The Federal Government, Monday, urged Nigerians to make effective use of oil, adding that it would soon become worthless. Speaking in Abuja at an interactive meeting with the leadership of the National Assembly, Minister of State for Petroleum, Timipre Sylva, cautioned that based on a forecast in the global oil industry, oil would be worthless…
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A London Commercial Court Tuesday ordered the release of the $200million guarantee put in place as security for the stay of execution granted Nigeria for the appeal filed against the judgment of Justice Christopher Butcher for the execution of the Arbitral award of $10 billion in favour of Process & Industrial Development (P&ID), a firm…
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Efforts of the Federal Government to deepen the use of Liquefied Petroleum Gas (LPG), otherwise known as cooking gas, appears to have received the desired boost as LPG penetration has hit one million metric tonnes per annum from 50,000MT in 2007. Executive Secretary of Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM), Mr. Bassey Essien,…
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The Nigeria Liquefied Natural Gas (NLNG) Limited has said it is set to achieve the production of 350,000 metric tons of Liquefied Petroleum Gas (LPG) from a paltry of 75,000mt it was when it started some years ago. The company jointly owned by the federal government, operating through the Nigerian National Petroleum Corporation (NNPC), Shell…
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The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, has given assurance that the Central Bank of Nigeria(CBN) would make forex available to oil marketers. The NNPC GMD stated this at a downstream stakeholders’ meeting held at the NNPC Towers, Abuja at the weeked. Kyari, disclosed that concrete steps have…
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Nigerian National Petroleum Corp. (NNPC) has reached a deal with unions, preventing what had been tipped as being the largest strike in Nigeria’s recent history. “We reached [an] accord to suspend the planned strike action”, said NNPC’s managing director Mele Kyari. This is a “great responsibility for both [government] and labour, all serving the common…
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The Nigerian National Petroleum Corporation (NNPC) and Sterling Exploration and Energy Production Company (SEEPCO) have signed an agreement for the development and commercialisation of gas from the Oil Mining Lease (OML) 143. The corporation said this in a statement signed by NNPC spokesman, Kennie Obateru, in Abuja on Saturday. The agreement will help to reduce…
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Nigeria’s long-awaited oil reform bill would privatise the Nigerian National Petroleum Company (NNPC), amend changes to deepwater royalties made late last year and scrap key regulatory agencies in favour of new bodies, a copy of the bill seen by Reuters showed. President Muhammadu Buhari has sent the bill to the Senate, two sources told Reuters.…
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New evidence obtained by BBC Africa Eye contradicts the official explanation given by the Nigerian National Petroleum Corporation (NNPC) following an explosion that occurred Nigeria’s largest city Lagos, in March. The explosion, which killed 23 people and destroyed a girls boarding school in Lagos, was said to have occurred as a result of a truck…
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