Category: Energy

Border closure: Benin, others seek gas pipeline operation renegotiation

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    Ghana, Togo and Republic of Benin at the weekend pushed vigorously for a review of laws and regulations guiding the operations of $1 billion gas pipeline, which transports gas from Nigeria to the three countries. The fresh clamour for negotiations, a document of Agence Ecofin sighted by New Telegraph at the weekend read, took place in a context where Nigeria had closed its borders with its western neighbors, particularly Benin, and consequently Ghana and Togo. A closure that is not without consequences on the economies of these countries…

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NNPC insists on October for decision on mega gas plant

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  …as consortium wins $10bn NLNG Train-7 bid A joint venture consortium comprising Saipem, Chiyoda and Daewoo (SCD) on Wednesday emerged the preferred bidder for the $10 billion Nigeria Liquefied Natural Gas (NLNG) Train 7 project.   This came as the Nigerian National Petroleum Corporation (NNPC) insisted on the October target for the final investment decision on the gas mega plant.   The SCD consortium, the NLNG said, would be undertaking the engineering, procurement and construction project for the Train 7 project.   The gas giant announced the consortium in…

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EFCC hunts for multi-million dollars oil deal infraction culprits

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        The anti-granft agency, Economic and Financial Crimes Commission (EFCC), has begun a manhunt for culprits of multi-million dollars oil contracts’ infractions.     Already, forensic audit commissioned by the Nigerian Content Development and Monitoring Board (NCDMB)  has indicated over 15 oil firms of non-remittance of statutory funds into the government’s covers.   Considered this as a breach of contract, the board, checks showed, handed over the audit to the EFCC for “necessary action.”     A correspondence exchanged between the EFCC and NCDMB, sighted by this…

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Lafarge assures shareholders of improved RO1

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  Lafarge Africa Plc, a member of the LafargeHolcim, has assured its shareholders of improved return on investments. Addressing shareholders at the annual general meeting of the company in Lagos, the Chairman of the Board, Mr. Mobolaji Balogun, assured shareholders that the board and management would continue to drive improvement in results. “Despite the challenging economic and regulatory operating environment, the company has continued to make significant progress on a number of fronts, thereby ensuring solid operating performance. The earnings before interest, taxes, depreciation and amortization margins in the Nigerian…

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NOMRA: Skill gaps, profiteering fuelling migration

Sunday Ojeme

    Skills, technology gaps, profiteering, poor implementation of some aspects of the nation’s laws among others have been identified as some of the factors responsible for the influx of migrants into Nigeria and, by extension, other African countries.   Stakeholders, who graced a workshop in Lagos to launch the Research Phase of the four-country Migration for Inclusive African Growth (MIAG) project in Nigeria, identified the factors as ultimately responsible for migrants trooping into the country in droves. The primary contribution of the MIAG network is to gather evidence based information…

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Reps to prioritise passage of PIGB

Stella Ofiko

The 9th National Assembly will give priority to the passage of the Petroleum Industry Governance Bill (PIGB) in order to consolidate and reposition the oil and gas industry for the benefit of all Nigerians. Speaker, House of Representatives, Hon. Femi Gbajiabiamila, made this commitment during a visit by the outgoing Group Managing Director of the NNPC, Dr. Maikanti Baru, to introduce the incoming GMD, Mr. Mele Kyari, to the Speaker. A press release by the Group General Manager, Group Public Affairs Division of the Nigerian national Petroleum Corporation (NNPC), Mr. Ndu…

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NNPC targets incorporated joint venture model for growth

Stella Ofiko

As part of efforts to surmount cash-call challenges and put the upstream sector on a path of sustainable growth, the Nigerian National Petroleum Corporation (NNPC) is set to introduce the Incorporated Joint Venture (IJV) model to replace all the Joint Venture exploration and production projects.  This was disclosed by the Group Managing Director of the NNPC, Dr. Maikanti Baru, during the panel session at the Nigeria Oil and Gas (NOG) Conference in Abuja. A press release by the corporation’s Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, stated…

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NBS: Kerosene consumers paid less in May

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Consumers of household kerosene paid lower price for a litre of the product at  N315.91 in the month of May as against April’s N316.26, according to pricewatch released by National Bureau of Statistics (NBS) on Tuesday. States with the highest average price per litre were Anambra (N363.54), Ebonyi (N355.00), and Plateau (N351.85). States with the lowest average price per litre were Abuja (N291.67), Katsina (N290.67) and Gombe (N265.39). Similarly, average price per gallon paid by consumers decreased by -0.12 per cent month-on-month and increased by 23.07 per cent year-on-year to N1,…

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Baru tasks NUJ on petroleum product smuggling

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. Crude production steady at 2.3mbpd Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has called on members of the Nigerian Union of Journalists to join the corporation in naming and shaming cross-border smugglers of petroleum products. Baru, made the call when he played host to the national leadership of the NUJ led by its President, Mr. Chris Isiguzo, at the NNPC Towers in Abuja on Tuesday. The NNPC helmsman said the activities of cross-border petroleum products smugglers had caused much hardship for Nigerians and robbed…

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NNPC’s engineering subsidiary, NETCO, records N6.758billion profit

Stella Ofiko

The National Engineering and Technical Company of Nigeria (NETCO), the engineering subsidiary of the Nigerian National Petroleum Corporation (NNPC), on Tuesday posted a profit before tax of N6.75 billion for the year ended December 31, 2018. The figure represents an increase of 107 per cent over the N3.26 billion recorded in 2017. Profit after tax stood at N4.597billion compared to N2.483billion recorded in 2017. This was disclosed in a release by the Group General Manager, Group Public Affairs Division, NNPC, Mr. Ndu Ughamadu. Speaking at the Annual General Meeting of…

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