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

ARDOVA Plc declares profit of N1.7bn in H1 2021

September 6, 2021 Amaka Ifeakandu 0

Major downstream player, ARDOVA Plc has released its unaudited financial result for the first half of 2021, posting profit after tax of N1.7 billion. The amount represents an increase of N7 billion or 70 per cent compared with profit of N1.0 billion recorded the same period of 2020. The company result also showed that Profit before tax up from N1.1 Read More

Mining: Senate summons Minister over loss of revenue

September 3, 2021 Taiye Odewale 0

The Senate, Friday, summoned the Minister of Mines and Steel Development, Olamilekan Adegbite, over poor regulation and loss of revenues in the sector. This is as the Upper legislative chamber through its joint committees on Finance, National Planning, Gas Resources, Petroleum Upstream and Downstream, fixed N15billion as target revenue for Nigeria Mining Cadastre Office (NMCO) in 2022 as against N4billion Read More

OPEC dreams supply boost as prices bounce back

September 1, 2021 Blueprint 0

The Organisation of Petroleum Exporting Countries (OPEC) is thinking of increasing supply of crude oil when they meet next week. This is on the back of the fact that, the resurgent pandemic has been reasonably curtailed and crude oil prices bounce back from its August slump. The coalition led by Saudi Arabia and Russia is gradually restoring the vast amount Read More

OPEC dreams supply boost as resurgence pandemic slows, prices bounce back

The Organization of Petroleum Exporting Countries (OPEC) is thinking of increasing supply of crude oil when they meet next week. This is on the back of the fact that, the resurgent pandemic has been reasonably curtailed and crude oil prices bounce back from its August slump. The coalition led by Saudi Arabia and Russia is gradually restoring the vast amount Read More

DPR clarifies reorganisation on presidential directive

September 1, 2021 Adeola Tukuru 0

The Department of Petroleum Resources (DPR) has said it would continue to create industors in Nigeria’s oil and gas industry. In a statement signed by DPR’s Head, Public Affairs, Paul Osu, Monday in Abuja, the regulator also assured that, through its service instruments of licences, permits and approvals, businesses in the sector operate successfully. “The Department of Petroleum Resources (DPR) Read More

Buhari lauds 5.01% GDP growth in Q2 2021

August 27, 2021 Abdullahi M. Gulloma 0

President Muhammadu Buhari has welcomed Thursday’s Q2 2021 report by the Nigerian Bureau of Statistics (NBS) showing a third consecutive quarter of positive growth of Nigeria’s economy, and the highest quarterly growth in GDP since 2014. The Gross Domestic Product (GDP) grew by 5.01% in Q2 2021 following 0.51% growth in Q1 2021. This growth, which continues the progress of Read More

DR Congo to assume OPEC rotating presidency in 2022

August 25, 2021 Blueprint 0

The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Mohammed Barkindo, has said that The Republic of the Congo will succeed Angola as OPEC’s rotating presidency in 2022. “Congo will take over the presidency of OPEC in 2022,” he said after an exchange with Congolese Prime Minister Anatole Collinet Makosso, on the sidelines of his three-day working visit Read More

NPDC, Ogoni people pledge cooperation on oil production

August 25, 2021 Benjamin Umuteme 0

The leaders of Ogoniland in Rivers State under the auspices of the Ogoni Liberation Initiative have pledged to cooperate with the Nigerian Petroleum Development Company (NPDC) in the exploration and production of oil and gas resources in its territory. The Ogoni leaders made the pledge Tuesday at the Ogoni Liberation Day which held in Bori with the Managing Director of Read More

No previous govt developed Niger Delta like Buhari’s administration – APC group

August 24, 2021 Bode Olagoke 0

The All Progressives Congress Legacy Awareness and Campaign (APC-LAC), a voluntary think-tank group of the governing party, has said that no previous administration has paid more attention to the plight of the Niger Delta region like the current administration of President Muhammadu Buhari. The group assured that Buhari will not relent in the implementation of his vision of a safe, secure Read More

Corruption, insecurity differentiate APC from PDP, PGF boss replies Jega

August 23, 2021 Bode Olagoke 0

Director General of the Progressive Governors Forum (PGF) and a chieftain of the All Progressives Congress (APC) Salihu Moh Lukman, has faulted the former chairman of the Independent National Electoral Commission (INEC) Attairu Jega, for saying the ruling party and the opposition Peoples Democratic Party (PDP) are the same. Jega had in a recent interviews claimed that both the PDP Read More

PIA: After historic passage, what next?

