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Browsing the "Oil & Gas" Category

Payment of fuel subsidy is organised crime, says Obi

Payment of fuel subsidy is organised crime, says Obi

The presidential candidate of Labour Party, Peter Obi, yesterday, said government was behind oil theft in the country. Obi, who was the guest speaker at the second in the series of Private Sector Economic Forum of the Lagos Chamber of [...]

September 21, 2022 Oil & Gas
Kenya’s new president scraps petrol subsidy

Kenya’s new president scraps petrol subsidy

Kenya has scrapped a subsidy on petrol a day after new President William Ruto said subsidies were unsustainable, in a move that could add to upward pressure on inflation. Some of the key challenges the new president faces include bringing [...]

September 16, 2022 Africa, Oil & Gas
Gas output: ‘Pipeline sabotage, insecurity undermining Nigeria’s output, export’

Gas output: ‘Pipeline sabotage, insecurity undermining Nigeria’s output, export’

While many oil and gas producing countries are maximizing the present global crisis to improve output and revenue, rising pipeline sabotage and insecurity in the Niger Delta have continued to hamper the growth outlook for Nigeria’s oil and gas export. [...]

September 14, 2022 Oil & Gas
Nigerian oil exports at lowest level in 25 years due to oil theft

Nigerian oil exports at lowest level in 25 years due to oil theft

Nigeria’s crude oil production fell below 1 million barrels per day (bpd) in August, figures from its regulator show, as the nation grappled with rampant theft from its pipelines. The country’s total oil and condensates output dropped to an annual [...]

September 10, 2022 Oil & Gas
Obaseki: It’s Shameful Nigeria Still Imports Fuel

Obaseki: It’s Shameful Nigeria Still Imports Fuel

The Edo State governor, Godwin Obaseki, has described the continued importation of petroleum products into Nigeria, despite the country’s being one of the largest producers of crude oil in the world, as shameful. Obaseki said this on Sunday in Ewohimi, Esan [...]

September 8, 2022 Oil & Gas
Nigeria Will Stop Importing Petroleum Products By Mid-2023

Nigeria Will Stop Importing Petroleum Products By Mid-2023

Mele Kyari, group chief executive officer (GCEO), Nigerian National Petroleum Company (NNPC) Limited, says the country will stop importing petroleum products by mid-2023. Kyari spoke at a press briefing at the state house in Abuja on Tuesday. He said the combination [...]

August 31, 2022 Oil & Gas
How govts frittered $22b from ECA in 12 years

How govts frittered $22b from ECA in 12 years

Wasteful culture, poor management, corruption, lack of trust between state and federal governments, and worsening fiscal outlook may have played key roles in the depletion of the over $22 billion left in the Excess Crude Account (ECA) some 12 years [...]

August 22, 2022 Oil & Gas
Tompolo Wins Multi-Million Dollar Contract To Curb Oil Theft

Tompolo Wins Multi-Million Dollar Contract To Curb Oil Theft

The Federal Government has renewed a multi-million dollar pipeline surveillance contract to a former militant leader and Commander of the defunct Movement for Emancipation of Niger Delta (MEND), Government Ekpemupolo, aka Tompolo It was gathered that the government and the [...]

August 20, 2022 Oil & Gas
Oil theft: Nigeria loses 400,000 barrels daily, says Sylva

Oil theft: Nigeria loses 400,000 barrels daily, says Sylva

The Minister of State for Petroleum Resources, Dr Timipre Sylva, has said that the country loses 400,000 barrels of crude daily via oil theft. Sylva said this on Monday, when he paid a courtesy visit to Gov. Hope Uzodimma of [...]

August 9, 2022 Oil & Gas
Funding, insecurity stall $2.8b AKK project, gas export

Funding, insecurity stall $2.8b AKK project, gas export

Barely six months to expected completion of the $2.8 billion Ajaokuta-Kaduna-Kano (AKK) pipeline project, indications emerged yesterday that the delivery of the project may remain elusive despite heightened momentum for Nigeria to export gas to Europe. The Guardian gathered that [...]

