As part of concerted efforts to ramp up gas-to-industries and gas-to-power in the country, the Nigerian National Petroleum Corporation (NNPC) has revealed that the Asa North-Ohaji South (ANOH) gas project, one of the largest green field gas condensate development projects ever undertaken in Nigeria, was expected to produce 600million standard cubic feet of gas per…

The OPEC+ alliance will ensure oil prices do not plunge steeply again when it meets to set policy at the end of November, OPEC’s Secretary General said on Thursday, adding that demand has been recovering more slowly than expected. “I want to assure you that the OPEC, non-OPEC partnership will continue to do what it…

Oil prices fell on Thursday as new restrictions to stem a surge in COVID-19 infections have increased uncertainty over the outlook for economic growth and a recovery in fuel demand. Brent crude LCOc1 futures dropped 70 cents, or 1.6% to $42.62 a barrel at 0905 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 futures…

The Nigerian National Petroleum Corporation, NNPC, Thursday, announced the release of its 2019 Audited Financial Statement, declaring a loss of N1.7 billion, representing a 99.7 per cent decline from a loss of N803 billion recorded in 2018. In a statement in Abuja, the NNPC further stated that general administrative expenses also dipped by 22 per…

The House of Representatives has slated the Petroleum Industry Bill, 2020 for second reading on Tuesday next week, Speaker Femi Gbajabiamila has disclosed. The Speaker made the disclosure on Wednesday in plenary, while calling for all motions concerning floods across the country, to be consolidated by the Rules and Business Committee. President Muhammadu Buhari had…

Operators in the oil and gas sector involved in gas flaring will be expected to pay a yearly fine to the government for the offence, according to the Petroleum Industry Bill (PIB) before the National Assembly. The companies are also expected to submit a natural gas flare elimination and monetisation plan to government within 12…

Nigerian independent Seplat Petroleum has released details of a front-end engineering and design (FEED) contract it plans to award for oil capacity expansion work at its Sapele field according to Upstream. A  recent tender  noted that as part of the Sapele Further Oil Development (FOD) campaign, Seplat on behalf of the joint venture of itself…

The Nigeria Petroleum Development Company (NPDC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), is set to drive down operational cost as it intensifies efforts toward achieving digital transformation of its operations and processes. The Executive Director, Asset Management, NPDC, Mr Ismail Mohammed, who spoke at a webinar organised by Integrated Data Services Limited…

Eni has filed a request for arbitration against Nigeria at the World Bank’s dispute settlement body and plans to argue that the country’s failure to allow it to exploit an oilfield it acquired with Royal Dutch Shell nearly a decade ago breaches their investment agreement, court documents show. OPL 245, an offshore field awarded to…