The Nigerian National Petroleum Company Limited (NNPC) has begun buying petrol via cash tenders, rather than oil swaps, for the first time in nearly a decade, four sources familiar with the matter told Reuters.

This is coming as the Gbenga Komolafe-led Nigerian Upstream Regulatory Commission (NUPRC) at the weekend moved to put an end to the perennial altercations between oil and gas industry operators and their host communities, with the introduction of a digital interface for both parties.… Read the rest

The Nigerian National Petroleum Company Limited (NNPCL) has renewed the oil pipeline surveillance contract to Tantita Security Company owned by Government Ekpemupolo, aka Tompolo, for three years.

The contract which was first awarded in August 2022  to protect critical oil and gas infrastructure and secure permanent peace in the oil-rich Niger Delta region, has been a subject of discussion lately with some stakeholders calling for its decentralisation to involve more people in the Niger Delta region.… Read the rest

In a key move to revitalise the Nigerian economy, the Senate Committee on Upstream Petroleum led by Senator Etang Williams, conducted an inspection tour at the Kaztec Engineering Facility in Lagos.

The inspection is part of on-going investigations into the reasons behind the project’s shutdown and efforts to revive it.

This came a few weeks after Governor Chukwuma Soludo of Anambra State and his team visited the site, urging President Bola Tinubu to address the facility’s issues given its potential to significantly impact the Nigerian Oil and Gas sector.… Read the rest