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Shell lost 11,000bpd to oil theft- GM

The General Manager, External relations, Shell Petroleum Development Company, (SPDC) Mr. Igo Weli has revealed that over 11,000 barrels per day,(bpd) was lost to oil theft in 2018.

Crude oil reserves suffer fall

The Organisation of Petroleum Exporting Countries (OPEC) in its recent report has revealed that Nigeria suffered a fall in its crude oil reserves in 2018. The organization’s Annual Statistical Bulletin for 2019 shared that the nation’s reserves, which was 37.453 billion barrels in 2017, fell by 481 million barrels to 36.972 in 2018. This…

Chevron bemoans oil theft in Nigeria

Chevron Nigeria has bemoaned the spate of oil theft, illegal oil refining, and pipeline vandalism. The oil major believes the actions are threats to Nigeria’s economy. The company shared this in a position paper presented at a one-day seminar on advocacy against crude oil theft in Warri, Delta State. It said the challenges have continued to make…

Oil issues affecting Nigeria’s GDP – Fitch

Nigeria’s heavy dependence on oil and gas as its major source of revenue could foresee a drop in the country’s GDP. Fitch Ratings, a global ratings agency, has shared that Nigeria will continue to experience a sluggish recovery in its economy, driven by the rebound in oil prices and the expansion of services. The agency predicted that the…

Nigerian LNG cargo purchased by Portugal

A Nigerian Liquefied Natural Gas cargo is scheduled to arrive Sines LNG import terminal in Portugal next week. This is captured in the shipping data by the Port of Sines which showed that the LNG Akwa Ibom tanker capable of transporting up to 141,000 cubic meters of the chilled fuel is scheduled to dock at the facility on June 17. The vessel

NNPC subsidiary sees N12bn Profit

One of the Nigerian National Petroleum Corporation (NNPC) subsidiary, Nigerian Gas Marketing Company (NGMC) has announced a profit of N12,476,685,000.00 for the year 2018. The company had total revenue of N243.630billion for 2018. The body disclosed this at its Annual General Meeting on Friday in Abuja when the Group General Manager, Group

Shell expands domestic gas distribution in Nigeria

Shell Nigeria Gas, SNG has increased its gas distribution capacity by over 150 per cent. This is following the safe completion of its second gas train, the Agbara-Ota Capacity Increase Project. The company according to the EagleOnline is Nigeria’s first and wholly owned subsidiary of Shell involved in domestic gas distribution in Nigeria. Also,

Osinbajo to commission LPG cylinder manufacturing plant

The Chief Executive Officer of Techno Oil Group, Mrs. Nkechi Obi, has revealed that Vice President Yemi Osinbajo will be commissioning a cooking gas manufacturing plant in Lagos on Friday. The CEO who revealed that the building of the plant commenced in 2015 said, “His Excellency, the vice-president has graciously accepted to commission of our

NNPC earns N223bn from petroleum products sale

A subsidiary of the Nigerian National Petroleum Corporation (NNPC), Petroleum Products Marketing Company (PPMC), has realized N222.929 billion from the sale of petroleum products in the country in January 2019. This was contained in the NNPC Monthly Financial and Operations Report for the month. The report revealed that the PPMC earned N221.759
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