Refinery Management Sets November Resumption Target

GOAL –Warri Refinery Gets 90 days Fast-Track Ultimatum.

The Group Managing Director of the Nigerian National Petroleum Corporation, Ibe Kachikwu, has given a 90 days ultimatum to the Management of the Warri Refining and Petrochemicals Company (WRPC) to commence full production at the facility which has the capacity to process 125, 000 barrels of crude oil per day.

‘We Need to Fine-Tune PIB’

MODIFY –NNPC needs at least one year to get the bill back on track.

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) Ibe Kachikwu has explained that the Petroleum Industry Bill (PIB)which has been pending before the National Assembly in the last seven years requires extensive engagements with all stakeholders to iron out all grey areas.

NNPC to Explore Community-Based Pipeline Policing

GUARD – Corporation to re-strategise on the use of brute force to secure pipelines.

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) Ibe Kachikwu has hinted that the Corporation may settle for the option of community based policing to protect the vast artery of oil and gas pipeline network across the country.

Afrigem, Geometric to Inaugurate Aba Power Plant

Geometric Power Plc has been coupled by Afrigem Integrated Utilities Limited to install and expand the capacity of the 141-megawatt Aba power plant.
The plant, which is believed to be Nigeria’s first indigenous integrated power project, is to be inaugurated in November, according to a report on July 12, 2015.
Afrigem Utilities is a West African-focused development and investment company with a 720MW pipeline of energy solutions project in the district.

Consumers on Estimated Bill to Pay Less

The Nigerian Electricity Regulatory Commission has said electricity consumers across the country who are on estimated billing are to pay lesser than their counterparts who have been provided with meters,
The Chairman of NERC, Dr. Sam Amadi, who said this at a press meeting in Abuja, said a new regulation was coming to oblige electricity distribution companies to provide meters for all their customers within four months or accept a cap on what they could charge as estimated bills.

Nigeria, Others May Further Slash Crude Prices

Industry experts have said that the slash in the prices of the country’s crude oil grades, Qua Iboe and Bonny Light, by the Nigerian National Petroleum Corporation may prompt other oil exporters to cut their crude prices in a move to attract buyers.
The experts stated that Nigeria must be strategic in its approach to pricing of its crude relative to competing crudes.

Nigeria Loses $3bn Gas Revenue in One Year

The Nigeria Liquefied Natural Gas NLNG says Nigeria has lost about $3bn (N600bn) in revenue from liquefied natural gas in the past one year.
According to the firm, the loss is as a result of the slump in the global prices of crude oil, adding that the United States had absolutely stopped importing gas from Nigeria.
The General Manager, Commercial, NLNG, Mr. Patrick Olinma said the impact of the oil price slump had not only resulted in the devaluation of the naira by about 30%, but had affected the country’s revenue income from gas supply.

Oil Price Mounts to 69 Dollar

The price of universal benchmark Brent crude mounted to $69 per barrel on Wednesday as data indicated that United States’ crude stockpiles declined for the first time this year, signalling the glut of crude has started to decrease.
Brent rose by 2.5% to $69.18 a barrel on the ICE Futures Europe exchange, while the benchmark US oil contract was up $1.60 at $62 per barrel on the New York Mercantile Exchange,  nearly five-month high.
The gains extended a rally that has pushed oil prices up more than 40% since late March, after declining virtually 60% from last June.