While the higher price of Brent crude soared close to $75 per barrel, and should have been a sign of hope for Nigeria’s economy, the federal government is at a cross road because it would also imply an increase in the cost of fuel subsidy. According to data, the oil price hit $74.93 a barrel, up $1.42 cents or 1.93 Read More
The Nigerian National Petroleum Corporation (NNPC) says it remains committed to the promotion of a sustainable environment across its operations, stressing that its energy transition programme and support for carbon neutral projects are proof of that commitment. The Group Managing Director of the Corporation, Mallam Mele Kyari, stated this at an event organised by the Group Health, Safety, and Environment Read More
The federal government has said a policy on the operations of artisanal refineries in the country would soon be unveiled. The Senior Special Assistant to the President on Niger Delta Affairs, Senator Eta Enang, explained that the policy would guide the ownership as well as regulate the operations of artisanal refineries in the country. “We are still working on the Read More
Chevron Nigeria Limited on Thursday reiterated its commitment to the restoration of the environment. Chevron is the operator of the joint venture between the Nigerian National Petroleum Corporation (NNPC) and CNL.. The statement by the oil major comes on the heel of the World Environment Day scheduled to hold on June 5. The event is celebrated to promote environmental awareness Read More
The Nigerian National Petroleum Corporation (NNPC) said it is considering purchasing shares in at least six privately controlled refineries in the West African nation to conform to a government directive. The Nigerian National Petroleum Corporation is seeking an equity stake in the 650,000 barrels-per-day facility that Aliko Dangote, Africa’s richest person, is building outside Lagos, as well as in five Read More
The Nigerian National Petroleum Corporation has revealed that it is currently considering equity participation in a number of private refineries in the country in line with a Federal Government policy directive which stipulates the mandatory participation of the Corporation in any privately-owned refinery that exceeds 50,000 barrels per day capacity in keeping with its statutory role of safeguarding national energy Read More
The federal government has allayed the fear of Nigerians who are apprehensive that there would be increase in the price of fuel. A statement signed, Friday, in Abuja by Minister of State for Petroleum, Timipre Sylva, insisted that despite the burden continuous subsidy was having in its finances, there will be no increase in fuel price. “Once again, it has Read More
With Brent Crude oil, Nigeria’s benchmark trading at $69.74 per barrel up by over 1.25 percent, while this means an increase in oil revenue for Nigerian government, the excitement, however, is quickly wiped, as the spike could mean a change in petrol price is imminent in the country. Recall that the Petroleum Products Pricing Regulatory Agency (PPPRA) had in 2020 Read More
Experts have recommended ways the Government at all levels should engage to improve on revenue generation. Their comments are coming as the Nigerian National Petroleum Corporation, NNPC, said that it will not remit money into the federation account in the month of May due to costs incurred from subsidy payments on petrol. The NNPC made this known in a letter Read More
The rising international crude oil prices and the sustenance of fuel subsidy is putting finances of the Federal Government (FG) and the states, including the Federal Capital Territory in dire strait. On one hand, the Nigerian National Petroleum Corporation (NNPC) has put the Accountant General of the Federation (AGF) on notice that, it will not be able to remit the Read More
By curiously questioning the wisdom of President Muhammadu Buhari, who is also the substantive Minister of Petroleum Resources, in canceling the revocation by the Department of Petroleum Resources (DPR) of four oil mining leases belonging to Addax Petroleum Exploration Nigeria Ltd., Senator Magnus Abe goofed and exceeded his brief. Here is why. In a position which can only be interpreted Read More
The Nigerian Maritime Administration and Safety Agency (NIMASA) is determined to ensure availability of marine fuels that comply with the regulation by the International Maritime Organisation (IMO) limiting the sulphur in the fuel oil used on board ships to 0.50 per cent m/m (mass by mass). Director-General of NIMASA, Dr. Bashir Jamoh, stated this on Wednesday in Lagos at the Read More
Management of the Nigerian National Petroleum Corporation (NNPC ) is to appear before the Senate Committee on Public Account (SPAC) this week over alleged non-remittance of N4.07trillion into the Federation Account between 2010 and 2016. Also expected to appear for explanations are managements of the Department of Petroleum Resources (DPR), Petroleum Products Pricing Regulatory Agency (PPPRA) and Federal Inland Revenue Read More
The Nigerian National Petroleum Corporation (NNPC) has said it would maintain its current ex-depot price of Premium Motor Spirit (petrol) until the conclusion of ongoing engagement with the organized labour and other stakeholders. Addressing journalists in Abuja, the Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, said the Corporation, at the moment, was bearing the burden of importing Read More
The Nigerian National Petroleum Corporation (NNPC) has said it would maintain its current ex-depot price of Premium Motor Spirit (petrol) until the conclusion of ongoing engagement with the organized labour and other stakeholders. Addressing newsmen in Abuja, the Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, said the Corporation, at the moment, was bearing the burden of importing Read More
Abracadabra is now commonly used as an incantation in the performance of magic. Literally, it is used as the more you look, the less you know or see. Abracadabra is the best word to describe what is going on in Port Harcourt Refinery. The refinery is situated at Alesa Eleme, 19 kilometres from Port Harcourt city. I have visited the Read More
President Muhammadu Buhari, GCFR, alongside Vice President Yemi Osibajo and the Minister of Stater for Petroleum Resources, Timipre Sylva, are expected to lead a high powered that will feature in the upcoming “Decade of Gas” conference and high-level networking session scheduled for March 29, 2021. The event, with the theme, “Towards a Gas-powered Economy by 2030” is a pre-summit conference Read More
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, has described the recently approved rehabilitation exercise of the 210,000 barrels per day capacity Port Harcourt Refinery as a worthy undertaking embarked upon after diligent consideration and in strict adherence to industry best standards. Speaking to reporters at the NNPC Towers, Abuja, on Monday, Kyari stated Read More
A group under the aegis of South-south Emerging Leaders Forum (SELF) has expressed happiness over the approval of $1.5 billion (about N600 billion) by the Federal Executive Council (FEC) for the rehabilitation of the Port Harcourt refinery. The forum described as exciting even as it commended President Muhammadu Buhari and the Minister of State for Petroleum, Chief Timipre Sylva. In a statement Read More
The Petroleum Products Pricing Regulatory Agency (PPPRA), on Friday, quickly deleted an earlier published template which disclosed the new price of petrol. The early Friday morning publication on their website showed that the new fuel price is projected to N212.6 per litre. Their rush to remove the content would have been informed by hash criticism by Nigerian over the sudden Read More
Despite assurances from the Nigerian National Petroleum Corporation (NNPC) that fuel price will not be increased, the Petroleum Products Pricing Regulatory Agency (PPPRA) announced a projected price of N212.11 per litre for Premium Motor Spirit (PMS). While announcing the pricing template for the month of March, PPPRA said the price is based on the average costs of imported petroleum products. Details Read More
Key Senior Executives across the oil and gas industry will converge at the Transcorp Hilton, Abuja on 29 March 2021 under the auspices of Nigeria’s Ministry of Petroleum Resources’ Nigeria International Petroleum Summit (N.I.P.S) for a hybrid conference and high-level networking session. The event, which is a pre-summit conference of the 2021 NIPS, with Nigeria LNG Limited (NLNG) as sponsors, Read More
The Nigerian National Petroleum Corporation (NNPC) has called for a legislative framework with clear fiscal terms in order to tap the full potential of the gas resources in the nation’s deepwater acreages. The Group Managing Director of NNPC, Mallam Mele Kyari, made the call at a one-day public hearing on “Inclusion of Gas Terms in Production Sharing Contracts (PSCs)” organized Read More
The leadership of the All Progressives Congress (APC) has declared that the fresh fuel queue across the country were artificially created to cause scarcity. The party, however urged Nigerians not to engage in panic buying. The country has witnessed long queue for fuel across the major cities in the last two day but the ruling party said there was no Read More
In spite of assurances by the Nigerian National Petroleum Corporation (NNPC) and the petroleum marketers, motorists in the federal capital territory, Abuja, have been lamenting the return of long queues at filling stations across the city. The NNPC had on Sunday night cautioned motorists not to engage in panic buying as it does not intend to increase the pump price Read More
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