The Federal Government has tasked oil and gas experts to proffer permanent solutions to challenges ranging from low productivity, oil theft, pipeline vandalism, and gas flaring in the local oil industry.
Sen. Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), made the call on Monday in Abuja, at the opening of the third Biennial International Conference on Hydrocarbon Science and Technology (ICHST 2023).… Read the rest
The Federal Government of Nigeria has won the legal case against Process & Industrial Developments (P&ID) Limited in a London court on Monday.
The judgment was delivered after five years of legal frameworks which have finally been to the advantage of Nigeria, as the court quashed the $11 billion arbitration award in favour of P&ID.
In a ruling delivered by e-mail, Robin Knowles, the Justice of the Commercial Courts of England and Wales, upheld Nigeria’s prayer on the ground that the ill-fated gas processing contract was obtained by fraud.… Read the rest
THE Chief Executive Officer of Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, Farouk Ahmed, yesterday, said that industry deregulation has actually seen a 33.58 per cent reduction in fuel consumption of Nigerians. Ahmed who stated this at the ongoing Oil Trading and Logistics, OTL, Africa Week, 2023, in Lagos, explained: “Our data reveal that after the announcement of deregulation, an average volume of 44.3 million litres per day was evacuated for distribution nationwide which implies a 33.58 per cent reduction from the 66.7 million litres per day before the deregulation.… Read the rest
The price of Premium Motor Spirit, otherwise known as petrol increased year-on-year, YoY, by 226.75 per cent to N626.21 per litre in September 2023, from N191.65 per litre, recorded in the corresponding period of 2022.
However, in its latest report – Premium Motor Spirit (Petrol) Price Watch for September 2023 – obtained by Energy Vanguard, the National Bureau of Statistics, NBS, indicated that Taraba State topped the price chart at N665.70 per litre, overshooting the post-subsidy adjusted price of N600.35 per litre for that region by 9.8 per cent.… Read the rest
THE Federal Government, yesterday, admitted that Nigeria was ill-prepared to take advantage of the significant increase in the demand for natural gas by European countries following the outbreak of the Russian-Ukrainian war last year.
Following the outbreak of the war and imposition of sanctions, Russia cut gas supply to European countries leading to a huge energy crisis and increased demand for alternative sources of gas.… Read the rest
Five months after the Bola Tinubu administration removed subsidies on petrol, major crises bedevilling the petroleum sector continue with ripple effects on the livelihood of Nigerians.
President Tinubu had, in his inaugural address on 29 May, announced the removal of the subsidy, to lift a major financial burden off the back of the government.
The Nigerian government had for decades subsidized and fixed retail prices of petroleum products.… Read the rest
Boniface Aniebonam, founder of the National Association of Government Approved Freight Forwarders (NAGAFF), has said that terminal operators deserved to increase storage charges at the nation’s seaports given the impact of high energy cost and naira devaluation on their operational cost.
According to him, the removal of fuel subsidies by the Federal Government, the high cost of diesel, and the declining value of the naira have led to the high operating cost at the port, thereby necessitating an increase in charges.… Read the rest
The Delta State Government has opened talks with the Shell Petroleum Development Company, SPDC, on the return of the multinational oil conglomerate to Warri, which it fled, over 10 years ago, citing insecurity in the oil city.
Governor Sheriff Oborevwori, who sealed a N78 billion contract for three flyover bridges, cloverleaf, and road expansion projects in Warri and Effurun with construction giant, Julius Berger, last week, is behind the bold initiative.… Read the rest
In a recent development, fuel prices in Nigeria, particularly at filling stations operated by independent marketers, have surged beyond the official price bands approved by the Federal Government.
Premium Motor Spirit (PMS), commonly known as petrol, is now being sold at exorbitant rates, with some filling stations in the Northern region charging as high as N685 per liter.
This price hike follows the July increase in the pump price of petrol, which was raised from a range of N537 to N550 per litre to N617 per liter at filling stations run by the Nigerian National Petroleum Company Limited (NNPCL) in Abuja and several Northern states.… Read the rest
There was a minor fire outbreak on Friday afternoon at the Warri Refinery and Petrochemical Company Limited (WRPC), the Nigerian National Petroleum Company Limited (NNPCL) said.
The incident occurred at the refinery cooling tower, the oil company said in a statement Friday night.
“This afternoon, at about 15:02 hrs, there was a minor fire incident at the cooling tower of Warri Refinery and Petrochemical Company Limited (WRPC),” the NNPCL said.… Read the rest