The federal government on Tuesday sensitised critical stakeholders in Bauchi state on the National Liquefied Petroleum Gas (LPG) expansion plan to seek for their support towards ensuring sustainable socio-economic growth through LPG adoption and expansion. At the opening ceremony of a 2-day sensitisation and awareness campaign on the plan, the Senior Special Assistant to the President on LPG, Dr Dayo Read More
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, said Wednesday that the federal government cannot sustain the current N250 billion monthly petroleum subsidy. Briefing State House correspondents at the end of the weekly Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari, the minister said the costly monthly subsidy is making the Nigerian National Petroleum Read More
The Nigerian Union of Petroleum and Natural Gas (NUPENG) has issued a two-week strike notice to the federal government, raising the possibility of fuel scarcity across the country in the coming weeks. This was contained in a statement jointly signed by NUPENG President, Williams Akhoreha, and General Secretary, Olawale Afolabi, Monday. The union said the notice of strike was one Read More
Barely 24 hours to the Saturday Anambra State governorship election, the Inspector General of Police has removed the Deputy Inspector General, DIG Joseph Egbunike, as the head of security team for the Anambra governorship election slated for Saturday November 6, 2021. His removal was announced by the Police Public Relations Officer DSP Nkeiruka Nwude with few hours to the election. He been Read More
Nigerians face another possibility of fuel scarcity as Independent Petroleum Marketers Association of Nigeria (IPMAN) are reluctant to lift or buy fuel from private depot owners who have increased pump price of fuel from N148/litre to N157/litre. IPMAN’s National Vice President, Alhaji Abubakar Maigandi said the N9/litre difference, which is about 6.08 per cent increase, has culminated in the gradual Read More
Regrettably, naira depreciation does not hold any assurance of better things economically for Nigerians. There is obviously misguided and unrealistic call that the naira be devalued in expectation that matching “official rates with parallel market exchange rates will attract foreign investors or ensure competitiveness of the Nigerian economy”. Conversely, foreign investors are ‘smart guys’ investing chiefly in economically and minimally Read More
The Nigerian Guild of Editors (NGE) Thursday called on the federal government to adopt necessary measures in tackling the insecurity bedevilling the country. The editors bared their minds at a two-day conference in Abuja, with the theme “Media in Times of Crises: Resolving Conflict, Achieving Consensus.” And at the event, Group Managing Director Nigeria National Petroleum Company (NNPC) Mele Kyari announced that Read More
Some unions in Nigeria’s oil and gas sector have alleged that Nigerians are being targeted for retrenchment in the ongoing organisational restructuring carried out by TotalEnergies Marketing Nigeria Plc, formerly known as ‘Total Nigeria Plc’. In what seems to be a preparation for a showdown, the employee unions continue to exert pressure on Total Nigeria’s management on the organisational restructuring, Read More
The Witness, a credible Nigerian newspaper in digital and print formats, is set to launch a non-governmental organization, ‘The Witness Newspaper Foundation’, in commemoration of its fourth year anniversary. The event is billed to hold on Sunday, October 24th, 2021, at the prestigious Lagos Continental Hotel (formerly Intercontinental Hotel), Victoria Island, Lagos. A statement on Monday by the managing director of the newspaper, Read More
Proedge Limited, Abuja-based corporate communication company in collaboration with the Federal Road Safety Commission (FRSC), Wednesday, organised a sensitisation programme for truck and tanker drivers on safe monitoring, aimed at minimising carnage on highways. The event which was held at the NNPC depot Suleja, Niger state, brought together critical stakeholders, including officials of the FRSC, petroleum tanker drivers, major oil Read More
Nigeria’s Foreign Reserves get another boost days after the Eurobond funds hits the treasury, with additional 155,000 barrels of crude oil added to the nation’s daily production in September, report by the Organisation of Petroleum Exporting Countries (OPEC) said. With this addition, average daily production for the mont rose to 1.451 million barrel per day (mbpd). It stood at 1.296mbpd Read More
In the face of declining demand for crude oil globally, the Organisation of Petroleum Exporting Countries (OPEC) is taking solace in the fact that soaring gas prices could mitigate impact of global demand for oil products as end users switch. Further more the Organization has trimmed down its world oil demand growth forecast for 2021 while maintaining its 2022 view, Read More
