Oil & Gas

Oil prices rise as storm threatens US Gulf Coast

Ihesiulo Grace 15 September 2020 0

Oil prices rose on Monday as a tropical storm in the Gulf of Mexico prompted drillers to evacuate rigs and shut-in production. Although gains were muted by concerns about excess global supplies and falling fuel demand. U.S. West Texas Intermediate (WTI) crude futures were trading up 14 cents or

Oil & Gas

Dangote petrol to be sold at international price – FG

Ihesiulo Grace 14 September 2020 0

The Minister of Finance, Budget and National Planning, Zainab Ahmed, has said when Dangote Refinery may not reduce the price of petrol because the refinery will be selling at the international price when it kicks off next year. READ ALSO: Dangote Fertilizer crucial to govt agricultural agenda.. Daily Times Nigeria gathered that Ahmed said this […]

Oil & Gas

‘Nigeria will earn N1 trillion yearly from fuel subsidy removal’

Ihesiulo Grace 11 September 2020 0

Minister of State for Petroleum Resources, Mr Timipre Sylva, says the Federal Government’s decision to fully remove subsidy from petrol will earn the country N1 trillion annually and create numerous jobs. Sylva, who said this on Thursday, while speaking with newsmen in Abuja, said that beginning from October, Nigerians “can now convert cars using petroleum […]

News Oil & Gas

No refinery is functioning in Nigeria — NNPC declares

Ihesiulo Grace 10 September 2020 0

Nigerian National Petroleum Corporation (NNPC) Group Managing Director, Mele Kyari, says the four oil refineries in Port Harcourt, Warri, and Kaduna have been shut down, Daily Times gathered. He explained that the reason was because all four refineries were functioning below capacity and it had thus become necessary to stop them from operating all together. […]

Oil & Gas

How 30% petrol is smuggled out of Nigeria – Report

Ihesiulo Grace 9 September 2020 0

The absence of subsidies in neigbouring countries has created the incentive to smuggle about 30 per cent of petrol meant for Nigeria to the neighbouring nations. According to a publication by the Major Oil Marketers Association of Nigeria on Tuesday, Nigeria had been subsidising petrol for neighbouring nations for many years. READ ALSO: More Fuel […]

News Oil & Gas

Petrol price to be set by oil marketers, says PPPRA

Ihesiulo Grace 9 September 2020 0

According to the Petroleum Products Pricing Regulatory Agency (PPPRA), the federal government is no more going to be releasing guiding price bands for the sale of petrol at filling stations; hence, oil marketers are now free to fix prices, Daily Times gathered. On 19th March 2020, the government, through the Petroleum Products Pricing Regulatory Agency […]

Oil & Gas

NIMASA wants NNPC to involve local shipowners in lifting of crude oil

Ihesiulo Grace 8 September 2020 0

By Temitope Adebayo The Nigerian Maritime Administration and Safety Agency (NIMASA) has urged the Nigerian National Petroleum Corporation (NNPC) to involve indigenous shipowners in the affreightment of crude oil in line with the cabotage regime. The director-general, NI- MASA, Dr Bashir Jamoh, disclosed this in Lagos when he received a delegation from the Nigerian National

Oil & Gas

Why FG deregulated PMS prices, by Buhari

Ihesiulo Grace 7 September 2020 0

President Muhammadu Buhari said there will be negative consequences if the government continues with the business of fixing or subsidising the prices of Premium Motor Spirit (PMS) known as petrol. Buhari, represented by Vice President Yemi Osinbajo, gave this explanation on Monday while declaring open a 2-day First Year Ministerial Performance Review Retreat at the […]

Oil & Gas

NNPC obtains $1bn to support NPDC upstream operations

Ihesiulo Grace 7 September 2020 0

By Tunde Shorunke The Nigerian National Petroleum Corporation (NNPC) has said that it has obtained a prepayment funding of US$1billion for Nigerian Petroleum Development Company (NPDC) to support its upstream operations and its subsidiary. This was disclosed in a statement by the Group General Manager, Group Public Affairs Division of the NNPC, Dr Kennie Obateru […]

News Oil & Gas

NOSDRA confirms discharge of 45,000 barrels of crude at Angiama fields, Bayelsa

Ihesiulo Grace 7 September 2020 0

By Aherhoke Okioma National Oil Spills Detection and Response Agency (NOSDRA) has confirmed the discharge of 45,000 barrels of crude at Angiama oilfields in Bayelsa. The Angiama oilfield operated by Shell Petroleum Development Company (SPDC) is located in the swamps of Southern Ijaw Local Government Area in Bayelsa. NOSDRA announced on its official Twitter handle […]

