Author: admin

NPA to partner NLNG for an increased gas production capacity 03 March, 2021 Chika Uzoma, Abuja Managing Director, Nigerian Ports Authority (NPA), Hadiza Bala Usman, said the agency was ready to partner with the Nigeria Liquefied Natural Gas(NLNG) Limited in increasing natural gas production capacity by 36 per cent. Represented by the Executive Director, Marine and Operations, NPA, at the virtual multilogues-2 organised by the Nigerian Gas Association (NGA), Usman said the agency would support NLNG in increasing natural gas production from 22 million tonnes to 30 million tonnes yearly. “The NPA is poised to offer necessary collaborative support...

Nigeria Court Issues Criminal Summons Against Shell,by Others Over Alleged Oil Theft By: Stephen U.C A judge of an Upper Area Court in Abuja, Gambo Garba, on Thursday issued a criminal summons against Shell Petroleum Development Company (SPDC) of Nigeria and seven of its top executives over alleged stealing of 16 million barrels of crude oil through the use of a fraudulent and unapproved metering system. The executives summoned were Chibueze Uduanochie, Simon Ruddy, Bashir Bello, Osagie Okunbor, Igo Weli, Toyin Olagunji and Captain Callium Finlayson. According to the summons dated February 25, the respondents are to appear before the...

Bonny Light, Nigeria’s crude grade, trades at $$65.36 per barrel Stephen U.C, 26th Feb, 2021 Nigeria’s grade of crude oil, Bonny Light, yesterday, witnessed a marginal rise of $1.63 cent, or 2.56 percent rise to $65.36 per barrel from the previous day, giving further relief to the nation’s budget benchmark, even as Organisation of the Petroleum Exporting Countries Plus (OPEC+) mulls oil production increase. This development, according to global crude oil prices sighted by our correspondent, places the nation’s Excess Crude Account, ECA, on a positive trajectory. The ECA is the actual oil price minus the oil price benchmark....

Vienna, Austria — The price of OPEC basket of thirteen crudes stood at $37.18 a barrel on Thursday, compared with $38.17 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey...