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

Customs blames NNPC for increasing cross-border smuggling of fuel

August 18, 2021 David Agba 0

The Comptroller General, Nigeria Customs Service (NCS), Hameed Ali, has blamed the Nigerian National Petroleum Corporation (NNPC) for the high rate of smuggling of fuel across the country’s land borders. He said he had on many occasions proposed to the NNPC to establish petroleum retail outlets in neighbouring countries to curtail smuggling of fuel but that the state oil company Read More

Anambra: APC’s chances of landslide victory certain – Buni

August 17, 2021 Bode Olagoke 0

Chairman Caretaker/Extraordinary Convention Planning Committee of the All Progressives Congress (APC) and the Yobe state governor, Mai Mala Buni, said the chances of his party in winning the forthcoming governorship election with a landslide victory has increased. Buni stated this Tuesday in Abuja while inaugurating National Campaign Committee of the party head by governor Hope Uzodinma as chairman. Other party Read More

PIB: Buhari has shown courage to do the right thing – APC

August 17, 2021 Bode Olagoke 0

The All Progressives Congress (APC) congratulated President Muhammadu Buhari for signing the Petroleum Industry Bill (PIB) 2021 into law as passed by the National Assembly, saying such has ended the long jinx of the PIB delayed since early 2000s.  The governing party, however said Nigeria’s oil and gas industry which used to loose as much as $15 billion in investments Read More

Anambra: APC appoints Uzodinma, Omo-Agege, 22 other govs to lead campaign

August 17, 2021 Bode Olagoke 0

Ahead the forthcoming governorship election in Anambra state, the All Progressives Congress (APC) has appointed the Imo state governor Hope Uzodinma as chairman, National Campaign Committee to lead 22 other governors to campaign for the party. Other party leaders in the national campaign team include the Deputy Senate President Ovie Omo-Agege, Deputy Speaker Idris Wase, Minister of State for Petroleum Read More

PPPRA to focus on gas in line with global realities

August 16, 2021 Adeola Tukuru, 0

The new chairman of the governing board of Petroleum Products Pricing Regulatory Agency ( PPPRA), Deacon Obinna Atuonwu said the agency would move its focus away from petrol to gas in line with current global realities. He gave the assurance at a dinner organized by Abia League of Professionals in Abuja, Atuonwu said Nigeria needed to move fast in the Read More

DPR warns against gas importation, says will stifle domestic production

August 11, 2021 Blessing Anaro 0

The Department of Petroleum Resources (DPR), has cautioned that granting import license for Liquified Petroleum Gas (LPG), also called cooking gas. It warned any attempt to do that will cripple Nigeria’s gas production drive. Director of the DPR, Sariki Auwalu, said Nigeria has abundant and sweet gas waiting to be explored and the policy direction of the Minister of State Read More

NNPC promotes, redeploys senior management staff

August 10, 2021 Benjamin Umuteme 0

In a bid to strengthen and reposition the Nigerian National Petroleum Corporation (NNPC) towards attaining global excellence and profitability, management of the corporation has announced the promotion and redeployment of some staff to fill key vacant positions. In a statement released by the Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru on Monday, Mr. Billy Okoye has been Read More

Shell confirms exit plan, shops for local investors

August 9, 2021 Blessing Anaro 0

Royal Dutch Shell has engaged Standard Chartered to shop for local investors to buy some of its onshore assets as the oil major blames insecurity, poor government engagement and the recently passed Petroleum Industry Bill (PIB) for pushing them out of Nigeria. According to Shell the Nigeria’s Niger Delta businesses are for now not core to its on- going business Read More

NNPC records ₦43.57bn trading surplus in April

August 8, 2021 Benjamin Umuteme 0

The Nigerian National Petroleum Corporation (NNPC) has announced a trading surplus of ₦43.57 billion in April 2021 representing a 23.64% increase over the ₦35.24 billion surplus it recorded in March 2021. This was contained in the April 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR), made available to journalists Sunday in Abuja. Trading surplus or trading deficit Read More

Breaking: Fuel scarcity looms as IPMAN shuts down Calabar depot over ‘Police harassment’

August 3, 2021 Joseph Obung, Calabar 0

The Independent Petroleum Marketers Association of Nigeria (IPMAN), late Tuesday, shut down its operation in Calabar depot over what they described as incessant harassment of its members by the Police. IPMAN chairman in Cross River, Mr. Robert Obi, who spoke on behalf of the petroleum marketers, said his members were withdrawing all the services in the area of lifting and Read More

NNPC to develop comprehensive divestment policy for IOCs

August 3, 2021 Blessing Anaro 0

The Nigerian National Petroleum Corporation (NNPC) says it has plans develop a comprehensive divestment policy for International Oil Companies ( IOCs) operating in the country to protect strategic national interest. Mr Mele Kyari, the Group Managing Director, NNPC disclosed this in Lagos during the 2021 Society of Petroleum Engineers (SPE) Nigeria Annual International Conference and Exhibition (NAICE). The conference has Read More

