Gains from the Petroleum Industry Act(PIA) appears to be gaining traction as Nigeria’s oil rig count has risen from 17 in 2019 to 31 as at last month.

The improvement in oil drilling activities was disclosed by the Commission Chief Executive(CCE), of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr. Gbenga Komolafe, on the sideline event of the World Petroleum Congress (WPC|) which ended in Calgary, Canada at the weekend.… Read the rest

The Military Joint Task Force of Operation Delta Safe (OPDS) has arrested eight barges, conveying over 100,000 litres of illegally refined Automotive Gas Oil (AGO), popularly called diesel, in Rivers State.

The Commander, Joint Task Force, South-South, OPDS, Olusegun Ferreira, told newsmen at the creek of Bonny, that the barges were arrested by the OPDS team in conjunction with some maritime units in the Bonny area.… Read the rest

Worried by the different grades of petroleum products across Africa and its health implication, the African Refiners and Distributors Association (ARDA) has committed to having a single grade of Premium Motor Spirit (PMS), popularly called petrol by 2030.

Executive Secretary, ARDA, Mr. Anibor Kragha, stated this at the CEO Strategic Session 1: ‘’Market Outlook for Petrochemicals and Refineries of the Future’’ at the 24th World Petroleum Congress(WPC) which ended in Calgary, Canada, last week.… Read the rest

Explosion at an illegal fuel depot in Cotonou, the Republic of Benin, has killed 34 people.

A government official confirmed the incident to newsmen today, Saturday.

The government official said no fewer than 34 people were killed when a contraband fuel dump burst into flames in southern Benin near the border with Nigeria.

“A serious fire occurred in the town of Seme Podji,” Interior Minister, Alassane Seidou told reporters.… Read the rest

The Special Adviser to the President on Energy, Mrs. Olu Verheijen, in partnership with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has wrapped up a series of strategic engagements with fifteen (15) leading international and independent Oil and Gas Companies operating in Nigeria. These sessions, held in Lagos and Abuja, were carefully chosen after a detailed review process by NUPRC and the Office of the Special Adviser to the President on Energy and included Chevron, Total, Shell, NAOC, Exxon Mobil, Seplat, Heirs Holdings, Waltersmith, First E&P, among others.… Read the rest

The retail price of diesel is expected to surge to N1500 per litre in the coming days amid naira depreciation and rising global oil prices, BusinessDay findings have shown.

“With the geopolitics in the global oil sector and Nigeria’s foreign exchange crisis, the price of diesel will top N1500,” a top official of one of the oil marketers with the pseudonym, Abigail Rice, told BusinessDay on Friday.… Read the rest

Madaki Ameh, the managing partner at BBH Consulting, has said that reducing unit operating expenses (OPEX) per barrel when getting oil from the ground in Nigeria, will reduce fuel pump prices.

He said this during a September 21 interview via Arise News when addressing the issue of the return of fuel subsidy payments.  

During the interview, he said the subsidy payments in the country were once defended as being necessary to cushion the vagaries of the international market.… Read the rest

Nigeria has secured a total of $13 billion in investment commitments in its oil and gas sector from major international energy companies, including ExxonMobil, Shell, and TotalEnergies, according to Olu Verheijen, the Special Adviser on Energy to Nigeria’s President Bola Tinubu.

Verheijen and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) have recently met with representatives of 15 oil and gas companies operating in Nigeria and have secured their commitment to invest in Nigerian oil and gas, the adviser said in a statement on Friday sent to the Nairametrics outlet in Nigeria.… Read the rest

The Federal Government may spend about N1.68tn as subsidy on Premium Motor Spirit, popularly called petrol, from September to December this year, an analysis of data provided by oil marketers and the sector has shown.

PMS dealers stated on Thursday that the pump price of petrol should be between N890 to N900/litre based on the fall of the naira against the United States dollar and the surge in the price of crude in the international market.… Read the rest

Goldman Sachs raised on Wednesday its 12-month ahead forecast for Brent Crude oil prices to $100 per barrel from $93 previously expected on stronger inventory draws with the extended OPEC+ cuts and global demand growth. But this trigger economic challenges for Nigeria.

“We have nudged up our 12-month ahead Brent forecast from $93 a barrel to $100 a barrel as we now expect modestly sharper inventory draws,” analysts at Goldman Sachs wrote in a note on Wednesday, as seen by Reuters.… Read the rest