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NNPC Renegotiates Deep Offshore Rig Rate, Gets 72% Discount. Says unit technical cost for oil has dropped to $27/b from $70/b.

Feb 24 2017
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The Nigerian National Petroleum Corporation (NNPC) yesterday said it has renegotiated its deep offshore rig rate from a staggering $580,000 to $164,000 per day, translating to a cost savings of 71.7 per cent.


It also stated that it achieved a 35 per cent downward review of rig rates per day for both swamp and land operations within its oil production portfolios.

The corporation’s Group General Manager, Public Affairs, Ndu Ughamadu, stated this in a statement he sent to THISDAY in Abuja.


Ughamadu said the Group Managing Director of NNPC, Dr. Maikanti Baru, who was represented by the Chief Operating Officer, Gas and Power of NNPC, Saidu Mohammed, at the 14th annual Aret Adams memorial lecture in Lagos, said these.  Read more


$17bn stolen oil: Reps summon Emefiele. Punch Online

An ad hoc committee of the House of Representatives on Thursday summoned the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, to appear before it within seven days or risk being arrested.


He was also directed to produce all documents linked to the $17bn worth of Nigeria’s crude oil and gas said to have been stolen from undeclared exports between 2011 and 2014.


The committee, which is chaired by a member of the All Progressives Congress from Adamawa State, Mr. Abdulrazak Namdas, is investigating the controversial transactions.  Read more


Export threatened as explosion hits NLNG gas pipelines. Punch Online

Export of the nation’s Liquefied Natural Gas may suffer a setback following an explosion on a section of the right of way housing two gas transmission pipelines, one of which belongs to the Nigeria LNG Limited, about three kilometres from Rumuji in Rivers State.


The explosion occurred on Wednesday, the NLNG said in a statement signed by its General Manager, External Relations Division, Mr. Kudo Eresia-Eke.


It said, “The underlying cause of the incident is still to be determined. No injuries or fatalities have been reported. Emergency response procedures were immediately activated and the relevant authorities notified. Communities closest to the area of the incident have been advised not to approach the site in the interest of safety. Read more

Last changed: Feb 24 2017 at 12:09 PM