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Seven Dead As NNPC Confirms Explosion In Benin.

The Nigerian National Petroleum Corporation (NNPC) has actually reported an explosion incident which happened at Gbetiokun, OML 40, run by the Nigerian Petroleum Advancement Business (NPDC), on behalf of the NPDC/Elcrest Joint Venture. The incident, which happened on Tuesday during the installation of a ladder on a platform (Benin River Valve Station) for gain access to throughout discharging of Gbetiokun production, sadly, triggered 7 fatalities, a release by NNPC Group General Supervisor, Group Public Affairs Department, Kennie Obateru, has actually said. The release mentioned that in-depth examination of the reason…

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Africa Oil and Gas 

Crude oil closes high, Nigeria to comply with output cut

Petroleum rates finished with a weekly gain of about 10% on Friday, as the sudden drop in U.S. production output of petroleum, together with OPEC output cuts, provides hope that the oil glut in the market will reduce significantly. International standard, Brent crude closed at $42.20 for a 9.5% weekly gain, after it opened on Monday at $38.80 a barrel. West Texas Intermediate (WTI) likewise completed the week on an excellent note, as it closed at $39.98 a barrel with an 11% weekly boost, after starting the week at $36.03…

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Africa Oil and Gas 

Nigeria now in full compliance with everyday oil output

The increasing cost of Nigeria’s debt profile breached a brand-new milestone with the country’s financial obligation service as a percentage of income rising to 99% in the first quarter of 2020. This is contained in the Medium-Term Expense Framework and Financial Technique (MTEF/FSP) report recently released by the Federal Ministry of Finance, Budget Plan, and National Planning A general review of the data acquired from the MTEF/FSP report shows that in Q1 2020, Nigeria sustained a total amount of N943.12 billion in debt service while the federal government retained income…

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Former Petroleum Minister,Dieziani Has Been Appointed As Commissioner For Trade And Investment

The Former Nigeria’s Minister of Petroleum, Mrs. Diezani Allison Madueke has been reportedly appointed as Commissioner for Trade and Investment by Roosevelt Skerrit, the Prime Minister of Commonwealth of Dominican Republic. It was gathered that prior to this appointment, Dominican Republic had earlier granted Mrs Diezani Madueke Citizenship of the Dominica, a Caribbean Island Country. Diezani Madueke is on watch list of Economic and Financial Crime Commission( EFCC), Nigeria’s anti-graft agency for alleged money laundering. With this new development extradition of former Minister becomes practically impossible and the remaining are…

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Africa Oil and Gas 

Producers hopeful of $50 oil cost, business sustainability from cuts Business

Although OPEC concurred at the weekend to extend 9.7 million barrels cuts in daily crude oil production through completion of July, providing oil rates some support, operators in the exploration market are enthusiastic that the cuts would be sustained to help production and organisation sustainability. In the course of international lock down, the occurring energy imbalance impacted oil manufacturers and rates such that service sustainability was threatened and capability to service over N3.4 trillion loans damaged. With the lock down raised and oil costs rebounding, African Energy Chamber thinks that…

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