Motorists in Lagos and Ogun states are going through hard times to buy petrol as many stations yesterday shut down operations, heightening speculation of possible hike in pump price.

LEADERSHIP had yesterday reported that supplies had dropped significantly as the Nigerian National Petroleum Company Limited, NNPCL, which currently is the sole importer of products, may have reverted to the crude swap initiative to sustain distribution of petrol that had since May this year been disrupted after President Bola Tinubu announced the removal of subsidy.… Read the rest

Oil output from Nigeria’s Production Sharing Contracts (PSCs) with partnering firms fell to a record low of 34 per cent within a period of 12 months, underscoring the seriousness of the country’s perennial inability to produce enough crude oil for export.

A THISDAY review of the latest Oil and Gas Report released by the Nigeria Extractive Industries Transparency Initiative (NEITI), covering 2021, showed that only 12 of the PSC blocks recorded production, while 23 other blocks, representing 66 per cent of total number of PSC blocks had no output.… Read the rest

The Nigerian National Petroleum Company (NNPC) Limited and the Nigerian Content Development and Monitoring Board (NCDMB) have signed an agreement with the International Oil Companies (IOCs) to reduce the contracting cycle to an optimal level of not more than 180 working days.

The state-owned oil company said in a statement seen by BusinessDay that the Memorandum of Understanding, which was executed on Monday at the NNPC Towers in Abuja, was a demonstration of NNPC Ltd’s commitment to the efficiency mandate as enshrined in the Petroleum Industry Act (PIA), which is hinged on developing an industry framework for an optimised contracting cycle.… Read the rest

The African Petroleum Producers Organisation (APPO) has said that it plans to commit $5 billion to the establishment of the African Energy Bank (AEB), to develop oil and gas assets across oil-producing member countries.

Secretary General of APPO, Dr Omar Ibrahim, who spoke during a news conference held on the sidelines of the recent 24th World Petroleum Congress (WPC) in Calgary, Canada, stated that the bank would be established in collaboration with Afreximbank, according to a News Agency of Nigeria (NAN) report.… Read the rest

CapEx are funds targeted at acquiring, rehabilitating and operating plants and other infrastructure in the petroleum.

Speaking at the sidelines of the ongoing World Petroleum Congress, Calgary, Canada, Chief Executive Officer, Nigerian Upstream Petroleum Regulatory Commission, NUPRC, Gbenga Komolafe, said the uncertainty discouraged investors from staking their resources in the industry.

According to the News Agency of Nigeria, NAN, Komolafe, who was represented by the Commission’s Executive Commissioner, Kelechi Ofoegbu, said the development culminated in the stagnation of the nation’s oil and gas industry.… Read the rest

Nigeria has secured a total of $13 billion in investment commitments in its oil and gas sector from major international energy companies, including ExxonMobil, Shell, and TotalEnergies.

Special Adviser on Energy to  President Bola Tinubu, OluVerheijen, revealed this in a statement made available to newsmen, Weekend.

Verheijen said the President and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) have met with representatives of 15 oil and gas companies operating in Nigeria and have secured their commitment to invest in Nigerian oil and gas.… Read the rest

Gains from the Petroleum Industry Act(PIA) appears to be gaining traction as Nigeria’s oil rig count has risen from 17 in 2019 to 31 as at last month.

The improvement in oil drilling activities was disclosed by the Commission Chief Executive(CCE), of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr. Gbenga Komolafe, on the sideline event of the World Petroleum Congress (WPC|) which ended in Calgary, Canada at the weekend.… Read the rest

The Military Joint Task Force of Operation Delta Safe (OPDS) has arrested eight barges, conveying over 100,000 litres of illegally refined Automotive Gas Oil (AGO), popularly called diesel, in Rivers State.

The Commander, Joint Task Force, South-South, OPDS, Olusegun Ferreira, told newsmen at the creek of Bonny, that the barges were arrested by the OPDS team in conjunction with some maritime units in the Bonny area.… Read the rest

Worried by the different grades of petroleum products across Africa and its health implication, the African Refiners and Distributors Association (ARDA) has committed to having a single grade of Premium Motor Spirit (PMS), popularly called petrol by 2030.

Executive Secretary, ARDA, Mr. Anibor Kragha, stated this at the CEO Strategic Session 1: ‘’Market Outlook for Petrochemicals and Refineries of the Future’’ at the 24th World Petroleum Congress(WPC) which ended in Calgary, Canada, last week.… Read the rest