Power Plays

Dangote Group Hopeful U.S.$9 Billion Refinery Kicks Off By 2017

A new $9 billion oil refinery producing 500,000 barrels per day being developed by Africa's richest man, Aliko Dangote, is expected to come on stream in Nigeria by 2017, a senior Dangote Group official said yesterday. The refinery, to be located in Lagos, will cut Nigeria reliance on international markets for refined petroleum products, which constitute imports of more than 80 percent of the nation's fuel needs. Read more

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Fuel scarcity worsens as NNPC promises improved supply

The fuel crisis across the country worsened, weekend, as most of the petrol stations were shut down leaving motorists stranded. This was in spite of claims by the Nigerian National Petroleum Corporation, NNPC, on Friday, that it is injecting about 688 million of Premium Motor Spirit, PMS, into the market. 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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Govt may delay oil licensing until after elections

Almost a year after the commencement of a new marginal field licensing round was announced by the Federal Government, there are indications that a fresh process will begin after the elections next year. The Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, had in November 2013 signalled the commencement of the marginal field bid round, with 31 fields on offer, 16 of which are located onshore, while the remaining 15 are offshore. Read

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Nigeria fails to attract $100bn oil investments

In spite of a decline in oil reserves and increasing competition for investments from other African countries, Nigeria remains sluggish in attracting new investments estimated at $100bn needed to grow reserves and production. The country, which aims to ramp up production to four million barrels per day and grow the reserves to 40 billion barrels in 2020, has seen its reserves slump to 35 billion barrels from 37 billion barrels, according to the Department

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Oil sector loses N32bn foreign investment

The non-passage of the Petroleum Industry Bill, PIB, has started to take its toll, as foreign investments into the oil and gas sector dropped by $197.31 million, about N31.6 billion in three months, between April and June 2014. Read more

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Relocate tank farms to reduce convergence of fuel tankers, LCCI urges FG

The Lagos Chamber of Commerce and Industry, LCCI, has urged the Federal Government to relocate the tank farms to reduce the convergence of fuel tankers on the Apapa corridor. Read More

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Oil Workers Strike: Nationwide darkness looms following cut in gas supply to power plants

Nigerians may soon experience nationwide blackout following the ongoing strike embarked upon by workers in the oil sector which has led to the disruption of gas supply to five power generating plants across the country. The power generation affected by this cut off are the 1,320mega watts (mw) Egbin power plant, 750mw Olorunsogo, 868mw Geregu and the 220mw Sapele power plants as well as the 270mw AES Independent Power Plant. read more

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NNPC seeks Army, Police’s support to protect assets

The Group Managing Director, Nigerian National Petroleum Corporation, Dr. Joseph Dawha, has called on the Nigerian Army and the Nigeria Police Force to assist in protecting the corporation’s vital oil and gas assets. Speaking during courtesy visits to the Chief of Army Staff, Lt.-Gen. Kenneth Minimah, at the Defence Headquarters, and the Acting Inspector General of Police, Mr. Suleiman Abba, at the Force Headquarters, Dawha thanked the security

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President Jonathan Fires GMD Of Nigeria National Petroleum Corporation, Appoints Replacement

President Goodluck Ebele Jonathan today approved the appointment of new chief executives for the Nigerian National Petroleum Corporation (NNPC) and the Nigerian Petroleum Development Company (NPDC). Mr. Jonathan chose Joseph Thlama Dawha as the NNPC’s Group Managing Director, NNPC. Mr. Dawha, who is from Borno State to replace Andrew Yakubu. Continue Reading

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