August 5, 2022 Oil & Gas
FG insists on price control amid 12 new oil regulations

FG insists on price control amid 12 new oil regulations

Despite increase in the price of petrol, also known as Premium Motor Spirit (PMS) across the country, the Federal Government, in Abuja, yesterday, said cost of the product is still being regulated, even as it blamed marketers for the price [...]

August 3, 2022 Oil & Gas
Nigerian govt shifts blame on petrol price increase

Nigerian govt shifts blame on petrol price increase

The federal government has blamed petroleum marketers for the recent increase in petrol pump prices. The Minister of State for Petroleum Resources, Timipre Sylva, said the government was still paying subsidy on petrol imported into the country. “I can tell [...]

August 2, 2022 Oil & Gas
Fuel Subsidy: 70 arrested oil vessels handed over to EFCC

Fuel Subsidy: 70 arrested oil vessels handed over to EFCC

The Nigerian Navy says it has handed over to the Economic and Financial Crime Commission (EFCC), 70 out of 147 vessels arrested over illegal oil bunkering and crude oil theft. Director of Lesson Learnt, Emmanuel Ogala, a rear admiral, said this at [...]

July 29, 2022 Oil & Gas
Consumers, firms brace for higher prices amid energy crisis

Consumers, firms brace for higher prices amid energy crisis

For consumers optimistic of lower diesel prices or drop in inflation rate anytime soon, they may be disappointed, as oil price outlook remains volatile, alongside challenges of inflation, hiked interest rates, supply constraints and expected cold winter. With fears of [...]

July 26, 2022 Oil & Gas
European Union seeks more gas imports from Nigeria

European Union seeks more gas imports from Nigeria

Following gas cuts by Russia, the European Union is looking to Nigeria as an alternative to augment its gas needs. The Deputy Director-General of the European Commission’s Department of Energy, Matthew Baldwin, said Friday “Europe is in a tight spot in relation [...]

July 23, 2022 Oil & Gas
Nigeria’s oil production threatened as operators shut wells

Nigeria’s oil production threatened as operators shut wells

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has expressed concerns about the country’s production capacity, citing cases of deliberate shut of oil wells and pipelines by operators who are trying to deal with theft. According to the NUPRC, the country’s [...]

July 1, 2022 Oil & Gas
Nigeria Lost N500.6bn Crude Oil In Five Months

Nigeria Lost N500.6bn Crude Oil In Five Months

Revenues accruable to Nigeria from the sale of crude oil crashed by about N500.6bn between January and May this year, findings from various oil and gas, as well as statistical reports have indicated. It was gathered on Wednesday that the [...]

July 1, 2022 Oil & Gas
FG’s autogas plan stalls amid costly diesel, poor planning

FG’s autogas plan stalls amid costly diesel, poor planning

Almost two years after the Federal Government launched the Autogas Initiative on the back of National Gas Expansion Programme, prevailing circumstances, especially with rising cost of diesel, is forcing motorists, most importantly those with high fuel-consuming vehicles, to convert their [...]

June 25, 2022 Oil & Gas
Cooking gas, kerosene prices compound households’ woes

Cooking gas, kerosene prices compound households’ woes

Nigerians are now faced with what may be termed an existential challenge as they are not just battling escalating prices of foodstuff, but also are spending more to cook. The National Bureau of Statistics (NBS) in its Liquefied Petroleum Gas [...]

June 23, 2022 Oil & Gas
FG not sincere over fuel scarcity, says PMAN

FG not sincere over fuel scarcity, says PMAN

The solution to fuel scarcity in Gombe State and the entire country may not be in sight as the Independent Petroleum Markers Association of Nigeria (IPMAN) has accused the federal government of insensitivity and double standards. The union disclosed that [...]

