Energy

Iran Oil and Gas

Iran says oil field found with 53 billion barrels

Iran has discovered a new oil field containing 53 billion barrels of crude, President Hassan Rouhani said Sunday, a find that would increase Iran's proven reserves by over a third.
Nigeria may face another $2.3bn fine in arbitration in France over an alleged breach of contract on Mambilla Hydroelectric project.

China: We won’t fund Mambilla power until Nigeria settles legal dispute

The Chinese government has asked Nigeria to settle the legal dispute over the $5.8 billion Mambilla power failing which it would not provide the funds for the project.

Communities accuse oil companies of denying Delta oil royalties

Concerned Itsekiri Orere Coastal Communities of Warri North and Warri South-West of Delta State, have raised the alarm over alleged denial of the State of revenue accruable to it by operators of OML 108, Ukpokiti oil field, Express Petroleum and Gas Company Limited and its Technical Partner, Conoco Phillip Energy.

NUPENG seeks federal government’s intervention over ‘unfair’ labour practices by oil firm

The Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) has called for the urgent intervention of the Federal Ministry of Labour, Nigerian National Petroleum Corporation (NNPC) and the Department of State Services (DSS) to prevail on the management of Nexen Petroleum over what it called ‘unfair labour practices’ on workers in the company.

Eko Disco blames system failure for power outage

The Eko Electricity Distribution Company, EKEDC, has blamed ‘national system failure’ for the outage being experienced by electricity consumers in the Lagos area since Friday.

Nigeria, Russia to sign business agreement on pre-paid metres production

The Abuja Chamber of Commerce and Industry (ACCI), on Friday said that Nigeria and Russia would sign a Memorandum of Understanding on production of pre-paid meter to bridge the gap that currently exists in the sector.

DPR: Taraba petrol marketers record 90 per cent compliance to regulations

The Department of Petroleum Resources (DPR) has said that petroleum marketers in Taraba have attained 90 per cent compliance to the petroleum downstream regulations.
Senate President Ahmed Lawan

Senate to support $10 billion NLNG investment in gas sector

The Senate is throwing its full weight behind the 10billion dollars Train seven Project investment in the nation’s gas sector, by the Nigeria Liquefied Natural Gas (NLNG).
Minister of State for Power, Mr Goddy Agba, who represented President Muhammadu Buhari at the ongoing 34th West African Power Pool (WAPP) co-ordination meeting of technical and financial partners, said that this decision was adopted by the ECOWAS ministers in charge of energy on December 4, 2018 and subsequently approved by the ECOWAS Heads of State and Government on December 22, 2018 through Supplementary Act.

West Africa power investment to gulp $36 billion – minister

The Federal Government yesterday said that the investment requirement for power in the West African sub-region is over $36.4 billion.

NNPC promises abundance of petroleum products for yuletide

The Nigerian National Petroleum Corporation (NNPC), has revealed that it has made adequate preparations for the yuletide saying petroleum products will be in abundance across the nation.
Closed Nigerian border without any activity

Federal government suspends product supply to fuel stations within 20km of the borders

The federal government, through the Nigeria Customs Service, has directed that petroleum products should not be supplied to fuel stations within 20km of the borders.
The Managing Director of Nigerian Petroleum Development Company (NPDC), Mr. Mansur Sambo, has blamed the Oct. 11 fire incident that ravaged Oil Well 18T, OML 20, Egbema west, in Imo state on pipeline vandalism.

NPDC: Imo oil pipeline fire caused by vandals

The Managing Director of Nigerian Petroleum Development Company (NPDC), Mr. Mansur Sambo, has blamed the Oct. 11 fire incident that ravaged Oil Well 18T, OML 20, Egbema west, in Imo state on pipeline vandalism.

Expert: Nigeria’ll lose her rating in oil production

A world renowned oil engineer, Mr Barth Nwibe, has said that if nothing was done to harmonise the oil sector in Nigeria, the country will loss her rating in oil production in the next 30 Years.
Governor Dapo Abiodun of Ogun State has assured industrialists in the state of his administration’s readiness to put an end to the deplorable state of road network affecting manufacturers and other road users in the state.

Let’s deregulate oil sector to build roads – Ogun governor

Ogun State Governor, Prince Dapo Abiodun, has stressed the need for the deregulation of the petroleum sector to make fund available for the construction of roads and provision of other basic amenities.

Total planning to sell stake in major oil block in Niger Delta

Total is seeking to sell its 12.5 per cent stake in a major deepwater oilfield off the coast of Nigeria, industry and banking sources have said.

NEITI: Nigeria loses $42 billion to crude oil theft in 10 years

The Nigeria Extractive Industries Transparency Initiative (NEITI) on Wednesday revealed that the country in the last 10 years lost $42 billion to crude oil theft.
The Department of Petroleum Resources (DPR) has sealed 30 fillings stations in Cross River for selling petrol above the approved price of N145 per litre and other offences.

DPR seals filling station in llorin over damaged pumps

The Department of Petroleum Resources (DPR) on Tuesday sealed off an MRS filling station in Ilorin, the Kwara capital, for allegedly selling fuel with damaged pumps and under dispensing.

Saudis scramble to raise cash for Aramco share sale

From tapping lenders to selling personal assets, Saudis are scrambling to raise cash to invest in Aramco stocks after the oil giant announced its blockbuster market debut even as it offered few listing details, according to AFP reports.

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Senator Lokpobiri: Bayelsa has shown willingness to change destiny

Former Minister of State for Agriculture and Rural Development, Senator Heineken Lokpobiri, has commended the people of Bayelsa State for changing their destiny by voting the All Progressives Congress (APC) in the Saturday election.
The Independent National Electoral Commission has relocated the collation of results of Bayelsa State governorship election in Nembe, Southern Ijaw Local Government Areas to its headquarters in Yenagoa under heavy security.

YIAGA: Bayelsa election results were manipulated

YIAGA AFRICA, a civil society organisation (CSO), says there are indications that the results of the Bayelsa state gubernatorial election were manipulated.
A member of Manchester United's backroom team has been taken to hospital after falling ill, the club have confirmed.

Lack of Champions League begins to hit Manchester United finances

Manchester United’s failure to qualify for the Champions League is beginning to erode the club’s finances, but increased commercial income helped the English giants post revenues of £135.4 million ($174 million) for the first quarter of the 2019-2020 season on Monday.
Justice Bolanle Okikiolu-Ighile of the Lagos High Court, Igbosere on Monday, November 18, granted the application of a Dane, Peter Nielsen, accused of killing his wife and daughter, to revisit the scene of the crime which was sealed off after the incident last year.

Dane to revisit crime scene of wife’s, daughter’s murder

Justice Bolanle Okikiolu-Ighile of the Lagos High Court, Igbosere on Monday, November 18, granted the application of a Dane, Peter Nielsen, accused of killing his wife and daughter, to revisit the scene of the crime which was sealed off after the incident last year.
Retired Col. Hameed Ali, Comptroller-General of Nigeria Customs Service (NCS), on Thursday said the closure of Nigeria’s borders by Federal Government was undertaken to strengthen the nation’s security and protect its economic interests.

Customs proposes 5% levy slash on imported vehicles

Cost of used and new imported vehicles is set to drop if the Ministry of Finance approves the proposal of the Nigeria Customs Service (NCS) which recommended a reduction of the levy from 35% to 5 or 10%.