Home / OIL & GAS

OIL & GAS

Escravos-Lagos pipeline set to move 2.2 billion scf of gas – NNPC

Escravos-Lagos pipeline set to move 2.2 billion scf of gas – NNPC

The Nigerian National Petroleum Corporation has said it has completed the looping of the Escravos-Lagos Pipeline System with a capacity to add 2.2 billion standard cubic feet of gas into the market. The Group Managing Director, NNPC, Mele Kyari, disclosed ...

Read More »

Shut down depots selling petrol above approved price – Marketers

Shut down depots selling petrol above approved price – Marketers

The Federal Government should close down depots that are selling petrol above the approved price, oil marketers said on Thursday. National President, Independent Petroleum Marketers Association of Nigeria, Sanusi Fari, said the sale of petrol above government approved price by ...

Read More »

Nigeria’s revenue prospects brighten as oil hits $67

Nigeria’s revenue prospects brighten as oil hits $67

The international oil benchmark, Brent crude, rose further on Wednesday to $67 per barrel, compared to Nigeria’s budget benchmark of $40 per barrel. For Nigeria, which relies on crude oil for about 50 per cent of government revenues and over ...

Read More »

Nigeria loses N151.78bn crude oil monthly – NNPC

Escravos-Lagos pipeline set to move 2.2 billion scf of gas – NNPC

Nigeria is currently losing an average of 200,000 barrels of crude oil daily, the Nigerian National Petroleum Corporation stated on Wednesday. Brent, the oil against which Nigeria’s crude is priced, was $66.75 per barrel on Wednesday, while the official exchange ...

Read More »

NDPHC seals agreement on power supply to Togo

NDPHC seals agreement on power supply to Togo

The Niger Delta Power Holding Company on Monday said it had signed a Power Purchase Agreement to supply electricity to Togo, a neighbouring country in West Africa. According to NDPHC, a firm owned by the federal and state governments, a ...

Read More »

Senate seeks documents, N27bn PHCN pension probe begins

Senate seeks documents, N27bn PHCN pension probe begins

The Senate on Monday opened investigation into the alleged ‘missing’ N27bn meant for the payment of the pension of former staff of the defunct Power Holding Company of Nigeria. The probe by the Senate followed a petition by the disengaged ...

Read More »

FG gas expansion to lift 100m out of poverty —Minister

FG gas expansion to lift 100m out of poverty —Minister

The Minister of State for Petroleum Resources, Chief Timipre Sylva, said on Monday that the Federal Government’s National Gas Expansion Programme was expected to lift over 100 million Nigerians out of poverty. Sylva said the programme was “a practical demonstration ...

Read More »

NNPC, marketers differ on petrol price, queues surface

Escravos-Lagos pipeline set to move 2.2 billion scf of gas – NNPC

The Nigerian National Petroleum Corporation on Thursday said it had not effected any increase in the ex-depot price of Premium Motor Spirit and as such the pump price of the commodity had not been hiked. But on the other hand, ...

Read More »

Discos to pay for energy rejection – NERC

Discos to pay for energy rejection – NERC

Power distribution companies that reject electricity load due to constraints in their networks will now have to pay for the capacity charge of the rejected energy, the Nigerian Electricity Regulatory Commission said on Thursday. On several occasions, power generation and ...

Read More »

Fuel price hike looms nationwide as marketers meet

Fuel price hike looms nationwide as marketers meet

Marketers of Premium Motor Spirit, popularly called petrol, on Wednesday met in Abuja on matters regarding the price of the commodity. Although most filling stations in Abuja and neighbouring states of Nasarawa and Niger dispensed PMS at the approved N162/litre ...

Read More »

Crude production reconciliation creates rift in oil industry

Crude production reconciliation creates rift in oil industry

Court blocks Shell’s bank accounts Reallocation of crude oil volume from Nigeria’s Bonny Terminal between 2016 and 2018, following gaps in metered volume between oil majors and some indigenous firms, is responsible for allegations of crude theft in the nation’s ...

Read More »

Power grid collapses, plunges Lagos, others into darkness

NDPHC seals agreement on power supply to Togo

The nation’s power grid suffered its first collapse this year on Wednesday, plunging parts of the country into a blackout. Two of the electricity distribution companies in the country, Ikeja Electric Plc and Eko Electricity Distribution Company Plc, disclosed this ...

Read More »

FG subsidises electricity by N50bn monthly, says minister

FG subsidises electricity by N50bn monthly, says minister

The Federal Government has been subsidising electricity supply across the country to the tune of over N50bn monthly, the Minister of Power, Sale Mamman, has said. He said the subsidy spendings were because the government was worried by the incessant ...

Read More »

Marketers raise petrol price to N170, depots suffer shortage

Fuel price hike looms nationwide as marketers meet

Fuel marketers have started adjusting their petrol pump prices amid the supply shortage facing private depots in Apapa. Our correspondent observed that some filling stations in Lagos and Ogun states increased the pump price of petrol to N170 per litre ...

Read More »

Petrol subsidy may hit N11.2bn per week

Petrol subsidy may hit N11.2bn per week

• Crude oil price rises above $63 The subsidy on Premium Motor Spirit, popularly known as petrol, may have gulped at least N11.20bn in one week as the rise in global oil prices pushed up the landing cost of the ...

Read More »

Reps condemn $750m annual loss to gas flaring

Reps condemn $750m annual loss to gas flaring

The House of Representatives says Nigeria is losing about $750m to gas flaring annually. It added that the flared gas could have been used to generate electricity for the country. The Federal Government has, however, said it is committed to ...

Read More »

Gas supply increase raised power generation by 3,358MW – NNPC

Gas supply increase raised power generation by 3,358MW – NNPC

The Nigerian National Petroleum Corporation in its latest monthly operations report said the increase in gas supply to 789 million standard cubic feet, which was delivered to gas-fired power plants, led to the generation of 3,358 megawatts of electricity. Also, ...

Read More »

Nigeria loses N189.90bn to gas flaring in 11 months

Nigeria loses N189.90bn to gas flaring in 11 months

Nigeria lost an estimated N189.90bn from January to November 2020 as international oil companies and local players flared a total of 178.95 billion standard cubic feet of natural gas. The oil companies wasted 19.95 billion scf of gas in January; ...

Read More »

DisCos classify customers for service delivery

NDPHC seals agreement on power supply to Togo

• As operator disclaims redundancy at Kainji, Jebba plants Eko Electricity Distribution Company (EKEDC) has grouped its customers into five service bands depicting the quantity and quality of supply they receive, while assuring consumers that the newly-introduced Service Reflective Tariff ...

Read More »

Government struggles for balance in fuel pricing

Government struggles for balance in fuel pricing

• Independent marketers groan as ex-depot price hits N158/litre • Stakeholders seek value, pick holes in deregulation Caught in the web of revenue depletion and attempt to keep pump price of Premium Motor Spirit (PMS) stable, the Federal Government may ...

Read More »
× Get News Alert