Month: June 2019

Navy Destroys 50 Illegal Refineries in Delta Creeks

By Chiemelie Ezeobi As part of its continuous fight against crude oil theft and pipeline vandalism in the Niger Delta, the Nigerian Navy (NN) yesterday said over 50 illegal refineries have been destroyed in the past 32 days around Yeye, Burutu and Ibafa creeks in Delta State. In the ongoing operation, of which select defense correspondents in Lagos and Abuja were embedded, personnel attached to the Nigerian Navy Ship (NNS) DELTA, also seized six ships- MT AYSU, MY INTERIM, MV MAMA ELIZABETH, MT MIRACLE, MV NIPAL and SD WATERMAN. Also seized were 85 wooden boats used by criminal elements...

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Nigeria’s daily oil production now 2.2mb at $22 per barrel production cost

Nigeria’s daily oil production has exceeded the 2.3 million barrel per day benchmark for the 2019 budget. The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, disclosed this in Abuja on Tuesday during a discussion with the national officials of the Nigerian Union of Journalists (NUJ) He maintained that Monday’s crude oil output figure was a significant improvement from the average daily production of 2.1 million barrels recorded last year. The NNPC boss also said the country was able to attract $3.6 billion and $3 billion as Foreign Direct Investment into the oil and gas industry...

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Ascon Oil GMD laments over problems in Nigeria’s downstream sector

Jun 18, 2019 By Stephen U.C, Abuja Mrs. Grace Bose Olowofoyeku, the Group Managing Director (GMD) and Chief Executive of Ascon Oil Group, a company involved in the downstream sector of the oil and gas industry in a recent interview with Petroleum news disclosed that it is hellish doing business in Nigeria and also listed some of the factors that negatively affect businesses in the country. She said; “Doing business in Nigeria is like hell. It can suck up all your energy because of the various government agencies you have to deal with daily. You fail at every attempt to...

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Seven banks sign $640m agreement to refinance Neconde Energy’s OML 42

Jun 17, 2019 A consortium of seven local and international lenders has signed an agreement to refinance Neconde Energy Limited’s Senior Secured Medium-Term Loan Facility Agreement, worth $640 million (N2.3trillion). The refinancing of the facility followed the renewal of Neconde Energy Limited’s Oil Mining Licence (OML) 42 for the next 20 years, effective June 2019, by the federal government. This development, according to the indigenous oil and gas exploration and production company, was a demonstration of support for the company’s commercial and financial operations by both local and international financial institutions. The consortium of seven lenders comprises four Nigerian...

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Africa set to be the top region for Chinese oil investments to 2023

Jun 17, 2019 By the editor China’s national energy companies are set to channel more of their overseas investment to Africa than to any other continent as they hunt for new pockets of oil and gas. Africa will account for more than $15 billion of their upstream capital expenditure over the next five years, according to estimates from researcher GlobalData. That’s more than the $10 billion destined for South America and more than twice their estimated investment in North America. Source:...

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