The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has warned establishments responsible for the supply of crude oil to private refineries to stick to the rules of engagement or face severe sanctions for sabotaging the process.

The warning comes as more private refineries warm up to commence operation in Nigeria.

The Commission in a statement vowed to take all necessary steps within the prescriptions of the Petroleum Industry Act (2021) to ensure adequate and consistent supply of feedstock to operators.… Read the rest

The continuous upward climb of the foreign exchange in the country is heavily impacting on the downstream oil sector with many major marketers shutting down their fuel filling stations because of their inability to import the product.  

The Nigerian Midstream Downstream Regulatory Authority (NMDPRA) Chief Executive, Mr Farouk Ahmed, last week at the Oil Trading Logistics Africa Week 2023 in Lagos, disclosed that an average volume of 44.3 million litres of Premium Motor Spirit (PMS), popularly called petrol, was evacuated daily for distribution in the country.… Read the rest

The Senate Committee on Gas has announced plans to summon officials of the Nigerian National Petroleum Corporation, NNPC, Limited to explain why it has yet to provide funding for the exploration and development of new frontier acreages.

Chairman of the Committee, Jarigbe Jarigbe said this at a media briefing shortly after meeting behind closed doors with the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, and his team.… Read the rest

National President, Host Communities of Nigeria Producing Oil and Gas (HostCom), Dr. Benjamin Tamaranebi, yesterday, in Abuja, said funding for HostComply, an application being set up by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) will be funded by the regulator.

Speaking during a press conference in Abuja over a report earlier published by The Guardian, Tamaranebi said: “NUPRC is a regulator.… Read the rest

The Senate noted that the PIA implementation had yet to produce any workable coordination or clearing house by which NNPCL, regulators, and oil-producing companies, coordinate to ensure vital petroleum sector changes.

Senate at plenary Thursday urged its Committees on Petroleum Downstream and Gas to conduct a holistic investigation on the implementation of the Petroleum Industry Act (PIA).

This followed the adoption of a motion on “Urgent Need for Enquiry into Implementation of the Petroleum Industry Act (PIA) 2021with Regards to Potential Exit of International Oil Companies (IOCS) from Nigeria: Case of ExxonMobil in Akwa Ibom,” sponsored by Etim Aniekan.… Read the rest

The Presidential Compressed Natural Gas (CNG) Initiative Steering Committee, on Friday said seven CNG conversion centres have been established in the country.

Chairman of the Committee, Mr Zacch Adedeji, made this known while handing over CNG buses to the State House, Permanent Secretary, Mr Olusesan Adebiyi, at the presidential villa, Abuja.

The Presidential Compressed Natural Gas (CNG) Initiative Steering Committee, on Friday said seven CNG conversion centres have been established in the country.… Read the rest

As part of efforts to boost foreign currency liquidity in the economy and strengthen foreign exchange (FX), the federal government has concluded plan to Securitize about $7 billion of the country’s dividends from the Nigerian Liquefied Natural Gas (NLNG).

A top official in the present administration who disclosed this to THISDAY newspaper on Thursday, said while the government expects to get $7 billion from a consortium led by Standard Chartered Bank from next week, the federal government also expect inflows from the $3 billion emergency loan from the African Export-Import Bank (Afreximbank), which the Nigerian National Petroleum Company Limited (NNPCL) had secured two months ago, bringing the total inflows expected in the short-term to $10 billion.… Read the rest

Movement for the Survival of the Ogoni People (MOSOP) is seeking very harsh penalties on oil companies whose facilities pollute the environment in Niger Delta.

The group also said penalties would deter oil companies, especially Shell Petroleum Development Company (SPDC), which is allegedly responsible for devastating oil spills in Ogoni.

The President, Fegalo Nsuke, stated this during a visit to the site of last Thursday’s oil spills from SPDC pipelines in the K-Dere community of Gokana Local Council of Rivers State.… Read the rest

Amid scarcity of cooking gas in Nigeria, the Federal Government, yesterday, hinted of a new tariff that would encourage availability.

Currently, there are indications that multi-billion dollar gas-related projects being planned are struggling with stocks.

The Nigeria LNG Limited, earlier this month, disclosed that its productivity was down by almost 50 oil production.

A report released earlier this month by Nigerian Extractive Industries Transparency Initiative (NEITI) noted that only about 23 percent of the deep-water asset was productive in 2021, even as International Oil Companies (IOCs) are looking forward to a more favourable fiscal outlook to boost their operations in deepwater.… Read the rest

Senate has mandated its Committees on Petroleum (Upstream), Downstream, and Gas to investigate the implementation of the Petroleum Industry Act (PIA) with regard to the potential exit of international oil companies (IOCs) from Nigeria.

Section 257 (2) of the Act, which came into effect in August 2021, stipulates that oil and gas companies are expected to remit three percent of their yearly operational expenditure to affected host communities.… Read the rest