The report was laid before the House by the chairman of the House Committee on Petroleum Resources (Downstream), Ikeagwuonu Ugochinyere.

This followed the adoption of a motion jointly sponsored by Ugochinyere and the Chairman, the Committee on Petroleum Resources (upstream), Alhassan Ado-Doguwa.

After receiving the report, the House mandated its committees on Petroleum Resources (upstream and downstream) to investigate alleged misappropriation of oil revenue, shoddy contracts, and extra-budgetary expenditure by the relevant ministries, departments, and agencies (MDAs) of the Federal Government.… Read the rest

The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Simbi Kesiye Wabote has advised that making unending changes to the structures set up by Petroleum Industry Act 2021 could kill the confidence of investors and stall new projects in the oil and gas sector.

Speaking on Tuesday at a panel session at the recently concluded Nigerian Economic Summit held in Abuja, the Executive Secretary explained that the PIA 2021 contains adequate provisions to ignite growth in the energy sector and advised the Federal Government and key stakeholders to avoid the temptation of tweaking the law at every turn.… Read the rest

Terminal owners increased prices of Liquefied Natural Gas or cooking gas by 60 per cent in the month of October alone, The PUNCH can authoritatively report.

Market survey carried out revealed that as of the beginning of the month, the price of 20 metric tons of cooking gas at the terminal was N10 million.

However, as of October 20, price had risen to N14 million per 20 metric tons.… Read the rest

The Hon. Justice Inyang Ekwo of the Federal High Court sitting in Abuja has dismissed a lawsuit brought by Mobil Producing Nigeria Unlimited (Mobil) against the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

Mobil had approached the court to challenge the competence of NMDPRA to regulate certain aspects of its operations like butane lifting which it maintained were integrated to its Oil Mining Leases (OMLs) and thus within the exclusive regulatory purview of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).… Read the rest

The Federal Government, yesterday, said implementation of the Petroleum Industry Act (PIA) 2021 was yielding positive results in the area of addressing the infrastructure decay that had long plagued the gas sector.

Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, revealed this at the Second Domestic Gas and Gas Infrastructure Summit, with the theme, “Building a Sustainable, Resilient Gas and Renewable Energy Sector in Nigeria and Beyond,” organized by the Abuja Chamber of Commerce and Industry (ACCI) in the Federal Capital Territory (FCT).… Read the rest

The Senate has tasked its ad- hoc committee to investigate all contracts awarded for rehabilitation of all state owned refineries from 2010 to 2023.

This followed the adoption of a motion on “Urgent need to investigate various turnaround maintenance projects of Nigerian refineries, to uncover waste and forestall further waste of scarce public resources, by Sen. Karimi Sunday ( APC- Kogi) at plenary on Tuesday.… Read the rest

The Federal Government has tasked oil and gas experts to proffer permanent solutions to challenges ranging from low productivity, oil theft, pipeline vandalism, and gas flaring in the local oil industry.

Sen. Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), made the call on Monday in Abuja, at the opening of the third Biennial International Conference on Hydrocarbon Science and Technology (ICHST 2023).… Read the rest

The Federal Government of Nigeria has won the legal case against Process & Industrial Developments (P&ID) Limited in a London court on Monday.

The judgment was delivered after five years of legal frameworks which have finally been to the advantage of Nigeria, as the court quashed the $11 billion arbitration award in favour of P&ID.

In a ruling delivered by e-mail, Robin Knowles, the Justice of the Commercial Courts of England and Wales, upheld Nigeria’s prayer on the ground that the ill-fated gas processing contract was obtained by fraud.… Read the rest

THE Chief Executive Officer of Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, Farouk Ahmed, yesterday, said that industry deregulation has actually seen a 33.58 per cent reduction in fuel consumption of Nigerians. Ahmed who stated this at the ongoing Oil Trading and Logistics, OTL, Africa Week, 2023, in Lagos, explained: “Our data reveal that after the announcement of deregulation, an average volume of 44.3 million litres per day was evacuated for distribution nationwide which implies a 33.58 per cent reduction from the 66.7 million litres per day before the deregulation.… Read the rest