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Libya boosts OPEC oil output despite Iran’s losses

The Libyan oil output has helped to balance the cut in Iranian oil caused by the US sanctions, leading to a rise in OPEC crude output. OPEC crude production has risen to the highest level in August this year, Bloomberg reports. The 15 members of the Organization of Petroleum Exporting Countries, OPEC, collectively produced 32.74 million barrels a…

Obaseki finalizes Edo’s investments in refinery, others

There are strong indications that the development of the Edo Modular Refinery will commence soon as the state governor, Governor Godwin Obaseki, is finalizing investment decisions with partners in China on the sidelines of the 7th Summit of the Forum on China-Africa Cooperation. The state would invest in the refinery as well as Benin River Port…

Japan bows to US pressure, halts imports of Iranian oil

Japan has finally succumbed to pressures from the United States to stop importing oil from Iran. This is coming after the country’s several unsuccessful attempts to persuade Washington to exclude its imports of Iranian oil from the sanctions it made earlier. Starting from October, JXTG Nippon Oil & Energy, Showa Shell Sekiyu, and Fuji Oil …

Five nabbed for vandalizing NNPC pipeline

Five persons suspected to have vandalized a pipeline belonging to the Nigerian National Petroleum Corporation (NNPC) recently, have been arrested, Sweetcrude reports had gathered. An undisclosed source says the suspects were arrested on Wednesday at the scene. According to the source, “The suspects (names withheld), whose ages range from 22 to…

Chevron urged to employ trainees after 5 years

Chevron Nigeria Limited has been lambasted by the Kombot Egbema and Gbaramatu Graduate Association for allegedly failing to convert 151 trainees of its VTPS 5 and 6 to permanent staff, five years after they completed the training programme. Speaking for the association based in Warri, Delta, at its inauguration of new executives, outgoing…

NNPC to launch subsidiary for refueling ships

The Nigerian National Petroleum Corporation (NNPC) plans to launch a subsidiary to offer refueling services to ships and other sea vessels. The company plans to do this in order to consolidate its footing in the shipping business in Nigeria and boost profitability. The corporation’s managing director, Mrs. Aisha Katagum, was quoted to have…

Story of 38 year-old Okyere who built a billion dollar oil company in Ghana

“Our family house was not too far from the stadium. I would often put water in our chest freezers at home, and then sell the iced water to the supporters watching the games in the Stadium.” Kevin Okyere said. Okyere’s enterprising spirit was already in display when he was only 11. Little had he known that fortune would smile on him someday.…

FG to reposition maritime sector to lead the economy

Plans are on top gear to reposition the Nigerian maritime sector as a leading viable alternative source of revenue to grow the economy. President Muhammadu Buhari said recently that this is part of the Federal’s Government resolves to continuously diversify the country’s economy. As a Special Guest of Honour at a public book presentation, the…

Total not investing in U.S shale oil

French multinational integrated oil and gas company, Total, Monday says it will not invest in the U.S Shale oil industry. The Company’s executive officer, Patrick Pouyanne, disclosed this in an interview when answering whether peer BP’s $10.5 billion acquisition of U.S. shale assets from BHP Billiton had made the sector more attractive. This…

Oando curbs $2.5 billion debt, set for next stage

Oando clears $2.5 billion debt it incurred since 2014 and is now set for the next stage of development, the company’s Chief Executive Officer, Wale Tinubu, said recently. The company had incurred the debt when it acquired oil and gas assets from the U.S ConocoPhillips four years ago. CEO Tinubu who spoke in an interview at Oando’s headquarters,…
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