OIL & GAS

The Nigerian Electricity Regulatory Commission has rolled out touch sanctions against Discos that commit infractions capable of inflicting pain on consumers. Among other things, NERC said it would reduce five per cent of the administrative, and operational expenditure of any …

The Nigerian National Petroleum Company Limited is in talks for another oil-backed loan to boost its finances and allow investment in its business, the Group Chief Executive Officer, NNPC, Mele Kyari, has said. Sources familiar with the situation said the …

The use of Compressed Natural Gas in automobiles is 40 per cent cheaper than using Premium Motor Spirit, popularly called petrol, the Nigerian National Petroleum Company Limited announced on Thursday. NNPC also announced that 100 CNG stations would be functional …

Nigeria’s debt to suppliers of Premium Motor Spirit, popularly called petrol, has surpassed $6bn, doubling what it was since early April, as the Nigerian National Petroleum Company Limited struggles to cover the gap between fixed pump prices and international fuel …

In a bid to boost energy sector productivity, Shell International has partnered with Ardova Plc to launch the inaugural Power Conference, aimed at fostering dialogue around productivity and competitiveness in the industry. The Shell Power Conference, themed “Powering Nigeria’s Industries …

The Nigerian National Petroleum Company Limited, on Sunday, said it has commenced investigations into the incident where an attendant in one of its retail stations told customers to buy lubricants or engine oil before they can purchase Premium Motor Spirit, …

The Federal Government, on Thursday, met with transporters and stakeholders in the transportation sector in a bid to accelerate the adoption of Compressed Natural Gas and reduce the use of Premium Motor Spirit, popularly called petrol. At the meeting in …

The Federal Government, on Tuesday, declared that there was no importation of dirty fuel into Nigeria, countering the recent position of an official of the Dangote Petroleum Refinery. It declared this after meeting with oil marketers and local refiners of …

Following the start of operations at the Dangote refinery, the Airlines Operators of Nigeria has confirmed a reduction in the price of aviation fuel in the country. This development was achieved after the association met with the management team of …

  Before now, high signature bonus was the determinant factor in Nigeria’s oil bidding process and this had hindered early development of oil and gas fields. Signature bonus is the single, non-recoverable lump sum payment made upfront by oil companies …

Caverton Offshore Support Group Plc has seen its loss after tax worsen by about 146.79 per cent to N12.75bn at the end of December 2023 from N5.17bn in the corresponding period. This is the third consecutive year that the company …

  The Federal Government has begun the proposed audit of the N2.7tn fuel subsidy claim by the Nigerian National Petroleum Company Limited, media has learnt. An audit firm, KPMG had conducted an initial audit reducing the claims from N6tn to …

The National Bureau of Statistics has said the average price of 5kg cooking gas increased from N6,521.58 recorded in April 2024 to N7,418.45 in May 2024. This is contained in the Bureau’s “Cooking Gas Price Watch’’ for May 2024, released …

The average price of Premium Motor Spirit (PMS), also known as petrol, rose by 223.21 per cent to approximately ₦770 per litre in May 2024 from ₦238.11 per litre recorded in the corresponding period of 2023. The National Bureau of …

The Nigerian National Petroleum Company Limited has applied to a High Court of the Federal Capital Territory, Abuja, to stop its ongoing legal action against several subsidiaries of Mobil Nigeria and the Nigerian Upstream Petroleum Regulatory Commission. NNPC in a …

Nigeria’s cost of petrol importation has continued to rise despite an almost 50 per cent drop in the nation’s consumption rate, reports by the Nigeria Bureau of Statistics have shown. Media reports that N2.63tn was spent on the importation of …

As Nigerians expect premium motor spirit from the Dangote Petrochemical Refinery this month, petroleum marketers have started registering with the company ahead of loading the product, media has learnt. The marketers are registering as individual business owners applying to get …

The Federal Government’s ban on the export of Liquefied Petroleum Gas, popularly called cooking gas, has led to a crash in the cost of the commodity from about N1,500 per kilogram to around N900/kg, LPG dealers stated on Wednesday. Cooking …

In a bid to reduce the rate of gas flaring in the Niger Delta region, the Minister of State for Petroleum Resources-Gas, Mr Ekoerikpe Ekpo on Thursday inaugurated 300 million mscfd gas capacity in Delta State. The 300 MMscfd Kwale …

  International financiers that are meant to fund the construction of about 20 modular refineries in Nigeria have withheld their funds due to the challenge of getting guarantees for crude oil supply to the facilities when they are completed. Producers …