June 22, 2022 Oil & Gas
Fuel Queues Return In Abuja

Fuel Queues Return In Abuja

Motorists and residents of some major cities in the South-West region and in Abuja, the nation’s capital, have started to experience the return of long queues at petrol stations. Although the situation was different in the South-East states as fuel [...]

June 17, 2022 Oil & Gas
OPEC debates oil output boost amid Russian isolation

OPEC debates oil output boost amid Russian isolation

Major oil producers led by Saudi Arabia and Russia began talks Thursday on whether to adjust output, hard on the heels of an EU ban on Russian oil imports. Analysts had expected OPEC+ producers to likely stick to their policy [...]

June 3, 2022 Oil & Gas
EU Leaders Agree To Ban Majority Of Russian Oil Imports

EU Leaders Agree To Ban Majority Of Russian Oil Imports

EU leaders have struck a deal to ban most Russian oil imports as they seek to deprive Russia’s president Vladimir Putin of revenues to fund his war in Ukraine. The embargo, which was agreed after weeks of difficult negotiations, will [...]

June 1, 2022 Oil & Gas
Flight disruption looms as fuel scarcity worsens

Flight disruption looms as fuel scarcity worsens

Barely a week after the intervention that fixed aviation fuel at N480/litre, Jet-A1 scarcity has hit local airlines causing multiple flights delay. The Guardian learnt that more than half of scheduled flights were delayed for hours yesterday. The operating carriers [...]

May 18, 2022 Oil & Gas
Fuel Queues Persist In Abuja, Black Marketers Sell For ₦300/Litre

Fuel Queues Persist In Abuja, Black Marketers Sell For ₦300/Litre

Fuel queues persisted in the Federal Capital Territory on Monday as filling stations struggled to control desperate drivers waiting to buy the Premium Motor Spirit, PMS, at the official price. Racketeers had a field day, selling a litre of PMS [...]

May 11, 2022 Oil & Gas
Residents lament as fuel queues resurface in Abuja

Residents lament as fuel queues resurface in Abuja

Indications emerged Friday that fuel queues have resurfaced in petrol stations across Abuja, the nation’s capital city, with many motorists scrambling to get petroleum products. The immediate cause of the latest queues in Abuja remains unknown as filling stations in the [...]

May 9, 2022 Oil & Gas
Move to ban Russian oil threatens Nigeria’s fiscal stability

Move to ban Russian oil threatens Nigeria’s fiscal stability

Nigeria may face fresh hurdles as the geo-political tension in Europe, yesterday, escalated with moves to officially ban Russian crude oil. The European Commission proposed a full ban on Russian crude oil following the continued attack on Ukraine. The proposed [...]

May 6, 2022 Business, Oil & Gas
Nigeria Seeking Funding For Gas Pipeline To Morocco

Nigeria Seeking Funding For Gas Pipeline To Morocco

Nigeria and Morocco are still seeking funding for a huge pipeline project that will carry Nigeria’s gas to North Africa and onto European markets, Minister of State, Petroleum Resources, Timipre Sylva, said. Africa’s gas supplies are increasingly in the spotlight [...]

May 4, 2022 Oil & Gas
Nigerian content in oil sector grows to 42% — NCDMB

Nigerian content in oil sector grows to 42% — NCDMB

The Nigerian Content Development and Monitoring Board (NCDMB) says it has grown Nigerian content in the oil and gas sector to 42 per cent. Mr Simbi Wabote, Executive Secretary of NCDMB gave the update on Wednesday, while speaking at a [...]

April 28, 2022 Oil & Gas
Reps to investigate hike in prices of diesel, cooking gas

Reps to investigate hike in prices of diesel, cooking gas

The House of Representatives has resolved to investigate the rise in the cost of diesel and cooking gas with a view to cushioning the effects on Nigerians. This is sequel to a unanimous adoption of a motion by Chike Okafor [...]

April 7, 2022 Oil & Gas