PETROLEUM

Breaking: NNPC reveals when refinery rehabilitation in Portharcourt will be completed, speaks on job creation

May 7, 2021 Benjamin Umuteme 0

The Nigerian National Petroleum Corporation (NNPC) has kicked off construction work in the Port Harcourt Refinery rehabilitation project with a firm commitment not to fail Nigerians. A statement by the Group General Manager, Group Public Affairs Division of the NNPC, Dr. Kennie Obateru, quoted the NNPC Chief Operating Officer, Refineries & Petrochemicals, Engr. Mustapha Yakubu, as saying that everything was Read More

SEPLAT records $28m profit before tax

April 29, 2021 Amaka Ifeakandu 0

Seplat Petroleum Development Company Plc (“, a leading Nigerian independent energy company , has announced its announces its unaudited results for the three months ended 31 March 2021, recording profit before tax of $28 million. The profit before tax (PBT) of $28 million was recorded for the period, up from a loss position of $95.7 million in the same period Read More

FEC okays N665m contract variation for poultry farming in 4 states

April 29, 2021 Abdullahi M. Gulloma 0

The Federal Executive Council (FEC) Wednesday approved a N665 million variation for contracts to boost poultry farming in Borno, Plateau, Yobe and Zamfara states. Minister of Humanitarian Affairs, Disaster Management and Social Development, Hajiya Sadiya Farouk disclosed this to State House correspondents at the weekly FEC meeting chaired by President Muhammadu Buhari. She said the poultry programme was in support Read More

Addax: Senator Magnus Abe Affronted Buhari, Goofed, By Yamai John

April 28, 2021 Yamai John 0

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

US NOPEC Bill will undermine relationship with OPEC, Barkindo warns

April 25, 2021 Blessing Anaro 0

Secretary General of the Organisation of Petroleum Exporting Countries OPEC MohammadBarkindo has called for sustained engagement with the US to rescind move to pass its NOPECBill. Barkindo considers the law as retrogressive as U.S. assets and personnel overseas could be atrisk if the country decided to pass a Bill against OPEC.In a letter, seen by Reuters,  Barkindo encouraged member countries Read More

Buhari restores OML 123, 124 ownership, others to NNPC

April 24, 2021 Blueprint 0

President Muhammadu Buhari has approved the restoration of the leases on OMLs 123, 124, 126 and 137 to the Nigeria National Petroleum Corporation (NNPC) which is in production sharing contract with Addax Petroleum, a company wholly owned by government of the People’s Republic of China on the blocks. Senior Special Assistant to the President on Media and Publicity, Mr. Garba Read More

Libya force majeure pushes oil price to $68

April 20, 2021 Blueprint 0

Oil rose to $68 a barrel and hit its highest in a month on Tuesday, supported by disruption to Libyan exports and expectations of a drop in U.S. crude inventories, though rising coronavirus cases in Asia limited gains, Reuters reports. Libya declared force majeure on exports from the port of Hariga and said it could extend the measure to other Read More

No plan to increase petrol price in May – NNPC

April 20, 2021 Benjamin Umuteme 0

The Nigerian National Petroleum Corporation (NNPC) has insisted that it has no plan to increase the pump price of Premium Motor Spirit (PMS), popularly known as petrol. This followed the announcement by the NNPC Group Managing Director, Mele Kyari, that the petroleum sector regulator has no plan to increase the ex-depot price of petrol in the country. Kyari made the Read More

We’re oppose to fuel increase, APC tells Buhari

April 20, 2021 Bode Olagoke 0

The All progressive Congress (APC) has declared  that it is oppose to any further increase in the price of the Premium Motor Spirit (PMS) otherwise known as fuel. APC’s Caretaker Committee Secretary, Sen. James Akpanudoedehe, made this declaration Tuesday in Abuja, at a media interface organised by the APC Professional Forum explained that the party’s position had been accepted by Read More

PDP members benefiting more from Buhari’s govt – Okechukwu

April 18, 2021 Bode Olagoke 0

A chieftain of the All Progressives Congress (APC) and Director General of the Voice of Nigeria (VON) Osita Okechukwu, has said that members of the Peoples Democratic Party (PDP), have majorly benefited from President Muhammadu Buhari’s continuity trademark. The President promised continuty on his return from medical check up which the opposition PDP frowned at. But in a statement he Read More

Crude oil prices slip as analysts remain upbeat on recovery

April 16, 2021 Blessing Anaro 0

Oil prices slipped on yesterday, but still holding near one-month high after futures jumped in the previous as the International Energy Agency, (IEA) and others upgraded forecasts for oil demand as major economies recover from the pandemic. Brent crude was down by 21 cents, or 0.3 per cent at $66.37 a barrel after gaining 4.6 per cent on Wednesday and Read More

