ExxonMobil says it has discovered up to 1 billion barrels of oil off Nigeria’s shores. A statement Thursday says the “significant discovery” at Owowo-3 well extends an existing field worked by the U.S. multinational. ExxonMobil is the operator and owns 27 percent of Owowo. Nigeria’s state oil company holds majority shares. Other partners include Chevron, […]
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Nigeria Federal Government launched a $10 billion infrastructure programme on Thursday in its restive Delta region as part of a plan to end an insurgency that has hobbled oil production. President Muhammadu Buhari will meet representatives of militant groups and community leaders from the Niger Delta in Abuja next week in a bid to end […]
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The Nigeria Liquefied Natural Gas Limited (NLNG) has planned to raise $15 billion from the International Capital Market to finance its Train 7 project. The Train 7 investment is capable of generating 18,000 jobs, he added. The Managing Director, Tony Attah, told the Senate to approve the plan when on Tuesday, he received members of […]
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Oil fell for a third day on Wednesday, nearing $50 a barrel for the first time in three weeks, as investors grew increasingly doubtful that OPEC members will agree to cut output and as U.S. inventories staged a surprisingly large increase. Iraq, the second-largest member of OPEC, does not want to join in with a […]
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A new increase of over 200 per cent in electricity tariff being paid by residential consumers if a proposal by power distribution companies to raise the average energy charge to N105 per kilowatt-hour from the current rate of 22.8KWH is approved. This is coming less than eight months after about 45 per cent increase in […]
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Oil prices fell as much as 2 percent on Monday on news of the impending restart of Britain’s Buzzard oilfield, and U.S. crude slid below $50 per barrel, which triggered technical selling. Earlier, oil was pressured by news that Iraq wanted to be exempt from a production cut by the Organization of the Petroleum Exporting […]
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United States-based ExxonMobil has divested its 60 per cent stake in Mobil Oil Nigeria Plc to Nipco Plc, an indigenous Nigerian downstream oil and gas company. Given the latest divestment, French energy major, Total, is the only international oil company operating in the downstream sector of the Nigerian oil and gas industry. Nipco, in a […]
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Following the sale of the first oil production from Aje field, partners in the Oil Mining Lease 113 offshore Lagos, where the field is located, have earned their first income. A top official of one of the partners disclosed this in a telephone interview with our correspondent on Wednesday, saying the second sale would be […]
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The Managing Director of the Warri Refining and Petrochemical Company, Engr. Solomon Ladenegan, on Tuesday disclosed that the current production capacity of the refurbished plant has reached 2.5 million litres of Premium Motor Spirit (PMS) and 2.2m of kerosene per day. Ladenegan made the disclosure during the commissioning of a community road constructed by WRPC […]
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Opec’s secretary general Mohammed Barkindo said “Algeria was a turning point” for the 14-country producer group, which agreed last month to cut oil production to bolster crude prices. According to Financial Times, After two years of letting prices spiral lower to put pressure on rival producers, such as US shale companies, Opec is now seeking […]
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Nigeria commenced negotiations with the government of India for the release of $15bn as advance payment for crude oil purchase. The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, disclosed this on Monday. The minister was quoted to have said in a statement signed by the Director, Press, Ministry of Petroleum Resources, Idang Alibi, that the […]
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The Petroleum Corporation in Nigeria has embarked on a more rigorous exploration for oil in the Gongola and other inland basin using the latest seismic data gathering technology. The NNPC Group Managing Director, Dr Maikanti Baru, in a statement on Saturday, said that the latest technology was similar to the ones used by neighbouring countries […]
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