Port Harcourt Refinery he Independent Petroleum Marketers Association of Nigeria and the Major Energy Marketers Association of Nigeria have projected a marginal reduction in the pump price of Premium Motor Spirit, popularly called petrol, produced from the Port Harcourt Refining …
Read More »Nigeria’s Functional Oil Drilling Rigs Rise To 16 – OPEC
The number of functional oil drilling rigs across the country increased marginally to 16 in February, data from the latest March 2024 Monthly Oil Market Report of the Organisation of Petroleum Exporting Countries has shown. Figures released by OPEC indicated that …
Read More »Oil Earnings Rise By N450bn In Two Months, Says FG
Crude oil earnings by the Federal Government increased by about N449.93bn in the months of December 2023 and January 2024, an analysis of data in the latest reports on Nigeria’s oil production, on Sunday, showed. Although the Nigerian Upstream Petroleum …
Read More »Alleged N1.2bn Fraud Leads to Suspension of REA Boss and Directors by Tinubu
Ahmad Salihijo President Bola Tinubu has indefinitely suspended the Managing Director/Chief Executive Officer of the Rural Electrification Agency, Ahmad Salihijo, alongside three executive directors of the agency, from office. This followed “new findings unearthed during a comprehensive investigation into the …
Read More »Independent Marketers To Commence CNG Sales – Official
Members of the Independent Petroleum Marketers Association of Nigeria have disclosed they are in talks with the Federal Government to commence the sale of compressed natural gas in their filling stations. The National Vice President of IPMAN, Hammed Fashola, in …
Read More »High Tariff Barrier To Rural Electrification – Schneider Electric
A Power Transmission System Schneider Electric has stated that high tariff remains a barrier to electricity usage in rural communities across West Africa. The firm said it planned to proffer solutions to the adoption of electrification projects in rural West …
Read More »Saudi Arabia, Russia, Others Cut 2.2 Million bpd
Oil worker Several members of the Organisation of the Petroleum Exporting Countries and its allies, OPEC+, have announced a voluntary cut of 2.2 million barrels per day for the second quarter of 2024. OPEC, in a statement, said the aim …
Read More »Discos Reject 1,769MW Of Electricity Amid Widespread Blackout
Despite the widespread blackout and the worsening state of electricity supply in Nigeria, the latest figures on the daily load summary of power distribution companies indicate that the firms failed to distribute about 1,769.91 megawatts of electricity between February 1 …
Read More »FG Pays $120m From Gas Debts As Blackout Spreads
The Federal Government has paid $120m out of the $1.3bn indebtedness to gas companies for the supply of gas to run gas-fired power plants across the country. Nigeria is currently suffering from low power supply because many gas suppliers have …
Read More »FG Completes $700m Gas Pipeline In March After Eight Years
Minister of State for Petroleum, Ekperipke Ekpo The Federal Government, on Tuesday, announced that the $700m Obiafu/Obrikom/Oben gas pipeline, popularly called OB3, would be completed in March 2024, a project that commenced in 2016. It announced this at the ongoing …
Read More »Dangote, PH Refineries Face Crude Shortage Over Low Production – FG
The Minister of State Petroleum Resources (Oil), Heineken Lokpobiri, has said the newly inaugurated Dangote Petrochemical Refinery, Port Harcourt Refinery, Warri Refinery and modular refineries in the country may not get enough crude oil locally for the production of petroleum …
Read More »Nigeria Gets 60% Share Of Afreximbank’s $30bn Oil, Gas Funding
The African Export-Import Bank on Wednesday, disclosed that it has become the largest financier of oil and gas projects in Africa. The bank disclosed investing $30bn in industry projects, with Nigeria receiving 60 per cent despite reduced global funding for …
Read More »$496 Payment: Senate To Probe Ajaokuta Steel
Ajaokuta Steel The Senate on Tuesday resolved to probe the affairs of Ajaokuta Steel Company Limited and the National Ore Mining Company in Kogi State from 2008 till date. It planned to unravel the mystery behind the payment of $496m …
Read More »Senate Rejects Electricity Tariff Hike, Probes N2tn Subsidy
The Senate has kicked against plans by the Ministry of Power to approve the proposed hikes in electricity tariff by Distribution companies. The Senate also rejected plans to remove electricity subsidy given the present hardships in the country. The Senate …
Read More »Oil Dealers Threaten Shutdown Over Forex Crisis
Oil and gas dealers in the country have declared that the harsh operating environment in the downstream oil sector has led to the collapse of about 70 per cent of businesses in the industry, stressing that the over 200 members …
Read More »Nigeria’s Active Oil Rigs Rise To 30, Says NUPRC
Komolafe, NUPRC CEO The Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, has disclosed that the country’s oil rigs have increased to 30 from 11 in 2011. He linked the increase to NUPRC and other government …
Read More »NNPCL Destroys 82 Illegal Oil Refineries In One Week
The Nigerian National Petroleum Company Limited has stated that it uncovered and destroyed 82 illegal refineries in the Niger Delta between February 10 and 15, 2024. The NNPCL also said on Tuesday that 223 incidents were recorded in the past …
Read More »Fuel Transporters Halt Strike As FG Intervenes
The about two-day suspension of operations with respect to the lifting of petroleum products by the Nigerian Association of Road Transport Owners has been called off by the oil transporters. NARTO confirmed this in Abuja on Tuesday evening after the …
Read More »Aso Villa, DHQ, CBN Face Disconnection Over N47bn Debt
No fewer than 86 ministries, agencies and departments of government are owing the Abuja Electricity Distribution Company to the tune of N47bn. According to a public notice by the management of the AEDC, the Presidential Villa owes the DisCo the …
Read More »NNPCL/Total Energies Joint Venture Achieves Zero Gas Flare
The Nigerian National Petroleum Company Limited/TotalEnergies joint venture has achieved zero routine gas flare in all its assets, NNPCL announced on Thursday. It said the achievement was in pursuit of meeting the targets of 20 per cent (unconditional) and 47 …
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