OIL & GAS

IPMAN raises the alarm over members’ fund trapped in DPR, others

IPMAN raises the alarm over members’ fund trapped in DPR, others

The Independent Petroleum Marketers Association of Nigeria, on Friday, said it had engaged forensic experts to recover the funds of its members trapped in the now-defunct Department of Petroleum Resources, Petroleum Equalisation Fund Management Board and Petroleum Product Pricing Regulatory …

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77 million Nigerians lack access to power, says NNPC

77 million Nigerians lack access to power, says NNPC

The Nigerian Bulk Electricity Trading Plc on Thursday provided statistics on misalignments in the power value chain, saying that about 14,000 megawatts of electricity was contracted to power generation companies. Managing Director, NBET, Nnaemeka Ewelukwa, gave a breakdown of the …

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FG’ll retain 1,500 staff of defunct PPPRA, DPR, PEF – Sylva

FG’ll retain 1,500 staff of defunct PPPRA, DPR, PEF – Sylva

The Federal Government is to retain the about 1,500 employees of the defunct Department of Petroleum Resources, Petroleum Products Pricing Regulatory Agency and Petroleum Equalisation Fund. Minister of State for Petroleum Resources, Chief Timipre Sylva, said on Wednesday that no …

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Gencos lose N1.66tn over non-payment for unused power

Gencos lose N1.66tn over non-payment for unused power

Power generation companies in Nigeria have said they suffered a loss of N1.66tn in seven years as a result of non-payment for deemed capacity. The Executive Secretary, Association of Power Generation Companies, the umbrella body for the Gencos, Dr Joy …

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Blocking funding for gas projects by DFIs worrisome – Osinbajo

2023: Osinbajo hasn’t dumped Presidential ambition, says group

Vice President Yemi Osinbajo has expressed concern over development finance institutions and some countries insisting that gas projects should be defunded. He also expressed delight over the Biden administration’s full return to climate change global agenda. Osinbajo spoke on Monday …

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Energy Correspondents Host Policy Debate On Nigeria’s Energy Future

Insurance sector may lose 72% of Dangote refinery’s risk

The apex body of specialized reporters covering the Nigerian energy industry will in November 2,2021 provide a credible platform for industry policy drivers, players and stakeholders to examine the country’s new fiscal landscape and investment outlook.   In a statement …

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FG scraps DPR, PPPRA, PEF, sacks CEOs, inaugurates new agencies

FG scraps DPR, PPPRA, PEF, sacks CEOs, inaugurates new agencies

The Department of Petroleum Resources, the Petroleum Products Pricing Regulatory Agency and the Petroleum Equalisation Fund are all officially scrapped and do not exist anymore, the Federal Government said on Monday. It also said while workers of the three agencies …

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750,000MT supply gap, forex shoot cooking gas above N8,000

750,000MT supply gap, forex shoot cooking gas above N8,000

The price of 12.5kg of Liquefied Petroleum Gas, popularly called cooking gas, which was sold for N7,000 about a week ago, has increased to between N8,000 and N8,200, amidst various concerns by marketers and producers of the commodity. Of the …

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PIA: Fuel, gas levies can’t fund infrastructure, says stakeholders

FG scraps DPR, PPPRA, PEF, sacks CEOs, inaugurates new agencies

The levies stipulated in the Petroleum Industry Act to be paid by operators in the midstream and downstream sectors of the Nigeria oil and gas industry is inadequate to close the infrastructure in the sectors, some stakeholders have said. They …

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Nigeria’s oil output 360,000bpd lower than OPEC quota

Nigeria’s oil output 360,000bpd lower than OPEC quota

Nigeria saw its crude oil production increase slightly last month to about 1.25 million barrels per day, which is 360,000 bpd lower than the quota given to it by the Organisation of Petroleum Exporting Countries. The country told OPEC that …

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Eight-month fuel imports gulp $690m amid forex scarcity

Eight-month fuel imports gulp $690m amid forex scarcity

As Nigeria’s refineries continue to sit idle, fuel imports remain a major user of foreign exchange as $690.19m (about N285.95bn, using N414.3/$, I&E rate as of Tuesday) was utilised in eight months amid the lingering forex scarcity in the country. …

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Oil surge pushes daily petrol subsidy to N8.28bn

Oil surge pushes daily petrol subsidy to N8.28bn

The sharp rise in global oil prices to record highs has pushed the subsidy cost being incurred by the Federal Government to N8.28bn daily, an analysis of data collated by our correspondent has shown. The data also revealed that without …

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Oil prices surpass $82 amid disappointing US jobs report

Oil surge pushes daily petrol subsidy to N8.28bn

Crude oil prices settled higher on the back of tightened supply balances and a weak United States employment report that may present headwinds to an increasingly hawkish US Federal Reserve. The international crude oil benchmark, Brent, traded at $82.39 per …

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Seplat unfolds plan to end gas flaring, gets FG’s endorsement

Seplat unfolds plan to end gas flaring, gets FG’s endorsement

Federal Government has endorsed plan by Seplat Energy Plc to spearhead transition from fossil fuels to renewable energy and end gas flaring in 2024. The endorsement came at the second yearly Seplat Energy Summit in Abuja, themed, “Global Trends in …

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Fuel queues surface, NUPENG suspends planned strike

Fuel queues surface, NUPENG suspends planned strike

The leadership of the Nigeria Union of Petroleum and Natural Gas workers on Sunday announced the suspension of the intended withdrawal of the services of Petroleum Tanker Drivers earlier scheduled to commence midnight of Sunday, October 10. It was, however, …

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Diesel price jumps to N320/litre, job losses loom

Diesel price jumps to N320/litre, job losses loom

Fuel marketers have increased the price of Automotive Gas Oil, also known as diesel, to N320 per litre as the further rise in global oil prices and naira depreciation pushed up the cost of importing fuel into the country. The …

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Nigeria lost N221.64bn in July to oil production stoppages – NNPC

Nigeria lost N221.64bn in July to oil production stoppages – NNPC

A total of 7,193,520 barrels of crude oil was lost in July this year due to about 39 production shut-in incidents, latest figures released by the Nigerian National Petroleum Corporation showed. An analysis of the September 2021 presentation of the …

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Oil surpasses $81, Nigerian production drops by 130,000 barrels

FG scraps DPR, PPPRA, PEF, sacks CEOs, inaugurates new agencies

Oil prices climbed above $81 on Monday as the Organisation of Petroleum Exporting Countries and its allies announced that it would maintain its steady output increase by 400,000 barrels per day in November, its highest since 2014. OPEC also said …

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NNPC begins construction of 50MW gas plant in Borno

NNPC begins construction of 50MW gas plant in Borno

The Group Managing Director, Nigerian National Petroleum Corporation, Mele Kyari, on Thursday said the Maiduguri and Environs Emergency Power Project would be delivered on schedule. Kyari told the Borno State Governor, Babagana Zulum, and the people of Maiduguri that the …

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Nigeria’s oil reserves dropped by 543 million barrels – OPEC

Nigeria’s oil reserves dropped by 543 million barrels – OPEC

The 2021 Annual Statistical Bulletin of the Organisation of Petroleum Exporting Countries released on Wednesday showed a drop of 543 million barrels in the crude oil reserves of Nigeria. Figures on world proven oil reserves by country as contained in …

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