The Chairman, House of Representatives Committee on Finance, Honourable James Abiodun Faleke on Tuesday, described Nigeria’s $48 per barrel crude production cost as the highest in the world.
This is as he put the cost of production of crude oil per barrel at $9 in Saudi Arabia, $21 in Norway and $24 for the United States of America, adding that despite the increase in production cost, the volume of production has continued to dwindle.… Read the rest
The volume of crude transported through the Trans-Niger Pipeline (TNP) – which is Nigeria’s biggest oil pipeline has, returned to an improved uptime as government’s security measures wade off oil thieves in the oil – rich Niger Delta region.
The improvement has seen crude transported through the pipeline increase to more 200,000 barrels/day in the last 6 months.
It has also ramped up the utilisation of Nigeria Liquefied Natural Gas Limited (NLNG) Trains 1-6 from 57% in 2023 to 70% in Q1 2024.… Read the rest
Against the backdrop of rising challenges plaguing the oil and gas sector which have almost grounded industry activities, the Executive Director of Oando PLC and Chief Operating Officer (COO) Oando energy Resources, Dr Ainoje Irune has, expressed deep concerns regarding the state of the sector, emphasising the need for prompt action.
Irune, who stressed that the sector is in an emergency state, called for an end to yearly deliberations on the same challenges, emphasizing the necessity for a more immediate and focused action to address the industry challenges.… Read the rest
Crude oil earnings by the Federal Government increased by about N449.93bn in the months of December 2023 and January 2024, an analysis of data in the latest reports on Nigeria’s oil production, on Sunday, showed.
Although the Nigerian Upstream Petroleum Regulatory Commission has yet to release oil production figures for February 2024, its latest data so far indicates that Nigeria’s oil output maintained a northward movement in the months of December 2023 and January 2024.… Read the rest
Major oil marketers under the aegis of the Major Energies Marketers Association of Nigeria (MEMAN) have complained that the dollarization of some charges by government agencies like the Nigeria Ports Authority (NPA), the Nigerian Maritime Administration and Safety Agency (NIMASA) and others, is affecting the supply and distribution of petroleum products.
It stated that the country’s petroleum products distribution and supply chain may face more challenging complexities going by current foreign exchange market intricacies.… Read the rest
The Nigerian Maritime Administration and Safety Agency (NIMASA) said it has signed a Memorandum of Understanding with Sternula of Denmark towards enhancing safe navigation of ships on Nigerian waters.
The MoU is expected to see Sternula providing full-scale Very High Frequency (VHF) Data Exchange System space capabilities to the Agency.
The MoU was signed by Jacob Weibrent of Sternula and witnessed by Jette Bjerrum, consul general of Demark to Nigeria.… Read the rest
The Nigerian Ports Authority (NPA) has announced a $1 billion reconstruction plan for Tincan Island, Apapa, Rivers, Onne, Warri, and Calabar port complexes.
The NPA also allocated funds for similar reconstruction as part of the new port development plan for the Badagry deep seaport, Snake Island, Burutu, and Ondo deep seaports.
The plans were disclosed on Wednesday, in a document titled ‘Consolidation of Superior Performance at the Nigerian Ports Authority 2023 — A Synopsis of the Authority’s Performance Improvement 2022-2023’.… Read the rest
The House of Representatives Committee on Maritime Safety, Education and Administration, says it will probe contractors who abandoned projects at the Maritime Academy of Nigeria, Oron, Akwa Ibom.
The chairman, Khadijah Ibrahim, stated this in Oron on Thursday when the committee visited the academy as part of its oversight functions.
Ms Ibrahim said that the committee would investigate all cases of project abandonment from the inception of the institution.… Read the rest
President Bola Tinubu has approved three new directives in the oil and gas sector to introduce fiscal incentives for related projects, reduce contracting costs and timelines, and promote cost efficiency in local content requirements.
This followed “extensive engagements, analyses, and benchmarking with other jurisdictions” a statement signed by the President’s Special Adviser on Media and Publicity, Ajuri Ngelale, read Wednesday.
The statement is titled ‘President Tinubu signs executive orders on oil and gas reforms.’… Read the rest
The Nigerian Maritime Administration and Safety Agency (NIMASA) has signed a Memorandum of Understanding (MoU) with Sternula Denmark on full-scale Very High Frequency (VHF) Data Exchange System (VDES) space capabilities between the Agency and Sternula.
The Director General of the Nigerian Maritime Administration and Safety Agency, NIMASA Dr Bashir Jamoh, OFR, who signed on behalf of the Agency noted that the international partnership to enhance vessel to vessel/ land communication in Nigeria will not only enhance safety and security of navigation in Nigerian waters, but also improve productivity of seafarers. … Read the rest