By Mordi Chukwunonso Esther The Nigerian National Petroleum Corporation (NNPC) has discovered crude oil in the Benue Trough. The channel is a major geological structure underlying a large part of Nigeria and extending about 1,000 km northeast from the Bight of Benin to Lake Chad. Mele Kyari, Group Managing Director, made the revelation on Thursday…
For Nigeria to close deficit its in infrastructure, the country needs about $3 trillion over thwe next 30 years, a global credit rating agency, Moody’s Investors Service, has stated. The agency which further stated that the country’s infrastructure in Nigeria is behind other emerging market peers, disclosed this in its first report on the Nigerian infrastructure…
By Ikenna Omeje The Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) has said that the time for the downstream sector of the petroleum industry to embrace full deregulation is now. Following the economic challenges that trailed the outbreak of Covid-19 pandemic, which resulted in worst decline of the crude oil prices, the Federal…
By Ikenna Omeje The Group Managing Ddirector of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, has said that the national oil company is the only company in the country that has cut its losses within one financial year by N800 billion. Kyari stated this via the Corporation’s official Twitter handle last Saturday. He said…
By Ikenna Omeje Nigeria attracted just $3 billion, representing 5% of all oil and gas funds invested in Africa between 2015 and 2019, due to uncompetitive fiscal terms, increasing cost, unsettled deep water disputes, and near expiry of deep-water lease, Managing Director of Total Exploration and Production Nigeria Limited, Mike Sangster, has said. Sangster stated this …
The Federal Government has signed a Memorandum of Understanding (MoU) with the Republic of Niger for the importation of 15,000 barrels per day of refined petroleum products from Niger’s 20,000 bpd refinery. Special Adviser on Media to the Minister of State for Petroleum Resources, Alhaji Garba Deen Muhammad disclosed this in a statement in Abuja on…
By Ikenna OmejeThe Rural Electrification Agency (REA), has inaugurated a 7.5KWP Solar Mini Grid project in Ozubulu, Anambra State, to power a health facility — Joint Hospital.According to The Guardian, the project was completed in partnership with a private sector contractor, Eauxwell Nig Limited. Speaking at the inauguration, Managing Director, REA, Ahmad Salihijo, represented by Alozie…
By Ikenna Omeje The Ilaje Development Summit Group (IDSG) has called on the Federal Government of Nigeria and the Ondo State Government “to urgently intervene in the unrelenting incidents of sea incursion, ravaging coastal communities in Ilaje Local Government of Ondo State.” The group stated this on Friday in a statement issued by its Executive…
By Mordi Chukwunonso Esther The Nigerian National Petroleum Corporation (NNPC) has reiterated its resolve to grow the nation’s hydrocarbon reserves to 40billion barrels through reinvigorated exploratory activities in the inland frontier basins across the country. This was made known by the Group Managing Director of the Corporation, Mallam Mele Kyari, while delivering a goodwill message…
By Mordi Chukwunonso Esther Egi clan, host community to OML58, operated by the Total Exploration and Production Nigeria Limited, TEPNG, has rated the company high, in corporate social responsibility and community relations. To this end, Egi clan which also play host to the Nigerian Agip Oil Company, as well as the Shell Petroleum Development Company of…