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 Chief of the Naval Staff (CNS), Vice Adm. Emmanuel Ogalla has inaugurated a High Endurance Offshore Patrol Vessels (HE OPVs) for the Nigerian Navy at the Dearsan Shipyard, Tuzla in Istanbul, Turkey.
This is contained in a statement by the Director of Naval Information, Commodore Adedotun Ayo-Vaughan, on Sunday in Abuja.
Ayo-Vaughan said the vessel is one of two 76m HE OPVs awarded to be constructed by Dearsan Shipyard on Nov.… 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
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