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Browsing the "Oil & Gas" Category

Nigeria loses out as operators shun local ship registry

Customs duty: Nigeria loses out as operators shun local ship registry

Prohibitive customs duty has been identified as the reason why Nigeria has not been able to benefit from earnings in vessel registration. Nigerian flagged ships are required to pay 15 per cent customs duty while the foreign flagged ones attract [...]

February 4, 2019 Oil & Gas
30 fuel vessels, others stuck on Lagos high sea

30 fuel vessels, others stuck on Lagos high sea

The Nigerian Customs Service (NCS) cumbersome documentation process may have delayed about 25 vessels currently stuck on the Lagos high sea, laden with petroleum products, and other goods waiting to berth and discharge the products for domestic consumption. The latest [...]

February 1, 2019 Oil & Gas

Oil prices to hover around $65-70 through 2023, says survey

Oil prices are expected to oscillate close to current levels well into the next decade, averaging around $65-70 per barrel through 2023, according to an annual survey of energy professionals conducted by Reuters. Despite the recent slump in oil prices, [...]

January 16, 2019 Oil & Gas
PMS

Saraki: It’s Criminal to Say Nigerians Consume Over 50m Litres of PMS Daily

Less than two months before the 2019 presidential election, the Senate President, Dr Bukola Saraki, has taken a swipe at the All Progressives Congress (APC)-led federal government, accusing it of lying to Nigerians that the country consumes 50 million litres [...]

December 30, 2018 Oil & Gas

NUPENG strike: Buhari, Senate c’ttee meet to avert fuel scarcity

PRESIDENT Muhammadu Buhari, weekend, met behind closed doors with Chairman, Senate Committee on Petroleum, Downstream, Kabir Marafa, on measure taken to avert fuel scarcity during the festive season, following the threat by Nigeria Union of Petroleum and Natural Gas Workers, [...]

December 17, 2018 Oil & Gas

Nigeria’s Balance of Payments deteriorates to $4.5b – CBN

The Central Bank of Nigeria (CBN) yesterday said that the Nigeria’s Balance of Payments deteriorated to  deficit of $4.5 billion  in the third quarter of the year (Q3’18) from $503 million surplus  in the second quarter of the year (Q2’18). [...]

December 15, 2018 Oil & Gas

JUST IN: Fuel depot owners suspend shutdown operations

Barely five hours after it announced the directive to its members to shut down their depots by midnight on Sunday, the Depot and Petroleum Products Marketers Association of Nigeria has suspended the shutdown of operations. The suspension was conveyed in [...]

December 10, 2018 Oil & Gas

Nigeria subsidises petrol consumption for other African countries

The massive petrol subsidy currently being reported by the Nigerian National Petroleum Corporation (NNPC), may be a reflection of petrol consumption not only by Nigerians, but also those used by neighbouring African countries. This development is being justified by the [...]

November 29, 2018 Oil & Gas

Attendant, supervisor lead bandits to rob Lagos petrol station

The supervisor of Skeptar Petrol Station, Daniel Freedom, 20, and a fuel attendant, Mike Charles, 20, have been arrested by operatives of the Lagos State Police Command for allegedly robbing the petrol filling station where they both work in the [...]

November 6, 2018 Oil & Gas

Dockworkers action to shut 34 vessels out of Lagos ports

About 34 vessels expected at seaports across the country, particularly in Lagos, may be impeded by dockworkers’ strike. This was contained in the Shipping Position issued yesterday by the Nigerian Ports Authority (NPA). It revealed that many of the vessels [...]

November 6, 2018 Oil & Gas

Gas production leaps as NNPC records 1,858 vandalised pipelines

A total of 230.35 billion cubic feet (Bcf) of natural gas was produced in the country in July this year, averaging a daily production of 7,678.17 million standard cubic feet (mmscfd), the Nigerian National Petroleum Corporation (NNPC) has disclosed. The [...]

November 5, 2018 Oil & Gas

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