Friday 19th October 2018,
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Browsing the "Oil & Gas" Category

Compel FG to probe $12.7bn stolen oil, Falana tells oil workers

Human rights activist  and Lagos lawyer, Mr. Femi Falana, SAN, yesterday, eclared that $12.7 billion worth of crude oil was  allegedly stolen from Nigeria between 2011 and 2014, even as he called on the Petroleum and Natural Gas Senior Staff [...]

October 19, 2018 Oil & Gas

Nigeria extends crude-for-product swaps until June 2019

Nigeria’s state oil firm NNPC has extended its crude-for-product swap contracts, the country’s main avenue to meet the bulk of its fuel needs, until June 2019, sources familiar with the matter said. Despite having a refining capacity of about 445,000 [...]

October 19, 2018 Oil & Gas

Assent PIGB to save oil sector, journalists urge Buhari

Journalists across the federation at the weekend called on President Muhammadu Buhari to sign the Petroleum Industry Governance Bill (PIGB) into law to engender necessary reforms in the oil and gas sector. In a 10-point communiqué issued at the end [...]

October 15, 2018 Oil & Gas

New modular 5,000bpd refinery, 300MW plant to boost Nigeria’s energy capacity

Nigeria is set to add at least 5,000 barrels of oil per day and 300MW to its energy capacity with the entrance of Waltersmith Refining and Petrochemical Company’s 5,000 barrels of oil per day modular refinery situated at the Ibigwe [...]

October 9, 2018 Oil & Gas

Oil marketers urge government to pay alleged N650 billion debt

The Independent Petroleum Marketers Association of Nigeria (IPMAN), Depot and Petroleum Products Marketers Association (DAPPMA) and Independent Petroleum Products Importers (IPPIs) have raised the alarm over a N650 billion allegedly owed them by Federal Government in subsidy arrears, saying its [...]

September 28, 2018 Oil & Gas

Oil majors expect first ruling in Nigeria’s $1.3b oilfield scandal

Nigeria’s $1.3b oilfield scandal: International oil companies, Shell and Eni, are carefully monitoring a first ruling this week by a Milan judge in one of the energy industry’s biggest corruption scandals for clues to what might be around the corner [...]

September 19, 2018 Oil & Gas

Oil reserve crisis looms over delay of blocks

Oil reserve crisis looms: The delay in the award of new oil blocks and uncertainties over existing marginal oilfields are upsetting industry players, amid a warning that the country’s economic development could be jeopardised. Nigeria is projected to witness a [...]

September 11, 2018 Oil & Gas

Seven petrol stations sealed for under-dispensing products

The Department of Weights and Measures, Federal Ministry of Industry, Trade and Investment, has sealed seven petrol stations in Warri and Asaba in Delta, for under-dispensing petroleum products. Ibrahim Isah, the head of the surveillance team in the ministry, disclosed [...]

September 7, 2018 Oil & Gas

NNPC, Chinese consortia sign pacts on biofuel development

The Nigerian National Petroleum Corporation (NNPC) has signed memoranda of understanding (MoUs) with Chinese consortia to develop sustainable biofuels in the country. At a ceremony yesterday in Beijing on the sidelines of the Forum for China-Africa Cooperation (FOCAC) Summit, the [...]

September 5, 2018 Oil & Gas

Communities reject oil firms’ refusal to relocate headquaters to Niger Delta

Communities in the Niger Delta have insisted that international oil companies (IOCs) must relocate their headquarters to the region given the magnitude of their projects and the environmental challenges their operations pose to the people. The leaders of the communities, [...]

August 28, 2018 Oil & Gas

U.S.-China trade war worsens Nigeria’s non-oil exporters’ woes

U.S.-China trade war worsens Nigeria’s non-oil exporters’ Local non-oil exporters may have started feeling the heat of the trade war between global economic leaders. Although projections from international trade bodies showed that average tariffs on exports from Nigeria and Zambia [...]

August 27, 2018 Oil & Gas

Nigeria’s oil exports to hit four-month high in October

Nigeria’s oil exports are expected to rise to their highest in four months in October, thanks to supply of several larger grades coming back online following a series of pipeline outages in the last couple of months. Loading of Nigerian [...]

August 24, 2018 Oil & Gas

Oil majors, tanker owners defy presidential orders

The directives by Vice President Yemi Osinbajo aimed at easing traffic congestion in the Apapa area of Lagos State and ensuring the relocation of oil companies’ headquarters to the Niger Delta have not been complied with. Some oil companies have [...]

August 22, 2018 Oil & Gas

Why Ibadan residents should expect another fuel scarcity – IPMAN

The Independent Petroleum Marketers Association of Nigeria (IPMAN), Ibadan chapter, on Wednesday told residents of Ibadan and its environs to brace up for another round of fuel scarcity due to the activities of pipeline vandals. The Independent Petroleum Marketers Association [...]

August 9, 2018 Oil & Gas

Employees picket Ikeja Electric offices

Employees picket Ikeja Electric offices: Members of the National Union of Electricity Employees (NUEE) yesterday barricaded Ikeja Electric’s (IE) offices across Lagos including the headquarters in Alausa, leading to thousands of IE’s customers experiencing the discomfort of extended darkness. The [...]

