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Browsing the "Oil & Gas" Category

PIA may reduce petroleum input to budget funding

PIA may reduce petroleum input to budget funding

Oil and gas industry experts believe that while the proportion of budget funded by the oil and gas sector directly is significant, Petroleum Industry Act (PIA) provisions in the fiscal framework with budget funding implications are quite glaring. A professor [...]

October 7, 2021 Oil & Gas
‘Nigeria building alliance to stop defunding of oil projects’

‘Nigeria building alliance to stop defunding of oil projects’

Nigeria’s Vice President, Yemi Osinbajo has disclosed that the country is forming a coalition with other affected countries in order to stop attempted moves to halt funding of fossil fuel. Mounting pressure towards zero-emission has been drying up investment for [...]

August 25, 2021 Oil & Gas
Russia’s Top Oil Company Seeks To Expand Operations In Nigeria

Russia’s Top Oil Company Seeks To Expand Operations In Nigeria

Russia’s second-largest oil company, privately controlled Lukoil, has said it is planning to expand its operations in Nigeria. Ivan Ramanovsky, the company’s Vice President in charge of West Africa, Europe and America disclosed this during a visit of the Nigerian [...]

August 21, 2021 Business, Economy, Oil & Gas
Buhari sets up steering committee on Petroleum Industry Act

Buhari sets up steering committee on Petroleum Industry Act

President Muhammadu Buhari has approved a steering committee to oversee the process of implementation of the newly signed Petroleum Industry Act (PIA). The steering committee is headed by the Minister of State, Petroleum Resources, Timipre Sylva. The president, who announced [...]

August 19, 2021 Oil & Gas
IEA sees COVID blow to oil demand in 2021

IEA sees COVID blow to oil demand in 2021

The outlook for global oil markets darkened on Thursday after the International Energy Agency (IEA) said that slowing demand for crude in the wake of restrictions imposed to curb the fast-spreading Delta variant is colliding with a recent increase in [...]

August 13, 2021 Economy, Oil & Gas
Discontent in Petroleum Industry Bill

Discontent in Petroleum Industry Bill

The restlessness that has greeted the passage of the much-talked about Petroleum Industry Bill (PIB) by the National Assembly (NASS), the other day, has clearly counteracted the desired goodwill that the proposed law should ordinarily command. The bill ought to [...]

July 19, 2021 Law, Oil & Gas
Dangote To Dominate The Oil Industry

Dangote To Dominate The Oil Industry

Nigeria’s backward integration policy is se to be downplayed again, giving leverage to Africa’s richest, Aliko Dangote, to wield a ‘monopoly’ in the oil industry. A major player in sugar and cement production, Dangote has dominated with a lot of [...]

July 14, 2021 Oil & Gas
FG’s $4b stake in Dangote refinery raises dust

FG’s $4b stake in Dangote refinery raises dust

As the Federal Government seeks to commence the rehabilitation of Kaduna and Warri refineries latest next month, indications emerged yesterday that the Nigerian National Petroleum Corporation (NNPC) might end up paying at least $4 billion for the 20 per cent [...]

June 30, 2021 Economy, Oil & Gas
Bawa: Petrol smugglers will be brought to book

Bawa: Petrol smugglers will be brought to book

The Chairman of the Economic and Financial Crimes Commission, Abdulrasheed Bawa, on Tuesday vowed that smugglers of Premium Motor Spirit (PMS) in the country will face the full wrath of the law. Mr Bawa issued this warning in a remark [...]

June 23, 2021 Economy, Oil & Gas
Reps panel threatens to summon Buhari

Reps panel threatens to summon Buhari

The House of Representatives Committee on Petroleum (Upstream) has given the Nigerian National Petroleum Corporation (NNPC) 14 days ultimatum to appear before it. Should the NNPC fail to appear, the committee said, it will summon the Minister of Petroleum, President Muhammadu Buhari. [...]

