Month: February 2024

FG will address concerns of oil marketers soon — Minister

The Federal Government has assured that it will address the concerns of oil transporters and distributors of petroleum products to ensure smooth distribution, following the high cost of operations and maintenance of trucks used in the distribution of the products.

Sen. Heineken Lokpobiri, Minister of State Petroleum Resources (Oil), made this known Monday in Abuja, when he met with some of the oil stakeholders in the downstream sector.… Read the rest

Abandoned Vehicles Litter Seaports Over High Tariffs

Due to the instability and volatility of foreign exchange in the country, several foreign-used vehicles imported into the country have been abandoned at vehicle terminals in Tin-Can Island Ports Complex, Apapa.

Aside from abandonment, vehicle Importation has gone down drastically due to the same forex instability and volatility.

It was gathered that the abandonment was as a result of the increase in exchange rate for Customs clearance by the Central Bank of Nigeria (CBN).… Read the rest

Nigeria Gradually Reversing Investment Decline in Oil and Gas Industry, Says NUPRC Boss Komolafe

Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, has disclosed at the weekend that Nigeria was gradually reversing the investment decline in the oil and gas upstream sector.

Speaking in Lagos after receiving The Sun Public Service Award 2023, during the newspaper’s 21st Anniversary Award Dinner, Komolafe said the country recorded capital expenditure (Capex) worth billions of dollars within the last two and a half years on the back of the implementation of the Petroleum Industry Act (PIA).… Read the rest

Fuel scarcity hits Abuja as petroleum tanker drivers begin strike

Many filling stations are currently closed in the Federal Capital Territory, leading to long queues by motorists at the few outlets that are dispensing Premium Motor Spirit, popularly called petrol.

Operators in the downstream oil sector confirmed that the development was due to the suspension of operations by the Nigerian Association of Road Transport Owners, in fulfilment of their threat to down tools beginning today Monday.… Read the rest

NCDMB Holds Knowledge-sharing With Mozambique On Local Content

In keeping with Nigeria’s leadership role in the development of Local Content in Africa, the Nigerian Content Development and Monitoring Board (NCDMB) has concluded a two-day Local Content development experience-sharing session with a delegation from Mozambique’s national oil company, Empresa Nacional de Hidrocarbonetos (ENH).

The engagement was held on the sidelines of the 8th Sub-Saharan Africa International Petroleum Exhibition & Conference, in Lagos.… Read the rest

Oil Theft: Reps, Navy collaborate on effective policing of pipelines

The House of Representatives’ Special Committee on Crude Oil Theft has collaborated with the Nigeria Navy to initiate for effective policing of pipelines and other critical assets in the oil and gas industry with the overall goal to tackle the menace of crude oil theft and pipeline vandalism.

This was as the committee met with the Chief of Naval Staff to strategize on collaborative measures in Abuja.… Read the rest

NUPRC: Komolafe reiterates commitment to excellent oversight in Nigeria’s oil, gas sector

The recent award recognition and honour  of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) as the Regulator of the Year at the just concluded Sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC 2024) is a great testament of the commission’s unwavering commitment to upholding regulatory standards within Nigeria’s oil and gas sector.

This recognition is in no small measure underscores the NUPRC’s firm commitment to ensuring compliance with regulations within Nigeria’s vital Oil and Gas industry and prodigious thanks to the man who is leading this great task, Engr.… Read the rest

Nigeria currently has $30bn investment commitments, says minister

The federal government says the country currently has about $30 billion in investment commitments from various investors.

Doris Uzoka-Anite, minister of industry, trade and investment, disclosed this at the ministerial media briefing in Abuja organised by the ministry of information and national orientation on Friday.

According to Uzoka-Anite, the commitments will be redeemed within five to eight years.

She said investments, commitments, and pledges were also received from oil and gas free zones.… Read the rest

Navy warns Maritime criminal elements to stay off Nigerian waterways

The Nigerian Navy Forward Operating Base (FOB) Ibaka has warned maritime criminals to stay off Nigerian waterways as the command has stepped up surveillance to ensure no criminal escape from its area of responsibility.

The Commander, FOB Ibaka, Capt. Uche Aneke gave the warning on Friday during the handing over of MT BORA to Blueseas Maritime Company as investigations revealed that the vessel was not culpable.… Read the rest