August 9, 2018 Oil & Gas

Oil sector fast losing attraction, says SPE

Society of Petroleum Engineers (SPE) has said Nigeria’s oil and gas sector is fast losing its relevance, given the realities of today’s marketplace.According to the body, an economy like Nigeria that depends largely on the sector was taking an uncalculated [...]

August 8, 2018 Oil & Gas

15 years on, FG seeks revival of brass, Olokola gas projects

About 15 years after the conception of Brass and Olokola Liquefied Natural Gas projects, the Federal Government, at the weekend, said revival of the projects were being considered to achieve projected revenue objectives and create over 5, 000 jobs. Minister [...]

August 5, 2018 Oil & Gas

Petroleum, raw materials push Nigeria’s import by 19.22%

Nigeria recorded a 19.22 per cent rise in its import value quarter-on-quarter (QoQ) from N2.112 trillion (Q4:2017) to N2.518 trillion (Q1:2018). The Guardian gathered that this is fuelled by heavy importation of petroleum products, solid minerals and other raw materials. [...]

July 27, 2018 Oil & Gas

Tankers’ unending siege to Lagos roads

Beyond the heavy toll on tanker drivers, who spend over 10 days on the queue for a few days’ journey, there are concerns over the safety of Lagos bridges due to the dead weight of the heavy-duty trucks that have [...]

July 19, 2018 Oil & Gas

Stakeholders to brainstorm on reforms in oil, gas industry

Orderpaper Advocacy Initiative has disclosed plans to convene a colloquium on the Petroleum Host and Impacted Community Development Bill (PHICDB). The Programme Executive of the group, Mej John Obada, disclosed this in a statement.   He said the meeting would [...]

July 10, 2018 Oil & Gas

NNPC says Nigeria will increase crude oil reserves by one billion barrels yearly

The Nigerian National Petroleum Corporation (NNPC) has said that the country will increase crude oil reserves by one billion barrels yearly to meet 40 billion barrels target by 2020. Group Managing Director of the NNPC, Maikanti Baru, who spoke yesterday [...]

July 4, 2018 Oil & Gas

Security concerns stall Ogoni, FG’s oil exploration talks

Security concerns may have stalled a stakeholders meeting between the Federal Government and Ogoni leaders to discuss planned resumption of oil and gas exploration in the area. Consequently, the Movement for the Survival of Ogoni People (MOSOP) has enjoined President [...]

July 3, 2018 Oil & Gas

NUPENG faults N11.5b infrastructure budget cut by National Assembly

The leadership of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has faulted the N11.5 billion infrastructure vote cut in the 2018 budget by the National Assembly. The oil workers argued that the action portends a negative socio-economic [...]

June 25, 2018 Oil & Gas

NNPC extends crude-for-refined oil contracts, settles $5b cash-call arrears

Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, said the corporation would continue to swap crude oil for refined petroleum products for the next six months in the face of obsolete refineries in the country. [...]

June 22, 2018 Oil & Gas

‘Lack of synergy among security agencies fuelling violence’

Action Aid Nigeria says the lack of synergy among security agencies is fuelling insecurity nationwide. It decried the seeming absence of neutrality, professionalism and sharing of intelligence among security apparatuses, saying the move was deteriorating security in the country. Addressing [...]

June 12, 2018 Oil & Gas

Nigeria spends N190b on petrol subsidy in one year

With continued plummeting of crude oil prices, Nigeria now records a monthly average of N15.859 billion as under-recovery on importation of petrol or Premium Motor Spirit (PMS) into the country. Though the Federal Government claimed it had exited the era [...]

June 12, 2018 Oil & Gas

Weights department nabs 10 petrol stations in Jos, environs under-dispensing fuel to customers

The Department of Weights and Measures in the Federal Ministry of Industry, Trade and Investment, disclosed on Thursday that it has nabbed 10 fuel stations under-dispensing fuel in Plateau and parts of Nasarawa states. The Chief Legal Metrology Officer of [...]

June 1, 2018 Oil & Gas

Stakeholders fault FG’s stance on power supply

Stakeholders in the Nigeria’s power sector have faulted the Federal Government’s claims regarding regular power supply in the country. According to them, the increase in electricity supply has remained insignificant to have impact on consumers. Meanwhile, Nigeria’s electricity generation plummets [...]

June 1, 2018 Oil & Gas

12 oil dealers get six-year imprisonment for illicit deal in Lagos

A Federal High Court, Lagos, has convicted and jailed 12 men for six years for dealing in 600,000 litres of Automotive Gas Oil, also known as diesel, without lawful authority. The Economic and Financial Crimes Commission (EFCC) had arraigned the [...]

May 29, 2018 Oil & Gas

Bayelsa demands relocation of oil majors’ headquarters

The Bayelsa State Government has again called on the National Assembly and other relevant Federal Government agencies to prevail on multi-national oil companies to relocate their headquarters to oil-bearing states. The State Commissioner for Mineral Resources, Elder Markson Fefegha, made [...]

May 27, 2018 Oil & Gas
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