Sahara Energy Logistics Holding Limited (a Sahara Group company) and Société Nationale d’Opérations Pétrolières de la Cote d’Ivoire (The National Oil Company of Cote d’Ivoire, Petroci Holding), have entered into a Joint Venture Agreement (JVA) to facilitate the construction of a 12,000 Metric Tonnes Liquefied Petroleum Gas (LPG) storage facility to guarantee LPG supply security…

The federal government yesterday estimated that it would save over N1 trillion yearly from the removal of fuel subsidy following the deregulation of the downstream sector of the petroleum industry. The extra cash, Minister of State for Petroleum, Mr. Timipre Sylva, told journalists yesterday in Abuja, would be used to fund infrastructure development and to…

Nigeria said it won’t negotiate with Process & Industrial Development Ltd. over its $10 billion arbitration award, days after the country secured permission to challenge the claim. “There will be no negotiation or talk of settlement with P&ID or any related party by or on behalf of the Federal Government of Nigeria,” Attorney General Abubakar…

The Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, says the four oil refineries in the country have been shut down in Port Harcourt, Warri and Kaduna. Kyari said this on Channels Television’s Politics Today programme on Wednesday. He explained that all four refineries were functioning below capacity and it had thus…

Total Nigeria Plc has projected to achieve N75.67bn revenue for the fourth quarter of 2020. In its Q4 earnings forecast obtained from the Nigerian Stock Exchange, the oil firm also projected N66.24bn as the cost of sales for the period. Total Nigeria is also targeting to rake in N2.33bn as profit before tax and N1.58bn…

Justice Cranston J. of the United Kingdom High Court yesterday ordered the Process and Industrial Development Limited (P&ID) to make an interim payment of more than £1.5 million to the federal government within 21 days. The £1.5 million is to cover legal costs the federal government incurred as part of its successful application for the…

The Nigerian National Petroleum Corporation (NNPC) has said that 218.37billion Cubic Feet (BCF) of natural gas was produced in March 2020, translating to an average daily production of 7493.65Million Standard Cubic Feet per Day (mmscfd). This was contained in NNPC Monthly Financial and Operations Report for March, 2020, a release by the corporation’s Group General…

Nigeria’s hope of boosting gas supply for power generation has suffered a setback again as the completion date for Obiafu-Obrikom to Oben (OB3) gas pipeline project has been postponed again because of technical hitches, BusinessDay investigation has revealed. The pipeline is meant to transport gas for power generation and other industrial developments in the country.…

The Train 7 project is set to commence in earnest as the Nigerian Content Development and Monitoring Board (NCDMB) and the Nigerian LNG Limited Tuesday held the kick-off meeting of the Engineering, Procurement and Construction (EPC) components of the project. The event was held virtually and it provided an opportunity for NCDMB key officials to…