ogfza interview Business and Oil Gas NEWS Oil & Gas 

Our Mandate Not Only to Regulate, Establish and Register Oil and Gas Free Zones But Also Attract Investment Opportunities to Govt – OGFZA

By: Kofoworola Olagunju The annual Nigeria International Petroleum Summit which is currently holding in Abuja with a view to create a perfect platform for the world to meet Nigeria’s Oil and Gas industry players had in attendance key Nigerian political decision-makers, government officials heads of major of National & International companies, multinational and multilateral organizations, the academia and other relevant stakeholders.More importantly, it is also an international exhibition of economic operators, national and international companies and potential investors coming together to present new technologies and know-how in the petroleum sector.…

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Business and Oil Gas 

NLNG calls for massive investment as Nigeria’s ranking drops to 5th globally

THE Nigerian LNG Limited has called for massive investment in LNG as Nigeria’s ranking dropped from fourth to fifth globally. As at 2018, Nigeria was ranked as the fourth leading exporter of LNG in the world with 22 million tonnes, after Qatar, Australia and Malaysia, that produced 77 million tonnes, 44.3 million tonnes and 24 million tonnes yearly respectively. Nevertheless, other nations have pushed forward because of increased investments, resulting in Nigeria’s ranking dropping by one. Speaking at the ongoing Nigerian International Petroleum Summit, NIPS in Abuja, the Managing Director/CEO,…

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Business and Oil Gas 

Uncertainty as OPEC may cut 500,000bpd

There are indications that Organisation of Petroleum Exporting Countries (OPEC), and  `its allies, especially Russia, will further cut oil supply by 500,000 barrels per day (bpd), a situation that would worsen economic realities in Nigeria. In the proposed Nigeria’s 2020 budget is predicated on 2.18 million bpd at a price of $57 per barrel, while the exchange rate is expected to remain N305/$1. Dropping by about $10 due to the outbreak of Coronavirus in China, Brent yesterday stood at $54.76, falling below Nigeria’s expectation in the face of looming further…

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Business and Oil Gas 

Coronavirus affecting oil price

The outbreak of coronavirus in China has caused uncertainty among concerned operators in the Nigerian economy as oil prices continue to slide downward below the nation’s budget benchmark. A check on Tuesday morning showed Brent crude, the main international price, stood at $54.82 per barrel, up from about $54.45 on Monday. Earlier in January, the face-off between the United States and Iran had forced prices above $70/barrel. The crisis followed diplomatic rows between both countries after U.S. airstrikes killed a top Iranian military commander, Qassem Soleimani. However, oil prices slid…

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Business and Oil Gas 

Netflix releases ‘Pandemic’ docuseries as coronavirus spreads

Netflix quietly released a new six-episode docuseries called “Pandemic: How to Prevent an Outbreak” on Tuesday right in time for the alarming spread of the Wuhan coronavirus. In “Pandemic,” viewers meet the “heroes on the front lines of the battle against influenza and learn about their efforts to stop the next global outbreak,” the series’ summary on Netflix reads. “Pandemic” creates urgency for the need to prepare against epidemics by following several viruses and diseases around the globe and what’s being done to battle them — as scientists fight underfunding…

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Business and Oil Gas 

Nigeria records 2,181 vandalised pipeline points in one year

THE Nigerian National Petroleum Corporation, NNPC, said that the country recorded 2,181 vandalised pipeline points within one year period between October 2018 and  October 2019. Investigation shows that this development hindered the supply of petroleum product to various terminals, as well as effective distribution across the country. The full financial report of Nigerian National Petroleum Corporation, NNPC, for October, 2019 stated: “Products theft and vandalism have continued to destroy value and put NNPC at disadvantaged competitive position. A total of 2,181 vandalized points has been recorded between October 2018 and …

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Navy arrests foreigners in crude oil siphoning sites in Lagos,Ogun

Troops of the Nigerian Navy confronting pipeline vandals and oil thieves in the country have dismantled over 300 illegal crude oil siphoning g sites in Ogun and Lagos states even as some foreign collaborators without genuine documentation were also arrested. According to the Navy, this was achieved following clearance operation in the maritime domain in an operation code-named Operation Kurombe conducted by Operation Awtse. A statement by Commander Thomas Otuji, Media Coordinator, said, ‘”It is my pleasure to update you gentlemen of the press and members of the public with…

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Business and Oil Gas 

Oil soars past $70 on the back of US-Iran tension: What it means for Nigeria’s 2020 budget

Oil prices rose by over one per cent on Monday as escalation in the tension between Tehran and Washington, following the assassination of top Iranian commander last Friday, lifted the global benchmark Brent beyond $70 per barrel. Brent surged $70.74 per barrel, its highest in three months, up by 78 cents from Friday’s settlement before easing to $69.17 at 17:10 West Africa Time (WAT). US West Texas Intermediate (WTI) crude eased $63.64 a barrel up by 59 cents or 0.9 per cent after peaking for the day at $64.72, the…

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Business and Oil Gas 

Cooking gas marketers place demands on Nigerian govt after Kaduna explosion

The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) has called for a regulation on filling and retailing of industrial gases in the country. The NALPGAM Executive Secretary, Mr Bassey Essien, who made the call in a statement issued on Tuesday in Lagos, commiserated with the families of those who lost their lives in the Jan. 4 incident. News Agency of Nigeria (NAN) reports that the Chairman, Nigeria Atomic Energy Commission, Prof. Simon Mallam, and his son, as well as three others, were killed in the explosion. Essien faulted claims…

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Business and Oil Gas NEWS 

Apapa gridlock cost Dangote Group about N25 billion in revenue between 2017-2019

The traffic gridlock on the Apapa ports road has cost the Dangote Group about N25 billion in revenue between 2017 and 2019 financial year, President/Chief Executive Officer of Dangote Group, Aliko Dangote, has said. Aliko Dangote revealed this in Lagos on Monday when he was taking the Minister of Works and Housing, Babatunde Fashola, on an inspection tour of the 35-kilometre Apapa-Oshodi-Oworonsoki-Ojota highway currently being constructed by Dangote Industries Limited (DIL). The Apapa-Oshodi expressway will last for 40 years when completed, he told Mr Fashola. Commenting on the quality of…

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