NIMASA to ensure availability of sulphur compliant fuel

April 15, 2021 Blueprint 0

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

The fuel subsidy shuffle

April 15, 2021 Blueprint 0

At long last, the penny dropped with a quiet but disturbing thud. It finally shattered our illusion that President Muhammadu Buhari was the man to take on the oil cartels – and win. On Apri1 11, The Guardian newspaper reported that the federal government had deferred the removal of subsidy on petroleum products for six months. According to the newspaper, Read More

Anxiety as Nigerians await fuel price increase

April 2, 2021 Blueprint 0

The recent disclosure by the federal government that subsidy may finally go has got many Nigerian worried. In this report, BENJAMIN UMUTEME looks at the implications of such a decision on the citizenry. When the Minister of State for Petroleum Resources, Timipre Sylva, first flew the kite of a probable hike in the pump price of fuel, many Nigerians were Read More

Analysts project oil market to balance in H2, 2021

April 1, 2021 Blessing Anaro 0

Analysts have projected that the global oil market is likely to be in balance in the second half of 2021, though European coronavirus lockdowns and U.S. winter storms caused disruptions in March, crude and petroleum products market price structures showed. After sharp declines of oil inventories this year, the pace of destocking slowed in recent weeks, prompting OPEC and its Read More

The man made fuel crisis in Nigeria

March 31, 2021 Blueprint 0

Nigeria is the sixth largest oil producing country in the world and became a member of the Organisation of the Petroleum Exporting Countries (OPEC) in 1971. For decades, oil has been the major source of revenue for the country and also the major export product. Nevertheless, the price of fuel (petroleum products) keeps fluctuating in the country as a result Read More

FG to auction Bitumen blocks in Q3

March 30, 2021 Blueprint 0

The ministry of Mines and Steel Development has revealed plans to auction its bitumen block in the third quarter of the year. Minister of Mines and Steel Development Arc Olamilekan Adegbite made this disclosure in response to the enquiry of the Australian High Commissioner who visited the ministry on Tuesday. He however stated that the ministry was still gathering data Read More

Bobboi and his exploits at PEF(M)B

March 30, 2021 Toby Prince 0

One of the thriving industries in Nigeria today is hypocrisy, and leaders who walk on that path are seen as heroes. In this clime, refusal to compromise standard and firm embrace of tenets of integrity by being brutal with the truth, firm in honesty and courageous in justice always attract opposition and in some cases violent attack by the ill Read More

Nigeria imported N4. 97trn chemical products in 4 years – MAN

March 30, 2021 Agi Onda 0

The near-collapse of Nigeria’s petrochemical industries, made worse by the country’s inability to attain self-sufficiency in producing chemical products, forced the federal government to spend a whopping N4.97 trillion between 2017 and 2020 on importation of the products. Director of Research and Advocacy Support of the Manufacturers Association of Nigeria (MAN), Dr Oluwasegun Osidipe, who disclosed this, said the country’s Read More

Still on the raging controversy over $1.5bn refinery rehab

March 26, 2021 Blueprint 0

The news that Nigeria plans to spend $1.5 billion to rehabilitate a refinery that is presently not working has continued to draw the ire of Nigerians. In this report, BENJAMIN UMUTEME looks at the issues around the proposed repairs. When the Minister of State for Petroleum announced the approval of $1.5 billion for the rehabilitation of the moribund 210,000 barrels Read More

Breaking: Petrol price to remain at N165 until… – NNPC

March 26, 2021 Benjamin Umuteme 0

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

Akwa Ibom: Customs sieze 391, 631 contraband goods, arrest 66 suspects in 6 months

March 26, 2021 Uko Etim, Uyo 0

The Nigeria Customs Service (NCS) under the Joint Boarder Patrol Team (JBPT) said it has intercepted no fewer than 391,631 contraband goods smuggled into the country through south-south and south-east states’ boarders between September, 2020 and February 2021. The Sector Coordinator 1 in charge of South-South and South-East zone, Comptroller Shehu Abubakar, made the disclosure in a statement signed and Read More

DPR seals 19 filling stations in Niger for selling above N165 per litre

March 24, 2021 Aideloje Ojo 0

The Department of Petroleum Resources (DPR) has sealed 19 filling stations in Niger state for selling above government regulated pump price of N165 per litre.  The DPR shut the filling stations Wednesday during surveillance operation led by the Operations Controller, Field Office Minna, Engineer Abdullahi Isah Jankara.  Speaking to journalists during the operation, Jankara said all measures would be taken Read More

PH refinery rehabilitation a viable endeavour – Kyari

March 23, 2021 Blueprint 0

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

DPR threatens sanction on erring petroleum marketers

March 22, 2021 AbdulRaheem Aodu 0

The Department of Petroleum Resources (DPR) North-west zonal office Kaduna has warned petroleum marketers against under dispensing, hoarding and selling petrol above government approved pump price belt of N161 to N165 per litre. The Zonal Operations Controller, Kaduna, Malam Ahmed Rufa’i Shakur, whose operation covers Northwest states of Kaduna, Katsina, Kano, Jigawa, Sokoto, Kebbi and Zamfara, gave the warning after Read More