Energy

FG to Raise $1.2b for Refineries –Oil Minister

Nigeria plans to raise $1.2 billion to upgrade its oil refineries, aiming to end a reliance on oil product imports by 2019, the oil minister said on Thursday.

Although Nigeria is an exporter of oil, it is mainly dependent on imports for refined products. That drains the supply of foreign exchange in the country, making it harder for other businesses dependent on imports to succeed.

Indonesia Seeks More Crude from Nigeria

Indonesia, a South East Asia emerging economy, has indicated interest to purchase more crude oil from Nigeria.

Indonesian Ambassador to Nigeria, Mr. Harry Purwanto, who stated this in Abuja when he paid a courtesy visit to the Group Managing Director of Nigerian National Petroleum Corporation (NNPC) Dr Maikanti Baru, explained that his Country’s President Joko Widodo, had instructed Indonesia National Oil Company, Pertamina, to direct its attention to Nigeria in its quest to meet that country’s surging energy needs.

Petroleum Industry Bill to Break Up NNPC into Three Entities

The long-awaited oil governance bill passed by Nigeria's upper chamber of parliament proposes breaking up the state oil company into three commercial entities supported by a regulatory body and a fund to oversee the distribution of money, Reuters reports.

The Petroleum Industry Governance Bill, passed on Thursday by the Senate, is part of planned reforms that make up the sprawling Petroleum Industry Bill (PIB), discussed for over a decade following several redrafts, aimed at revamping the OPEC member's energy sector.

‘Nigeria Could Hit 2.2million bpd Oil Output by End of June’

The worst disruptions in Nigeria's oil-producing Delta region are over, and production could reach 2.2 million barrels per day (bpd) by the end of June, the chief executive of Nigeria's Oando said on Wednesday.

According to Reuters report, Oando chief Pade Durotoye told the Africa Independents Forum in London the long-closed Forcados oilfield could be back to capacity by the end of June, enabling a return to nearly full production from what is typically Africa's largest oil exporter.

OPEC Panel Looking at Deepening, Extending Oil Cuts

An OPEC panel reviewing scenarios for the oil producer group's meeting next week is looking at the option of deepening and extending a deal to reduce crude output, OPEC sources said on Friday, in an attempt to drain inventories and support prices.

According to Reuters report, Saudi Arabia and non-OPEC Russia, the world's top two oil producers, have agreed on the need to prolong the current cuts until March 2018, although Saudi Energy Minister Khalid al-Falih said extended curbs would be on the same terms.

NNPC Finalising $6b worth of Oil-for-Product Swaps

Nigeria's state oil company is in the final stage of signing $6 billion worth of deals to exchange more than 300,000 barrels per day (bpd) of crude oil for imported gasoline and diesel, sources with direct knowledge of the process told Reuters.

The contracts, which come three months later than expected, include three more pairs of companies than last year, reflecting Nigeria's increased reliance on NNPC for fuel imports.

Petroleum Corporation Spends ₦1.6b on Kaduna-Kano Pipeline Repairs

The Nigerian National Petroleum Corporation (NNPC) said it had spent over N1.6 billion on the repairs of the vandalised pipeline between Kaduna and Kano in 2016.

The NNPC Group Managing Director, Mr Maikanti Baru, disclosed this when he paid a courtesy visit to Gov. Abdullahi Ganduje on Tuesday in Kano.

Baru was in Kano to inaugurate loading operations at the NNPC depot following the repairs of the vandalised pipeline.

He said the company had also expended about N2 billion to provide security for the pipelines within the last one year.

NNPC to Resume Oil Search in Lake Chad

The Nigerian National Petroleum Corporation (NNPC) is set to resume oil exploration activities in the Chad Basin of the Country.

The projection came on the heels of improved security situation in the North East of the country which had been devastated by insurgent upheavals.

Group Managing Director of the Corporation, Maikanti Baru, made this disclosure during a courtesy visit to the Governor of Borno State, Kashim Shettima and the Shehu of Borno, Alh (Dr.) Abubakar Ibn Umar Garbai El-Kanemi, in Maiduguri, on Monday.

Agip to Build 150,000 Barrel Refinery –Kachikwu

The Nigerian Agip Oil Company (NAOC) has accepted to build a 150,000 barrels per day refinery in either Port Harcourt or Brass worth 15 billion US dollars, the Minister of State, Petroleum, Dr Ibe Kachikwu said on Tuesday.

Kachikwu briefed State House Correspondents on the deal after a meeting with acting President Yemi Osinbajo with petroleum ministry, NAOC and NNPC officials at the Presidential Villa.

He said that Agip was also building a power plant and would repair the existing refinery in Port Harcourt to boost local production of petroleum products.

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