Effect of Oil on Nigeria’s Resources

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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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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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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Falling oil price may not affect $3.8bn Egina project

THE current economic impact of global downtrend in the prices of  oil that is already taking its toll on key sectors of the Nigerian economy may not have adverse effect on the country’s Egina oil platform project valued at $3.8 billion. The project was awarded by Total E&P Nigeria to Samsung Heavy Industries, with a mandate to integrate a Floating Production Storage and Offloading, FPSO platform at the LADOL base in Lagos, as the local content

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Rights group condemns neglect of host communities

An international organisation, Global Rights, has slammed the Federal Government over the Mineral and Mining Act by not protecting and providing basic amenities for host communities. This was stated by the Country Director, Global Rights, Mrs. Abiodun Baiyewu, while presenting an assessment report on extractive host communities at a conference of stakeholders in the mining sector. Read more

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Nigeria, sub-Saharan Africa, account for 30% global oil discoveries

Almost 30 percent of global oil and gas discoveries made over the last five years were in sub-Saharan Africa, reflecting growing global appetite for African resources, the World Energy Outlook Special Report said. AfricaThe report, recently released, also said that Nigeria is the richest resource centre of the oil sector, but regulatory uncertainty, militant activity and oil theft in the Niger Delta are deterring investment and production. Read more

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