The Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Bashir Jamoh, said it has provided mentorship for maritime administrations to Gambia, Sierra Leone and Ghana among others on various issues such as Port and Flag State Administration and the Suppression of Piracy and Other Maritime Offences (SPOMO) Act.
The Director-General, NIMASA, Dr. Bashir Jamoh, disclosed this during an interactive session by the Senate Committee on Marine Transport with Chief Executive Officers of agencies of government in the nation’s maritime sector.… Read the rest
The poorly thought-out plan on fuel subsidy removal is biting the economy harder than the foresight of the current administration – leaving the Federal Government to choose either galloping inflation or partial return to the subsidy regime. That the local pump price has remained steady amid changes in the global crude oil price is a testament to the subsidy which the government has denied and for obvious reasons.… Read the rest
The cost of berthing a petrol-laden ship in Nigeria is five times higher than that of its West African neighbours – a development that is pushing up the country’s petrol prices, BusinessDay’s findings have revealed.
Analysis and expert opinions show that exorbitant ship berthing costs at Nigerian ports are contributing to the high lightering expense, a key element of the country’s landing cost of Premium Motor Spirit (PMS), popularly called petrol.… Read the rest
A Delta State High Court sitting at Orerokpe in Okpe Local Government Area of the state has dismissed a motion seeking to join the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) as a defendant in a suit challenging the authority of Opeans Nigeria Limited to issue American Petroleum Institute (API) and Veriforce BOSIET certificates.
Justice Joe Egwu dismissed the motion, which was brought by Opeans, on the ground that there was no cause of action against NUPRC in the instant case.… Read the rest
On Sunday, there were signs that fuel scarcity had returned to Lagos as numerous oil marketers closed their outlets against vehicles and other buyers.
Last week, there was a scarcity in Abuja and its environs, which oil dealers attributed to terrible roads and the high cost of fuel for distribution.
But checks according to Vanguard, over the weekend, indicated that many independent and major oil marketers were not open for business, leaving only the NNPC Limited to attend to customers in most parts of Lagos visited.… Read the rest
The Organization of Petroleum Exporting Countries (OPEC) has said that Nigeria is set to witness the set-up of small modular refineries with a capacity of 20,000 barrels per day each in the medium term.
The Group stated this in its World Oil Outlook which was recently launched in Saudi Arabia.
According to the Outlook, estimates suggest that Africa will experience medium-term distillation capacity additions of 1.2 million barrels per day (mb/d).… Read the rest
The Nigerian National Petroleum Company Limited (NNPC) has begun buying petrol via cash tenders, rather than oil swaps, for the first time in nearly a decade, four sources familiar with the matter told Reuters.
This is coming as the Gbenga Komolafe-led Nigerian Upstream Regulatory Commission (NUPRC) at the weekend moved to put an end to the perennial altercations between oil and gas industry operators and their host communities, with the introduction of a digital interface for both parties.… Read the rest
The Nigerian National Petroleum Company Limited (NNPCL) has renewed the oil pipeline surveillance contract to Tantita Security Company owned by Government Ekpemupolo, aka Tompolo, for three years.
The contract which was first awarded in August 2022 to protect critical oil and gas infrastructure and secure permanent peace in the oil-rich Niger Delta region, has been a subject of discussion lately with some stakeholders calling for its decentralisation to involve more people in the Niger Delta region.… Read the rest
In a key move to revitalise the Nigerian economy, the Senate Committee on Upstream Petroleum led by Senator Etang Williams, conducted an inspection tour at the Kaztec Engineering Facility in Lagos.
The inspection is part of on-going investigations into the reasons behind the project’s shutdown and efforts to revive it.
This came a few weeks after Governor Chukwuma Soludo of Anambra State and his team visited the site, urging President Bola Tinubu to address the facility’s issues given its potential to significantly impact the Nigerian Oil and Gas sector.… Read the rest
The federal government on Friday said it is targeting 2 million barrels per day (bdp) of crude oil production by the end of the year.
Heineken Lokpobiri, Minister of State for Petroleum Resources (oil), disclosed this in a meeting with energy reporters in Abuja.
Last month, the Organisation of Petroleum Exporting Countries OPEC said Nigeria’s crude oil production climbed to 1,269 million barrels per day in August 2023 from 1,171 million in July 2023.… Read the rest