The African Petroleum Producers Organisation (APPO) has said that it plans to commit $5 billion to the establishment of the African Energy Bank (AEB), to develop oil and gas assets across oil-producing member countries.
Secretary General of APPO, Dr Omar Ibrahim, who spoke during a news conference held on the sidelines of the recent 24th World Petroleum Congress (WPC) in Calgary, Canada, stated that the bank would be established in collaboration with Afreximbank, according to a News Agency of Nigeria (NAN) report.… Read the rest
CapEx are funds targeted at acquiring, rehabilitating and operating plants and other infrastructure in the petroleum.
Speaking at the sidelines of the ongoing World Petroleum Congress, Calgary, Canada, Chief Executive Officer, Nigerian Upstream Petroleum Regulatory Commission, NUPRC, Gbenga Komolafe, said the uncertainty discouraged investors from staking their resources in the industry.
According to the News Agency of Nigeria, NAN, Komolafe, who was represented by the Commission’s Executive Commissioner, Kelechi Ofoegbu, said the development culminated in the stagnation of the nation’s oil and gas industry.… Read the rest
Nigeria has secured a total of $13 billion in investment commitments in its oil and gas sector from major international energy companies, including ExxonMobil, Shell, and TotalEnergies.
Special Adviser on Energy to President Bola Tinubu, OluVerheijen, revealed this in a statement made available to newsmen, Weekend.
Verheijen said the President and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) have met with representatives of 15 oil and gas companies operating in Nigeria and have secured their commitment to invest in Nigerian oil and gas.… Read the rest
Gains from the Petroleum Industry Act(PIA) appears to be gaining traction as Nigeria’s oil rig count has risen from 17 in 2019 to 31 as at last month.
The improvement in oil drilling activities was disclosed by the Commission Chief Executive(CCE), of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr. Gbenga Komolafe, on the sideline event of the World Petroleum Congress (WPC|) which ended in Calgary, Canada at the weekend.… Read the rest
The Military Joint Task Force of Operation Delta Safe (OPDS) has arrested eight barges, conveying over 100,000 litres of illegally refined Automotive Gas Oil (AGO), popularly called diesel, in Rivers State.
The Commander, Joint Task Force, South-South, OPDS, Olusegun Ferreira, told newsmen at the creek of Bonny, that the barges were arrested by the OPDS team in conjunction with some maritime units in the Bonny area.… Read the rest
Worried by the different grades of petroleum products across Africa and its health implication, the African Refiners and Distributors Association (ARDA) has committed to having a single grade of Premium Motor Spirit (PMS), popularly called petrol by 2030.
Executive Secretary, ARDA, Mr. Anibor Kragha, stated this at the CEO Strategic Session 1: ‘’Market Outlook for Petrochemicals and Refineries of the Future’’ at the 24th World Petroleum Congress(WPC) which ended in Calgary, Canada, last week.… Read the rest
Despite the claims by the Nigeria Extractive Industries Transparency Initiative (NEITI) that the defunct Nigeria National Petroleum Corporation (NNPC) did not remit $1.9bn to the federation account in 2021 before transitioning to a commercial venture, the federal government has the biggest indebtedness to the national oil company with about N4.1trn ($9.74bn) for subsidy payment.
NEITI had last Monday disclosed in its 2021 oil and gas report unveiled in Abuja that NNPC failed to remit $1.9bn to the Federation Account Allocation Committee (FAAC) before the transition.… Read the rest
Explosion at an illegal fuel depot in Cotonou, the Republic of Benin, has killed 34 people.
A government official confirmed the incident to newsmen today, Saturday.
The government official said no fewer than 34 people were killed when a contraband fuel dump burst into flames in southern Benin near the border with Nigeria.
“A serious fire occurred in the town of Seme Podji,” Interior Minister, Alassane Seidou told reporters.… Read the rest
The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Bashir Jamoh, has disclosed that the Agency is set to reopen the Lokoja office, as part of efforts towards harnessing the Blue Economy, enhancing collaboration, while also promoting Research and Development.
The DG who made this known when he played host to the Executive Secretary of the Kaduna State Emergency Management Agency (KADSEMA), Mal.… Read the rest
The Special Adviser to the President on Energy, Mrs. Olu Verheijen, in partnership with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has wrapped up a series of strategic engagements with fifteen (15) leading international and independent Oil and Gas Companies operating in Nigeria. These sessions, held in Lagos and Abuja, were carefully chosen after a detailed review process by NUPRC and the Office of the Special Adviser to the President on Energy and included Chevron, Total, Shell, NAOC, Exxon Mobil, Seplat, Heirs Holdings, Waltersmith, First E&P, among others.… Read the rest