August 20, 2021 BENJAMIN UMUTEME 0

… It’ll attract investments says Buhari … Promote transparency in sector – NNPC … May lead to revenue shortfall – FIRS  ‘…Good start for host communities but …’ … Groups allege bias; say it’s provocative After over a decade of wait, the Petroleum Industry Bill (PIB) was finally passed by the National Assembly and signed into law by President Muhammadu Buhari, Read More

PIA: Beyond fanfare and reservations

August 19, 2021 Mon-Charles Egbo 0

At last, the tortuous journey to strengthen Nigeria’s oil and gas sector came to an end with President Muhammadu Buhari’s assent to the Petroleum Industry Bill, PIB thus transforming it to Petroleum Industry Act, PIA. But quite instructively, the spate of reactions that trail this development has diminished the ultimate intentions of the legislation. Nobody seems interested in knowing why, Read More

Muhammadu Buhari’s imprints on the Nigerian oil and gas sector by Salisu Na’inna Dambatta

August 18, 2021 Salisu Na'inna Dambatta 0

The signing of the Petroleum Industry Bill (PIB) into law by President Muhammadu Buhari on August 16th, 2021, after it was passed by the National Assembly, has added yet another Buhari signature on the Nigerian Oil and Gas sector.  Equally, the Presidential assent which turned the Bill into Petroleum Industry Act (PIA) of the National Assembly has placed Muhammadu Buhari Read More

Nigeria lost $50bn investments in 10 years due to stagnation, uncertainty over petroleum industry – Buhari

August 18, 2021 Abdullahi M. Gulloma 0

President Muhammadu Buhari Wednesday in Abuja said Nigeria lost an estimated $50 billion worth of investments in ten years, created by the uncertainty of non-passage of the Petroleum Industry Bill (PIB), lack of progress and stagnation in the petroleum industry. In his remarks at a ceremony on passage of the PIA, which preceded the Federal Executive Council (FEC) meeting, the Read More

Breaking: NNPC, CMEC, GE sign contract for 50mw Maiduguri emergency power project

August 18, 2021 Benjamin Umuteme 0

A significant step towards redeeming the pledge by the Nigerian National Petroleum Corporation (NNPC) to intervene in the perennial electric power supply challenge in Maiduguri, Borno state, was taken Tuesday with the execution of the Engineering, Procurement, and Construction (EPC) and Equipment Procurement contracts for a 50Megawatts (MW) Emergency Power Project in Maiduguri. The project which is an integral part Read More

Breaking: Minister heads committee as Buhari kicks off implementation of Petroleum Industry Act

August 18, 2021 Editor 0

President Muhammadu Buhari has announced a steering committee that will work out measures for implementation of the newly signed Petroleum Industry Act (PIA). The committee headed by the Honourable Minister of State, Petroleum Resources, Timipre Sylva, has 12 months to submit its report. Permanent Secretary, Ministry of Petroleum Resources, Group Managing Director, NNPC, Executive Chairman, FIRS, Representative of the Ministry Read More

APC govs celebrate Buhari’s assent of PIB, economy restructuring

August 18, 2021 Bode Olagoke 0

The Progressive Governors Forum (PGF) has celebrated the assent to the Petroleum Industry Bill (PIB) by President Muhammadu Buhari, saying the current administration has demonstrated unwavering commitment to change Nigeria democratically. The APC governors also said the new PIB present a convincing credential and commitment of the party to restructure Nigerian economy through democratic process in line with provisions of Read More