OIL & GAS

Power generation slumps to 38MW

Power generation slumps to 38MW

Data from the Federal Government on Tuesday indicated that the collapse of the national electricity grid that occurred the preceding day led to the crash in power generation from 3,713.1 megawatts to 38MW. Industry figures obtained from the Federal Ministry …

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Oil price falls to $86/barrel

Oil price falls to $86/barrel

Brent, the global benchmark for crude, dropped in price on Sunday as virtually all oil grades witnessed reduced prices on the first day of the week despite efforts by the Organisation of Petroleum Exporting Countries to stabilise the cost of …

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37 firms get licences to produce 762.3MW

37 firms get licences to produce 762.3MW

…metering drops by 71.86% in three months Fresh licenses and permits have been issued to 37 companies to produce a total of 762.3 megawatts of electricity in order to boost power supply across the country, data obtained from the Nigerian …

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Sylva: Oil, Gas Industry Operators to Get 10-year Tax Vacation When PIA Takes Off Fully

Sylva: Oil, Gas Industry Operators to Get 10-year Tax Vacation When PIA Takes Off Fully

  * FG to inject 10m gas cylinders into circulation by end of 2022 The Minister of State, Petroleum, Chief Timipre Sylva, said yesterday that when the Petroleum Industry Act (PIA) fully takes off, it will provide for a 10-year tax …

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Agusto tasks govt on energy diversification, renewable adoption

Agusto tasks govt on energy diversification, renewable adoption

With an unmet energy demand of about 20,000 megawatts (MW), a global research firm, Agusto & Co, has charged the Nigerian government to use policies and incentives to drive innovation in renewable energy technologies in order to diversify its energy …

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Ogboinbiri gas pipeline in Bayelsa vandalised – Eni

Ogboinbiri gas pipeline in Bayelsa vandalised – Eni

  The Ogboinbiri gas pipeline in Bayelsa State has been vandalised, the Italian energy group, Eni, stated on Thursday. Eni said the rupture on the pipeline had caused a leak and production losses, according to a report by Reuters. A …

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No going back on power sector privatisation – FG

No going back on power sector privatisation – FG

  The Federal Government has reiterated its resolve and openness to more private sector collaboration as the only viable means of solving Nigeria’s energy needs. The Minister for Power, Abubakar Aliyu, made this known at the 9th edition of the …

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Reps begin investigation into NNPC’s 32-year joint ventures

Reps begin investigation into NNPC’s 32-year joint ventures

  …summon accountant-general over failure to present MDAs’ 2020 accounts The House of Representatives has begun its investigation of the Joint Ventures and Production Sharing Contracts entered into by the Nigerian National Petroleum Corporation in the last 32 years. The …

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Nigeria, Morocco begin 5,600km gas pipeline project

Nigeria, Morocco begin 5,600km gas pipeline project

  The Nigerian National Petroleum Company Limited and the Office National des Hydrocarbures et des Mines of Morocco, on Thursday, signed the Memorandum of Understanding for the commencement of construction of the 5,600km Nigeria-Morocco gas pipeline. NNPC said the much-awaited …

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Osinbajo: Why Nigeria should benefit more from its gas reserves

Osinbajo: Why Nigeria should benefit more from its gas reserves

  The use of gas as a transition fuel will not only help in stemming deforestation but advance Nigeria’s broader development goals, the Vice President, Prof. Yemi Osinbajo has said. Stating that the country has one of the largest gas …

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Angola, Libya overtake Nigeria in crude production – OPEC

Angola, Libya overtake Nigeria in crude production – OPEC

Nigeria’s oil production plunged to 972,000 barrels per day in August 2022, as Angola and Libya overtook Nigeria by producing higher volumes of crude during the review month, the Organisation of Petroleum Exporting Countries has said. OPEC disclosed this in …

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Fuel sales push Nigeria’s foreign trade to N25.84tn

Fuel sales push Nigeria’s foreign trade to N25.84tn

Increased crude oil sales have pushed Nigeria’s foreign trade by 47.07 per cent year-on-year to N25.84tn in the first half of 2022, according to foreign trade data from the Nigerian Bureau of Statistics. In the first half of 2021, total …

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PENGASSAN threatens 30-day shutdown, Nigeria risks N1.37tn loss

PENGASSAN threatens 30-day shutdown, Nigeria risks N1.37tn loss

•Union stages protests in Abuja, Warri, Kaduna, P’Harcourt Protesting members of the Petroleum and Natural Gas Senior Staff Association of Nigeria on Thursday threatened to shut down oil production in Nigeria for 30 days if the Federal Government fails to …

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Why Nigeria should end fuel subsidy – Akabueze

Why Nigeria should end fuel subsidy – Akabueze

  The Director General of the Budget Office of Nigeria, Ben Akabueze, says the trillions of naira spent on fuel subsidy can be deployed to other creative sectors, particularly education. Speaking on Arise TV’s Global Business Report, Akabueze said the …

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Angry oil workers blame soldiers, protest today

Angry oil workers blame soldiers, protest today

The Petroleum and Natural Gas Senior Staff Association of Nigeria on Wednesday  threatened showdown with the Federal Government over the massive  oil thefts  in the Niger Delta. The President, PENGASSAN, Festus Osifo, in an interview with journalists in Abuja, blamed …

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Fuel scarcity hits Abuja as marketers shut stations

Fuel scarcity hits Abuja as marketers shut stations

Many fillings stations were shut on Tuesday leading to lengthy queues by motorists for Premium Motor Spirit, popularly called petrol, at the few outlets that dispensed the commodity in Abuja and neighbouring states. Petrol scarcity resumed again in the Federal …

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NERC plans N5bn for tech investments

NERC plans N5bn for tech investments

The Nigerian Electricity Regulatory Commission has said it will spend N5bn on technology investments between now and 2025. The Chairman, NERC, Mr Sanusi Garba, disclosed this at a hearing on the MediumTerm Expenditure Framework in Abuja on Monday. He said …

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Discos fail to utilise 1,936MW despite blackouts – FG

37 firms get licences to produce 762.3MW

The 11 power distribution companies in Nigeria did not utilise a total of 1,936.26 megawatts of electricity in one week amidst the country’s limited power generation, the latest data on the daily Discos load summary from the Federal Ministry of …

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IPMAN begins strike, fuel scarcity imminent in North

IPMAN begins strike, fuel scarcity imminent in North

Abuja, Kaduna, Nasarawa, Kogi, Niger and neighbouring states may encounter another round of scarcity of Premium Motor Spirit, popularly called petrol, following the commencement of a three-day warning strike by the Suleja Depot Branch of the Independent Petroleum Marketers Association …

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NNPC defends 68m-litre daily consumption, backs forensic audit

Nigerian Fleet Implementation: NNPC Insists On Capacity To Lift Crude Oil

  The Nigerian National Petroleum Company Limited on Sunday insisted that daily supply of Premium Motor Spirit, popularly called petrol, across the country was 68 million and offered to submit itself for forensic audit of PMS supply and subsidy management. …

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