UTM Offshore will tomorrow, November 16, in London sign an agreement for the Front-End Engineering Design (FEED) for Nigeria’s first Floating Liquefied Natural Gas (FLNG) facility with engineering firms KBR, JGC Corporation and Technip Energies. A news report from African Press Organisation (APO) Group on the deal indicated that having signed an agreement to co-finance […]
Oil & Gas
Nigeria’s Crude Oil Output Up 1MBP/D In October, Highest In 4 Mnts
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reported Nigeria’s daily crude oil production output rose above 1 million barrels per day to an average of 1,014,485 barrels per day in October 2022. The Commission gave these figures in the ‘October Crude Oil Production Report’ which showed that the last time Nigeria’s daily crude oil […]
Addax Petroleum Exits OMLs 123, 124, Others
Addax Petroleum, a leading Chinese company operating in Nigeria’s hydrocarbon resources upstream sector, has exited oil mining licenses (OMLs) 123,124 and OMLs 126, 137. The company’s exit of the oil blocks is coming nearly 18 months after government ordered the takeover by the Nigeria National Petroleum Corporation (NNPC), now Nigeria National Petroleum Company Limited (NNPCL) The […]
OPEC Forecasts $12.1Trn Investment To Sustain Global Oil Sector’s Growth
The Organisation of Petroleum Exporting Countries (OPEC) has projected that in order to sustain oil and gas sector’s contribution to global energy needs, investments should increase by $500 billion yearly in the sector from now to 2045, implying about $12.1 trillion investment during the period. The oil cartel’s forecast was contained in its 2022 World […]
Nigeria Can Meet OPEC’s Oil Production Quota – NUPRC Boss
…..Says Policy On Gas Emission Reduction Underway The Chief Executive Officer of Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, has expressed optimism that Nigeria can meet the Organisation of Petroleum Exporting Countries’ (OPEC’s) oil production quota, in spite of the current insecurity challenges in the upstream sector of the hydrocarbon resources industry. […]
Amni, Afreximbank Seal $600Mn Facility Pact For Energy Transition
Amni International Petroleum Development Company Limited, a Nigerian independent oil and gas exploration and production company, and the African Export–Import Bank (Afreximbank) have signed a Memorandum of Understanding (MoU) for the provision of a $600 million syndicated reserve based lending facility. The multi million US dollar deal was signed by Amni International’s Chief Tunde Afolabi […]
Nigeria Will Catalyze Industrialization Through Gas Utilization – Sylva
The Minister of State Petroleum Resources, Chief Timipre Sylva, on Wednesday restated the Federal Government’s commitment to utilizing her huge gas resource to catalyze ongoing industrialisation agenda of the country. The minister, who was quoted in a statement issued by his Senior Adviser, Media and Communication, Horatius Egua, as making this remark at a dinner […]
Banks’ Credit To Private Sector Hits N267.11Trn 2021 – NBS
The National Bureau of Statistics (NBS), the Nigerian statistical system coordinating agency, has reported that bank credit to the organized private sector (OPS) totalled N267.11 trillion in 2021. The statistics agency, in its latest ‘Selected Banking Sector Data Q1-Q4 2021’ report published in October 2022, indicated that the total credit allocated to the private sector […]
CPPE Canvasses 10-Point Agenda For Nigeria’s Sustainable Economic Growth
The Centre for Promotion of Private Enterprise (CPPE), one of Nigeria’s private sector advocacy groups championing the cause of policy-driven economic policies and initiatives, has canvassed a 10-point strategic agenda needed to strongly position the nation’s economy on the path of sustainable growth in the years ahead. The Centre, in a Note signed by its […]
Nigeria’s Oil Industry Attracted Over $60Bn FDI In 12 Yrs – Wabote
The Executive Secretary of the Nigeria Content Development and Monitoring Board (NCDMB), Engr. Simbi Wabote, has said that Nigeria’s oil and gas sector attracted over $60 billion Foreign Direct Investment (FDI) in the past 12 years, following the enactment and implementation of the Local Content Act. Wabote, who gave this figure in an interview […]