PETROLEUM

Sanwo-Olu, Uduaghan, Kyari, others for The Witness Newspaper foundation launch

October 18, 2021 Bode Olagoke 0

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, FRSC sensitise tanker, truck drivers on safety

October 15, 2021 Hussein Isah 0

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 forex revenue soars as crude production hits 1.45mbpd September

October 14, 2021 Blessing Anaro 0

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

OPEC sees soaring gas prices as panacea for declining oil demand

October 14, 2021 Blessing Anaro 0

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

Breaking: Fuel scarcity averted as NUPENG calls off proposed strike

October 10, 2021 Editor 0

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

Nigeria: Stakeholders commit to eradication of energy poverty

October 10, 2021 Benjamin Umuteme 0

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

Driving national growth through tourism by the NIHOTOUR initiative

October 8, 2021 Blueprint 0

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

Crude oil: Nigeria struggles to produce enough to sell

October 5, 2021 Blueprint 0

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

PPPRA supplies 1.74bn litres of PMS nationwide in August

October 5, 2021 Benjamin Umuteme 0

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

Nigeria imports $71.29bn of petroleum products in 2020 – OPEC

October 4, 2021 Blessing Anaro 0

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

Breaking: Buhari orders Twitter back if…speaks on COVID-19, agriculture, insecurity, others *Read President’s full speech on Nigeria’s 61st independence anniversary

October 1, 2021 Editor 0

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

New PPMC MD Isiaku Abdullahi a game changer – NPN

October 1, 2021 Paul Okah 0

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

Dangote, PIA, NNPC and Other Marketers

September 30, 2021 Zayyad I. Muhammad 0

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

PIA: CAC completes incorporation of National Petroleum Company Limited

September 30, 2021 Adeola Tukuru 0

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

Brent crude close to $80/b on supply concern

September 27, 2021 Blessing Anaro 0

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

Nigeria to increase crude production to 1.88mbpd in 2022

September 27, 2021 Blessing Anaro 0

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

Okechukwu commends Buhari over NNPC board

September 21, 2021 Bode Olagoke 0

President Muhammadu Buhari has been commended for putting together a broad-based Board for the newly created Nigeria National Petroleum Corporation Limited. Director General of Voice of Nigeria (VON), Osita Okechukwu, who gave the commendation, yesterday, in Abuja, noted that the President Buhari demonstrated experience and institutional knowledge of the petroleum industry in appointing members of the board. Okechukwu specifically praised Read More

Breaking: Buhari orders incorporation of NNPC, appoints board

September 19, 2021 Bode Olagoke 0

President Muhammadu Buhari has directed the incorporation of the Nigerian National Petroleum Company Limited, the State House has announced. A statement on Sunday issued by Special Adviser to the President (Media and Publicity), Femi Adesina, said the president gave the order in his capacity as Minister of Petroleum. “This is in consonance with Section 53(1) of the Petroleum Industry Act Read More

85,265MT of LPG supplied in August – PPPRA

September 17, 2021 Benjamin Umuteme 0

A total of 85,264.803 metric tonnes (MT) of LPG was supplied nationwide in the month of August, a new report by the Petroleum Products Pricing Regulatory Agency (PPPRA), has stated. Signifying a decrease of about 21,959.781 MT compared to the 107,224.584 MT supplied in the month of July. In addition, 102,787.234MT was also supplied in the Month of June. A Read More

Tanker drivers resume supply of petroleum products in Imo

September 16, 2021 Chidiebere Iwuoha 0

After a committee meeting of Imo state government representatives and members of the Imo State Independent Petroleum Marketers(IPM) Wednesday, it was resolved that members of the Tanker Drivers Association (TDA) who had embarked on a strike over the face-off between the state government should call off their strike. They are to resume supply of petroleum products in the state and Read More

Brent crude oil price rises to $73.45pb

September 14, 2021 Blueprint 0

Crude oil prices rose to near six-week highs on Monday as U.S. output remains slow to return two weeks after Hurricane Ida slammed into the Gulf Coast and worries another storm could affect output in Texas this week. This gives hope to Nigeria as its bulk of revenue comes from crude oil sales. Those gains came even though the Organization Read More

PIA: We’ve arrived at watershed moment – Sylva

September 7, 2021 Benjamin Umutme 0

The Minister of State for Petroleum Resources, Chief Timipre Sylva has described the recent passage of the Petroleum Industry Bill (PIB) and the eventual signing of the bill into law as a watershed moment for Nigeria. The minister made the remark at an event tagged; “Nigerian-Equatorial Guinea bi-lateral meeting” held Monday in Abuja. Sylva said, “Equatorial Guinea and Nigeria share Read More

PIA: Frontier basins fund not restricted to North- Senator Urhoghide

September 7, 2021 Patrick Ahanor, 0

The Senator representing Edo South Senatorial District, Matthew Urhoghide, has said the 30 percent allocated for oil exploration in frontier basins as contained in the Petroleum Industry Act (PIA) is not limited to the North. Urhoghide said “contrary to misconception regarding the Chad basins, we have over six basins including Anambra basin.. there is one in Kwara and Gombe. “For Read More