The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has urged the National Association of Petroleum Explorationists (NAPE) to explore the hydrocarbon potentials of green inland (frontier) basins in order to increase the depleting reserves in the country. He said the federal government would be willing to make provisions for incentives for such prospective investors. … Read More
Chevron spends $3.6 billion on Local Content
Chevron Nigeria spent $3.6 billion on Nigeria content in 2015 as part of its commitment to the Local Content Act which is aimed at developing local capacity, boosting local economies and creating job opportunities. The company said in its 2015 Corporate Responsibility Report that it consistently reserves significant portions of job scopes to benefit indigenous companies and community contractors from … Read More
Nigeria Government to Commence Oil Exploration in Benue Trough
President Muhammadu Buhari has ordered the Nigerian National Petroleum Corporation, NNPC, to commence the search for crude oil and other hydrocarbon exploration in the Benue Trough. According to a statement by the NNPC, Group Managing Director of the NNPC, Mr. Maikaniti Baru, disclosed this while receiving a delegation from the Benue State Government, who paid him a courtesy visit in … Read More
Economic Recession and the Petroleum Industry
The Nigerian economy has slipped into recession. The evidence is showing up in all the usual ways: slowing output growth, slumping purchasing-manager indexes, widening credit spreads, declining corporate earnings, falling inflation expectations, receding capital investment and rising inventories. The economic recession in the country has been blamed on the decline in crude oil prices, which led to reduction in the … Read More
Ghana Pass Petroleum Industry Bill into Law
Ghana’s Parliament has given its approval to the Petroleum Production and Exploration Bill on. The law, which will regulate the nation’s oil sector, comes 9 years after Ghana discovered oil. Emmanuel Kofi Buah, Energy Minister, said that even though the PNDC Law 84 which had regulated the industry has been helpful, the new phase the nation has entered in terms … Read More
As Mohammed Barkindo Resumes At OPEC, Oil Falls To $42
The global oil benchmark, Brent crude, fell by over three per cent on Monday to around $42 per barrel amid worries about growing glut in the market. A Reuters survey on Friday found that output from the Organisation of Petroleum Exporting Countries likely rose in July to its highest in recent history as Iraq pumped more and Nigeria squeezed out … Read More