“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 […]
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 […]
The United Arab Emirates, Turkey, Russia, among others, are some of the countries on the list of lead suppliers of poor quality lubricants to the country, an industry report has stated. Nigeria’s open market model is said to be encouraging the importers of this brand of products, which has now become a serious threat to […]
The National Conference Committee on Energy has said that the country is losing about 350,000 barrels of oil per day, estimated at about $35m, to crude oil theft and called on the Federal Government to wake up from its slumber and tackle the menace frontally. The Chairman of the committee, who is also a former […]
Mr Haruna Momoh, the Managing Director of Pipeline and Products Marketing Company (PPMC), said the NNPC depot in Enugu State would commence operations and discharge of petroleum products in July. Momoh made the disclosure on Tuesday in Enugu at a public enlightenment campaign on pipeline vandalism in the state. The managing director, represented by the […]
As part of efforts to boost the productivity of the country’s oil refinery at Port Harcourt, GE’s Distributed Power business is supplying GEL Utility Limited with three 25-megawatt (MW), trailer-mounted, TM2500+ aero-derivative gas turbines to generate uninterrupted power at the refinery. The installation by GEL Utility Limited of GE’s mobile gas turbines at the Port […]
Nigeria will sell 10,000 barrels per day (bpd) of its light sweet crude to an Indian State-run Bharat Petroleum Corporation (BPCL) based on a deal signed by Chevron and the Indian corporation. However, Reuters reported that the contract states that that Chevron will provide barrels of light sweet crude to the Indian company at the […]
With the latest move to address the petrol-carbon sector in Nigeria through the Petroleum Industry Bill, Nigerians are anxious to see how far it will go in addressing among others: the legal, fiscal and regulatory framework, the guidelines for the operation of the upstream, midstream and the downstream sectors, the redistribution of economic rent in […]
The new version of the PIB seamlessly weaves some notably progressive provisions with a number of disturbing additions that require serious debate and reconsideration. In essence, the 223-page PIB includes plans to unbundle and list the state-owned Nigerian National Petroleum Corporation (NNPC) on the Nigerian Stock Exchange; increase taxation for deep offshore; and give the oil minister supervisory […]
At present Nigeria’s energy sector is dispersed in supervision and policies. The recommended structure to meet those future needs starts with the revision of Nigeria’s current policy and structure. Nigeria’s hydrocarbon natural resource (crude oil and natural gas) in spite of its abundance and as the mainstay of over 80% of revenues to the nation, […]