Amid a nationwide energy crisis, Nigeria finds itself grappling with a peculiar irony as gas meant to alleviate power shortages is instead being wasted through flaring, leaving hundreds of thousands of homes without electricity.
Natural gas estimated at $205.7 million and capable of powering four million households was flared in Nigeria in the first two months of 2024, BusinessDay reports.
Data obtained from the Nigerian gas flare tracker of the National Oil Spill Detection and Response Agency (NOSDRA), showed the country flared about 58.8 million standard cubic feet (Mscf) in the first two months of this year with a power generation potential of 4.04 thousand megawatts (MW).… Read the rest
Nigeria now produces crude oil from over 246 fields across the country and operates 188 production stations/platforms, the Federal Government has stated.
Data obtained in Abuja on Friday from the Nigerian Upstream Petroleum Regulatory Commission, an agency of the Federal Government, indicated that Nigeria’s oil-producing fields had been on the rise since the first commercial oil discovery in the country by Shell Darcy at Oloibiri, Bayelsa State, in 1956.… Read the rest
Nigeria’s expenditure on the importation of petroleum products, including premium motor spirit (PMS), commonly known as petrol, amounted to approximately N12 trillion in 2023, according to data released by the National Bureau of Statistics (NBS) in its Foreign Trade Statistics for the Fourth Quarter of 2023.
This figure marks an 18.68% increase compared to the N10 trillion spent on fuel imports in 2022.… Read the rest
The Natural Oil and Gas Suppliers Association of Nigeria, Akwa Ibom State Council, has decried the absence of a licensed laboratory by the Nigerian Midstream Downstream Petroleum Regulatory Authority, saying that the situation is forcing marketers out of business in the state.
The chairman of NOGASA, Sam Osung, who made this known in a statement on Friday, said whenever petroleum products intercepted by security agencies were subjected to analysis, the process took days because of the absence of a hydrocarbon laboratory.… Read the rest
About 49 per cent or N686 billion ($490 million) of equity in the N1.4 trillion ($1 billion) of the Regional Maritime Development Bank (RMDB) being promoted by the Maritime Organisation of West and Central Africa (MOWCA) has been ceded to private sector stakeholders. This is just as the Federal Government of Nigeria advises on due diligence before the final take-off of the specialised lender.… Read the rest
The Nigerian Shippers’ Council, NSC, said it has approved negotiated and reviewed haulage rates from Eastern ports to various destinations in the country.
The rates approved were in consideration of cost moderation, cargo transport issues and acceptable by all parties, including freight forwarders and truck owners.
Addressing the meeting in Lagos, the Executive Secretary and Chief Executive Officer of NSC, Pius Akutah, commended the stakeholders for their concerted efforts during the negotiation.… Read the rest
The Nigerian National Petroleum Company Limited (NNPC) on Thursday said that it plans to replace almost all the over 5,000 pipelines network scattered across the country in the next three years.
Nigeria currently transports a large portion of its fuels through tankers and other inefficient means, considerably raising the cost of production and by extension the pricing of products.
Speaking at the 2024 edition of the Society of Petroleum Engineers Oloibiri Lecture Series and Energy Forum (SPE OLEF) held in Abuja, the NNPC Group Chief Executive Officer, Mr Mele Kyari, explained that pipelines remain the most efficient and cost-effective way of transporting petroleum products.… Read the rest
THE former Director-General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Dakuku Peterside, has said that implementating attractive roadmap policy framework will boost blue economy.
Peterside said this in an interview with the News Agency of Nigeria (NAN) in Port Harcourt on Wednesday.
He said, the “foundational thing to do to enhance the blue economy is to put in place attractive roadmap that would woo investors into the sector.”… Read the rest
NNPCL was reacting to reports suggesting a drop in pump prices for Premium Motor Spirit and Automotive Gas Oil as reported in some sections of the media (not PUNCH Online).
The Chief Communications Officer, NNPCL, Olufemi Soneye, dispelled the speculations in a statement made available to journalists.… Read the rest
President Bola Tinubu has executed Policy Directives to improve the investment climate and position Nigeria as the preferred investment destination for the oil & gas sector in Africa.
A statement by presidential spokesman, Ajuri Ngelale on Wednesday, said this is in keeping with the President’s dedicated efforts to remove obstacles to investments in Nigeria, harness the nation’s resources and diversify the economy for the benefit of all Nigerians.… Read the rest