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Saturday, December 15, 2018
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The governing board of the Nigerian Ports Authority (NPA) has approved the concession of Terminal B, Warri Old Port, to Ocean and Cargo Services Limited.
The Federal Executive Council (FEC) Wednesday approved $22.995 million (N7.14billion) towards enhancing security in the nation’s maritime sector. The minister of transportation, Mr Rotimi Amaechi, disclosed this when he briefed State House correspondents on the outcome of the Council’s meeting which was presided over by President Muhammadu Buhari at the Presidential Villa, Abuja.
Organization of Petroleum Exporting Countries (OPEC) said on Wednesday it had lowered the 2019 forecast of demand for its crude, underlining the challenge the producer group faces to prevent a glut even after last week's decision to trim output.
...As supply hits 1.19m mt in December Refined oil product arrivals into West Africa in December so far are 1.19 million metric tonnes as of Wednesday, compared with 1.21 million mt in the whole of November, S&P Global Platts trade flow software cFlow showed.
Libya declared a state of force majeure at its largest oil field after an armed group forced a production halt, just days after OPEC exempted the country from global crude output cuts.
Chevron Corp. will hike spending by 9.3% next year to $20 billion, its first budget increase since 2014 as it expands investments in the Permian Basin and its Tengiz project in Kazakhstan.
ROYAL Dutch Shell has given the green light to its seventh North Sea development project of the year amid fresh signs interest in the area is building. The oil and gas giant has approved plans to revamp the Shearwater platform 140 miles east of Aberdeen with partners in a move that signals confidence in the long term potential of the North Sea.
The Abu Dhabi National Oil Company (ADNOC) has announced its successful collaboration with IBM, piloting a blockchain-based automated system to integrate oil and gas production across the full value chain. The groundbreaking system provides a secure platform for the tracking, validating and execution of transactions at every stage, from production well to the end customer.
The Senate Committee on Marine Transport and the Federal Ministry of Transportation (FMOT) has urged stakeholders to support Government in its effort to galvanize development of the maritime sector as it has enormous resources that can boost the economy.
It emerged on Saturday that oil marketers under the aegis of Major Oil Marketers Association of Nigeria (MOMAN) and the Depot and Petroleum Products Marketers Association (DAPPMA), who have been owed about by N348 billion by the federal government as outstanding payment on petrol subsidy claims, would be paid N236 billion on Friday this week.
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