FG loses $2.5bn to gas flaring – Expert

By Thompson ABISOLA An Energy and Infrastructure Policy research organisation, Mr Chinedu Onyeizu, Chief Executive Officer, AfriPERA,  says Nigeria loses about 2.5 billion dollars annually from gas flaring in the country. Onyeizu disclosed this in Abuja. “  Since the 1950’s, Nigeria has been burning off its natural gas at flare points and despite efforts by successive administrations to curtail the wastage, the country loses an estimated 2.5 billion dollars  each year to gas flaring as well as unattended impact of negative externalities associated to gas flaring,’’ he said He said …

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Weights and Measures seals 11 filling stations in Kano for under-dispensing products

By Thompson ABISOLA The Weight and Measures Department of the Federal Ministry of Industry, Trade and Investment on Friday sealed 11 filling stations in Kano for  under-dispensing products. The department’s Assistant Director, Mr Ibrahim Isa said this shortly after sealing up the filling stations. He said that 10 of the stations were sealed for improper dispensation of Petroleum products, while one was sealed for failure to upgrade registration. Isa said that the Department had also monitored eight other business premises and certified their Weights and Measures system. The assistant director…

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Oil prices edge up, but set for weekly loss on stock build, trade row

By Thompson ABISOLA Oil prices nudged higher on Friday on signs of surging demand in China, the world’s second-biggest oil user. Although prices are set to fall for a second week amid concerns of the ongoing Sino-U.S. trade war is limiting overall economic activity. Brent crude oil futures were trading at $79.51 per barrel at 0521 GMT, up 22 cents, or 0.3 per cent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 19 cents, or 0.3 per cent, at $68.84 a barrel. For the week,…

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Oil rises to approximately $80

By Olamilekan FAWAS Oil prices rose on Friday, helped by an ongoing Sino-U.S. trade war and concerns over the death of a prominent Saudi journalist. Brent sweet crude for December delivery was up at 79.63 dollars a barrel. U.S. West Texas Intermediate crude for October delivery rose by 27 cents or 0.4 per cent, at 68.92  dollars per barrel. U.S. crude stocks last week climbed to 6.5 million barrels, the fourth straight weekly build, almost triple the amount analysts forecast, the U.S. Energy Information Administration said on Wednesday. Inventories rose…

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Price hike: DPR shuts three fuel stations in C/River

By Thompson ABISOLA The Department of Petroleum Resources (DPR) has re-sealed three fuel stations in Odukpani Local Government Area of Cross River. The station were selling the product at N150 per litre as against the approved N145 per litre. Mr Bassey Nkanga, DPR Operations Controller in Cross River, who was surveillance of fuel stations across the state, said the stations were re-sealed for violating ‘the seal order’. Nkanga, who decried the price hike in the affected stations, said they have no reason for their action when other stations were selling…

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Oil slips below $80 on rising U.S. stockpiles

By Thompson ABISOLA Oil slipped below $80 a barrel on Thursday as the fourth weekly increase in U.S. crude inventories suggested ample supply, while Saudi-U.S. tension and falling Iranian exports lent support. U.S. crude inventories rose 6.5 million barrels last week, the Energy Information Administration said on Wednesday, the fourth straight weekly increase and almost three times what analysts had forecast. Brent crude, the global benchmark, was down 50 cents at $79.55 a barrel at 0840 GMT. It has dropped over $7 from a 2014 high of $86.74 reached on…

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Exxon Mobil signs framework agreement on LNG supply with Zhejiang Energy

By Thompson ABISOLA Exxon Mobil Corp has signed a framework agreement on a 15-year liquefied natural gas (LNG) supply deal with Zhejiang Provincial Energy Group. Peter Clarke, the President of Exxon Mobil gas and power marketing, made the announcement on Thursday, marking Zhejiang Energy’s first long-term supply deal. Clarke was quoted as saying at the International Petroleum and Natural Gas Enterprise conference at Zhoushan, near Shanghai. Share on: WhatsApp

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U.S. oil edges up after 3% drop on big stock build

By Giwa SHILE Oil inched up on Thursday amid ongoing tensions over the death of a prominent Saudi journalist, with prices steadying after a big drop overnight due to a jump in U.S. crude stockpiles. U.S. West Texas Intermediate crude for October delivery was up 12 cents, or 0.2 per cent, at $69.87 a barrel by 04:13 GMT, after falling 3 per cent in the previous session to settle below $70 for the first time in a month. Front-month London Brent crude for December delivery was up 13 cents, or…

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Abia Pipeline Explosion: Atiku commiserates with victims, donates N10m

By Giwa SHILE The Presidential candidte of the Peoples Democratic Party, (PDP) Alhaji Atiku Abubakar, has commiserated with the people and government of Abia over the pipeline explosion which killed scores of people in the state. This is contained in a statement issued from the Atiku Media Office on Wednesday in Abuja. The pipeline explosion claimed some lives and destroyed properties on Oct. 12, in Umuimo and Umuaduru communities in Osisioma Local Government Area, Abia. The PDP candidate, who was represented by the Vice Presidential Candidate and former Anambra Governor, Peter…

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NNPC denies alleged existence of $3.5bn fuel subsidy fund

By Thompson ABISOLA The Nigerian National Petroleum Corporation (NNPC) on Wednesday denied Senate’s allegation that it had a $3.5 billion fund to surreptitiously subsidise imports of petroleum products. The Senate had on Tuesday hinted that it would investigate the fund it said the NNPC was utilising, without subjecting it to parliamentary scrutiny through the national budget. NNPC responded in a statement issued by its Spokesman, Ndu Ughamadu, that it did not have $3.5 billion subsidy fund. It said a $1.05 billion “National Fuel Support Fund” did exist and was set…

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