OIL & GAS

Post-Subsidy PMS Import Costs Rise By 31% –Report

Post-Subsidy PMS Import Costs Rise By 31% –Report

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 …

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Marketers Register With Dangote Refinery Ahead Of Loading

Marketers Register With Dangote Refinery Ahead Of Loading

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 …

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Cooking Gas Export Ban Crashed Domestic Price – Marketers

Cooking Gas Export Ban Crashed Domestic Price – Marketers

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 …

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Petroleum Minister Inaugurates Delta Gas Facility

Petroleum Minister Inaugurates Delta Gas Facility

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 …

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Crude Supply Shortage: Foreign Investors May Dump 20 Modular Refineries

Crude Supply Shortage: Foreign Investors May Dump 20 Modular Refineries

  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 …

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Marketers Register With Dangote Refinery Ahead Of Loading

Dangote Refinery Eyes 500,000 Barrel Production Capacity July

Barring any last-minute change in plan, the $20bn Dangote Oil Refinery would be listed on the Nigerian Stock Exchange by December 2024. The Chairman of the Dangote Group, Aliko Dangote, maintained that as a new business, he would love to …

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IOCs To Invest $20bn In Nigeria –FG

IOCs To Invest $20bn In Nigeria –FG

  The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, on Monday, announced that about $16.6bn investments had been committed to Nigeria’s oil and gas sector in the past one year. He spoke in Abuja while providing updates on …

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Electricity Subsidy Gulps N629bn As Discos Generate N1.1tn

Electricity Subsidy Gulps N629bn As Discos Generate N1.1tn

The Federal Government spent N628.61bn as subsidy on electricity in 2023, as power distribution companies collected a total revenue of N1.08tn during the same period, the latest industry data obtained from the Nigerian Electricity Regulatory Commission on Wednesday showed. An …

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Oil Production Nears 1.7mbpd – NNPC

Oil Production Nears 1.7mbpd – NNPC

From 1.28 million barrels per day in April, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, says Nigeria’s oil production was inching towards 1.7mbpd as of Saturday. This is as the NNPCL boss hinted …

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Marketers ordered to open pumps for CNG vehicles

Marketers Ordered To Open Pumps For CNG Vehicles

The Federal Government has concluded plans to ensure marketers open Compressed Natural Gas Pumps in filling stations across the country. As such, the government said intending retail licensees would be now required to establish a CNG point in their filling …

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NUPRC Begins Bidding Round For 12 Oil Blocks

NUPRC Begins Bidding Round For 12 Oil Blocks

  The Nigerian Upstream Petroleum Regulatory Commission has announced the commencement of the bidding process for 12 oil blocks recently listed for sale. It also signals the start of the 2024 Nigeria Petroleum Licensing Round and the resumption of the …

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FG to install N3bn power substation in Kwara

Stop Electricity Subsidy, IMF Tells FG

  The International Monetary Fund has warned the Nigerian government to remove what it called implicit fuel and electricity subsidies. In a report published recently by the IMF, the organisation told Nigeria that the subsidies would guzzle three per cent …

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Different Electricity Laws In States Will Affect Power Sector – PwC

Different Electricity Laws In States Will Affect Power Sector – PwC

PwC Nigeria has stated that the provision of the Electricity Act that allows states to have independent electricity laws would be detrimental to the growth of the power sector. This was contained in a report highlighting the outcomes from the …

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Labour Urges NERC, Discos To Collapse Bands

Labour Urges NERC, Discos To Collapse Bands

The Nigeria Labour Congress and Trade Union Congress have urged the Nigerian Electricity Regulatory Commission and electricity distribution companies to shun the proposed electricity tariff hike from N65/kWh to N225/kWh and collapse the different bands. This was disclosed in a …

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FG To Sanction Marketers Diverting Fuel As Queues Subside

FG To Sanction Marketers Diverting Fuel As Queues Subside

As fuel queues subside across filling stations, the Federal Government says it will sanction marketers hoarding and diverting Premium Motor Spirit. The Nigerian Midstream and Downstream Petroleum Regulatory Authority said on Tuesday that its men were moving around the country …

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Shell Paid Over $1bn Tax To FG In 2023

Shell Paid Over $1bn Tax To FG In 2023

Shell Nigeria says it exclusively paid a total of $1.09bn in corporate taxes and royalties to the Nigerian government in 2023, through the operations of the Shell Petroleum Development Company of Nigeria Limited and Shell Nigeria Exploration and Production Company …

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Seplat To Deliver 13 New Oil Wells In 2024

Seplat To Deliver 13 New Oil Wells In 2024

  Seplat Energy Plc has announced its drilling program for 2024 with plans to deliver 13 new oil and gas wells across its operated and non-operated assets. The company disclosed this in its unaudited results for the first quarter ending …

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Nigerians Reject Electricity Tariff Cut, Demand Total Reversal

Nigerians Reject Electricity Tariff Cut, Demand Total Reversal

Nigerians on Monday rejected  the Nigerian Electricity Regulatory Commission’s reduction of the tariff payable by Band A customers from N225/kWh to N206.8/kWh. The Nigeria Labour Congress, Trade Union Congress, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, electricity …

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N200bn debt: IPMAN threatens closure of 30,000 filling stations

N200bn debt: IPMAN threatens closure of 30,000 filling stations

Oil dealers under the aegis of the Independent Petroleum Marketers Association of Nigeria, on Tuesday, declared that it would shut down the 30,000 stations operated by IPMAN members across the country if the Federal Government fails to pay the N200bn …

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Shell Will Complete $2.4bn Nigeria Assets Sale June – FG

Shell Will Complete $2.4bn Nigeria Assets Sale June – FG

The Federal Government on Monday commenced a due diligence meeting for the proposed $2.4bn asset sale by Shell to Renaissance Africa Energy, and announced that it targets to complete the divestment exercise by June this year. Shell, a British energy …

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