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NCDMB, BOI lessen conditions for US$200m NCI Fund applications

Qualified oil and gas service companies can now easily access the US$200 million Nigerian Content Intervention (NCI) Fund as the Nigerian Content Development and Monitoring Board, NCDMB and the Bank of Industry, BOI have lessened some of the conditions for accessing the fund. In a recent stakeholders’ forum in Lagos, NCDMB and BOI agreed that…

Oil price lowered as Trump blasts OPEC

Oil price plunged yesterday following a tweet from President Donald Trump to OPEC urging it to reduce the prices of oil because of the military provision the US provides for the region. “The OPEC monopoly must get prices down now,” Trump insisted on the message. The tweet according to international media was a threat and accusation to OPEC.…

FG considering nuclear energy for power supply

The Nigerian government is considering the use of nuclear and geothermal energy to boost power supply in the country, Minister of State for Mines and Steel Development disclosed yesterday. Hon. Abubakar Bwari said in Abuja that the government has been interacting with the Nigerian Atomic Energy Agency towards advancing the safe use of nuclear…

Watch video of safe vessel loading operations

Loading a vessel could be tough but with proper preparations and strict adherence to operational protocols, it could be carried out in a quick and safe manner. To ensure a safety vessel loading operation, communication is paramount. It is also necessary to know the guidelines for environmental protection and follow them closely. Below is a…

NNPC gives reason for adopting 3rd party financing model

Group Managing Director of Nigerian National Petroleum Corporation says the corporation decided to adopt third-party financing for its pipelines and facilities due to the challenges of funding currently bedeviling the country. NNPC had adopted the contractor financing model which it says has enabled it to build the pipeline infrastructure within…

Russia about to conclude deal on new gas route to China

As the Chinese government pushes to switch businesses and households to gas away from coal, Russia is getting closer to concluding a deal on a new route for transporting gas to the country. Russia’s minister of energy, Alexander Novak, disclosed yesterday that his country is sealing a deal for transporting gas to China. Novak said,…

Top five Oil Companies in the world

With the increase in renewable energy and the world’s quest to saving Mother Nature, it was not enough to reduce the annual consumption of oil. In 2017, the world utilized 4.5 million metric tons. In the U.S, the oil and gas workers make up about 1.1 million of the total workforce directly, with a large unaccounted number of indirect workers.…

Shell pledges to reduce methane emissions

Shell is pledging to reduce its methane emissions from oil, natural gas extraction, and transportation operations. Although there is currently no way of accurately measuring methane emissions across the entire company, Shell said some projects emit up to 0.8% methane. Emission of Methane, the primary component of natural gas which often leaks…

Nigeria’s crude faces glut as U.S shale rises

Sales of Nigerian crude is currently being slapped by the rise of U.S. shale crude. This, according to experts is due to the similarity in the geological properties of the two products. Also, not only has the U.S. cut imports from Nigeria but some traditional buyers such as Taiwan’s CPC Corp., have also turned to American grades, hitting the…

Qatar set to produce electric cars

There are indications that electric cars may dominate Qatar in a few years’ time. The country said on Monday that it had plans to produce the first Qatari electric cars by 2023, its local media reported. A massive electric car factory is likely to be set up at an estimated whopping cost of $9 billion. The factory will manufacture more than…
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