The Minister of State Petroleum Resources (Oil) Senator Heineken Lokpobiri,says Nigerian Oil and gas sector shall witness investments to the tune of $5 billion.
Lokpobiri, made the declaration durong at a 3-day, 2024 Oil and Gas Sector Retreat, with the theme: ‘Building Synergy for the Enhanced Development in the oil and gas sector’ being organized by the Ministry of Petroleum Resources, in Abuja.… Read the rest
The reduced crude oil exports by Nigeria and Iraq in March caused a plunge in oil output by the Organisation of Petroleum Exporting Countries last month.
A survey by Reuters on Monday showed that OPEC pumped less crude in March, reflecting lower exports from Iraq and Nigeria against a backdrop of ongoing voluntary supply cuts by some members agreed with the wider OPEC+ alliance.… Read the rest
The Federal Government, on Monday, announced that the new price of natural gas for power generation companies is now $2.42 per metric million British thermal unit, higher than the previous rate of $2.18mmbtu.
Nigeria generates over 70 per cent of its electricity from thermal power plants that are fired by gas. Therefore, the rise in the cost of the commodity may lead to a hike in the tariff payable by power consumers once the Nigerian Electricity Regulatory Commission carries out another tariff review.
The Nigerian federal government plans to adopt trucks and barges to transport crude oil to tackle pipeline vandalism.
This was contained in a document by the Nigerian Upstream Petroleum Regulatory Commission on “Stability in the Nigerian Energy Sector: Integrated Strategies for Infrastructure, Transportation and Security”.
NUPRC said the move was to avoid production deferment, losses and other undesirable consequences due to pipeline disruption and outages.… Read the rest
Nigeria’s oil industry is showing positive signs with the number of producing fields reaching 246, according to the Federal Government (FG).
This marks a 12 percent increase from 218 producing fields in 2019, data from the Nigerian Upstream Petroleum Regulatory Commission showed.
The NUPRC document, which focused on stability in the oil sector, read in part, “Since 1956, the Nigerian upstream oil and gas landscape has grown with the development and installation of several oil and gas facilities.… Read the rest
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