NNPC tells partners, suppliers to bring down costs to 40%

Management of the Nigerian National Petroleum Corporation (NNPC), says it has directed all its partners and suppliers to bring down their cost to between 30 and 40 per cent to ensure production efficiency. NNPC’s Group Managing Director, Malam Melem Kyari, made the disclosure when he featured as a guest on a live Television programme on […]

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Nigeria to deregulate oil sector, rejects subsidy

Set to take position as OPEC meets The Federal Government yesterday, affirmed its resolve to deregulate the downstream sector, stating that the country would no longer resort to subsidy or under-recovery if oil prices regain momentum. If the government follows through the plan, Nigerians would begin to pay cost-reflective rates for petrol, using PPPRA’s monthly […]

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Marketers criticise price control, want full deregulation of oil sector

The Federal Government’s monthly plan to implement and re-activate a pricing template for Premium Motor Spirit (PMS), otherwise known as petrol set in May 11, 2016, might disrupt the current stability enjoyed in the downstream sector, as the inability of marketers to immediately align with set prices could result in product scarcity and resumption of […]

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I can convert Nigeria’s gas flaring to electricity, replace kerosene with biofuel -Aneke

Last Thursday, Nigerian-born Dr Mathew Aneke won the 2019 Nigeria Prize for Science, alongside a Chinese researcher, Wang Meihong, for their works on carbon capture, utilization, and biomass gasification and energy storage for power generation. Aneke, an indigene of Enugu State and a Chartered Energy Engineer, who works at the University of Sheffield’s Department of […]

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Eni reports huge oil, gas find in Nigeria

Italian oil major Eni said Wednesday that Nigerian subsidiary Agip has found lots of gas and oil in an onshore facility in the Niger delta, raising potential output in Africa’s leading oil exporter. The Eni-operated NAOC, which is majority-owned by the Nigerian National Petroleum Corporation (NNPC), with minority stakes held by Oando and Eni, made […]

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Nigeria loses N1,085t daily to fuel smuggling

A tricycle specially designed for fuel smuggling is parked close to the Nigerian-Benin border post in Seme-Kpodji, Republic of Benin on April 6, 2019. Photo: Tonye Bakare Investigations have shown that daily, an estimated seven million litres of Premium Motor Spirit (PMS), better known as petrol, valued at N1, 085t is smuggled from Nigeria to […]

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Nigeria’s oil output hits 2.3mbpd as NNPC attracts $14b investment

Stability in the Niger Delta region and other factors have pushed Nigeria’s crude oil production to 2.3 million barrel per day (bpd) from last year’s 2.1 million bpd figure, the Nigerian National Petroleum Corporation (NNPC) has disclosed. Speaking during a courtesy visit by the Nigeria Union of Journalists (NUJ) yesterday in Abuja, NNPC Group Managing […]

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