As culled from Reuters’ publication Nigeria’s state oil firm NNPC Ltd will supply the new 650,000 barrel-per-day Dangote oil refinery with up to six cargoes of crude oil in December to be used in test runs, three industry sources with knowledge of the matter said.

The refinery, funded by Africa’s richest man, Aliko Dangote, will transform oil trading in the Atlantic Basin and remove a lucrative outlet for fuels produced in Europe and the United States that have for years powered the cars, trucks, and generators on the continent.… Read the rest

Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Simbi Wabote, has said the newly acquired Heat Treatment Furnace and Dish Heads Forming Machines of indigenous MG VowGas would raise foreign exchange and create employment opportunities for Nigerian youths.

Wabote at the commissioning of the facility in Port Harcourt, Rivers state, explained that before now, fabrication of high magnitude work in oil and gas were done outside Nigeria, inducing capital fright and reducing our foreign exchange.… Read the rest

The Federal Government (FG) has launched a new Monitoring and Evaluation Reporting Template for stakeholders of the oil and gas industry in Nigeria.

The new template was conceptualized and presented to the oil and gas stakeholders by the Nigerian Content Development and Monitoring Board (NCDMB).

NCDMB, in a statement on Thursday, said this is in line with the provisions of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act 2010 and the Nigerian Content 10-Year Strategic Roadmap.… Read the rest

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says it will enforce crude supply obligations to local refineries.

The Commission Chief Executive, Engr. Gbenga Komolafe said this on November 1, while meeting with crude suppliers in Abuja.  

According to him, the NUPRC is committed to upholding the domestic crude oil supply requirements outlined in the Petroleum Industry Act (PIA) of 2021 to ensure ample crude oil provision to local refineries.… Read the rest

The  Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the commission is committed to effective implementation of the Petroleum Industry Act (PIA 2021) for the sector to contribute more to national economy.

The commission says it will ensure that relevant sections of the PIA that affect its operations are duly implemented, including the Domestic Crude Oil Supply to licensed refineries in Nigeria.… Read the rest

The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has put its members on alert for a nationwide strike after labour leaders were attacked and brutalized in the southeastern state of Imo.

NUPENG President Prince Williams Akporeha condemned the attack in a statement on Wednesday, calling it an “act of violence and barbarism” that “cannot be accepted in a democracy.”… Read the rest

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