Oil & Gas

Festus Osifo emerges PENGASSAN president

Ihesiulo Grace 5 September 2020 0

By Joy Obakeye Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has elected national officers to run its affairs in the next three years (2020- 2023) with Comrade Festus Osifo of Total Nigeria E&P Branch emerging as the 16th President of the Association. He has defeated his sole challenger, Comrade Roland Fredericks of […]

Oil & Gas Opinion

OPINION: The Passage Of Petroleum Industry Bill Will End NNPC’s Accountability Loophole

Ihesiulo Grace 3 September 2020 0

By Habib Sheidu After the Niger Delta Development Commission (NDDC) probe saga, there are now insinuations by every Tom, Dick, and Harry over the level of corruption and mismanagement that might be going on in the Nigerian National Petroleum Company (NNPC). With the recent probe of contracts in the NDDC, attention, and of course, the […]

Oil & Gas

Oil prices rise on falling U.S. dollar

Ihesiulo Grace 2 September 2020 0

Oil prices recovered on Tuesday, erasing overnight losses, as investors moved into risk assets and away from the safe-haven U.S. dollar, which tumbled to multi-year lows. Brent crude futures climbed 49 cents or 1.1 per cent to $45.77 a barrel at 0406 GMT. The U.S. West Texas Intermediate (WTI) crude futures rose 37 cents or […]

Business News Oil & Gas

BUA Group diversifies into oil and gas, partners with French company Axens

Ihesiulo Grace 2 September 2020 0

BUA Group has strengthened its conglomerate by diversifying into oil and gas, Daily Times gathered. It signed a deal with France’s largest hydrocarbons group, Axens, who will now refine 200,000 barrels per day of crude oil in the country. the project would be located in Akwa Ibom state. In the contract that was signed between […]

Oil & Gas

‘How FOREX illiquidity on I&E window disrupts petrol importation’

Ihesiulo Grace 30 August 2020 0

By Tunde Shorunke Foreign exchange (FOREX) illiquidity in the Investor and Exporter (I&E) FX window has continued to disrupt the importation of Premium Motor Spirit (PMS), otherwise called petrol. In fact findings, Daily Times discovered that the illiquidity of FOREX is attributed to the inability of the dollar to be traded (bought/sold) on Naira demand, […]

Oil & Gas

Kyari tasks stakeholders on new initiatives to reposition oil sector

Ihesiulo Grace 26 August 2020 0

By Doosuur Iwambe For the Nigerian Petroleum Industry to move forward in the face of the COVID-19 pandemic, the Nigerian National Petroleum Corporation (NNPC) Group Managing Director, Mallam Mele Kyari, has urged stakeholders to evolve innovative ways to reposition the sector for sustainability. The NNPC GMD, speaking at the opening ceremony of the Society of […]

News Oil & Gas

Rahamaniyya, Sahara to settle oil deal rift out of court in national interest

Ihesiulo Grace 21 August 2020 0

Out of the desire to ensure a smooth supply of petroleum products into the Nigerian market and to strengthen the nation’s oil sector, two of the key players, Rahamaniyya Oil and Gas and Sahara Energy have agreed to settle their differences out of court. Daily Times gathered that both parties’ agreement to withdraw legal action […]

Oil & Gas

Total ready to work with FG to boost exploration activities amid COVID-19 pandemic – Sangster

Ihesiulo Grace 20 August 2020 0

Joy Obakeye Total E&P Nigeria have said it is ready to work with the Federal Government to introduce and boost exploration activities and eliminate bottlenecks in the move to shore up the country’s depleting Oil and Gas reserves impacted by the ravaging Covid-19 pandemic and low oil prices. According to the Managing Director of the […]

Oil & Gas

Tanker drivers to begin strike as talks with LASG fail

Ihesiulo Grace 10 August 2020 0

The National Union of Petroleum and Natural Gas Workers (NUPENG) has said that the planned strike by Petroleum Tanker Drivers in Lagos would start on Monday as its meeting with Lagos State Government ended in deadlock. READ ALSO: IPMAN to stop movement of adulterated products by… The South-West Chairman of NUPENG, Mr Tayo Aboyeji, disclosed […]

Business News Oil & Gas

MAN demands passage of PIB bill to regulate PMS pump price

Ihesiulo Grace 7 August 2020 0

Manufacturers Association of Nigeria (MAN) has urged the Federal Government to make efforts at revamping the nation’s ailing refineries and regulate the fluctuating pump price of petrol. Mr Ambrose Oruche, the Acting Director-General of MAN, also called for quick passage of the Petroleum Industry Bill (PIB) when he spoke with newsmen on Thursday in Lagos. […]