Fuel Queues Reappear In Ogun, Edo

fuel There are growing concerns among residents and motorists in Ogun and Edo state following the return of fuel queues in most petrol stations.

In Abeokuta, long queues of vehicles were sighted at the capital city with motorist struggling for the product at the service points.

There were also people with jerry cans hoping to get the product either as use in their vehicles or generators to power their homes.

Some stations remained deserted as a result of non-availability of the product.

It was the same situation in Benin City where long queues have also been seen around the city.

Some of the motorists complained of difficulty in getting petrol, asking the federal government to intervene in order to bring the situation under control.

The NNPC had given assurances that it has enough supply and had warned buyers against panic buying.

Residents have, however, appealed to the authority concerned to do the needful in bringing the situation under control for the good of the residents

Stop Panic Buying, NNPC Urges Nigerians

NNPCThe Nigerian National Petroleum Corporation (NNPC) has urged Nigerians to stop the panic buying of petrol across the country.

Most filling stations in Abuja and other parts of the country have been inundated with cars forming long queues in an attempt to get petrol.

However, in a statement signed by the Spokesman of the NNPC, Mr Ohi Alegbe, the NNPC said that there is adequate product to last the country for 23 days.

The statement put the quantity of petrol stock at over 927 million litres.

The statement further warned marketers not to engage in products hoarding and diversion as the monitoring committee from the Pipeline and Products Marketing Company (PPMC) is empowered to sanction anyone engaging in sharp practices.

The NNPC had on Monday said that there was no iota of truth in the news making the rounds that the organisation had reduced the pump price of fuel.

The Group General Manager of NNPC, Ohi Aligbe told Channels Television on Monday that stories about the pump price being reduced has gone viral on the internet, but maintained that pump price of petrol remains 87 naira per litre.

NNPC Denies Slashing Petrol Pump Price

NNPC The NNPC says there is no iota of truth in the news making the rounds that the organisation has reduced the pump price of fuel.

The Group General Manager of NNPC, Ohi Aligbe told Channels Television on Monday that stories about the pump price being reduced has gone viral on the internet, but maintained that pump price of petrol remains 87 naira per litre.

He called the rumour the handiwork of detractors, saying that the management is not contemplating price reduction as at now.

Fuel Importation To Reduce As Port Harcourt, Warri Refineries Begin Operation

Refinery-KadunaThe Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu, is optimistic that fuel importation will reduce, with the commencement of production at the Port Harcourt refinery.

He said that the Port Harcourt refinery was producing five million litres of petrol every day and that the refinery in Warri, Delta State, would begin production soon.

The NNPC boss made the revelation to reporters on Wednesday during a visit to the Port Harcourt refinery in Alesa Eleme, in Rivers State.

Fuel Importation Reduction

According to Mr Kachikwu, the production rate signifies that fuel importation will reduce significantly from now on.

He also said that before the end of the week, the Warri refinery will also resume production.

The GMD explained that the target of the NNPC was to ensure that all states’ refineries would begin to refine petroleum products, with operation at full capacity.

“All the refineries put together could supply 20 million litres of petrol on daily basis,” he said.

He also hinted that “when all the pipelines across Nigeria are fixed, the Nigerian Air Force will be engaged to provide aerial survey of the pipelines.

The GMD then told Journalists that a major plan was on the way to unbundle the pipelines and products marketing into three different companies that would focus primarily on maintenance of the pipelines and all the 23 depots across the country.

Total warns output will be dented by North sea, Nigerian leaks

Oil major, Total SA (TOT, FP.FR) on Friday warned that production in the second quarter will be impacted by leaks at its North Sea and Nigerian operations as well as planned maintenance as it reported a slight drop in earnings in the first quarter.

The group posted a 1% drop in adjusted net profit for the first quarter, due to the disposals of assets, the loss of Syrian output and due to the deterioration of the refining and chemicals performance.

Adjusted net income, an earnings benchmark that strips out non-performance-related inputs that is closely watched by investors, was down at EUR3.07 billion, from EUR3.1 billion a year earlier.

The figure was fully in line with expectations as analysts polled by Dow Jones Newswires had expected EUR3.07 billion. Net profit for the period was down 7% at EUR3.66 billion compared with EUR3.95 billion a year earlier.

Output in the first quarter was marginally up at 2,372 million barrels of oil equivalent per day, from 2,371 mboe/d a year earlier and missed analysts’ expectations of 2.378 mboe/d.
The group didn’t provide any outlook for the rest of the year nor did it give any specific figure of the total cost so far of the Elgin platform gas leak in the North Sea.

Shell to invest $4 billion to cut down gas flaring in Nigeria

The Chief Executive Officer of Royal Dutch Shell Plc, Peter Voser said on Wednesday that the company is looking at investing a further $4 billion in its operations onshore Nigeria in efficiency projects aimed at both raising production and minimizing harmful natural-gas flaring.

In remarks to investors published on Shell’s website, Mr Voser said Shell’s oil production in Nigeria rose to about 800,000 barrels a day in 2011. However, he also highlighted the dangers of working in the country, where two of its contractors were killed by gunmen last year.

The company, which is the dominant foreign oil company operating in Nigeria, has struggled to boost production in the region for years, held down by militant activity in the Niger Delta region.

Nigeria is by far Shell’s most important region, accounting for about 16% of its worldwide production of oil and liquid gas from 2006 to 2010. While production ticked higher to 19% in 2010.

Nigeria, an OPEC producer nation, accounted for around 10% of Shell’s total global output last year.

Shell’s CEO said the company’s investment in natural gas would support efforts to cut down on gas fires currently burning at oil wells. Nigeria flared off the second most gas in 2010 behind only Russia.

Environmentalists say the fires, known as flaring, are one of the largest sources of greenhouse gases which cause global warming. They can also sicken those living nearby.

Shell said it expects to complete those investments between 2014 and 2015, pending approval by partners and the tangible security environment.

Nigeria, an OPEC producer nation, accounted for around 10% of Shell’s total global output last year.