The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) on Sunday evening has called off its proposed strike. NUPENG’s President, Comrade William Akporeha, and the General Secretary, ComradeAfolabi Olawale revealed this in a press statement. Part of the statement reads: “The leadership of the Nigeria Union of Petroleum and Natural Gas Workers hereby announced the suspension of the intended Read More
Stakeholders in the energy sector have deliberated on successful energy transition in Nigeria and Africa, in order to curb the over reliance on oil and to turn attention to renewal energy, which they said will in turn improve the livelihoods of Nigerians, especially through zero fossils and net zero fossils. They made their positions known during the 2021 Seplat Energy Read More
Again, there are calls for a total diversification of the country’s economy from oil to non-oil sectors. This is even as stakeholders applaud the initiatives of NIHOTOUR towards tourism as a veritable tool for revenue drive for the country. ELEOJO IDACHABA writes. In view of uncertainties about the prices of petroleum products in the international markets which inadvertently affect the Read More
For the first time in three years, oil prices jumped to above $80 on Monday as the Organisation of Petroleum Exporting Countries (OPEC) and its allies announced that it would maintain its steady output increase by 400,000 barrels per day in November. Data from Bloomberg shows, that the price of the Brent rose by 2.5 percent or $2.00 to sell Read More
The Petroleum Products Pricing Regulatory Agency (PPPRA) report on Petroleum Products Supply in the showed that about 1,735,624,740 litres of Premium Motor Spirit (PMS) was distributed nationwide in August. This brings the average daily supply of PMS in the month under review to about 55.99 million litres. According to a statement signed by the General Manager, Corporate Services, Kimchi Apollo, Read More
The amount of money spent on the importation of petroleum products into Nigeria in 2020 is $43.46 billion higher than the revenue which the country earned from the export of petroleum products in the same year. In its 2021 report on the latest values of petroleum exports and imports of member nations of the Organisation of Petroleum Exporting Countries (OPEC) Read More
President Muhammadu Buhari has ordered a conditional lifting of ban on micro-blogging site, Twitter. Buhari who disclosed this during his broadcast on Nigeria’s 61st Independence anniversary on Friday.The President also spoke on other crucial National issues. Read his full speech… INDEPENDENCE DAY ADDRESS BY HIS EXCELLENCY, MUHAMMADU BUHARI, PRESIDENT OF THE FEDERAL REPUBLIC OF NIGERIA ON THE OCCASION OF NIGERIA’S SIXTY Read More
The Northern Professional Network (NPN) has described the newly appointed Managing Director of Petroleum Pipeline Marketing Company (PPMC), Isiaku Abdullahi, as a go-getter, who possesses immense attributes required to sustain and expand the ongoing reforms in the NNPC Ltd. In a statement signed the Public Relations Officer of NPN, Mustapha Sale, the Chairman of the Network, Hamid Ardo, made the Read More
The Petroleum Industry Act (PIA) 2021 is expected to open the Nigerian oil and gas industry wider to more opportunities and investment, especially for local players, regional, and international stakeholders. Many individuals and organisations will enjoy the new life PIA will offer, while some individuals and organisations will be knocked out of business. One entity that may benefit most from Read More
The Corporate Affairs Commission (CAC) has completed the Incorporation of Nigerian National Petroleum Company Limited in accordance with provisions of the provisions of Petroleum Industry Act (PIA), 2021 signed into law by President Muhammadu Buhari on 16th August, 2021. The Registrar General of the Corporate Affairs Commission, Alhaji Garba Abubakar at the Quarterly meeting of Heads of Agencies in the Read More
Oil prices rose for a fifth straight day on Monday with Brent heading for $80 amid supply concerns, occasioned by rising gas prices as parts of the world sees demand pick up with the easing of pandemic conditions. Brent crude was up $1.14 or 1.5 per cent at $79.23 a barrel having risen a third consecutive week through Friday. U.S. Read More
After months of stalling because of Covid restrictions and Organisation of Petroleum Exporting Countries (OPEC) cuts, as well as significant international criticism over misplaced funds, Nigeria appears to be optimistic about the future of its faltering oil industry in a time when few others are. The Nigerian government announced weekend that it expects the country to produce 1.88 million barrels Read More
Increase in the prices of gas, occasioned by the 7.5 per cent Value Added Tax (VAT) and the dwindling fortune of the naira may force crude oil prices up by additional $10 per barrel in the next three to six months’ time, the Nigerian National Petroleum Corporation (NNPC) has said. In Nigeria, the price of Liquefied Petroleum Gas (LPG), or Read More
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