The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the commission is committed to effective implementation of the Petroleum Industry Act (PIA 2021) for the sector to contribute more to national economy.
The commission says it will ensure that relevant sections of the PIA that affect its operations are duly implemented, including the Domestic Crude Oil Supply to licensed refineries in Nigeria.… Read the rest
The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has put its members on alert for a nationwide strike after labour leaders were attacked and brutalized in the southeastern state of Imo.
NUPENG President Prince Williams Akporeha condemned the attack in a statement on Wednesday, calling it an “act of violence and barbarism” that “cannot be accepted in a democracy.”… Read the rest
Executive Secretary/CEO of Nigeria Extractive Industries Transparency Initiative (NEITI), Ogbonnaya Orji, has said Nigeria lost over N16.25 trillion due to oil theft in the country.
Orji in a report to the report to the Chairman, House Committee on Public Accounts, Bamidele Salam, during an interactive session in Abuja, also claimed that $74.386 billion was spent on fuel subsidy by successive administrations since 2011.… Read the rest
Petroleum producers in Nigeria have called on the Federal Government to offset the $1.3 billion owed to gas producers to stimulate new opportunities in the industry and boost the nation’s Gross Domestic Product (GDP) and power generation.
Speaking during the oil and gas industry policy roundtable in Abuja on Monday, Nathaniel Oyatogun, head of the subcommittee on gas at the Oil Producers Trade Section (OPTS), said that despite the various interventions by the Central Bank of Nigeria (CBN), some companies who produced gas from as far back as 2012 were yet to be paid.… Read the rest
Amid rising unemployment, sky-high energy costs, painful interest rate hikes, and a shrinking economy, Germany’s exceedingly unpopular left-liberal chancellor touched down in Africa over the weekend with the hope of inking an energy deal with Nigeria, which has the continent’s largest natural gas reserves.
Still reeling a year and a half later from the effects of having cut itself off from an abundant supply of cheap Russian gas, Germany—Europe’s largest consumer of energy due to its industrial production—is in desperate need of new energy and economic partnerships to help diversify its critical energy supply, the daily newspaper Der Spiegel reports.… Read the rest
Oil Producers Trade Section (OPTS), a sub-group of the Lagos Chamber of Commerce and Industry (LCCI), has disclosed that Nigeria owes gas producers in the country a whopping $1.3 billion for products supplied.
It has therefore urged the Federal Government to factor the debt as part of its outstanding obligation, as it seeks solutions to the lingering energy poverty in the country and its attendant challenges.… Read the rest
Nigeria’s industrial and aviation sectors are grappling with a looming crisis as the costs of diesel and aviation fuel continue to rise.
In various regions of the country, including Kano, Ogun, Edo, Delta, Kogi, Lagos, and Kwara states, manufacturing factories are beginning to shut their doors due to the multifold increase in diesel prices.
The Manufacturers’ Association of Nigeria has sounded the alarm, asserting that more factories will follow suit if diesel prices climb beyond the current N1,000 per liter.… Read the rest
The president of the Senate, Dr Godswill Akpabio, says with careful planning and execution, Nigeria can meet the Organisation of Petroleum Exporting Countries (OPEC) quota of 1.8 million barrels per day.
Akpabio spoke at the National Assembly Capacity Building Workshop organised by the Independent Petroleum Producers Group (IPPG) and the Oil Producers Trade Section (OPTS) on Monday in Abuja.
Represented by Senate Committee Chairman, Petroleum Upstream, Etang Williams, he expressed satisfaction that the crude oil output hit 1.35 million barrels per day in September.… Read the rest
The federal government, FG, through the Ministry of Marine and Blue Economy has expressed its commitment to scaling up Nigeria’s port rating in the global maritime space.
Disclosing this intention at the commissioning of the Mission to Seafarers (MTS) centre in Lagos, earlier in the week, Minister of Marine and Blue Economy, Adegboyega Oyetola, said the move is apt especially with increasing global competition which has become imperative for nations to make conscious efforts to deepen the competitiveness of their ports.… Read the rest
The Chief of the Naval Staff (CNS), Vice Adm. Emmanuel Ogalla has inaugurated a High Endurance Offshore Patrol Vessels (HE OPVs) for the Nigerian Navy at the Dearsan Shipyard, Tuzla in Istanbul, Turkey.
This is contained in a statement by the Director of Naval Information, Commodore Adedotun Ayo-Vaughan, on Sunday in Abuja.
Ayo-Vaughan said the vessel is one of two 76m HE OPVs awarded to be constructed by Dearsan Shipyard on Nov.… Read the rest