OIL & GAS

Marketers, EFCC partner to curb oil theft in Niger Delta

Marketers, EFCC partner to curb oil theft in Niger Delta

The Independent Petroleum Marketers Association of Nigeria has sought the support and intervention of the Economic and Financial Crimes Commission in curbing oil theft and pipeline vandalism in the Niger Delta. This request was made on Monday, May 16, 2022 …

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No hike in electricity tariffs – NERC

No hike in electricity tariffs – NERC

The Nigerian Electricity Regulatory Commission, NERC has clarified that reviews do not automatically translate into an increase in electricity tariffs. The electricity market regulator made this known in a statement titled ‘Notice of Compliance in Respect of the Biannual Review …

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Lagos Free Zone, partners sign N10bn gas deal

Lagos Free Zone, partners sign N10bn gas deal

The Lagos Free Zone has signed a gas contract worth over N10bn with Falcon Corporation, ND Western, and FHN consortium. The gas infrastructure development agreement was signed in Lagos on Monday. The project allows the consortium of Falcon Corporation, ND …

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Refineries probe: Reps grill Sylva, Kyari today, say appearance compulsory

Refineries probe: Reps grill Sylva, Kyari today, say appearance compulsory

  The House of Representatives’ Ad Hoc Committee on the State of Refineries in Nigeria has said it is compulsory for the Group Managing Director of the Nigerian National Petroleum Company Limited, Mele Kyari, to appear before it on Tuesday …

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Fuel pump price jumps by 91% in six years –Report

Fuel pump price jumps by 91% in six years –Report

The cost of fuel pump increased from N87 per litre as of December 2015 to N165.77 by December 2021, showing an increase of 90.54 per cent. This is according to the Fuel Pump Price Per Litre – Average (PMS) data from …

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PENGASSAN moves to stop casualisation in oil industry

PENGASSAN moves to stop casualisation in oil industry

The Petroleum and Natural Gas Senior Staff Association of Nigeria says it will ensure that issues of casualisation in the oil and gas industry are reduced to a minimal level. The PENGASSAN President, Mr Festus Osifo, made this known at …

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Oil production: Nigeria leads Q1 shortfall, World Bank cites sabotage

Oil production: Nigeria leads Q1 shortfall, World Bank cites sabotage

The World Bank has said Nigeria has the largest shortfall among oil-producing countries due to sabotage within the oil production system and other factors, such as low investments and the COVID-19 pandemic. According to the bank, Nigeria has a shortfall …

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Discos reject 2,495.3MW in one week – Report

Discos reject 2,495.3MW in one week – Report

  A total of 2,495.3 megawatts of electricity was not utilised nor distributed by power distribution companies in one week, despite the demand for electricity nationwide, industry data obtained from the Federal Government’s power company on Sunday showed. In the …

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Nigeria’s crude oil production rigs drop by 37.5%, says OPEC

Nigeria’s crude oil production rigs drop by 37.5%, says OPEC

The number of functional crude oil production rigs in Nigeria decreased by 37.5 per cent to just 10 operational rigs in March 2022, the Organisation of Petroleum Exporting Countries has said. An oil rig, offshore platform, or oil and/or gas production …

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Reps allege cover-up on refineries, summon Sylva, Kyari, others

Reps allege cover-up on refineries, summon Sylva, Kyari, others

  The House of Representatives’ Ad Hoc Committee on the State of Refineries in Nigeria has summoned the Minister of State for Petroleum Resources, Timipre Sylva, and the Group Managing Director of the Nigerian National Petroleum Company Limited, Mele Kyari. …

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Oil price rises as OPEC projects steady demand growth

Oil price rises as OPEC projects steady demand growth

Brent, the global benchmark for crude oil, rose marginally in price on Thursday, as the Organisation of Petroleum Exporting Countries projected that the demand growth for oil would continue this year. Industry figures showed that Brent moved up by $0.77 …

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Cooking gas price jumps by 83% in one year –NBS report

Cooking gas price jumps by 83% in one year –NBS report

  THE average retail price for cooking gas increased by 83.62 per cent from N2057.71 in March 2021, according to a new report by the National Bureau of Statistics. The report titled, “Liquefied Petroleum Gas (Cooking Gas) Price Watch (March …

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$2.6bn gas pipeline’ll boost midstream, upstream activities – Oilserv

$2.6bn gas pipeline’ll boost midstream, upstream activities – Oilserv

The $2.6bn Ajaokuta-Kaduna-Kano gas pipeline project is being developed to boost activities in the midstream and upstream arms of the oil and gas industry, among others, the Group Chairman, Oilserv Limited, Emeka Okwuosa, has said. Oilserv is the major contractor …

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IOCs, others review presidential panel’s regulations on Petroleum Industry Act

IOCs, others review presidential panel’s regulations on Petroleum Industry Act

International oil companies and other stakeholders in the upstream arm of Nigeria’s oil and gas sector have commenced the review of the draft regulations prepared by the Nigerian Upstream Petroleum Regulatory Commission in conjunction with the Presidential Steering Committee as …

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Stakeholders canvass stronger recovery plans for IOC debts

Stakeholders canvass stronger recovery plans for IOC debts

• IOCs, indigenous players still owe FG N1.3tr amid borrowing • Banks loans to oil and gas companies jump to N5.68tr• Govt’s failure in cash call payment, JV obligations raise concerns • IMF urges FG to avoid ‘Doom Loop’ by reducing public debt …

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Vandalism, others push oil firms’ bank borrowing to N5.68tn

Vandalism, others push oil firms’ bank borrowing to N5.68tn

The combined bank borrowing of oil firms operating in the downstream and upstream subsectors of the Nigerian oil and gas industry rose from N5.19tn in January 2021 to N5.68tn in December 2021, showing an increase of N490bn. Operators in the …

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NNPC to deliver $2.6bn gas pipeline Q1 2023

NNPC to deliver $2.6bn gas pipeline Q1 2023

  The Nigerian National Petroleum Company Limited and its contractor handling the bulk of the $2.6bn Ajaokuta-Kaduna-Kano gas pipeline project, Oilserv Limited, on Thursday stated that natural gas would be transported through the AKK pipeline in the first quarter of …

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Grid collapse: FG approves N1.4bn for power transmission projects

Grid collapse: FG approves N1.4bn for power transmission projects

  The Federal Executive Council has approved N1.4bn for the supply of equipment for the Transmission Company of Nigeria, to boost power supply nationwide. The Minister of Power, Abubakar Aliyu disclosed this to State House correspondents after Wednesday’s Council meeting …

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Nigeria’s oil production crashed by 744,000 barrels in March – OPEC

IOCs, others review presidential panel’s regulations on Petroleum Industry Act

Nigeria’s crude oil production crashed by 744,000 barrels in March 2021 when compared to what the country produced in the preceding month of April, figures released on Tuesday by the Organisation of Petroleum Exporting Countries, showed. In OPEC Monthly Oil …

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Port Harcourt refinery to produce 60,000 barrels/day early 2023 – FG

Port Harcourt refinery to produce 60,000 barrels/day early 2023 – FG

  THE Minister of State for Petroleum Resources, Chief Timipre Sylva, on Tuesday, said the April 2023 completion date for the rehabilitation of the Port Harcourt refinery was feasible and that the plant would refine 60,000 barrels of crude by …

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