Major oil marketers under the aegis of the Major Energies Marketers Association of Nigeria (MEMAN) have complained that the dollarization of some charges by government agencies like the Nigeria Ports Authority (NPA), the Nigerian Maritime Administration and Safety Agency (NIMASA) and others, is affecting the supply and distribution of petroleum products.

It stated that the country’s petroleum products distribution and supply chain may face more challenging complexities going by current foreign exchange market intricacies.… Read the rest

President Bola Tinubu has approved three new directives in the oil and gas sector to introduce fiscal incentives for related projects, reduce contracting costs and timelines, and promote cost efficiency in local content requirements.

This followed “extensive engagements, analyses, and benchmarking with other jurisdictions” a statement signed by the President’s Special Adviser on Media and Publicity, Ajuri Ngelale, read Wednesday.

The statement is titled ‘President Tinubu signs executive orders on oil and gas reforms.’… Read the rest

Aliko Dangote is reportedly in the process of establishing an oil trading division, potentially situated in London, aimed at managing the crude and product supply chain for his upcoming refinery in Nigeria, according to six informed sources who spoke to Reuters.  

This strategy is expected to diminish the influence of the largest trading companies in the world. These companies have been in discussions for an extended period, seeking to secure financing for the refinery and supply crude oil, in return for the rights to export its products. … Read the rest

Dangote Refinery has ramped up its stock of imported crude oil from the United States as a second cargo as a second shipment of US light sweet crude oil was headed to Nigeria on Friday for delivery to the refinery, according to a trader and ship tracking data.

This is coming as indications emerged at the weekend that Nigeria’s efforts to raise crude oil production continued to yield results during the February circle, with output for the month rising by approximately 60,000bpd during the month.… Read the rest

The Nigerian Maritime Administration and Safety Agency (NIMASA) has noted that the federal government waste management project with XPO Marine Services Limited will enhance the economic growth of the country.

XPO Marine Services, a provider of offshore marine support services to the oil and gas industry, recently entered a Public Private Partnership (PPP) with the country for the establishment of an offshore waste recovery facility.… Read the rest

Brent, the global benchmark for crude oil, witnessed a rise in price in the past three days, crossing $84/barrel on Friday, after trading for an average of $80/barrel in the past weeks.

Its price rise came at a time the Nigerian government announced a new crude oil production target of 2.5 million barrels per day, a development that would really grow the foreign exchange fortunes of the country if met.… Read the rest

Local activists and international environmental groups want Nigeria’s government to delay approving the sale of oil company Shell’s onshore assets, claiming Shell is trying to shirk its environmental and social responsibilities in the highly polluted Niger Delta.

The London-based company is trying to sell its subsidiary Shell Petroleum Development Company — which operates its onshore assets in the delta — to Renaissance Africa Energy Company, a consortium of local companies.… Read the rest

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says it projects to attract about $17.64 billion investment inflow from 51 field development plan which it approved in 2022 and 2023.
Commission Chief Executive (CCE) of NUPRC, Mr. Gbenga Komolafe, disclosed this in his keynote speech during  a panel session at the ongoing Nigerian International Energy Summit(NIES) 2024 in Abuja.

He added that the 51 fields will deliver cumulative oil recovery and gas recovery estimated at 2.12 billion barrels and 13.13 trillion cubic feet respectively in the coming years.… Read the rest

The African Export-Import Bank on Wednesday, disclosed that it has become the largest financier of oil and gas projects in Africa.

The bank disclosed investing $30bn in industry projects, with Nigeria receiving 60 per cent despite reduced global funding for hydrocarbon ventures in Africa

President, Afreximbank, Prof Benedict Oramah, said Africa has to find innovative solutions to its huge energy deficit.… Read the rest

Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has assured that International Oil Companies (IOCs) were not divesting from Nigeria but were rather moving from onshore and shallow waters to offshore which requires more investment.

Lokpobiri gave this assurance at the opening session of the 7th Nigeria International Energy Summit (NIES) 2024 in Abuja on Tuesday.

LEADERSHIP reports that the minister’s position is notwithstanding a 69 per cent decline in investments in Nigeria’s oil and gas sector in the last five years.… Read the rest