The Nigerian National Petroleum Corporation on Thursday said the hardship in the aviation sector was not due to the scarcity of Jet-A1, but was partly because of the inability of the airlines to pay for the product. The Group Managing Director, NNPC, Dr. Maikanti Baru, stated that the alleged scarcity of Aviation Turbine Kerosene was […]
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After roaming around a 3,000 megawatts for about 10 weeks, the country’s total generated power crossed the 4,100MW mark on Monday, December 26, 2016. The country had attained a peak generation of 4,358.6MW on October 16, but this was not sustained as the figure dropped below 4,000MW and had been fluctuating around 3,000MW since October 20. […]
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Oil prices are on track for their biggest annual gain since 2009 after the OPEC grouping and other major producers agreed to cut crude output to reduce a global supply overhang that has depressed prices for two years. U.S. benchmark West Texas Intermediate (WTI) crude futures were up 6 cents at $53.83 a barrel by […]
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Oil prices edged down on Wednesday as the market waits to see how OPEC and non-OPEC members carry through on planned supply cuts in the new year. International Brent crude futures were trading down 7 cents, or 0.12 percent, at $56.02 a barrel at 0722 GMT after closing the previous session up 93 cents. U.S. […]
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The country lost at least N94 billion in four months as oil and gas companies flared a total of 87.03 billion standard cubic feet of natural gas in that period. The latest monthly report from the Nigerian National Petroleum Corporation showed that 22.60 billion scf of gas was flared in October; 21.50 billion scf in […]
Read More Oil steadied above $55 a barrel on Tuesday, drawing support from expectations of tighter supply once the first output cut deal between OPEC and non-OPEC producers in 15 years takes effect on Sunday. Jan. 1 is the official start of the deal agreed by the Organization of Petroleum Exporting Countries and several non-OPEC producers to […]
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The combined performance of all the privatised thermal power generating stations in the country was less than 30 per cent in the third quarter of 2016 despite being managed by private investors. Industry operators blamed the poor performance of the power generating stations on the recurrent vandalism of pipelines that supply gas to the facilities. […]
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Oil prices extended gains on Tuesday in post-Christmas trading, as OPEC and non-OPEC members are set to start curbing output in less than a week to support oil prices. NYMEX crude for February delivery was up 16 cents at $53.18 a barrel by 0002 GMT, after closing up 7 cents at a 17-month high on […]
Read More The Nation crude oil exports sink low by about 11 per cent in the third quarter of the year as country such as India and some European countries reduce their imports in September. According to report from the Nigerian National Petroleum Corporation, India – the single largest buyer of Nigerian crude, bought 10.12 million barrels in September, down […]
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Beijing’s city government has ordered 1,200 factories near the Chinese capital, including an oil refinery run by state oil major Sinopec and a Cofco food plant, to either shut or cut output following its highest possible air pollution warning. Environmental authorities issued a red alert that started on Friday night and will run until Wednesday […]
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Oil workers have urged the Federal Government to resolve the lingering labour issues in the oil and gas industry to avoid an industrial unrest. The workers, acting under the aegis of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), warned that the issues it had with international oil companies (IOCs) could threaten the […]
Read More Oil prices surged to their highest since mid 2015 and U.S. Treasury yields hit a more than two-year peak on Monday after the world’s top crude producers agreed to cut output. Coming at the start of a week when the United States is expected to raise interest rates for the only the second time since […]
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