Institutions and Key Organisation

Ghana to cut gas import from Nigeria

Ghana has announced plans to significantly reduce the quantity of gas it purchases from Nigeria in the next couple of months through increased local gas production. President of Ghana, Mr. John Mahama, who was responding to questions on the economy at the Global African Investment Summit in London, said the country is working hard to court more private investors to shore up local production of gas to solve the country’s power crisis. Read more

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Lagos to join oil producing states in 2015

Lagos State is set to join the league of oil producing states in the country come next year as the joint venture partners on the Aje Field offshore Lagos have taken the final investment decision on the exploration of the field. A group led by Yinka Folawiyo Petroleum Company Limited took the FID to develop the first phase of the Aje shallow water oil field for $220m. Read more

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FG proposes $78 oil benchmark for 2015 budget

The Federal Government has proposed $78 as the benchmark price for a barrel of crude oil and fixed the exchange rate at N160 per dollar for the 2015 national budget. The projection, which was contained in the Medium Term Expenditure Framework and Fiscal Strategy Paper sent to the Senate by President Goodluck Jonathan on Wednesday, was $4 higher than this year’s benchmark. Read more

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Nigeria’ll lose Africa’s top oil producer status – IEA

Nigeria will be overtaken as Africa’s largest crude oil producer by Angola from around 2016 to the early 2020s, as crude theft and regulatory uncertainties persist in the Nigerian oil industry, the International Energy Agency says in a new report published on Monday. Read  more

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Aiteo acquires Shell’s OML 29, Nembe pipelines

The Aiteo Group has finally confirmed the acquisition of 85 per cent equity in Oil Mining Lease, OML 29, being divested by the Shell Petroleum Development Company, SPDC. The purchase of the asset, reputed as one of Shell’s most prolific oil block has been enmeshed in controversy. Read more

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PPMC exports N117bn fuel oil in one year

The Pipelines and Product Marketing Company, PPMC, a subsidiary of the Nigerian National Petroleum Corporation, NNPC, exported 1.33 billion litres of petroleum products, valued at N116.672 billion in 2013. The products exported by the PPMC in 2013, according to data obtained from the NNPC Annual Statistical Bulletin 2013, are Low Pour Fuel Oil (LPFO), and Naphtha. Read more

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Anxiety over decline in crude oil prices

AS the prices of crude oil continue to decline, there is anxiety over the impact of this development on the nation’s economy. Global oil prices fell again Monday, amid worry about slow growth and reports that the Organisation of Petroleum Exporting Countries (OPEC) wants to maintain current output levels. Brent crude fell to a near four-year low of $87.74 a barrel earlier, before recovering some ground to $88.46. Read more

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Oando loses revenue, works to boost profit in 2014

Oando, is losing sales revenue for the second year this year, but the company is rebuilding profit rapidly after a huge drop last year. The petroleum company is by its second quarter result likely to remedy an unexpected 87 per cent profit crash in 2013 and push profit to a new peak this year. Lifting profit from the lowest level in many years to a distant new peak is likely to be the summary of Oando’s operating story in 2014. The company looks

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PTDF to get zonal offices across Nigeria

The Petroleum Technology Development Fund (PTDF) is to create zonal offices across the six geo-political zones of the country in order to enhance efficiency, bring the agency closer to the people and make its operations more cost effective. Executive Secretary of the fund, Femi Ajayi who disclosed this in Abuja said, as a national agency there is need for all the zones of the country to have a feel of PTDF being the sole agency of government with

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Why FG provided N213b facility to boost gas to power supply

By the first week of November this year, all the firms unbundled from the defunct Power Holding Company of Nigeria PHCN will roll drums to celebrate one year in office of operating Nigeria electricity sector under private management . The road to the running of the power sector in Nigeria under private initiative for the first time under a new dispensation has been tough, considering the way the Federal Government hurriedly sealed deal without sorting

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