FG slashes power gas prices from 2.50 to 2.18 dollars

July 29, 2021 Bashir Mohammed 0

Following extensive negotiation between the federal government and organised labour, the government has agreed to reduced the price of Industry Power Gas from 2.50 Dollars to 2.18 Dollars. Speaking during the 2021 Gas Sector Stakeholders Forum, the Minister of Petroleum, Mr Temipre Sylva, Thursday, said the government has agreed henceforth to sales Industry Power Gas at the approved price of Read More

PIB: Hold Dickson responsible if violence breaks in N/Delta – South-south forum

July 24, 2021 Bode Olagoke 0

The South-south Emerging Leaders’ Forum (SELF) has told President Muhammadu Buhari and all the Niger Delta leaders to hold former governor Seriaki Dickson responsible in case of any outbreak of violence in the Niger Delta. The forum also described as irresponsible and disgraceful the accusation made against the Minister of State for Petroleum Chief Timipre Sylva by the former governor Read More

Oil prices slip on unexpected US crude inventories rise

July 22, 2021 Blessing Anaro 0

Oil prices slipped on yesterday after an unexpected rise in U.S. crude oil inventories and as rising COVID-19 infections threaten demand, but prices held on to most of their gains from the previous session on expectations that supplies will remain tight through year-end. Brent crude fell 11 cents, or 0.2 per cent to $72.12 a barrel after rising 4.2 per Read More

Oil rebounds as market seizes on discounted prices

July 20, 2021 Blueprint 0

Crude oil futures rebounded on Tuesday as market participants vied to take advantage of oil’s two-month low hit in the previous session. Monday’s selloff, spurred by demand destruction fears amid rising COVID-19 cases, pushed oil about 7% lower and hit other riskier assets. While equities avoided a new selloff on Tuesday, U.S. Treasury and German bond yields also slipped as Read More

Petrol, diesel, kerosene prices rise 28.49%, 8.05%, 1084% – NBS

July 19, 2021 Blueprint 0

The average price of petrol, also known as premium motor spirit, diesel, known as automotive gas oil and national household kerosene increased by 28.49 per cent, 8.05 per cent and 10.84 per cent respectively between June 2020 and June 2021, the Nigerian Bureau for Statistics (NBS) has said. According to the NBS, average price paid by consumers for premium motor Read More

Benefits of passed PIB To Nigeria’s economy

July 19, 2021 Abdullahi Mahmud 0

Nigeria’s oil and gas industries is being governed by laws enacted more than 50 years ago which are extremely not conversant with current oil and gas reality. For all these years the sector only has about about 28 Petroleum Acts and Regulations which overlapped in functions and responsibilities without comprehensive law for the administration of the oil and gas sector. Read More

Subsidy saga: Govt’s stance, citizens’ dilemma

July 16, 2021 BENJAMIN UMUTEME 0

… Nigeria bleeding from subsidy payment – Kyari ‘… Irregularities make amount being spent uncertain’  … It’s compounded by politics – Economist ‘…A pro-people policy on crude refining key’ … Ignorance fuelling oppositions – Sylva The issue of fuel subsidy removal remains a thorny one with each administration engrossed in the debate. Notwithstanding Nigeria’s economic realities, its fiscal authorities are Read More

NARTO, petrol transporters fault sections of PIB, want immediate action

July 16, 2021 Adeola Tukuru 0

Owners of petroleum products hauling companies under the aegis of Nigerian Association of Road Transport Owners (NARTO) said gaps exist in the Petroleum Industry Bill (PIB) that must be fixed before passage by the National Assembly. The National Assembly had last week passed the much await PIB, which intend to address critical loopholes in the nation’s oil and gas industry. Read More

Breaking: Discordant tunes in Senate over proposed electronic transmission of election results, harmonised PIB passed

July 15, 2021 Editor 0

Plenary in Senate is currently stalemated over amendment made on proposed electronic transmission of results. Earlier, the Senate had passed harmonised Petroleum Industry Bill (PIB). The upper legislative chamber ran into trouble waters when it got to clause 52(3) of the Electoral Act ( Amendment ) 2021 . The clause states, “The Commission may transmit results of elections by electronic Read More

Breaking: Tension in Reps over 3% host community fund

July 15, 2021 Joshua Egbodo 0

There is high tension in the House of Representatives at the moment over protest by members from the South South against the allocation of three percent as host community fund. The Senate had opted for the three percent, while the House during consideration of report of its committee on the Petroleum Industry Bill (PIB) okayed five percent, prompting a harmonization Read More

FG earned $34.22bn from oil sales, lost $2.77bn to thieves – NEITI

July 15, 2021 David Agba 0

As Nigeria’s oil industry bleeds in the face of insecurity, a latest report has exposed the consequences of various types of infraction in the industry revealing a monumental loss of $2.77 billion revenue loss. The money was computed from 42.25 million barrels of crude volume loss in 2019, according to the Nigeria Extractive Industries Transparency Initiative (NEITI). The startling revelations Read More

Nigeria’s crude exports drop as Arabia, UAE agree on oil output

July 15, 2021 Segun Odunewu 0

Proceeds from Nigeria’s crude oil and gas exports dipped significantly in the first quarter of 2021 to $6.48 billion compared to $11.1 billion received in the country’s current account in the corresponding period in 2020, according to data contained in the Central Bank of Nigeria’s balance of payment report. It also represents a 16.4 percent drop when compared to the Read More