Sustainability Issues around Nigerian Oil

Oil Consumption to Rise to 400 000 BPD By 2023 – BMI

BUSINESS Monitor International has said the prices of oil consumption in Nigeria is expected to increase from 311 000 bpd last year to 400 000 bpd by the end of 2023. Business Monitor International risk analysis and forecasts, market research on leading industries, and multinational company research is relied upon by corporate bodies, banks, government departments and multilateral organisations in over 125 countries around the world. Read more

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Bonga Oil Spill: Fishermen seek Buhari’s help

Some fishermen in the Niger Delta have urged president-elect Muhammadu Buhari to ensure the payment of recommended compensation to victims of Bonga oil spill when he assumes office. Read more

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Nigeria Yet to Endorse New Global Initiative to End Gas Flaring by 2030

Chief executives from major oil companies and senior government officials from several oil-producing countries met in the United States of America at the weekend and demonstrated a commitment to end the practice of routine gas flaring at oil production sites globally latest by 2030. Read more

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Poor Funding Poses Threat To NNPC’s Joint Ventures

The need to discard with the Nigerian National Petroleum Corporation, (NNPC) Joint Venture arrangement has been brought to the fore following poor funding that has threatened NNPC’s ability to meet its cash call responsibility to joint venture partners, now worsened by the significant fall in oil revenue. Read more

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Nigeria loses N8bn to gas pipeline vandalism

Nigeria has lost a minimum of N8.04 billion since January, to the incessant vandalism of the country’s gas pipelines, according to the Nigerian Gas Company, NGC, a subsidiary of the Nigerian National Petroleum Corporation, NNPC. - See more

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Remove subsidies on petroleum products, LCCI tells FG

The Lagos Chamber of Commerce and Industry has called on the Federal Government to completely remove subsidies on petroleum products. While reacting to the outcome of the deliberations of the Senate on the 2015 draft budget, Medium Term Expenditure Framework and Fiscal Strategy Paper, the LCCI said the call for total subsidy removal was due to the fact that there had been a crash in the prices of crude oil, hence, there was no need to retain the

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Shell spills oil in Ogboinbiri River in Bayelsa, refuses to visit site

An oil leak from Seibou Deep facility operated by Shell Petroleum Development Company has been discharging crude into Ogboinbiri River in Bayelsa. Residents of the coastal settlements in Ogboinbiri and neigbouring communities say the oil leak has damaged the fishing activities of the people. 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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Petroleum downstream subsector poorly regulated – Marketers

Oil marketers under the aegis of the Major Oil Marketers Association of Nigeria have described the country’s petroleum downstream subsector as a poorly regulated sector considering the degree of anomalies that have characterised operations in the subsector over the years. Read more

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Nigeria’s gas demand to hit 10bcf — NNPC

The Nigerian National Petroleum Corporation, NNPC, yesterday, stated that Nigeria’s domestic gas demand will rise to about 10 billion cubic feet, bcf, per day within the next five years, from current demand of about two billion cubic feet per day. Group Managing Director of the NNPC, Mr. Joseph Dawha, was quoted in a statement by the Corporation as saying that the increased demand will be driven by the growth in the country’s power sector. read

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