The federal government has stated that two private Nigerian firms have been selected to build 217,000 barrels per day refineries in Port Harcourt and Warri under the co-location concept initiated by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, THISDAY reports. The concept of co-location of refineries is to ensure that new refineries are set up to share infrastructure with Nigeria’s existing refineries in Kaduna, Port Harcourt and Warri, to boost domestic petroleum products refining capacity.
The International Energy Agency (IEA) has predicted that the U.S. will be a dominant force in global oil and gas markets for many years to come as the shale boom becomes the biggest supply surge in history, Bloomberg reports.
OTL Africa 2017 Registration - NOTICE OF FINAL DISCOUNT PERIOD EXPIRATION With exactly 8 weeks left to the 11th OTL Africa Downstream Week holding from Sunday 22nd October to Wednesday 25th October, 2017 at the Lagos Oriental Hotel, Nigeria, the OTL Africa Secretariat wishes to notify interested persons and organizations that the 24.2% promotional Early-Bird discount on delegate registration fees and the 5% discount on exhibition space reservation will expire on the 31st of August, 2017. With the discount, Nigerian delegates will pay NGN195,021.22 as against the NGN257,250 (US$735), while exhibitors will make minimum savings of NGN67,725 (US$193.5) per 9sqm space. These offers will end at midnight Thursday, August 31, 2017. To take advantage of this unique offer and make substantial savings on conference registration and exhibition, please visit www.otlafrica.com or call +234 (0) 14605549; 07042958915 or 07042898380 today. The annual OTL Africa Downstream Week is the continent’s leading business forum for market insights, emerging opportunities, products’ showcase and recognition of excellence in the African downstream petroleum value-chain. It features a strategic conference, dedicated industry exhibition and the annual OTL Downstream Industry Dinner. Also called The Africa Downstream Week, it is organised in collaboration with key partners in government and the industry.
Nigeria’s crude oil output is expected to rise by 226,000 barrels per day, as the Shell Petroleum Development Company (SPDC) has lifted the force majeure declared on exports of Bonny Light, the country's reference crude oil grade. This follows the completion of repairs of the Nembe Creek Trunk Line (NCTL) by operator, Aiteo Eastern E&P Company Limited. The development was a boost to efforts on the recovery of Nigeria’s crude production heavily impacted by militancy in the Niger Delta, a situation that prompted the Organisation of Petroleum Exporting Countries (OPEC) to exempt the country from the production cuts, which the cartel has extended until March 2018. This is coming as crude oil prices rose to a two-week high Thursday, extending a rally into a sixth straight session after a decline in weekly U.S. production eased concerns about deepening oversupply. The six-day bull-run is the longest since April, which ended with oil price hovering around $51 per barrel. With the lifting of the force majeure on Bonny Light, Nigeria’s crude export will exceed 2 million barrels per day, as the export of the Bonny grade is set to reach 226,000 barrels per day in August, up from 164,000 bpd in July, according to the loading schedules. A Shell spokesman, Mr. Bamidele Odugbesan, confirmed on Thursday that “the force majeure on Bonny Light exports was lifted effective 12:00hrs (Nigerian time) on Wednesday, June 28, 2017 after the repair of the sabotage leak”. The 600,000 barrels per day capacity, 100-kilometre NCTL built by SPDC and commissioned in 2010, feeds the Bonny export terminal in Rivers State. SPDC sold the pipeline and Oil Mining Lease (OML) 29 to Aiteo in 2015 as part of its divestment programme for onshore assets in the Niger Delta. NCTL and the Trans-Niger Pipeline (TNP) remain the two major pipelines used by SPDC and some other producing companies to evacuate crude from the eastern Niger Delta to the export terminal. Before the downward slide in prices, oil had traded at a 2017 peak of $55 per barrel in 2017. Prices recently slipped to the lowest in ten months but have since rebounded more than seven per cent, stretching their bull-run to the longest since April. Reuters reported that the global benchmark, Brent crude futures were up 35 cents Thursday at $47.66 a barrel, having touched a two-week high of $47.83 earlier in the session. U.S. West Texas Intermediate (WTI) crude was up 33 cents at $45.07 a barrel, after registering an intraday high of $45.24, also a two-week peak. U.S. government data showed on Wednesday that domestic crude production dropped by 100,000 barrels per day (bpd) to 9.3 million bpd last week, the steepest weekly fall since July 2016.
There are indications that the 2017 budget passed by the National Assembly on Thursday has still not gotten to the executive as at Monday...
Garba Shehu, Senior Special Assistant to the President on Media and Publicity, has revealed that with the assent to the 2017 budget, the Federal Government is now keen on constructing the 2nd Niger Bridge.This was in addition to the construction of Abuja-Abaji-Lokoja highway and the Lagos-Ibadan, Kano-Maiduguri and the Enugu-Port Harcourt highways, he said. The SSA to the President also revealed that N7.5 billion had also been earmarked for the rehabilitation of the Obajana Junction-Benin and Onitsha-Enugu dual carriageway. While another N7 billion was allocated for the Bodo-Bonny Road in the Niger Delta area, including other roads in deplorable condition like Ilorin-Jebba, Odukpani-Itu, Kano-Katsina and Gombe-Numan-Yola all earmarked for rehabilitation and reconstruction. Shehu, who featured in an interview programme on the Abubakar Rimi Television station in Kano on Monday, also stated that the Federal Government intends to rehabilitate all dilapidated highways including the Kaduna-Kano dual carriage way on which accidents have risen to dangerous levels. He noted that provision for the reconstruction of the Kaduna-Kano highway had been made in the 2017 budget contrary to insinuations that the Buhari administration had abandoned Kano and other roads to cater to the roads in Kaduna because of the temporary closure of Nnamdi Azikiwe International Airport, Abuja.
The Cross River State government has announced plans to commence the construction of another 26 megawatt gas turbine power plant in Tinapa, Channels TVreports. The government...
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