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
In what is a far-reaching and the first major judicial decision on the Petroleum Industry Act 2021 (“PIA”), the Nigerian Federal High Court has affirmed the power of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA or Authority) to impose and collect levies on petroleum products sold in Nigeria.
In an action filed by IHS Nigeria Limited and INT Towers Limited against the NMDPRA, the plaintiffs argued that they are not liable to pay statutory 0.5% levies for the ‘Authority Fund’ and the ‘Midstream and Downstream Gas Infrastructure Fund’ respectively on petroleum products they import.… Read the rest
The Maritime Workers Union of Nigeria (MWUN) has concluded arrangements to unveil the maiden edition of its in-house magazine, “The Maritime Labour Voice”.
A statement signed by the Head, of Media, MWUN, Comrade Kennedy John Ikemefuna, said the event is billed to be held at Rock View Hotel, Apapa, Lagos on Wednesday, November 15 by 11 am prompt.
According to the statement, notable maritime industry bigwigs and other critical stakeholders in the personalities of SIFAX boss, Dr Taiwo Afolabi and Dr (Mrs) Vicky Haastrup will lead the pack of other key stakeholders in the unveiling ceremony of the Magazine.… Read the rest
The Nigeria Extractive Industries Transparency Initiative (NEITI) said out of a total mineral revenue of N6.40 trillion, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) accounted for the highest contribution of N2.71 trillion in 2020-2021.
NEITI in its latest Fiscal Allocation and Statutory Disbursement (FASD) report which covered the period 2020-2021, said NUPRC, formerly known as the Department of Petroleum Resources (DPR’s) contribution represented 18.83 percent of the total remittances.… Read the rest
The Nigerian government on Thursday said it has signed a Memorandum of Understanding (MoU) with the government of the Kingdom of Saudi Arabia for collaboration in the oil and gas sector.
Nneamaka Okafor, the special adviser on media and communication to the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri in a statement on Thursday said the MoU is a testament to a shared commitment to fostering cooperation, with the aims of establishing a robust framework for collaboration between the two nations in the oil and gas sector.… Read the rest
The Authority Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has appointed Mr. Charles Nwachukwu as the Coordinator of the Midstream and Downstream Petroleum Alternative Dispute Resolution Centre (MDPADRC).
The MDPADRC was established pursuant to the Petroleum Industry Act 2021 and the Midstream and Downstream Petroleum Alternative Dispute Resolution Regulations 2023 as a platform for the timely and cost-efficient resolution of disputes in the midstream and downstream petroleum industry.… Read the rest
The Nigerian Maritime Administration and Safety Agency (NIMASA), under the supervision of the Marine and Blue Economy Ministry, is to establish Blue Economy information desks at all International Airports in the country.
The effort received a boost after a fruitful discussion between the Minister of Aviation, Mr Festus Keyamo, and the DG/CEO NIMASA Dr Bashir Jamoh.
The Blue Economy desk at the Ports will enhance inter-ministerial collaboration to harness potentials in the Nigerian Maritime sector by creating awareness of a functional intermodal transport system, and tourism amongst others which are key components of a growing maritime nation.… Read the rest
The Nigerian National Petroleum Company (NNPC) Limited said Nigeria’s crude oil grades have become the most preferred choice for refiners in Europe.
The Executive Director, Crude Oil and Condensate, NNPC Trading Limited, Maryamu Idris, said this at a panel presentation at the Argus European crude conference in London, United Kingdom.
She noted that the nation’s crude flow to Europe increased after the ban on Russian crude caused a supply gap, adding that six months before the war, 678,000 bpd of Nigerian crude grades went to Europe, compared to 710,000 bpd six months later and 730,000 bpd so far this year.… Read the rest