The Senate has mandated its committees on Petroleum Resources, (Upstream, downstream,) Gas, Host communities and Niger Delta to conduct investigation on oil theft in the region.

It specifically mandated the committees to investigate the actions of security forces, militia groups, local populace, company employees, and any individuals or entities suspected to be using sophisticated methods to pilfer from oil facilities within the country.… Read the rest

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and other relevant organisations in the oil sector on Monday moved to resolve the major challenges faced in the importation and distribution of petroleum products across the country.

Speaking to journalists in Abuja after a meeting at the headquarters of the NMDPRA, the operators said it seamlessly discussed the issues hampering the distribution of petroleum products in the country and came out with results.… Read the rest

The crisis rocking the downstream sector of the petroleum industry went from bad to worse in Abuja, yesterday, as scarcity of Premium Motor Spirit (PMS) hit the Federal Capital Territory (FCT).

Coming barely 24 hours after the Nigerian National Petroleum Company Limited (NNPCL) denied the return of subsidy on the product, most filling stations were locked yesterday, as long queues were seen at the few that were dispensing fuel to motorists.… Read the rest

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Warri Zonal Office has sealed six petro retail outlets and an illegal gas refiling plant over sharp practices in Delta.

Mr Goziem Chukwurah, NMDPRA, Head of Operations in Warri office on Tuesday led a surveillance team of the regulatory authority, to seal the stations in Uvwie and Udu Local Government Areas of the state.… Read the rest

Akachukwu Nwokedi, president of the Nigeria Gas Association (NGA), has said gas has to be the main driver of Nigeria’s energy transition as many Nigerians do not have access to electricity.

He stated this while speaking at a panel session during the 2023 annual international conference of the Association of Energy Correspondents of Nigeria in Lagos.

Nwokedi said as the country sets its target towards net zero by 2060, it has to set its priority right by maximising its huge gas resources as a gas nation with little oil in it.… Read the rest

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Tuesday said Nigeria imported a total of about 23.5 billion litres of Premium Motor Spirit (PMS), also known as petrol, in 2022.

The NMDPRA’s Chief Executive Officer, Farouk Ahmed, disclosed this at the ongoing Energy Labour Summit organised by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) in Abuja.… Read the rest

The Nigerian National Petroleum Company Limited (NNPCL) on Sunday described a report alleging that its managing director, Mele Kyari, quietly awarded the control of Nigeria’s pipelines to a Northern oil “cabal” as “fallacious”.

The oil company said this in a statement posted on its official handle on X platform Sunday night.

It described the report as “fallacious”, saying it was designed to bring its name into disrepute.… Read the rest

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