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COVID: Nigeria May Miss N2trn Oil Revenue Target
There are indications that the Federal Government may not meet the N2.01 trillion oil and gas revenue target as captured in the 2021 budget. An expert, Mr Jimi Ogbobine, Head, Agusto Consulting, who spoke at a conference convened by First Bank of Nigeria said this is due to the low energy consumption occasioned by the…
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OPEC Predicts 6 mb/d Global Demand of Oil In 2021
The Organisation of Petroleum Exporting Countries has predicted that the global demand will increase by six million barrels per day, mb/d in 2021 despite the prolonged impact of the Covid-19 pandemic. OPEC noted that oil demand contracted by a very significant 9.5 mb/d in 2020 and it is forecasted to grow by around 6 mb/d…
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NNPC Expects $8.7 Billion Investments From Refineries
The Nigerian National Petroleum Corporation has said that it expects an inflow of about $8.7 billion investment during the rehabilitation of three refineries and revamping of pipelines. This investment is expected form the Warri Refinery and Petrochemical Company (WRPC), the Kaduna Refinery and Petrochemical Company (KRPC), as well as the revamping of some of its…
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FG To Increase PMS To N234, Says Subsidy Is Too Expensive
The Federal Government of Nigeria, through the NNPC, has said it can no longer afford to pay subsidies for Premium Motor Spirit (PMS) hence the planned increment of pump price from N162 to N234 per litre. The Group Managing Director of Nigeria National Petroleum Corporation (NNPC), Mele Kyari, said subsidy currently costs the corporation N120…
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Port Harcourt Refinery Gets $1.5billion For Rehabilitation
The Nigerian government has approved the sum of $1.5 billion for the rehabilitation of Port Harcourt Refinery – a project set to last for over 7 years. Port Harcourt Refinery is known to be the largest refining company in the country. At the end of the Federal Executive Council, the Minister of State for Petroleum…
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Nigerian Government Denies Hike In Petrol Price
The Nigerian government through the Nigerian National Petroleum Corporation (NNPC) has debunked the earlier released hike in PMS to N212 per litre. On Thursday evening, The Petroleum Products Pricing Regulatory Agency (PPPRA) posted a template that recommended the price of Premium Motor Spirit, PMS, also known as petrol to be retailed between N209.61 and N212.61…
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Oil Theft: Nigeria Losses 200,000 Barrels Of Oil Daily
The Nigerian National Petroleum Corporation disclosed that the country loses about 200,000 barrels of crude oil daily to thieves and vandals. The Group Managing Director NNPC , Mallam Mele Kyari made this disclosure during a meeting with the Chief of Defence Staff, Major General Lucky Irabor, commending the effort of security agencies for their support.…
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The Nigerian Refineries Accountability
In April, NNPC had to shut down all its four refineries to secure funding for their refurbishment. This means that these refineries had not processed almost any crude oil in months. Three refineries in Nigeria cost the country N148 billion in expenses but produced less than 40,000 metric tonnes of crude oil produced only by…
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Petrol: Subsidy And Pump Prices in Nigeria
The oil and gas industry has been a significant source of service to the Nigerian economy since 1956. Agriculture was the major source of Nigeria’s revenue through the exportation of cash crops such as rubber, hide and skin, groundnut, oil and palm kernels, cocoa, and coffee before the discovery of petroleum in Oloibiri, in the…