The Senate noted that the PIA implementation had yet to produce any workable coordination or clearing house by which NNPCL, regulators, and oil-producing companies, coordinate to ensure vital petroleum sector changes.

Senate at plenary Thursday urged its Committees on Petroleum Downstream and Gas to conduct a holistic investigation on the implementation of the Petroleum Industry Act (PIA).

This followed the adoption of a motion on “Urgent Need for Enquiry into Implementation of the Petroleum Industry Act (PIA) 2021with Regards to Potential Exit of International Oil Companies (IOCS) from Nigeria: Case of ExxonMobil in Akwa Ibom,” sponsored by Etim Aniekan.… Read the rest

The Presidential Compressed Natural Gas (CNG) Initiative Steering Committee, on Friday said seven CNG conversion centres have been established in the country.

Chairman of the Committee, Mr Zacch Adedeji, made this known while handing over CNG buses to the State House, Permanent Secretary, Mr Olusesan Adebiyi, at the presidential villa, Abuja.

The Presidential Compressed Natural Gas (CNG) Initiative Steering Committee, on Friday said seven CNG conversion centres have been established in the country.… Read the rest

As part of efforts to boost foreign currency liquidity in the economy and strengthen foreign exchange (FX), the federal government has concluded plan to Securitize about $7 billion of the country’s dividends from the Nigerian Liquefied Natural Gas (NLNG).

A top official in the present administration who disclosed this to THISDAY newspaper on Thursday, said while the government expects to get $7 billion from a consortium led by Standard Chartered Bank from next week, the federal government also expect inflows from the $3 billion emergency loan from the African Export-Import Bank (Afreximbank), which the Nigerian National Petroleum Company Limited (NNPCL) had secured two months ago, bringing the total inflows expected in the short-term to $10 billion.… Read the rest

Movement for the Survival of the Ogoni People (MOSOP) is seeking very harsh penalties on oil companies whose facilities pollute the environment in Niger Delta.

The group also said penalties would deter oil companies, especially Shell Petroleum Development Company (SPDC), which is allegedly responsible for devastating oil spills in Ogoni.

The President, Fegalo Nsuke, stated this during a visit to the site of last Thursday’s oil spills from SPDC pipelines in the K-Dere community of Gokana Local Council of Rivers State.… Read the rest

Amid scarcity of cooking gas in Nigeria, the Federal Government, yesterday, hinted of a new tariff that would encourage availability.

Currently, there are indications that multi-billion dollar gas-related projects being planned are struggling with stocks.

The Nigeria LNG Limited, earlier this month, disclosed that its productivity was down by almost 50 oil production.

A report released earlier this month by Nigerian Extractive Industries Transparency Initiative (NEITI) noted that only about 23 percent of the deep-water asset was productive in 2021, even as International Oil Companies (IOCs) are looking forward to a more favourable fiscal outlook to boost their operations in deepwater.… Read the rest

Senate has mandated its Committees on Petroleum (Upstream), Downstream, and Gas to investigate the implementation of the Petroleum Industry Act (PIA) with regard to the potential exit of international oil companies (IOCs) from Nigeria.

Section 257 (2) of the Act, which came into effect in August 2021, stipulates that oil and gas companies are expected to remit three percent of their yearly operational expenditure to affected host communities.… Read the rest

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