Page 45 - Escravos News Today

Emmanuel Addeh in Abuja The increasing landing cost of petrol and the inability of the Nigerian National Petroleum Corporation (NNPC) to increase ex-depot price have continued to negatively impact on the operations of the corporation, according to latest data from the national oil company. Figures from the NNPC from its full market operations report for January indicated that as a result of not being able to sell the product at the prevailing price dictated by incurred expenses, the group’s o...

Domestic gas prices of about USD2.9/mcf on average until 2024 Upstream production ramping up to above 60kboe/d in 2023 Dividends of about USD59 million a year up to 2024 Fitch’s Key Assumptions for Recovery Analysis: The recovery analysis assumes that Seplat would be reorganised as a going-concern (GC) in bankruptcy rather than liquidated. Seplat’s post-reorganisation, going-concern EBITDA is estimated at around USD223 million, based on the current asset base. A drop in EBITDA to the going-...

Share The House of Representatives on Wednesday expressed grave concern over the controversy trailing the resuscitation of fuel subsidy on Premium Motor Spirit (PMS) as well as allegation bothering on the diversion of crude oil at Warri Refinery, in Delta State. The House in-session who expressed displeasure over the myriad of challenges facing the shutdown of the dyfunctionality of the domestic refineries, mandated its Committee on Petroleum Resources (Upstream) to investigate the activities o...

Channels Television     Justice Emeka Nwite of the Federal High Court sitting in Warri, Delta State on Tuesday March 9, 2021 sentenced and convicted the trio of Olawale Bello, Timuno Abereniboye, and John Gwuene to two years imprisonment each or a fine of 200,000 each. The trio were arraigned by the Benin Zonal Office of the Economic and Financial Crimes Commission, EFCC, for offences bordering on selling/distribution of petroleum products without requisite license. The charge against one of ...

The efficient and effective projection of seapower by maritime forces is dependent on the physical configuration of the harbours and jetties which constitute a critical interface connecting the sea with land. Thus, to assuage the menace of erosion and other ecological challenges facing shorelines bordering naval facilities, the federal government recently intervened and ensured the construction of a jetty and shoreline protection facilities at the Nigerian Navy Underwater Warfare School, Chieme...

Senior Police, Army and Naval Officers allegedly bribe their way to be posted to Ugbokodo community, one of the largest oil host areas in De... Senior Police, Army and Naval Officers allegedly bribe their way to be posted to Ugbokodo community, one of the largest oil host areas in Delta State, South-South, Nigeria. The allegation is according to members of Ugbokodo community in Okpe Local Government Area of Delta State. A petition dated 4th March 2021, addressed to the Chairman, House Committee...

Minister of State for Health Olorunnimbe Mamora says the Federal Government is taking measures aimed at bridging the infrastructure gaps in the Nation’s military formations.

By Ikechukwu Okorafor National Oil Companies (NOCs) in Africa stand on the brink of significant disruption as a new era of structurally lower oil prices challenges business models that have long relied largely on exploration and production of hydrocarbons, especially crude oil. This scenario fundamentally puts Mallam Mele Kolo Kyari, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), on the spot. Especially so, as the unassuming geologist, whose tour of duty has ...

Escravos-Lagos pipeline set to move 2.2 billion scf of gas – NNPC ’Femi Asu The Nigerian National Petroleum Corporation has said it has completed the looping of the Escravos-Lagos Pipeline System with a capacity to add 2.2 billion standard cubic feet of gas into the market. The Group Managing Director, NNPC, Mele Kyari, disclosed this on Thursday at the virtual international conference of the Nigerian Gas Association. Kyari, who was represented by Chief Operating Officer, Gas and Power, Yus...

Some communities in the Niger Delta region and others have been forced to live with the tumultuous effects of gas flaring on their health and environment. Recently, hope beckoned with the disclosure by Minister of state for Petroleum, Mr. Timipre Sylva, that Nigeria will join the global community in achieving complete elimination of gas flaring by 2025. Chiemelie Ezeobi reports In some Niger Delta communities, they often don’t know the difference between day and night because of the flares fr...