The Senate Committee on Gas has announced plans to summon officials of the Nigerian National Petroleum Corporation, NNPC, Limited to explain why it has yet to provide funding for the exploration and development of new frontier acreages.

Chairman of the Committee, Jarigbe Jarigbe said this at a media briefing shortly after meeting behind closed doors with the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, and his team.… Read the rest

National President, Host Communities of Nigeria Producing Oil and Gas (HostCom), Dr. Benjamin Tamaranebi, yesterday, in Abuja, said funding for HostComply, an application being set up by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) will be funded by the regulator.

Speaking during a press conference in Abuja over a report earlier published by The Guardian, Tamaranebi said: “NUPRC is a regulator.… Read the rest

The Senate noted that the PIA implementation had yet to produce any workable coordination or clearing house by which NNPCL, regulators, and oil-producing companies, coordinate to ensure vital petroleum sector changes.

Senate at plenary Thursday urged its Committees on Petroleum Downstream and Gas to conduct a holistic investigation on the implementation of the Petroleum Industry Act (PIA).

This followed the adoption of a motion on “Urgent Need for Enquiry into Implementation of the Petroleum Industry Act (PIA) 2021with Regards to Potential Exit of International Oil Companies (IOCS) from Nigeria: Case of ExxonMobil in Akwa Ibom,” sponsored by Etim Aniekan.… Read the rest

The Presidential Compressed Natural Gas (CNG) Initiative Steering Committee, on Friday said seven CNG conversion centres have been established in the country.

Chairman of the Committee, Mr Zacch Adedeji, made this known while handing over CNG buses to the State House, Permanent Secretary, Mr Olusesan Adebiyi, at the presidential villa, Abuja.

The Presidential Compressed Natural Gas (CNG) Initiative Steering Committee, on Friday said seven CNG conversion centres have been established in the country.… Read the rest

As part of efforts to boost foreign currency liquidity in the economy and strengthen foreign exchange (FX), the federal government has concluded plan to Securitize about $7 billion of the country’s dividends from the Nigerian Liquefied Natural Gas (NLNG).

A top official in the present administration who disclosed this to THISDAY newspaper on Thursday, said while the government expects to get $7 billion from a consortium led by Standard Chartered Bank from next week, the federal government also expect inflows from the $3 billion emergency loan from the African Export-Import Bank (Afreximbank), which the Nigerian National Petroleum Company Limited (NNPCL) had secured two months ago, bringing the total inflows expected in the short-term to $10 billion.… Read the rest