May 7, 2021 Oil & Gas
Why FG Can’t Continue Fuel Subsidy

Timipre Sylva: Why FG Can’t Continue Fuel Subsidy

The Federal Government has insisted that Nigerians should brace up for an increment in the pump price of petrol, in the light of the current economic situation in the country. The Minister of State for Petroleum Resources, Chief Timipre Sylva, [...]

May 1, 2021 Oil & Gas
Petrol pump price hike and dangers ahead

Petrol pump price hike and dangers ahead

The Federal Government can no longer continue to shy away from frontally confronting the absurdities inherent in the country’s downstream petroleum sector that has witnessed galloping prices in the midst of huge and endless government subsidy. It is a grave [...]

April 26, 2021 Oil & Gas
How State Govts Cheat Oil-Producing Communities

How State Govts Cheat Oil-Producing Communities

Since Nigeria’s Fourth Republic began in 1999, the eight oil and gas producing states have received over N9 trillion under the derivation principle sanctioned by the nation’s constitution. The constitution stipulates payment of 13 per cent of oil revenue from [...]

April 24, 2021 Oil & Gas
Oil and gas trainers lose $2b to COVID-19

Oil, gas trainers lose $2b to COVID-19

The Oil and Gas Trainers Association of Nigeria (OGTAN) has some $2 billion in the last 12 months following the COVID-19 outbreak. Its president, Mayowa Afe, made the disclosure yesterday in Lagos at a media briefing to announce activities lined [...]

April 22, 2021 Oil & Gas
DPR Denies Revoking 32 Refinery Licences

DPR Denies Revoking 32 Refinery Licences

The Department of Petroleum Resources (DPR) has denied revoking 32 refinery licenses issued to private companies in Nigeria. Mr Paul Osu, Head, Public Affairs, DPR, made the clarification in a statement on Tuesday in Lagos. “We wish to clarify that [...]

April 14, 2021 Oil & Gas
Africa awaits 428 new oil, gas projects

Africa awaits 428 new oil, gas projects

A new report said yesterday, over 428 oil and gas projects are expected to be developed in Africa’s oil and gas sector before 2025. Nigeria, regarded as one of the biggest crude oil producers on the continent according to the [...]

April 9, 2021 Economy, Oil & Gas
Nigerians To Bear Pains Of High Petrol Cost

Nigerians To Bear Pains Of High Petrol Cost – Timipre Sylva

The Minister of State, Petroleum Resources, Chief Timipre Sylva has admonished Nigerians to be ready to bear the pains of increased petrol pump price as crude oil price climbs above $60 per barrel. Speaking at the official launch of Nigerian [...]

February 9, 2021 Oil & Gas
Petrol Price

PPMC May Crash Petrol Price As Crude Oil Prices Dip

The Pipeline Products Marketing Company (PPMC) may crash the prices of Premium Motor Spirit (PMS) petrol this month, The Nation learnt at the weekend. Speaking with The Nation on phone, the Independent Petroleum Marketers Association of Nigeria (IPMAN) National Vice [...]

October 3, 2020 Oil & Gas
FG slashes petrol price to N123.5 per litre

Petrol Pump Price Reduced To N121.50 By FG

The Petroleum Products Pricing Regulatory Agency has announced a new pump price band of N121.50 to N123.50 per litre for Premium Motor Spirit, also known as petrol. The PPPRA, which is an agency of the Federal Government, disclosed this in [...]

June 1, 2020 Oil & Gas
coronavirus cases recorded in the state are from oil workers

Wike: 60% Of COVID-19 Cases In Rivers Are Oil Workers

Rivers State Governor, Nyesom Wike, has stated that 60 per cent of coronavirus cases recorded in the state are from oil workers returning from rigs. Governor Wike disclosed this when the Management Team of Mobil Producing Nigeria Unlimited paid him [...]

