The Nigerian National Petroleum Company Limited (NNPCL) has warned Nigerians against panic buying of petrol, saying it has enough product for the country.

The oil firm said this in a statement posted via its official X platform on Thursday.

The company said the sudden appearance of fuel queues in some parts of Lagos and a few other locations around the country was due to reduced depot load-outs in Apapa.… Read the rest

The Business and Property Court in London will on October 23 (tomorrow) deliver judgment in a case between the Federal Government of Nigeria and Process & Industrial Developments (P&ID) Limited.

This is coming as the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr. Gbenga Komolafe, has urged the bid winners for the Nigerian Gas Flare Commercialisation Programme (NGFCP), to hasten site development.… Read the rest

Authorities of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) have been urged to prevail on Chevron Nigeria Limited (CNL) to include the oil-producing community of Aja-Omaetan in Warri North Local Council of Delta State in Chevron’s planned Host Community Development Trust Fund (HCDTF).

The request is contained in protest letters and pre-action notices written on behalf of the Aja-Omaetan community by their lawyer, Prof.… Read the rest

When the oil and gas-producing communities in the Niger Delta pointed out lacunas in some provisions of the Petroleum Industry Act, PIA, 2021 that gave the oil companies top-heavy power against the host communities, the Federal Government and National Assembly dismissed their fears.

Among the worrisome issues raised by stakeholders before and after the passage of the Act was the domineering authority given to the oil companies to set up the Host Community Development Trust Fund, HCDFT, which is to manage the three percent annual Operational Expenditure, OPEX, to affected oil communities.… Read the rest

The downstream petroleum and gas value chain will converge in Lagos from 23rd to 26th October for the 17th edition of the OTL Africa Downstream Energy Week, (“OTL Africa Downstream”). Organized in collaboration with the Nigerian Midstream and Downstream Petroleum Regulatory Authority and other strategic partners, the OTL Africa Downstream Energy Week encompasses end-to-end operations and services in midstream and downstream business, incorporating a strategic conference, showcase exhibition, and networking events.… Read the rest

The scarcity of Premium Motor Spirit (PMS), popular known as petrol, which again, resurfaced in some parts of the country, noticeably Abuja and Lagos, yesterday, may have further compounded the woes of Nigerians, who are currently battling lack of healthy diet due to rising inflation, forex challenges to do business, poor electricity supply amidst rising insecurity across Nigeria.

Indeed, yesterday in Abuja, Lagos, Benin, Osogbo, Ibadan and other cities, as monitored by The Guardian, the situation is fast becoming worse amidst the current administration’s poorly planned subsidy removal as most fuel stations were shut.… Read the rest

The Petroleum Training Institute (PTI) has said that it is working with the Nigerian National Petroleum Company Research, Technology and Innovation Division (NNPC RTI) to develop Compressed Natural Gas (CNG) conversion technology for automobiles and commercial tricycles.

PTI explained that the technology would not only hasten conversion of tricycle from petrol powered but also improve the efficiency of CNG automobile and tricycles.… Read the rest

The newly appointed Managing Director of Oil and Gas Free Zones Authority (OGFZA), Mr Bamanga Usman, has unveiled plans for the future growth of the agency, inline with President Tinubu’s economic agenda.

Usman made this known on Wednesday when he took over from the former MD Sen. Tijjani Kaura, in Abuja.

He said that his vision includes the establishment of OGFZA offices in every state of the federation regardless of their oil production status.… Read the rest

Insurance companies in Nigeria transferred 63.4 per cent of the businesses they generated in the second quarter of 2023, Q2’23, to their foreign counterparts.

The volume of the transfers breaches the local content law which stipulates that only 30 per cent of oil and gas businesses should be ceded to foreign insurers while 70 per cent must be domiciled in Nigeria.… Read the rest

NIGERIA and African Export Import Bank, Afreximbank, yesterday, signed an agreement targeted at funding the nation’s $200 million Liquefied Natural Gas, LNG project, located in Bayelsa State.