Despite the Federal Government’s commitment to achieving zero flaring by 2060, gas flaring increased by 15.9 per cent year-on-year, YoY, to 187.6 million metric standard cubic feet, MSCF, in the first nine months (January – September) of 2023, from 157.8 MSCF in the corresponding period of 2022.
The flared gas was worth $656.6 million, which translates to N503.5billion at the current Central Bank of Nigeria, CBN, exchange rate of N766.9/United States dollar.… Read the rest
The Republic of Niger has imposed a ban on all exports of liquefied petroleum gas, according to an official statement released by the government on Tuesday.
The statement noted that national production should be used to supply the domestic market, and in case of surplus a special authorization can be requested to export it, Reuters reported.
Niger exports gas to neighbouring Nigeria.… Read the rest
Nigerian Content Development Monitoring Board (NCDMB), yesterday, said the current wave of divestment by international oil companies (IOCs) from the country is a plus, especially for the development of local content.
The agency projected that the share of local firms in crude oil production could reach 30 percent or more in a short while, going by rate of the acquisition.
Speaking at a breakfast meeting with editors of newspapers and directors of broadcast stations, NCDMB’s Executive Secretary, Simbi Wabote, said the reasons for Nigeria’s low crude production is beyond stealing by vandals.… Read the rest
The Nigerian National Petroleum Company Limited (NNPCL) recently reported a concerning surge in crude oil theft within a week, spanning from September 23 to 29, primarily in the oil-producing region of the Niger Delta.
This revelation was part of the company’s informative weekly series, “Energy and You,” broadcasted through the NTA Network News.
During these seven days, a distressing tally of 170 recorded cases of crude oil theft emerged, reflecting a dire situation.… Read the rest
At least 37 people, including two pregnant women, were burned to death after a blast in an illegal oil refinery in a community in River State, South-south Nigeria, a report has said.
The incident occurred in the early hours of Monday in the Ibaa community, in Rivers State, Reuters reported on Tuesday, quoting a local security official and community leader.… Read the rest
The Executive Members of the Maritime Workers Union of Nigeria (MWUN) have directed their members to resume work at the nation’s seaports and oil and gas platform.
The union had earlier ordered closure of all the nation’s Seaports, Jetties, Oil & Gas platforms and Terminals in compliance with the organized labour’s directive on the indefinite strike which was to commence on Tuesday.… Read the rest
OPEC oil output rose for a second straight month in September, a Reuters survey found on Monday, led by increases in Nigeria and Iran despite ongoing cuts by Saudi Arabia and other members of the wider OPEC+ alliance to support the market.
Last month, the Organization of the Petroleum Exporting Countries pumped 27.73 million barrels per day (bpd), the survey found, up 120,000 bpd from August.… Read the rest
The Nigerian government announced, on Sunday, the waiver of Value Added Tax (VAT) on diesel for the next six months to address the impact of petroleum subsidy removal in the country.
The waiver is part of the resolution reached during the meeting between the labour unions and the government delegation, information minister Mohammed Idris said in a late Sunday statement.
The meeting was held a few hours after Mr Tinubu addressed Nigerians on the occasion of Nigeria’s 63rd Independence Anniversary.… Read the rest
A strong call has gone to the Federal Government to hands off all the refineries to the private sector.
The call came from gas, refining, and petrochemicals experts who operate under an institute at the University of Port (UNIPORT) Harcourt.
Nigeria had once sold off the refineries but public pressure led by Labour forced the FG to re-acquire them, but they have remained comatose all this while.… Read the rest
The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has directed all its members nationwide to withdraw their services and shut down refineries, filling stations and other areas of operation under the union’s portfolio from midnight on Tuesday, October 3.
The union in a statement jointly signed by its President, William Akporeha and General Secretary, Afolabi Olawale, said that the directive was in compliance with the Nigeria Labour Congress (NLC) National Executive Council (NEC) resolution, as well as joint resolution of NLC and Trade Union Congress (TUC).… Read the rest