on two projects. One is for 300 MW of solar energy to be built in Al-Jouf province, […]

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Oil and gas industry needs $9 billion to bounce back

The oil and gas industry requires a minimum of $9.06billion funding to meet the nation’s energy requirement, the Head, Energy Research, Ecobank Group, Dolapo Oni has said. Oni said Nigeria needs to attract massive investment to the industry to boost reserves and output. He noted that the Federal Government should encourage operators to optmise production to […]

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oil barrel

Oil edges up, as tho investors waits on U.S. drilling

Oil prices rose on Monday, but gains were minimal as investors gauged whether an increase in U.S. drilling and record stockpiles would undermine efforts by producers to cut output and bring the market into balance. Brent futures were up 1 cent at $55.82 a barrel at 0050 GMT, while U.S. West Texas Intermediate crude rose […]

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‘Nigeria Refineries performance in 2016 drops below 15%’

The consolidated operational performance of Nigeria’s three refineries based on their capacity utilisation was below 15 per cent in 2016, the Nigerian National Petroleum Corporation said. Nigeria’s refineries are the Warri Refining and Petrochemical Company located in Delta State, Port Harcourt Refining Company in Rivers State, and the Kaduna Refining and Petrochemical Company in Kaduna […]

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Fuel subsidy is back, difficulty on how to keep price difference

Petrol subsidy is back to the nation. The Nigerian National Petroleum Corporation has been offsetting for months the difference between the landing costs of petrol and the pump price. In series of interviews with knowledgeable players in the sector, NAN can report authoritatively that the landing costs per litre of petrol is higher than the […]

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Gas production faces consistent rises in 3 months

The nation production of gas has faced a consistent rise following the gradual decline in the spate of vandalism of oil and gas facilities across the country. Specifically, the latest report from the Nigerian National Petroleum Corporation showed that the gas production rose by 55.1 billion standard cubic feet between September and November last year, […]

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ENI commit to fixing Port Harcourt refinery

A Memorandum of Understanding between Italian oil giant ENI and Nigerian National Petroleum Corporation was signed in Rome yesterday, with ENI committing to the refurbishment of the Port Harcourt Refinery. The company also agreed to build Phase 2 of Okpai Power Plant and to further invest in Nigeria’s Oil and Gas industry. The Minister of […]

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Power system collapses totally four times in five days

The frequency of system collapse in the nation’s power sector in recent times has resulted in prolonged blackout in many locations across the country. Findings showed that between January 15 and January 19, 2017, the country recorded two cases of total system collapse and three partial ones. Specifically, the total collapse of the power grid […]

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