On Sunday, there were signs that fuel scarcity had returned to Lagos as numerous oil marketers closed their outlets against vehicles and other buyers.
Last week, there was a scarcity in Abuja and its environs, which oil dealers attributed to terrible roads and the high cost of fuel for distribution.
But checks according to Vanguard, over the weekend, indicated that many independent and major oil marketers were not open for business, leaving only the NNPC Limited to attend to customers in most parts of Lagos visited.… Read the rest
The Organization of Petroleum Exporting Countries (OPEC) has said that Nigeria is set to witness the set-up of small modular refineries with a capacity of 20,000 barrels per day each in the medium term.
The Group stated this in its World Oil Outlook which was recently launched in Saudi Arabia.
According to the Outlook, estimates suggest that Africa will experience medium-term distillation capacity additions of 1.2 million barrels per day (mb/d).… Read the rest
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
The federal government on Friday said it is targeting 2 million barrels per day (bdp) of crude oil production by the end of the year.
Heineken Lokpobiri, Minister of State for Petroleum Resources (oil), disclosed this in a meeting with energy reporters in Abuja.
Last month, the Organisation of Petroleum Exporting Countries OPEC said Nigeria’s crude oil production climbed to 1,269 million barrels per day in August 2023 from 1,171 million in July 2023.… Read the rest
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has granted RusselSmith approval to deploy its industrial non-metallic additive manufacturing solution in the Nigerian oil and gas industry.
The Commission Chief Executive (CCE), Mr Gbenga Komolafe, who disclosed this on Saturday in Lagos, said that the additive manufacturing solution from RusselSmith utilises advanced 3D printing technology.
The News Agency of Nigeria (NAN) reports that RusselSmith is an integrated energy solutions provider with a focus on technology solutions for asset integrity management, oilfield management, smart manufacturing and sustainable energy.… Read the rest
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has constituted a committee to address issues bordering on inactive crude oil blocks in order to reverse the trend.
Dr Kelechi Ofoegbu, Executive Commissioner, Economic Regulation and Strategic Planning, NUPRC, made this known at its Consultation Forum on Friday in Abuja.
The committee, he said would adopt holistic measures to reverse trend of the 23 failed oil blocks being managed by oil companies under the Production Sharing Contracts (PSC) with Nigerian National Petroleum Company (NNPC) Limited.… Read the rest
The bill to amend the Nigerian Maritime Administration and Safety Agency (NIMASA) Act has passed the first reading on the floor of the Nigerian Senate.
The Chairman, Senate Committee on Marine Transport, Wasiu Sanni Eshinlokun, who announced this during a working visit by the committee to NIMASA office in Lagos, yesterday, noted that the Senate of the 10th National Assembly is committed to formulating policies that would ensure Nigerians enjoy the benefits of the blue economy.… Read the rest
For the first time in almost a decade, the Nigerian National Petroleum Company (NNPC) Limited has stopped the crude oil swap arrangement for petrol and begun utilising cash tenders to purchase fuel.
This shift, which is in accordance with President Bola Tinubu’s reform initiatives launched in May, aims to eliminate costly fuel subsidies and strengthen Africa’s largest oil-exporting nation’s financial stability.… Read the rest