The Group Chief Executive Officer (CEO), of Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has said the company is 80 percent ready for an Initial Public Offer (IPO).
Kyari, who made the disclosure while addressing the Adipec Audience, said the company transitioned to a fully commercial model in 2021, insisting that it must perform better than its peers in the private sector.… Read the rest
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has confirmed the return of fuel subsidy under President Bola Tinubu.
President Bola Tinubu announced the removal of fuel subsidy on his first day in office, leading to an increase in fuel price from N197 to between N480 and N570, the pump price was subsequently reviewed upward to N620.
However, there were reports that the price would go up as a result of fluctuation in the global oil market.… Read the rest
The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Wabote, has raised the alarm that the divestment of onshore oil and gas assets by the International Oil Companies (IOCs) is depleting the federal government’s tax revenues due to the refusal of some of the indigenous players who acquired the assets to pay tax.
Wabote, who also enumerated the enormous gains of the ongoing divestment of assets by the multinational companies, noted that while the IOCs that operated the assets paid tax as at when due, some of the indigenous Nigerian companies that bought the assets have stopped paying tax.… Read the rest
As part of efforts to curb incessant oil theft in the country, the Nigerian Upstream Regulatory Commission (NUPRC) has introduced the Advanced Cargo Declaration regime in upstream petroleum operations to arrest oil robbery and curtail export of stolen crude oil.
The commission also disclosed plans to reactivate shut-in wells as part of initiatives to increase oil and gas production in the country.… Read the rest
The Nigerian Navy Ship (NNS) BEECROFT patrol team has arrested a large fibre boat involved in illegal bunkering activities in Igboelejo community area of Lagos state.
The vessel contains 205 drums of a substance suspected to be Premium Motor Spirit (PMS) and other products.
According to the Base information officer, Sub Lieutenant HA Collins, the NNS patrol team in a decisive response to intelligence received on 5th October 2023 through the state-of-the-art Maritime Domain Awareness Facility, the Falcon Eye Alignment, thwarted an illegal bunkering activity, meanwhile the perpetrators abandoned the boat and fled upon sighting our patrol team.… Read the rest
No fewer than 285 persons have lost their lives to explosions from illegal refineries and tanker explosions from January 2021 to October 3, 2023, analysis by the Sunday PUNCH has revealed.
Explosions from illegal refineries which are locally operated mostly in the oil-rich Niger Delta region are common and have continued to lead to loss of lives and properties over the years with a corresponding hike in the activities of oil thieves.… Read the rest
A group, the Mega National Movement, consisting of 19 youth groups, NGOs, and CSOs has expressed concern over the instability of the prices of petroleum products and called on the government to intervene.
Spokesperson of the group, Ibrahim Tijani; said at a press conference in Kaduna on Saturday, that they were saddened by the sudden scarcity of fuel, particularly in the Federal Capital and other major cities and towns in Nigeria.… Read the rest
The Nigerian Upstream Petroleum Regulatory Commission(NUPRC) has disclosed plans to reactivate shut-in wells as part of initiatives to increase oil and gas production in the country.
Commission Chief Executive(CCE), NUPRC, Mr.Gbenga Komolafe announced this at the Association of Energy Correspondents of Nigeria(NAEC) Annual International Stategic Conference 2023 with the theme ‘‘ Nigeria’s Energy Transition: Enhancing Investment Opportunities and Addressing Challenges in the Oil and Gas Sector held in Lagos at the weekend.… Read the rest
The Nigerian National Petroleum Company Limited (NNPC Limited), on Friday, allayed motorists’ fears of a possible petrol price hike.
The uncertainty has forced consumers to engage in panic buying to hedge against an anticipated price increase, following reports that the landing cost of petrol had shot up.
The national oil company on its X handle asked the public to disregard wide speculations suggesting that a petrol price increase was in the offing.… Read the rest
The National President of the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, Festus Osifo, has claimed that the Federal Government was still paying subsidy on petroleum products.
Osifo, who is also the president of the Trade Union Congress, TUC, stated this while speaking on Channels TV’s Politics Today on Friday.
He said due to the cost of crude oil in the international market and the dollar to naira rate, the government still pays subsidy for the product.… Read the rest