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DPR Set To Resolve 43 Oil, Gas Disputes

Ebuka Daniel The Department of Petroleum Resources has said over 43 cases in the Nigerian oil and gas industry are waiting to be looked into by the newly inaugurated Alternative Dispute Resolution Centre. Its Director/Chief Executive Officer, Mr Sarki Auwalu, said the ADRC was established in January as one of …

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Rising Demand Pushes Crude Oil High To $66

 Ebuka Daniel The international oil benchmark, Brent crude, rose by five per cent on Wednesday, after a report from the International Energy Agency, followed by US inventory data, boosted optimism about returning demand after the coronavirus lockdowns last year crushed fuel consumption. Brent, against which Nigeria’s oil is priced, rose …

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NNPC Records 37% Decline In Pipeline Vandalism In January

Ebuka Daniel The Nigeria National Petroleum Corporation has announced a 37.21 per cent decrease in cases of pipeline vandalism across the country in January 2021. The Corporation said that a total of 27 pipeline points were vandalized in January 2021, down from the 43 points recorded in December 2020. According …

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Oil Price Rises For Fifth Consecutive Month

Babajide Iletogun The average global crude oil prices have continued to rise for the fifth consecutive month, the Organisation of the Petroleum Exporting Countries said on Tuesday. OPEC attributed the continued rise in international oil prices to the supportive oil market fundamentals deployed by the group to stem the earlier …

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Refineries With Expired Licenses Can Apply For Revalidation–DPR

Ebuka Daniel The Department of Petroleum Resources has announced that refineries with invalid licences can apply for revalidation to migrate to a new milestone. The Department had declared 32 private refinery licences invalid stating that the licences expired since 2018. Among these refineries are: BUA Refinery & Petrochemicals (Akwa Ibom); …

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We Will Implement Report On $1bn Abandoned Oil Facility—-FG

Ebuka Daniel The federal government has received the report of the compensatory contracts and other incentives committee on the abandoned $1bn Kaztec Engineering Limited fabrication yard, located in Ilase village, Snake Island, Amuwo-Odofin Council, Lagos State Submitting the report to the Minister of State, Petroleum, Mr. Timipre Sylva, in Abuja, …

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