Energy

NNPC, Presidential Committee to Collaborate Against Oil Theft

Nigerian National Petroleum Corporation (NNPC) has pledged support to the Presidential Committee on Harmonised Standard Operating Procedures on Arrest, Detention and Prosecution of Vessels and Persons in Nigeria’s Maritime Environment (HSOP) to tackle the menace of oil theft and other criminal activities in the nation’s waters.

Modular Refinery in Nigeria gets $1m Grant

The U.S. Trade and Development Agency (USTDA) has approved a grant of $1 million for the detailed engineering design of 20,000 barrel per day (bpd) modular refinery in Lagos.

Mr Enyeribe Anyanwu, Head, Media Communications of Integrated Oil and Gas Ltd., disclosed this in a statement made available to newsmen in Lagos at the weekend.

Anyanwu said that the U.S. Ambassador to Nigeria, Mr Stuart Symington, who disclosed this during the official signing of the agreement in Lagos, commended the initiative of Eko Petrochem and Refining Company’s management.

Nigeria Loses ₦11tr to Corruption in Power Sector –Report

Nigeria has lost N11 trillion to corruption in the power sector since 1999, a university lecturer, Dr Yemi Oke, said on Wednesday in Lagos.

Oke, a lecturer at the Department of Jurisprudence and International Law, University of Lagos, said at a media launch of a report on the power sector.

He regretted that with the trillions allegedly invested in the sector, the country has yet to enjoy uninterrupted power supply.

The report is entitled: “From Darkness to Darkness: How Nigerians Are Paying the Price for the Electricity Sector”.

NNPC, Shell, Chevron Sign Agreements to Boost FG Revenue by $16b

Two sets of alternative financing agreements on Joint Venture (JV) projects to boost reserves and production in line with government’s aspiration were executed in London on Monday between the Nigerian National Petroleum Corporation (NNPC) and two of its JV partners: NNPC/Chevron Nigeria Limited (CNL) JV and NNPC/Shell Petroleum Development Company (SPDC) JV. 

OPEC Oil Output Jumps to 2017 High

OPEC oil output has risen this month by 90,000 barrels per day (bpd) to a 2017 high, a Reuters survey found, led by a further recovery in supply from Libya, one of the countries exempt from a production-cutting deal.

A dip in supply from Saudi Arabia and lower Angolan exports helped to boost OPEC's adherence to its supply curbs to 84 percent. While this is up from a revised 77 percent in June, compliance in both months has fallen from levels above 90 percent earlier in the year.

OPEC Moves to Cap Nigerian Oil Output, Boost Compliance

OPEC moved on Monday to cap Nigerian oil output and called on several members to boost compliance with production cuts to help clear excessive global stocks and support flagging prices, Reuters reports.

OPEC has agreed with several non-OPEC producers led by Russia to cut oil output by a combined 1.8 million barrels per day (bpd) from January 2017 until the end of March 2018.

OPEC states Libya and Nigeria were exempted from the limits to help their oil industries recover from years of unrest.

UK to Invest in Nigeria’s Energy Sector

Britain has expressed its readiness to invest in pipeline infrastructure, renewable energy, gas and power of the Nigerian Oil and Gas Industry.

British High Commissioner, Mr. Paul Arkwright, made this promise when the Group General Manager, Group Public Affairs of the Nigerian National Petroleum Corporation, Mr. Ndu Ughamadu, visited the Chancery of British High Commission in Abuja.

Oil Prices Ease on Signs of Steady Output from Some Producers

Oil prices were about 1 percent lower on Monday as investors continued to await strong indications that an OPEC-led effort to drain a glut was proving effective but output increases in some top producers eased, keeping losses in check, Reuters reports.

Libya's national oil production stood at 1.03 million barrels per day (bpd), little changed from its level since the end of last month, an oil industry official said.

Cabinet Approves National Gas Policy

Nigeria's cabinet has approved a national gas policy that aims to reduce the country's dependence on crude oil by increasing gas exploration and facilities, the oil ministry said in a statement.

The policy was passed in last week's cabinet session but only made public on Wednesday.

Nigeria has for decades relied on its ample supplies of oil to power its economy. But despite having a wealth of crude, the vast majority was sent overseas for refining, and the country instead has had to import refined fuels at great expense, Reuters reports.

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