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Private sector to import product

Private sector to import product 26th March, 2021 Stephen U.C, Petroleum news Mele Kyari said the NNPC would soon stop being the sole importer of the product, thereby removing the burden of defraying the differentials occasioned by oil market price fluctuations. He said the Direct Sales, Direct Purchase (DSDP) arrangement would soon be phased out and importation of products opened up to private sector. Kyari stressed: “Upon the full implementation of the deregulation, we expect all oil marketing companies to commence import so that the burden of import will be taken away from the NNPC, which will not be...

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Vietnam may turn to Nigeria for crude oil

Vietnam may turn to Nigeria for crude oil Femi Asu with agency report As the country’s domestic crude production continues to decline due to naturally aging fields, Vietnam’s Binh Son Refining and Petrochemical is currently testing Qua Iboe crude from Nigeria and Cabinda crude from Angola, for its Dung Quat refinery. S&P Global Platts reported on Wednesday that Vietnam was poised to actively venture into Africa to secure a regular dose of light and medium sweet crude supply for the coming years. The state-run BSR finds Nigerian and Angolan grades cheaper than Southeast Asian oil, according to the report. BSR,...

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PENGASSAN threatens to shut down oil installations

PENGASSAN threatens to shut down oil installations By Kelvin Onyema 04 March, 2021 The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has threatened to shut down oil installations nationwide over alleged anti-labour practices by an oil and gas firm, Brittania-U. PENGASSAN, which issued the threat, yesterday, when it picketed Brittania-U at its corporate head office in Lagos, with members carrying placards and chanting solidarity songs, said that if by Friday the firm refused to meet its demands, it would mobilise all companies and affiliates in the sector to shut down all oil and gas installations across...

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Over N128bn Lost To Crude Oil Diversion — Reps

Over N128bn Lost To Crude Oil Diversion — Reps By: Balarabe Alkassim Thu Mar 17, 2021 The House of Representatives has alleged that Nigeria lost $339 million (estimated N128.8 billion) to crude oil diversion since 2018. At a session on Wednesday, it resolved to create an ad hoc committee to investigate the allocation of crude oil under the Direct Sale Direct Purchase (DSDP) scheme from 2018 till date. Reps ask INEC to review federal constituencies Food dealers: Northerners, Southerners Suffered But We Achieved Our Aim It will also investigate crude oil allocation per refineries and the rationale for the allocation and un-utilized stock of crude oil in the case of a refinery with inadequate production capacity. The resolution came after the adoption of a motion moved at the plenary on Wednesday by Rep. Makki Yalleman, on the need to scrutinise the DSDP scheme. He had quoted a media report saying about 5.2m barrels of crude oil supposedly allocated to the comatose NNPC refineries in 2018 under DSDP operations are unaccounted for. “Essentially, almost half of the 10.9 million barrels of crude oil allocated for domestic supply between June 2018 and July 2019 as reported by the NNPC is either stolen or diverted”. According to him, the average price for Nigerian crude oil in 2018 was $65 which means that the volume unaccounted for may have denied the country $339m...

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Will Nigeria be allowed to produce more oil at this OPEC meeting?

Will Nigeria be allowed to produce more oil at this OPEC meeting? Nigeria is hopeful that OPEC+ will agree to an increase in production. By Stephen U.C, 04 March,2021 This week brings forward one of the most important meetings OPEC+ faces in her history. After rescuing the markets from low oil prices with tight supply, the time has come to balance the market. OPEC and its non-OPEC allies, in short, OPEC+, will meet through videoconference in an offer to arrive at an agreement over how to oversee supply to the market. Source:...

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