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Browsing the "Oil & Gas" Category

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

Oil marketers decry rising robbery attacks on filling stations

Oil marketers, under the aegis of Licensed Petroleum Products Station Owners Association of Nigeria, Rivers State chapter, has expressed worry over rising armed robbery attacks in filling stations almost on a daily basis in various filling station across the state. [...]

May 26, 2018 Oil & Gas

Oil majors delay investment on $23.5b offshore projects

The Hope For Nigeria learnt the IOCs have deliberately put on hold the Final Investment Decision (FID) on five offshore oil and gas projects to make government alter fiscal terms in the new bill deemed unfavourable to deepwater projects. Already, [...]

May 25, 2018 Oil & Gas

Kachikwu endorses joint approval desk for oil industry projects

The Nigerian Content Development and Monitoring Board (NCDMB) and the Nigerian National Petroleum Corporation (NNPC) will have a joint approval desk for projects in the oil sector, the Minister of Petroleum Resources, Ibe Kachikwu, has said. The Minister, who disclosed [...]

April 29, 2018 Oil & Gas

Petrol subsidy hits N1.4 trillion, says Kachikwu

Petrol subsidy hits N1.4 trillion: Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said that subsidy on Premium Motor Spirit (PMS), otherwise known as petrol, currently stands at N1.4 trillion. Kachikwu, who spoke yesterday at workshop on Liquefied [...]

April 6, 2018 Oil & Gas

More troubles for Chinese oil firm as Nigerian govt moves to retrieve $3 billion

The Nigerian government has commenced legal proceedings against the Chinese-owned oil firm, Addax Petroleum Development Nigeria Ltd, over the company’s alleged under-remittance of $3 billion in taxes and royalties. Court documents seen by Hope For Nigeria show that the funds, according to [...]

March 4, 2018 Oil & Gas

Fuel Scarcity: Nigerian govt gives mixed signals on possible price increase

Two government officials on Thursday gave diverse indications on what government is considering to resolve the current petrol scarcity. While a state governor who briefed journalists after a meeting presided by Vice President Yemi Osinbajo hinted at a possible price [...]

February 16, 2018 Oil & Gas

‘Why Kaduna refinery is not working, profitable’

On Thursday February 15, it would be exactly one month since the Kaduna Refining and Petrochemical Company (KRPC) shut down operations, due to the non-availability of crude oil.Besides the non-availability of crude, the facility, like others around the country has [...]

February 11, 2018 Oil & Gas

Angry Nigerians yell at, stone DPR officials over fuel scarcity

Residents of Port Harcourt, the Rivers State capital, angry at the Federal Government’s failure to address the perennial fuel scarcity in the country, yesterday, yelled and threw stones at officials of the Department of Petroleum Resources (DPR), who were on [...]

February 10, 2018 Oil & Gas

DPR urges NNPC to increase fuel supply to northern states

DPR urges NNPC to increase fuel supply to northern states: Officials of the Department of Petroleum Resources (DPR) in Kaduna Zone have appealed to the Nigerian National Petroleum Corporation (NNPC) to increase fuel supply to seven states under the zone. [...]

February 8, 2018 Oil & Gas

RTEAN urges FG to hands off control of fuel distribution

Road Transport Employers Association of Nigeria (RTEAN), has urged the Federal Government to stop controlling the distribution of fuel and endeavour to end scarcity in the country. Alhaji Musa Isiwele, the National President of RTEAN told newsmen on Sunday in [...]

February 4, 2018 Oil & Gas

Oil output set to ramp up in Nigeria as Total introduces massive new ship

A gigantic oil tanker arrived in Nigeria as part of a multi-billion dollar project that should allow one of Africa’s biggest crude producers to pump out an additional 200,000 barrels a day. The floating production storage and offloading vessel is [...]

January 26, 2018 Oil & Gas

2 killed, 3 injured in petrol tanker accident

Two persons were killed while three others were injured along Kwara Polytechnic road, Oyun, llorin, when NNPC petrol tanker lost control and fell on Wednesday night. The News Agency of Nigeria (NAN) reports that the accident occurred when the petrol [...]

January 25, 2018 Oil & Gas

If you are wondering why petrol queues made a return, here’s the answer

If you reside in Lagos or Abuja, you’ve probably seen your worst nightmare staring you right in the face all over again because the petrol queues are back with some vengeance like they never really left. And maybe because they [...]

January 22, 2018 Oil & Gas

Residents groan as fuel crisis worsens in FCT

Though the fuel crisis, which surfaced across major cities last month has subsided in some states, residents of the Federal Capital Territory (FCT) are yet to see relief as the situation continues to worsen. Residents said the situation is now [...]

January 19, 2018 Oil & Gas

‘How blockchain will affect oil, gas sector in Nigeria’

As emerging frontiers, especially digital ledger system also called blockchain become a more globally recognised solution, experts have called for frameworks that will enable Nigeria’s oil and gas sector to benefit from the innovation. With a new $2.5million funding secured [...]

January 17, 2018 Oil & Gas

Reps move against NNPC over fuel subsidy payment

Knocks await the Nigerian National Petroleum Corporation (NNPC) on Tuesday, next week, when the House of Representatives reconvenes.   The Maikanti Baru-led agency will be pummelled for illegally subsidising the pump price of fuel at billions of naira. Speaker Yakubu [...]

January 10, 2018 Oil & Gas

Only one out of nine storage facilities functional at Ejigbo Depot, says IPMAN

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has decried the situation whereby only one storage tank out of nine installed at the Ejigbo Depot was working. It appealed to the Nigerian National Petroleum Corporation (NNPC) to rehabilitate all the [...]

January 8, 2018 Oil & Gas

Government to prosecute marketers selling petrol above N145

The Federal Government would prosecute any marketer that sells petrol above the recommended N145per litre, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has warned. Speaking yesterday during a meeting of the committee set up by government to [...]

January 6, 2018 Oil & Gas

WAIPEC 2018 to focus on driving oil, gas through innovative strategies

The second edition of the West African International Petroleum Exhibition and Conference (WAIPEC) 2018 will focus on new ventures in West Africa by driving oil and gas production through innovative strategies. The organisers of the conference have unveiled an overview [...]

January 5, 2018 Oil & Gas

Fuel scarcity: Marketers, FG finally agree on price

Fuel scarcity:  Oil marketers have agreed with the Federal Government to keep the pump price of petrol at N145 per litre. The marketers softpedaled on Wednesday, reversing their previous stance on the pricing of the product. The Chairman of the [...]

January 4, 2018 Oil & Gas