Effect of Oil on Nigeria’s Resources

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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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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From boom to gloom or doom –The Story of Oil

“History does not repeat itself; man does. Barbara Tuchmann. Crude oil has always been slippery stuff – good when under control; destructive when out of control. Crude oil is about to destroy the Nigerian economy faster then Boko Haram or even Ebola. The government of President Jonathan, already besieged by such social “plagues” like the ongoing civil war in the Northeast, the missing Chibok girls, apparent refusal to fight corruption, and

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Nigeria has recorded 600 oil spills this year

The German Development Minister, Mr. Gerd Müller, has slammed the Federal Government for what he describes as rising cases of oil spill in the Niger Delta. According to him, over 600 cases of oil spill have been recorded in the area so far this year. Müller was on Tuesday quoted by the Stakeholder Democracy Network as denouncing oil production methods in Nigeria. Read more

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Youths Invade Chevron Oil Facility In Bayelsa Over Compensation

There was security breach yesterday in the Koluama community of Southern Ijaw Local Government area of Bayelsa State following the invasion and shutting down of the Chevron Oil Platform by youths over the refusal of the company to pay adequate compensation for January 2012 KS Endeavour rig fire disaster in the area. Read more

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Total To End Gas Flaring By 2015

Total upstream has given a firm assurance concerning its efforts to put an end to gas flare from its major production facilities in the Niger Delta region. The company said it has embarked on various gas gathering initiatives which it hoped would accelerate almost a zero flare of gas in those systems. Read more

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Oil Spill: N’Delta paying huge price for nation’s oil production

The Chairman of the Governing Board of the National Oil Spill Detection and Response Agency (NOSDRA), Lancelot Anyanya has said Niger Delta communities are paying huge price to sustain Nigeria’s oil and gas production in the area. Anyanya, a retired major in the Nigerian Army, stated this when he led a delegation from NOSDRA to assess the impact of oil spills in Omoku area of Rivers State. Read more

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‘Nigeria now dumping ground for substandard lubricants’

Stakeholders in the downstream sector of the country’s petroleum industry have raised the alarm over the influx of substandard lubricants into the country and the proliferation of quasi-lubricant substances being used widely by consumers. The Lubricants Producers Association of Nigeria, in a document made available to our correspondent, stated, “It is worrisome to note that the market is also a dumping ground for sub-standard and off-specification

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Brazil now highest buyer of Nigeria’s crude

Brazil has overtaken India as the largest buyer of Nigeria’s crude oil, spending $990.09 million, about N158.414 billion on the purchase of crude oil from Nigeria. Data from the Nigerian National Petroleum Corporation, NNPC, on activities in the oil and gas sector for March 2014, disclosed that Brazil purchased 9.442 million barrels of crude oil from Nigeria in the month under review. Read more

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Shell’s Bonga North West projects to contribute $4.2m daily to FG

The commencement of production from Shell’s Bonga North West deepwater development offshore Nigeria means Nigeria will earn an average of $4.2 million daily from the project. Shell stated that production from the new well is 40,000 barrels per day (bpd) and culminate in crude earnings of $4.2 million (N672 million) daily. In 2005, the Bonga project became Nigeria’s first deepwater development in water depths beyond 1,000 meters. Read more

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