OPEC daily basket price close at $44.88/b

28 November 2016, Sweetcrude, Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $44.88 a barrel on Friday, compared with $45.22 the previous day, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi […] More »

Badagry Deep Seaport threatened as host communities demand equity participation

28 November 2016, Lagos – There are indications that the proposed Badagry deep seaport project may be stalled following what the host communities described as neglect by the federal, state governments and APM Terminal, the majority shareholder in the proposed project. In an interview with journalists, the Mobee of Badagry Kingdom, High Chief Menu Toyon, who […] More »

American oil firm accused of violating Local Content Act

28 November 2016, Lagos – Some Nigerians working with an American oil and gas service firm, Weatherford International, have raised the alarm over gross abuse of local laws and sharp practices being perpetrated by the Nigerian subsidiary of the company, Weatherford Nigeria, against them. A source at the company, who spoke on condition of anonymity, said […] More »

Confusion as explosion rocks NPDC pipeline in Delta

28 November 2016, Warri – There was confusion in parts of Ughelli in Delta State on Sunday as an explosion rocked a pipeline belonging to Nigerian Petroleum Development Company (NPDC). Though security operatives believed that the explosion was as a result of a fault, some community sources thought it was an attack by suspected militants. […] More »

Chevron supports local barite miners with $1.28m equipment

28 November 2016, Lagos –  Local miners of Barites in Benue State recently got a boost in their activities as Chevron Nigeria Limited handed over barite earth moving equipment worth $1.284 million in line with the company’s efforts to increase Nigeria capability and provide a strategic framework for increasing the Nigerian content component of good […] More »

NNPC: Why we want alternative crude source for Kaduna Refinery

28 November 2016, Abuja – The Nigerian National Petroleum Corporation (NNPC) has said it decided to look for an alternative crude oil supply source for its Kaduna Refinery because pipelines that supply itscrude oil from the Niger Delta are often destroyed by vandals. The corporation in a statement from its Group General Manager, Public Affairs […] More »

GE invests $4 billion in skill acquisition in Africa

28 November 2016, Lagos – Committed to training young Nigerians in advanced manufacturing and business development, leading multinational, General Electric (GE), has invested $4 billion for skill acquisition in Africa. Speaking in Lagos, GE President and Chief Executive Officer, Jay Ireland, stated at the unveiling of the 2nd Lagos Garage, that the growth of Africa would come […] More »