The Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, has disclosed that the country’s oil rigs have increased to 30 from 11 in 2011.
He linked the increase to NUPRC and other government stakeholders’ efforts to attract confidence and certainty into the oil and gas industry.
According to Komolafe, Nigeria recorded capital expenditure worth billions of dollars within the last two and a half years due to the implementation of the Petroleum Industry Act.… Read the rest
Maritime workers have issued a warning of a potential nationwide strike if the Federal Government proceeds with its plan to automatically deduct 50% from the revenue earned by the Nigerian Ports Authority (NPA).
This caution was conveyed in a joint statement by the Senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASCGOC) and the Maritime Workers Union of Nigeria (MWUN) in Lagos. … Read the rest
The management of Lekki Port and Lekki Freeport Terminal have assured maritime stakeholders that they will enjoy the use of sea terminal and its state-of-the-art facilities.
This assurance was made during the 2024 Roadshow organised by Lekki Port and Lekki Freeport Terminal in conjunction with the Nigeria Customs Service in Lagos, recently.
The Chief Operating Officer of Lekki Port, Laurence Smith, said that the roadshow was an opportunity to intimate potential port users on the ease of doing business in Lekki Port.… Read the rest
The Nigerian Oil and Gas Suppliers Association (NOGASA) warned on Tuesday that its members may be forced to withdraw their services following the unbearable high operating costs.
This is coming barely 24 hours after the Nigerian Association of Road Transport Owners (NARTO) commenced a strike action on similar issues.
NOGASA National President Bennett Korie, who made the call at a briefing in Abuja, particularly identified the unstable dollar rate as a major challenge for marketers.… Read the rest
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
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
The Nigerian Navy (NN) says the troops of Operation Delta Sanity have intercepted 4,036.7 barrels of crude oil and 270,600 litres of illegally refined AGO, valued N1.05 billion from oil thieves in one week.
The Director of Naval Information, Rear Adm. Adedotun Ayo-Vaughan, made this known in a statement on the operations conducted by the navy between Jan. 29 and Feb.… Read the rest
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
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
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