Oil Producers Trade Section (OPTS), a sub-group of the Lagos Chamber of Commerce and Industry (LCCI), has disclosed that Nigeria owes gas producers in the country a whopping $1.3 billion for products supplied.

It has therefore urged the Federal Government to factor the debt as part of its outstanding obligation, as it seeks solutions to the lingering energy poverty in the country and its attendant challenges.… Read the rest

Nigeria’s industrial and aviation sectors are grappling with a looming crisis as the costs of diesel and aviation fuel continue to rise.

In various regions of the country, including Kano, Ogun, Edo, Delta, Kogi, Lagos, and Kwara states, manufacturing factories are beginning to shut their doors due to the multifold increase in diesel prices.

The Manufacturers’ Association of Nigeria has sounded the alarm, asserting that more factories will follow suit if diesel prices climb beyond the current N1,000 per liter.… Read the rest

The president of the Senate, Dr Godswill Akpabio, says with careful planning and execution, Nigeria can meet the Organisation of Petroleum Exporting Countries (OPEC) quota of 1.8 million barrels per day.

Akpabio spoke at the National Assembly Capacity Building Workshop organised by the Independent Petroleum Producers Group (IPPG) and the Oil Producers Trade Section (OPTS) on Monday in Abuja.

Represented by Senate Committee Chairman, Petroleum Upstream, Etang Williams, he expressed satisfaction that the crude oil output hit 1.35 million barrels per day in September.… Read the rest