The Minister of State for Environment, Dr Iziaq Salako, has said the ministry through the National Oil Spill Detection and Response Agency will be commencing periodic review of the plans of international and indigenous oil companies to ensure they stay on course to end routine gas flaring by 2030.
Salako said this in Abuja on Tuesday at the national stakeholders engagement meeting on methane mitigation and reduction in Nigeria’s oil and gas sector.… Read the rest
The torrential fall of the Naira which has turned the petroleum supply chain into a quagmire is fast eroding the projected gains after the federal government finally removed the petrol subsidy regime.
Oil marketers and government officials also appear not to be on the same page when it comes to the actual landing cost of Petroleum Motor Spirit and the impact that Nigeria’s fluctuating currency has had on the importation of the product.… Read the rest
Secretary General of the Maritime Organisation of West and Central Africa (MOWCA), Dr. Paul Adalikwu, has stepped up interaction with the United States Government to lift restrictions placed on some member countries allegedly implicated in illicit shipping activities.
Adalikwu, who led a delegation from the MOWCA Secretariat to the US Embassy in Abidjan for a first leg of the strategic consultation aimed at promoting seamless participation of MOWCA countries in international trade within the global maritime space, reiterated the organisation’s commitment to the best ethical and lawful maritime practices.… Read the rest
Nigerian Academy of Engineering (NAE) has called on the Federal Government to divest its 51 per cent equity in refineries.
It noted that the suggestion was one of the sustainable ways to raise capital from the private sector for their upgrade and optimal performance at 445,000 barrels per day (bpd).
The academy’s president, Prof. Azikiwe Onwualu, made the submission yesterday in Abuja.… Read the rest
The Nigerian National Petroleum Company Limited (NNPC) has said that Nigeria would need between $10 billion and $15 billion in the next two to three years to ramp up its existing gas infrastructure.
The Group Chief Executive Officer of the NNPC, Mele Kyari, gave the estimate at the 2024 edition of CERAWeek, a global oil and gas event in Houston, the United States, organised by S&P Global.… Read the rest
The group chief executive officer of the Nigerian National Petroleum Company Ltd (NNPCL), Mele Kyari, has said that the Port Harcourt Refinery has received 450,000 barrels of crude for processing following the mechanical completion of the plant in December last year.
He said this during a session with the Senate Ad-hoc Committee on Investigation of Turn Around Maintenance (TAM) of the nation’s refineries.… Read the rest
The Minister of Marine and Blue Economy, Adegboye Oyetola, said that the Ministry would continue to support the Maritime Organisation of West and Central Africa (MOWCA) in its activities that would add value to maritime industry.
According to a statement signed by Olujimi Oyetomi, Director, Press and Public Relations, yetola made the promise during a courtesy visit by the Secretary General of MOWCA, Paul Adalikwu, in Abuja.… Read the rest
The new Director General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola formally resumed office on Friday, promising to prioritise effective communication at all levels to enhance innovation, collaboration and synergy.
Mobereola was appointed as the head of the maritime regulatory agency by President Bola Tinubu on Tuesday 12th March 2024. He replaced Dr. Bashir Jamoh who served in the position for four years.… Read the rest
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Mele Kyari, on Wednesday said that the anticipated public listing of the company’s shares at the stock market as provided for in the Petroleum Industry Act (PIA) will start soon.
Kyari told international oil and gas players participating at the ongoing 2024 CERAWEEK in Houston, United States that NNPC would become a quoted company in line with the PIA, adding that at maturity, some of the national oil company’s shares would be divested.… Read the rest
Standard Chartered, one of the leading financial institutions, has projected that global oil demand is poised to reach an all-time high in May, according to their latest analysis. This forecast comes amidst ongoing geopolitical tensions and supply constraints in the energy markets.
The bank’s analysts have revised their previous estimates, anticipating a surge in oil consumption to unprecedented levels during May.… Read the rest