NNPC SAYS IT HAS CRASHED THE PRICES OF PETROL AND COOKING GAS

The Nigerian National Petroleum Corporation (NNPC) has said that their sustained strategic intervention in the efficient supply and distribution petroleum products, has led to a significant reduction in the prices of premium motor spirit (PMS), also known as petrol, and liquefied petroleum gas (LPG), also known as cooking gas, nationwide. Spokesman of the corporation, Ndu Ughamadu, in a statement on Sunday, said a national survey by oil and gas forum, NNPC’s weekly TV programme, indicated that in the last few weeks, the price of petrol has fallen steadily from N145…

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FG TARGETS 1BIL DOLLARS TO HELP LOCAL COMPANIES IN OIL AND GAS GROW

The Federal Government yesterday launched a $200 million intervention fund with future plans to raise the value to $ 1 billion to help local oil and gas companies grow their capacities. The Nigerian Content Development and Monitoring Board (NCDMB) and the Bank of Industry (BOI) signed a Memorandum of Understanding (MoU) in Abuja for the implementation of the $200 million fund which would be accessible to qualified indigenous manufacturers, service providers and other key players in the oil sector. The fund, managed by the NCDMB, would be disbursed directly by…

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GAS SHORTAGE CUTS CEMENT PRODUCTION BY 36%

The Cement Manufacturer Association of Nigeria (CMAN) said the shortage in gas supply has compelled cement manufacturers in Nigeria to produce 36% lesser than their installed capacity. The Association which has cement producers such as Dangote Cement Plc, Lafarge Africa Plc and BUA Group as its member with combined installed capacities of 31.25 million metric tonnes per annum recorded actual production of about 20 million metric tonnes. Mr. Segun soyoye, Lafarge’s Plant Manager for Ewekoro plants 1 & 2, in Ogun State, in a report by Vanguardremarked that the situation…

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NNPC TO COMPLETE 1,4000 GAS PIPELINE BEFORE THE END OF THE YEAR

By Adewale Sanyaolu The Nigerian National Petroleum Corporation (NNPC) said it would complete the 1400 kilometre gas pipeline before the end of 2017. Group Managing Director of NNPC, Mr. Maikanti Baru, stated this at the 2017 Nigeria Annual International Conference and Exhibition (NAICE) organised by Society of Petroleum Engineers (SPE), which ended in Lagos last week. The move, according to Baru, is a fallout of the recent drive by the Ministry of Petroleum Resources and NNPC to create an enabling environment for growth of the domestic gas market. ‘‘So far,…

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HOW NIGERIA LOST 300BIL DOLLARS OIL INVESTMENTS IN 3 YRS – IBE KACHIKWU

By Adewale Sanyaolu The Minister of State for Petroleum Resources, Mr.Ibe Kachikwu, yesterday, lamented that Nigeria lost over $300 billion worth of oil and gas investments in three years. The Minister stated this in his welcome address at the opening ceremony of the Nigeria Annual International Conference and Exhibition organised by the Society of Petroleum Engineers (SPE), Nigeria Council in Lagos. Kachikwu explained that investors were moving their investment elsewhere as a result of the infrastructural deficit in the oil and gas industry to where the climate is more conducive…

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DOOM FOR NIGERIA AS BRITAIN SEEKS TO BAN PETROL AND DIESEL CARS BY 2040

1 Britain will ban the sale of new petrol and diesel cars from 2040 in an attempt to reduce air pollution, a move that will spell doom for oil producers such as Nigeria. The measure, 23 years away, could herald the end of over a century of the popular use of the fossil fuel-guzzling internal combustion engine. Britain’s step, which follows France, amounts to a victory for electric cars that could eventually transform the wealth of major oil producers, car industry employment and one of the icons of 20th-century capitalism:…

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DAYS WHEN OIL WOULD BE IRRELEVANT STARING US IN THE FACE – OSINBAJO

By Udeme Akpan & Michael Eboh LAGOS — Acting President, Prof. Yemi Osinbajo, yesterday, expressed concern over the rising volatility in the global crude oil market, stating that the days of zero oil, where the commodity would become irrelevant, were clearly around the corner. This came as the Nigerian National Petroleum Corporation, NNPC, also, yesterday, disclosed that vandals have sabotaged the Trans Niger Pipeline, TNP, in Ogoniland, forcing Nigeria’s crude oil output to drop by 150,000 barrels per day. Speaking at the opening ceremony of the extra-ordinary session of the…

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FG LICENCES 10 MORE MODULAR REFINERIES

Modular Refinery Unit As part of efforts to expand the nation’s refining capacity, the federal government has licensed 10 more modular refineries, making it 32 so far licensed. As at end of first quarter of last year, 22 modular refineries had been licensed by the Department of Petroleum Resources (DPR) with daily refining capacity of 1,429,000 million barrels per day while conventional refineries of between 30,000 to 650,000 barrels per day stood at 35 in number. Speaking in Lagos at the third edition of Lagos Chamber of Commerce and Industry…

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FEC APPROVES NEW NATIONAL OIL POLICY FOR NIGERIA

Olalekan Adetayo, Abuja The Federal Executive Council presided over by Acting President Yemi Osinbajo, on Wednesday, approved the Nigerian Petroleum Policy, which is aimed at improving efficiency in the oil industry. The Minister of State for Petroleum Resources, Ibe Kachikwu, disclosed this to State House correspondents at the end of the council’s meeting inside the Presidential Villa, Abuja. The approval of the policy, he said, was coming about three weeks after the National Gas Policy was considered and approved. The minister said if well executed, the document would fundamentally take…

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REPS WORRY OVER 5BIL DOLLARS NIGERIANS BLOW ON FUELING GENERATORS ANNUALLY

John Ameh, Abuja The House of Representatives is disturbed over the estimated $5bn that Nigerians are said to be spending yearly to fuel generators. Many Nigerians rely on generators to provide electricity for both domestic and commercial uses. The House said it was an indication of the unhealthy state of the country’s power sector, which must be fixed urgently. The Speaker, Mr. Yakubu Dogara, who gave the position in Abuja on Tuesday, said the House was ready to support the executive arm of government to find solutions to the problems…

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