OIL & GAS

Smuggling: Govt shuts 270 filling stations, deploys DSS

Smuggling: Govt shuts 270 filling stations, deploys DSS

The Federal Government is now deploying operatives of the Department of State Services on tankers transporting Premium Motor Spirit,  popularly called petrol, to filling stations in order to halt the diversion and smuggling of the product. Already, over 120 DSS …

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OPEC+ maintains status quo amid lower output from Nigeria

OPEC+ maintains status quo amid lower output from Nigeria

The Organisation of Petroleum Exporting Countries plus (OPEC+) coalition’s Joint Ministerial Monitoring Committee (JMMC) recommended no changes to the group’s output policy at its meeting yesterday. The JMMC, which is made up of key OPEC+ ministers, is not a decision-making …

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NNPC expands dominance of Nigerian oil sector, takes over Addax assets

NNPC expands dominance of Nigerian oil sector, takes over Addax assets

Barely four months after acquiring OVH Energy Marketing (OVHEM) Limited, Nigerian National Petroleum Company Limited (NNPC), yesterday, announced takeover of Addax Petroleum Development (Nigeria) Limited’s production sharing contract assets. Coming amid loggerhead between NNPC and Seplat over sale of ExxonMobil’s …

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Oil blocs licensing will end in April –FG

Oil blocs licensing will end in April –FG

The Federal Government, on Monday, announced that the licensing round for seven deep offshore open oil blocs, which commenced on January 3, 2023, would last for four months. It invited investors from across the world with capability and experience in …

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Subsidy: Stop 100 per cent fuel importation, Labour charges govt

Subsidy: Stop 100 per cent fuel importation, Labour charges govt

• Local refining is way out, says PENGASSAN • Govt using subsidy to blindfold masses, says Okon • Declare state of emergency, probe on subsidy, says Omoijiade • Labour to resist presidential candidates calling for removal, says NLC Notwithstanding proposals …

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BEDC Engages 11 Aggregators, 10,000 Billing, Payment Agents In Edo, Others

BEDC Engages 11 Aggregators, 10,000 Billing, Payment Agents In Edo, Others

The Management of the Benin Electricity Distribution Company PLC (BEDC), on Monday said it had engaged the services of 11 aggregators and 10,000 billing and payment agents to serve customers across it’s franchise states Edo, Delta, Ondo and Ekiti. The …

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NNPC’s Security Contractor Intercepts More Vessels With Stolen Crude Oil

NNPC's Security Contractor Intercepts More Vessels With Stolen Crude Oil

Tantita Security Services, the security contractor engaged by the Nigerian National Petroleum Company Ltd, NNPCL, has intercepted a Barge and Truck with consignments of stolen Crude oil. In the first of two recent high-profile discoveries by Tantita Security Services, the …

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LCCI Urges FG to Amend Petroleum Profit Tax Act

LCCI Urges FG to Amend Petroleum Profit Tax Act

The Lagos Chamber of Commerce and Industry (LCCI) has asked the Federal Government to consider amending the Petroleum Profit Tax Act with the same provisions in the Petroleum Industry Act (PIA) section 104. The chamber made the remark following the …

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Fuel Importation To End By 2024 – FG

Fuel Importation To End By 2024 – FG

  The Federal Government on Monday projected that by the first Quarter of 2024, Nigeria would put an end to the importation of petroleum products into the country. The Minister of State for Petroleum Resources, Timipre Sylva, said by the …

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FG disburses N173bn for uniform fuel price nationwide

FG disburses N173bn for uniform fuel price nationwide

PMS price exceeds approved rates in states despite equalisation The Federal Government disbursed about N173.2bn for the equalisation of over 11.6 billion litres of Premium Motor Spirit, popularly called petrol, between 2019 and 2022, data obtained from the Federal Ministry …

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Electricity consumers demand new tariff reversal

Electricity consumers demand new tariff reversal

The recent increase in electricity tariff by power distribution companies, as approved by the Nigerian Electricity Regulatory Commission, shows that the Federal Government and Discos are taking Nigerians for granted, power sector experts and consumer groups have said. Speaking on …

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NNPC denies exporting 17.88m barrels oil without documentation

NNPC denies exporting 17.88m barrels oil without documentation

The Nigerian National Petroleum Company Limited on Thursday said it was false to claim that the oil firm exported 17.88 million barrels of crude oil without proper documentation NNPC’s Chief Corporate Communications Officer, Garba-Deen Muhammad, said the public should disregard …

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Electricity workers fault N3tn bailout to power companies

Electricity workers fault N3tn bailout to power companies

The Organised Labour has faulted the over N3tn bailout granted to generation and distribution companies in the power sector by Federal Government after they have been privatised. The National Union of Electricity Employees especially criticised the government for injecting funds …

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Oil workers protest over unpaid salaries

Oil workers protest over unpaid salaries

  Workers of Mormar Marine staged a peaceful protest in Agbarha-Otor, Ughelli North Local Government Area in Delta State, demanding the immediate payment of six months’ salary arrears allegedly owed them by the Nigerian Petroleum Development Company Limited/Heritage Energy. The …

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FG gives operators ultimatum to name oil well owners

FG gives operators ultimatum to name oil well owners

The Nigerian Upstream Petroleum Regulatory Commission on Thursday, issued a seven-day ultimatum for all lease and licence holders operating in Nigeria’s oil and gas sector, to disclose the real owners of their companies. In the directive signed by its Chief …

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FG to spend N3.36tn on fuel subsidy in 2023

FG to spend N3.36tn on fuel subsidy in 2023

  The finance minister said N3.36tn was earmarked for fuel subsidy in Nigeria’s 2023 budget. During her presentation, Ahmed declared that fuel subsidy payments would remain up to mid-2023, based on the 18-month extension announced in early 2022. This means …

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Discos hike electricity tariff secretly, consumers kick

Electricity workers fault N3tn bailout to power companies

Electricity distribution companies have quietly increased the tariff payable by power consumers across the country. Although most of the Discos did not make this public, electricity users have kicked against the move, describing it as “a perfect robbery” amidst the …

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EFCC recovers N13bn illegal fuel subsidy payments

EFCC recovers N13bn illegal fuel subsidy payments

The Economic and Financial Crimes Commission recovered about N13bn as proceeds of illegal payments made under the subsidy regime between 2017 and 2021, media has learnt. This was based on the National inherent risk assessment of money laundering and terrorist …

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Six million meters for deployment before June – FG

Six million meters for deployment before June – FG

Six million meters are to be deployed nationwide in the first and second quarters of this year to reduce the number of unmetered electricity consumers in Nigeria, the Federal Government has said. It disclosed in a December 2022 document on …

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Reps begin $2.4bn oil revenue loss probe

Reps begin $2.4bn oil revenue loss probe

  The House of Representatives ad hoc committee investigating the alleged loss of over $2.4bn revenue to illegal sale of 48 million barrels of crude oil export in 2015, on Thursday, held its inaugural meeting. The committee, which has been …

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