The report was laid before the House by the chairman of the House Committee on Petroleum Resources (Downstream), Ikeagwuonu Ugochinyere.

This followed the adoption of a motion jointly sponsored by Ugochinyere and the Chairman, the Committee on Petroleum Resources (upstream), Alhassan Ado-Doguwa.

After receiving the report, the House mandated its committees on Petroleum Resources (upstream and downstream) to investigate alleged misappropriation of oil revenue, shoddy contracts, and extra-budgetary expenditure by the relevant ministries, departments, and agencies (MDAs) of the Federal Government.… Read the rest

The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Simbi Kesiye Wabote has advised that making unending changes to the structures set up by Petroleum Industry Act 2021 could kill the confidence of investors and stall new projects in the oil and gas sector.

Speaking on Tuesday at a panel session at the recently concluded Nigerian Economic Summit held in Abuja, the Executive Secretary explained that the PIA 2021 contains adequate provisions to ignite growth in the energy sector and advised the Federal Government and key stakeholders to avoid the temptation of tweaking the law at every turn.… Read the rest

Terminal owners increased prices of Liquefied Natural Gas or cooking gas by 60 per cent in the month of October alone, The PUNCH can authoritatively report.

Market survey carried out revealed that as of the beginning of the month, the price of 20 metric tons of cooking gas at the terminal was N10 million.

However, as of October 20, price had risen to N14 million per 20 metric tons.… Read the rest