OIL OUTPUT RESTRAINED BY FORCADOS, NEMBE CREEK PIPELINES OUTAGES

Nigeria managed to boost crude oil exports but the increase was restrained by outages of the Forcados and Nembe Creek pipelines. Nembe creek crude oil pipeline was closed January 17, 2015 due to a leak, while the Trans Forcados oil pipeline was also shut about the same time. Both pipelines have been reopened, bringing back on stream part of the network whose closure also led to a near halving of the country’s gas production.

 

Read more @ Businessday

SUBSIDY KILLING PRIVATE REFINERY INITIATIVE – EXPERT

The Director, Centre for Petroleum, Energy Economics and Law, Prof. Adeola Adenikinju, has said those given licences to set up private refineries in the country will not be able to do so because of the government’s subsidy policy that will not protect their investments.

Speaking with journalists in Ibadan on Thursday ahead of the annual regional conference on energy scheduled for November 24 and 25, Adenikinju said government interference in oil pricing and political instability would continue to scare away banks from financing multi-million dollar oil and gas projects.

Read more @ The Punch