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Hurricane Irma, return of Gulf Coast refineries push oil price to four-week jump

Crude oil pipeline

Palpable market anxiety imposed by potential damage to the United States oil production from Hurricane Irma and rise in demand for crude by restarted refineries in the Gulf Coast have been fingered in the new four-week rise in global oil prices. Report from leading FactSet data of the research group, MarketWatch shows that West Texas Intermediate the US crude oil ...

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Finally, Oando cleared by SEC, plans AGM for Sept 11

oando-boss-tinubu

Following the review of petitions filed by Alhaji Dahiru Bara’u Mangal and Ansbury Inc against Oando by the Special Task Team, the Securities and Exchange Commission (SEC) has cleared the company of the allegations. This lead to the express approval to Oando Plc to conduct its Annual General Meeting hitherto slated for September 11, 2017. In a letter to the ...

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Only Dangote, Ibeno refineries making progress out of 50 licencees—DPR

nnpc-boss

Contrary to news making the rounds that Nigeria may soon become net exporter of refined petroleum products due to growing number of private refineries springing up here and there, only two out of 50 licencess can be said to be truly serious. Details sourced from the official website of the Department of Petroleum Resources (DPR) showed that out of the ...

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Over half of nation’s daily oil production lost to militancy—Minister

militants-and-buhari

Contrary to speculations that attacks on oil installations have waned, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu has traced loss of more than 54 per cent of crude oil to attacks and pipeline vandalism in oil communities. Explaining issues during a recent mid-term review of the activities of the ministry between August 2015 and August 2017 through ...

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3 Nigerian SMEs seek vote to win Shell Global innovation prize

Shell

Three Nigerian Small and Medium Enterprises (SMEs) including Nigeria De-rahbs Energy Services, Nigeria Emobella Engineering Nigeria Ltd and Nigeria Fendwall Paint and Chemical Products have been shortlisted for the Shell LiveWIRE ‘Top Ten Innovators’ contest. The global competition, which highlights and rewards LiveWIRE businesses that demonstrate excellence in innovation are part of Shell Global Memorandum of Understand (GMoU) to drive ...

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Trucking gas to power plants, industries risk of the highest order on roads—Stakeholders

Ibe Kachikwu

Road and energy safety experts have started weighing the merits and demerits of the recently sealed deal between the Nigerian National Petroleum Corporation (NNPC) and some joint venture partners to commence the delivery of Liquefied Natural Gas (LNG) by trucks to power generation companies and industries. According to them, though the new is idea aimed at boosting capacity utilization amongst ...

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Lopsided appointments at NNPC another show of Igbo marginalization—Ohaneze

Ohaneze ASPMDA

Out of 55 top management positions, mainly general managers’ cadre, for which new appointments were made at the nation’s oil company, the Nigerian National Petroleum Corporation (NNPC), none of the appointees is from any of the South East states. This development has become an issue of massive outrage especially from the zone since the announcements were made. In a recent ...

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Fresh indices point to chances of selling nonperforming refineries by NNPC

Ibe K

The growing show of poor performance by refurbished refineries has become a leeway for the Nigerian National Petroleum Corporation (NNPC) to continue to press for their sales to private operators. Latest monthly oil and gas sector report has shown that the combined performance of the refineries, with respect to capacity utilisation, has dropped by 44.87 per cent. Figures from the ...

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From highest buyers last year, India now lowest importer of Nigeria crude

Crude oil pipeline

More trouble are still building up for Nigerian crude oil sales as India, formally Nigeria’s highest buyers are steadily slashing quotas from Nigeria. Otherwise, Nigeria’s oil supply to India hit its lowest level for this year, with the Asian country intensifying effort to diversify its sources of the commodity. Before now, India has remained the single largest buyer of Nigerian ...

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Fuel still N145 as NNPC claims products price crash over sustained supplies

nnpc truck near nnpc hqs

Whereas the Nigerian National Petroleum Corporation (NNPC), on Sunday, said it’s steady, strategic intervention in the supply and distribution of petroleum products, has led to significant price fall of products nationwide, checks by Business Hilights showed that prices of fuel and kerosene have remained constant but with steady supply. The corporation in a statement by Mr. Ndu Ughamadu, the Group ...

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