Energy

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.

Petroleum Corporation Commences Diversification into Health Sector

The Nigerian National Petroleum Corporation (NNPC) has raised the stake in its commitment to diversify into the health sector in line with the Corporation’s stand to stay afloat as a commercially viable entity.

The Group Managing Director of the Corporation, Dr. Maikanti Baru, made this known today in Abuja while inaugurating the Boards of the NNPC Medical Services Ltd. (NMSL) and the NNPC Health Maintenance Organisation (HMO) Ltd.

No Hike in Cooking Gas Prices, Says NLNG

The Chief Executive Officer of Nigerian Liquefied Natural Gas (NLNG), Mr Tony Attah, on Wednesday said the company has not increased the price of cooking gas, also called Liquefied Petroleum Gas (LPG).

Attah stated this during the company’s presentation of “2017 Facts and Figures on NLNG’’ in Lagos.

Attah, however, attributed the price hike by retailers to acute infrastructural challenges for discharging cooking gas nationwide.

We Paid no Intermediary, Bribes to Acquire Nigeria Oilfield –Eni

Italian oil and gas group Eni reiterated on Thursday it had not paid any intermediary or any bribes to acquire the OPL-245 oilfield in Nigeria.

Speaking at the group's annual shareholder meeting chairwoman Emma Marcegaglia said Eni had only ever dealt with the Nigerian government, Reuters reports.

Courts in Nigeria and Italy are investigating the purchase of OPL 245. Eni and major Royal Dutch Shell paid $1.3 billion for the rights to the block in 2011.

Pages

myfinancialintelligence.com