Executive Secretary/CEO of Nigeria Extractive Industries Transparency Initiative (NEITI), Ogbonnaya Orji, has said Nigeria lost over N16.25 trillion due to oil theft in the country.

Orji in a report to the report to the Chairman, House Committee on Public Accounts, Bamidele Salam, during an interactive session in Abuja, also claimed that $74.386 billion was spent on fuel subsidy by successive administrations since 2011.… Read the rest

Petroleum producers in Nigeria have called on the Federal Government to offset the $1.3 billion owed to gas producers to stimulate new opportunities in the industry and boost the nation’s Gross Domestic Product (GDP) and power generation.

Speaking during the oil and gas industry policy roundtable in Abuja on Monday, Nathaniel Oyatogun, head of the subcommittee on gas at the Oil Producers Trade Section (OPTS), said that despite the various interventions by the Central Bank of Nigeria (CBN), some companies who produced gas from as far back as 2012 were yet to be paid.… Read the rest

Amid rising unemployment, sky-high energy costs, painful interest rate hikes, and a shrinking economy, Germany’s exceedingly unpopular left-liberal chancellor touched down in Africa over the weekend with the hope of inking an energy deal with Nigeria, which has the continent’s largest natural gas reserves.

Still reeling a year and a half later from the effects of having cut itself off from an abundant supply of cheap Russian gas, Germany—Europe’s largest consumer of energy due to its industrial production—is in desperate need of new energy and economic partnerships to help diversify its critical energy supply, the daily newspaper Der Spiegel reports.… Read the rest

Oil Producers Trade Section (OPTS), a sub-group of the Lagos Chamber of Commerce and Industry (LCCI), has disclosed that Nigeria owes gas producers in the country a whopping $1.3 billion for products supplied.

It has therefore urged the Federal Government to factor the debt as part of its outstanding obligation, as it seeks solutions to the lingering energy poverty in the country and its attendant challenges.… Read the rest

Nigeria’s industrial and aviation sectors are grappling with a looming crisis as the costs of diesel and aviation fuel continue to rise.

In various regions of the country, including Kano, Ogun, Edo, Delta, Kogi, Lagos, and Kwara states, manufacturing factories are beginning to shut their doors due to the multifold increase in diesel prices.

The Manufacturers’ Association of Nigeria has sounded the alarm, asserting that more factories will follow suit if diesel prices climb beyond the current N1,000 per liter.… Read the rest

The president of the Senate, Dr Godswill Akpabio, says with careful planning and execution, Nigeria can meet the Organisation of Petroleum Exporting Countries (OPEC) quota of 1.8 million barrels per day.

Akpabio spoke at the National Assembly Capacity Building Workshop organised by the Independent Petroleum Producers Group (IPPG) and the Oil Producers Trade Section (OPTS) on Monday in Abuja.

Represented by Senate Committee Chairman, Petroleum Upstream, Etang Williams, he expressed satisfaction that the crude oil output hit 1.35 million barrels per day in September.… Read the rest

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