Energy

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.

Petroleum Corporation Shops for $16.5b Investments

The Nigerian National Petroleum Corporation (NNPC) has disclosed that it would be shopping for about 16.5 billion dollars to execute several oil and gas projects lined up for execution.

The Group Managing Director of the NNPC, Dr Maikanti Baru, said this at a function organised by the Petroleum Technology Association of Nigeria (PETAN) on the margins of the annual Offshore Technology Conference going on in Houston.

Exiting PMS Importation: NNPC Says 2019 Target Achievable

The 2019 target set by the Nigerian National Petroleum Corporation (NNPC) to exit importation of Premium Motor Spirit (PMS) is still achievable, Group Managing Director, Dr. Maikanti Baru, has said.

Dr. Baru made this known while fielding questions from journalists on the sidelines of the ongoing Offshore Technology Conference (OTC) in Houston, United States, yesterday.

Nigeria Oil, Gas Provide Investments in Excess of $50b –Kachikwu

Minister of State for Petroleum Resources, Dr Ibe Kachikwu, said economic growth plan recently launched by Federal Government would provide strategic and economic partnerships in excess of 50 billion dollars.

Kachikwu said this on Tuesday while wooing investors at an event organised in Houston, U.S., by the Nigerian Content Development and Monitoring Board (NCDMB).

He said: “the Federal Government of Nigeria has launched a National Economic and Growth Plan for the next four years.  This is anchored on the Nigeria Oil and Gas Roadmap among other sectoral roadmaps.

Nigeria Loses $850m to Gas Flaring –DPR

The Department of Petroleum Resources (DPR)  said that Nigeria, the ninth largest gas producing nation in the world, lost over 850 million dollars to gas flaring in 2015.

Mrs Pat Maseli, Deputy Director, Head, Upstream, DPR, gave the statistics at the just concluded 10th Annual Sub-Saharan Africa Oil and Gas Conference in Houston, Texas, U.S.

This is according to a statement made available to the News Agency of Nigeria, in Lagos on Sunday by Mr Sonny Oputa, Chairman, Energy Corporate African, the organiser of the conference.

Oil Market Heading Towards Balance –OPEC

OPEC Secretary-General Mohammad Barkindo said on Thursday that an overhang in global oil inventories was declining but stockpiles still needed to fall closer to the five-year industry average.

“While it is evident that the market rebalancing is now moving forward and investment specifically in short-cycle projects is returning, it is essential we do not take our eyes off our desired goals.

“We need to see the global stock overhang move closer to its five-year average. We need to see the return of more long-cycle investments,” he told a conference in Paris.

We Need ₦100b to Resolve Electricity Hiccups –Distribution Companies

The Association of Electricity Distribution Companies (ANED) has appealed to the Federal Government to provide the N100 billion subsidy it promised after private investors took over the power sector utilities on November 1, 2013.

ANED, in a statement issued by its Executive Director Sunny Oduntan, also appealed to the government to inject funds into the transmission section of the sector.

It said that the inadequate funding of the TCN was responsible for the huge loss and rejection of electricity load.

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