May 21, 2020 Oil & Gas
Marketers Say Petrol Price Could Further Drop By ₦8/Litre

Petrol To Sell At 117 Per Litre As PPMC Slashes Ex-Depot Prices

THE Petroleum Products Marketing Company (PPMC), Wednesday, slashed the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, to N108 per litre, a move reflecting the drop in crude oil prices. It is also expected to result in [...]

May 7, 2020 Oil & Gas
Marketers Say Petrol Price Could Further Drop By ₦8/Litre

Marketers Say Petrol Price Could Further Drop By ₦8/Litre

The pump price of petrol could drop further by between N5 and N8 per litre, operators in the downstream oil sector have said. According to oil marketers, the crash in crude oil price warranted the recent slashes in petrol price [...]

April 13, 2020 Oil & Gas
FG slashes petrol price to N123.5 per litre

FG slashes petrol price to N123.5 per litre

FG slashes petrol price to N123.5 per litre: Current petrol price indicates a reduction of N1.5 on every litre of petrol purchased nationwide. It announced the reduction through the Petroleum Products Pricing Regulatory Agency, after a whole day meeting with [...]

April 1, 2020 Oil & Gas
COVID-19— Ezekwezili

Power should move to Crash in oil prices was not a surprise to me since China was bugged down by COVID-19— Ezekwezili

OBY Ezekwezili, former Minister of Education says she was not surprised at the crash of oil prices to $30 per barrel at the international market due to the outbreak of COVID-19. Ezekwezili while reacting to lamentations by other Nigerians over [...]

March 10, 2020 Oil & Gas
Wike announces Rivers’ acquisition of Shell stakes in Ogoni, gives reasons

BREAKING: Wike announces Rivers’ acquisition of Shell stakes in Ogoni, gives reasons

Rivers State Governor, Nyesom Wike, has announced that the Rivers State Government has fully acquired Shell Petroleum Development Company of Nigeria (SPDC) 45% interest in Oil Mining Lease (OML) 11 situated in Ejama Ebubu community in Eleme Local Government Area [...]

September 30, 2019 Oil & Gas
PPPRA

Nigeria transports less petrol after closure of Benin border – PPPRA

The volume of petroleum products transported from the Nigerian National Petroleum Corporation fuel depots reduced in the wake of the recent closure of the Nigerian border with Benin Republic, the Petroleum Products Pricing Regulatory Agency (PPPRA) has reported. In a [...]

September 22, 2019 Oil & Gas
Oil Prices

Oil Prices Fall As Market Eyes Trade War

Oil prices fell on Tuesday as the ongoing U.S.-China trade war cast a pall over markets, with soft South Korean data adding to concerns over emerging markets and a rise in OPEC output. U.S. crude CLc1 was down 26 cents, [...]

September 4, 2019 Oil & Gas
NNPC To Supply 10% Of India’s Crude Demand

NNPC To Supply 10% Of India’s Crude Demand

The Nigerian National Petroleum Corporation (NNPC) on Thursday expressed its readiness to maintain the supply of 10 per cent of India’s crude oil demand in the face of competing demand for the product from other countries. The Group Managing Director [...]

July 19, 2019 Oil & Gas
NNPC

Disregard Rumour Of Impending Hike In Petrol Price – NNPC

The Nigerian National Petroleum Corporation (NNPC) on Thursday advised motorists and other petroleum product consumers to disregard the trending rumour of a planned hike price of Premium Motor Spirit, popularly known as petrol. It explained that the statement of the [...]

July 12, 2019 Oil & Gas
Four Refineries To Work By 2023, Says NNPC Boss

Four Refineries To Work By 2023, Says NNPC Boss

With a promise to reactivate all four refineries before the expiration of President Muhammadu Buhari’s administration in 2023, Mele Kyari yesterday took the baton from Dr. Makanti Baru as the Group Managing Director (GMD) of the Nigerian National Petroleum Corporation [...]

July 9, 2019 Oil & Gas