Nigeria and other oil and gas-producing countries in Africa may face serious economic problems in 2024 as the African Energy Chamber (AEC) projects a drastic reduction in the continent’s crude oil production.
While Nigeria is struggling economically due to low oil production coming on the backdrop of theft, vandalism and a generally elusive operating environment, the N26.01 trillion 2024 budget is built on oil production of 1.7 million barrels.… Read the rest
The Minister of Finance, Mr. Wale Edun, has said that the federation account is witnessing improved revenue inflow since the removal of subsidy from an average of N650 million monthly to over N1 trillion in the last four months.
The minister stated this on Monday in Asaba at the opening ceremony of a four-day retreat organised for members of the Federation Account Allocation Committee (FAAC).… Read the rest
The Nigerian National Petroleum Company Limited (NNPC) has announced it would inaugurate the $2.8bn Ajaokuta–Kaduna–Kano (AKK) gas pipeline project in December.
The project, which is being constructed by Oilserve Limited, will transport natural gas from southern Nigeria to central Nigeria.
Oritsemiyiwa Eyesan, Executive Vice President, Upstream, NNPC Limited, made the announcement at the ongoing 41st Nigeria Association of Petroleum Explorationists (NAPE) 2023 expo in Lagos on Tuesday last week.… Read the rest
The Nigeria Extractive Industries Transparency Initiative (NEITI) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) have clarified concerns around the 2020 marginal fields’ awards.
The agencies explained that recent reports that quoted NEITI report to have insinuated that the NUPRC did not adhere to its own regulations while implementing the marginal fields’ award, were quoted out of context.
“We in NEITI, therefore, clarify that our report in reference was quoted out of context.… Read the rest
The patrol team of the Nigeria Navy Forward Operating Base (FOB) Igbokoda, Ondo State, Anti-Crude Oil Theft (COT) have arrested and destroyed 15,775 litres of Crude oil/ illegally refined Automotive Gas Oil from illegal bunkering and oil thieves worth about N13,251,000 in Ilaje Local government Area of the state.
The product measuring approximately 5,000 litres, was destroyed in accordance with the Joint Task Force Operation Delta Safe mandate on COT.
Oil Dealers have said the pump price of Premium Motor Spirit (PMS), popularly called petrol, may be reduced in filling stations operated by independent marketers this week, following the massive imports of PMS by the Nigerian National Petroleum Company Limited (NNPCL).
Operators in the downstream oil sector confirmed to newsmen, Weekend, that several cargoes imported by NNPCL had arrived in Nigeria, and some of them were currently discharging at the ports.… Read the rest
Oil-rich Egni community in Ogba/Egbema/Ndoni Council in Rivers State has decried its neglect by federal, and state governments and oil companies operating in the area.
A group of university professors and doctors from the area has, therefore, planned a summit to address the pains, lack of social amenities, and abandonment, among others.
The Chairman, of Egni Professors and Academic Doctors Forum (EPADOF), Prof.… Read the rest
The Nigeria Extractive Industries Transparency Initiative (NEITI) said out of a total mineral revenue of N6.40 trillion, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) accounted for the highest contribution of N2.71 trillion in 2020-2021.
NEITI in its latest Fiscal Allocation and Statutory Disbursement (FASD) report which covered the period 2020-2021, said NUPRC, formerly known as the Department of Petroleum Resources (DPR’s) contribution represented 18.83 percent of the total remittances.… Read the rest
The Nigerian government on Thursday said it has signed a Memorandum of Understanding (MoU) with the government of the Kingdom of Saudi Arabia for collaboration in the oil and gas sector.
Nneamaka Okafor, the special adviser on media and communication to the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri in a statement on Thursday said the MoU is a testament to a shared commitment to fostering cooperation, with the aims of establishing a robust framework for collaboration between the two nations in the oil and gas sector.… Read the rest
The Authority Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has appointed Mr. Charles Nwachukwu as the Coordinator of the Midstream and Downstream Petroleum Alternative Dispute Resolution Centre (MDPADRC).
The MDPADRC was established pursuant to the Petroleum Industry Act 2021 and the Midstream and Downstream Petroleum Alternative Dispute Resolution Regulations 2023 as a platform for the timely and cost-efficient resolution of disputes in the midstream and downstream petroleum industry.… Read the rest