The Dangote Petroleum Refinery is currently importing crude oil and expects its first crude cargo in two weeks’ time, the Executive Director, Dangote Group, Devakumar Edwin, has revealed.

Although the Nigerian National Petroleum Company Limited trades crude oil on behalf of Nigeria, Edwin in an interview with S&P Global Commodity Insights on Monday, said the NNPCL had committed its crude to other entities.… Read the rest

Following the recent increase in crude oil price to $94 and fears that Premium Motor Spirit (PMS) might cost more, marketers have dismissed the apprehension.

According to them, there has been no announcement by the Nigerian National Petroleum Company Limited (NNPCL) in that respect.

Marketers had explained that the price of crude oil and the exchange rate account for over 80 percent of the cost of petrol.… Read the rest

Gas retailers are sounding the alarm, warning that the price of a 12.5kg cooking gas cylinder could surge to N18,000 by December if the Federal Government does not intervene to regulate the actions of terminal owners.

Olatunbosun Oladapo, the President of the Nigerian Association of Liquefied Petroleum Gas Marketers, raised these concerns about the soaring cost of Liquefied Petroleum Gas (LPG), commonly known as cooking gas.… Read the rest

The Nigeria Extractive Industries Transparency Initiative (NEITI) said on Monday that the oil and gas industry generated over $23billion in 2021.

The Executive Secretary of NEITI, Dr Orji Ogbonnaya Orji said this while presenting highlights on the 2021 Oil and Gas report unveiled in Abuja.

According to Orji, the revenue sources included sales of federation crude oil and gas, taxes, royalties, concession rental, gas flare penalty, bonus and license fees, as well as transportation fees.… Read the rest

The Nigerian National Petroleum Company Limited, on Sunday, announced the appointments of three new Executive Vice Presidents.

NNPCL appointed Oritsemeyiwa Eyesan as the new Executive Vice President, of Upstream; Olalekan Ogunleye as Executive Vice President, of Gas, Power, and New Energy; and Adedapo Segunas as the Executive Vice President, of Downstream.

The announcement, which was posted on the company’s X (formerly Twitter) handle early Sunday, stated that the appointment of the new EVPs was with immediate effect.… Read the rest

Nigeria and other global energy leaders will today converge at the 24th edition of the World Petroleum Congress in Calgary, Canada to deepen talks on sustainable energy transition.
Group Chief Executive Officer of Nigerian National Petroleum Company(NNPCL), Mr. Mele Kyari, is expected to be on a panel session at the global energy event to be supported by the Commission Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission(NUPRC), Mr.Gbenga… Read the rest

The Nigerian National Petroleum Company Limited (NNPCL) on Saturday announced it has signed a gas supply agreement with Indorama Eleme Petrochemicals Limited.

According to NNPCL, the signing of the agreement was in a bid to promote the use of natural gas by large-scale gas utilization industries.

“NNPC Ltd. and Indorama Eleme Petrochemicals Ltd., have signed a Memorandum of Understanding (MOU) to explore and develop suitable opportunities within the remits of both parties’ interests across the hydrocarbon value chain in Nigeria,” the oil firm said in a statement signed by Garba Deen Muhammad, the company’s chief corporate communications officer on Saturday.… Read the rest

The Fridays For Future (FFF) Nigeria and Climate Live Nigeria, has called for an end to fossil fuels production and usage in Nigeria.

Mr Kingsley Odogwu, National Coordinator and Country Representative of the organisation said this at the Climate Justice Road-walk campaign, on Friday in Abuja.

He said that the campaign was aimed at raising awareness on the effects of fossil fuels and the need for the Federal Government to transit to renewable energy sources.… Read the rest

Nigeria’s petrol imports declined in the second quarter of the year on the back of the removal of subsidy, even as the further rise in global oil prices is expected to push up the cost of bringing the product into the country.

BusinessDay’s analysis of new data from the National Bureau of Statistics shows the importation of petrol dropped by 17.5 percent to N1.23 trillion from N1.49 trillion in Q1.… Read the rest

Electric vehicle sales have been growing exponentially, and several countries are showing it’s possible to scale up EV sales fast enough to meet climate goals. Netherlands, one of them is a major buyer of Nigerian crude, a development that puts a clock on the resource.

The rise in electric vehicle adoption does not bode for oil producers especially Nigeria which is unable to exploit fully its crude oil resources at a time when energy think tanks are placing the commodity’s all-time high demand period as early as the next seven years.… Read the rest