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Fuel subsidy to gulp N450 bn in 2020 -finance minister

Ihesiulo Grace 15 October 2019 0

Mrs Zainab Ahmed, the Minister for Finance, Budget and National Planning says under-recovery of Premium Motor Spirit (PMS), popularly referred to as fuel subsidy will gulp N450 billion in 2020. She said this on Monday in Abuja, at the public presentation of the 2020 budget proposals. Ahmed said

News Oil & Gas

There is no impending fuel scarcity-IPMAN

Ihesiulo Grace 3 October 2019 0

The Independent Petroleum Marketers Association of Nigeria, IPMAN, has debunked rumours of impending fuel scarcity in Nigeria. In a statement on Wednesday, the National President of the association, Alhaji Sanusi Abdu Fari urged Nigerians to disregard a report earlier in the week suggesting a imminent scarcity of petroleum products nationwide, adding that those behind the

Business Oil & Gas

Independence: Gas key to unlocking Nigeria’s economic potentials, says NGA President

Ihesiulo Grace 2 October 2019 0

Due to its support and contributions to the nation’s sustainable economic growth and diversification, gas production has identified as key to unlocking Nigeria’s economic potentials. The President, Nigerian Gas Association (NGA), Mrs Audrey Joe-Ezigbo, made this disclosure in Lagos, while appraising the performance of the oil and gas industry as Nigeria marks her 59th

Business Oil & Gas

Saudi Arabia’s prince warns on possible spike of oil prices

Ihesiulo Grace 30 September 2019 0

Saudi Arabia’s crown prince warned  that oil prices could spike to “unimaginably high numbers” if the world does not come together to deter Iran, but said he would prefer a political solution to a military one. Speaking to the CBS program “60 Minutes,” Mohammed bin Salman, the kingdom’s de facto ruler, also denied that he […]

Business Oil & Gas

NNPC signs agreement with NAOC on 4 OMLs

Ihesiulo Grace 26 September 2019 0

The Nigerian National Petroleum Corporation (NNPC) has signed a novation agreement with Nigerian Agip Oil Company (NAOC) on Oil Mining lease (OML) 60,61,62 and 63. Nigerian Agip Oil Company (NAOC) Limited operates in the Niger Delta, under a joint venture arrangement with NNPC (60 per cent), NAOC (20 per cent), and Oando (20 per cent), The Group

News Oil & Gas

Experts urge FG to provide non- cash guarantees for modular refiners to attract investors

Ihesiulo Grace 21 September 2019 0

Experts in the oil and gas sector have appealed to the Federal Government to provide non- cash guarantees for developers of modular refineries, to attract both foreign and local investors. The experts made the appeal in separate interviews with the News Agency of Nigeria (NAN) in Lagos on Saturday, against the backdrop of funding challenges […]

Business Economy Money Money Oil & Gas

Excess Crude Account hits all-time low at $274.583m

Ihesiulo Grace 20 September 2019 0

Nigeria’s Excess Crude Account has been depleted to an all-time low of $274.583 million, which is believed not adequate to sustain the country in a stormy financial shock should oil prices fall below the budget benchmark. The Honourable Minister of State for Budget and National Planning, Zainab Ahmed, disclosed this while reporting to the National […]

Business Oil & Gas

Shell introduces aerial cameras in combating crude thefts

Ihesiulo Grace 18 September 2019 0

Micheal Ajayi The Shell Petroleum Development Company of Nigeria Limited (SPDC) said it has adopted strategy to ensure quick detection and response to crude oil spills from its facilities with the introduction of high definition (HD) cameras. Speaking to the newsmen on Tuesday in Warri, Delta State, General Manager, External Relations, SPDC, Igo Weli said […]

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US accuse Iran over S/Arabia attack

Ihesiulo Grace 17 September 2019 0

The United States has revealed that the assaults on Saudi Arabia’s oil refinery in the early hours of Saturday has been traced to Iran as the Cruise missiles and drones used to carry out the attacks were launched from the Iranian soil. The drone attack on Saturday was reported to have destroyed a 5.7 million […]

Business Oil & Gas

NNPC to partner China on $2.5bn gas pipeline deal

Ihesiulo Grace 17 September 2019 0

Micheal Ajayi Nigerian National Petroleum Corporation (NNPC), through the Group Managing Director (GMD), Mr. Mele Kyari, has said that the corporation is about to reach an agreement in securing a $2.5billion gas pipeline financing with China. Kyari made this known while speaking with the Bloomberg in the World Energy Conference in Abu Dabhi in Saudi […]

Business Economy Oil & Gas

Despite crude oil surge, Nigeria won’t adjust projections for 2020 budget – Minister

Ihesiulo Grace 17 September 2019 0

Philip Clement – Abuja The Minister of Finance, Budget and National Planning, Zainab Shamsuna Ahmed, has dismissed any insinuation that Nigeria will adjust her crude oil price projections in the 2020 budget. Following the bombings on oil installations in Saudi Arabia, crude oil prices had surged to its highest of about $70 bar barrel. However, […]

News Oil & Gas

CSOs to train lawmakers on best practices in oil sector

Ihesiulo Grace 8 September 2019 0

Civil society organizations in the Niger Delta region have concluded plans to train both national and state lawmakers on internationally accepted best practices in the oil sector of the Nigerian economy. Making the disclosure over the weekend in Port Harcourt, the Rivers state capital during a one -day sensitization meeting on advocacy for best practices […]

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NUPENG, PENGASSAN bemoan rising insecurity in Nigeria

Ihesiulo Grace 4 September 2019 0

Joy Obakeye The Nigeria Union of Petroleum and Natural Gas Worker (NUPENG) and Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) have raised concern over the level of insecurity in the country. This was disclosed at a joint press conference by the national President of PENGASSAN, Mr Ndukaku Ohaeri, and his NUPENG counterpart, […]

News Oil & Gas

Ogun monarch cries out, says petrol now N350 per litre

Ihesiulo Grace 3 September 2019 0

The partial closure of the border between Nigeria and Republic of Benin has led to an increase in the cost of petrol from the official price of N145 to N350 per litre in some border communities in Ogun state. Traditional ruler of Iwoye Ketu, Oba Ademola Alaye, said in a statement in Abeokuta that the […]

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DPR moves to end ambiguity in dispensing petroleum products

Ihesiulo Grace 28 August 2019 0

Philip Clement As part of efforts to halt ambiguity in dispensing petroleum products, the Department of Petroleum Resources (DPR) has launched a device, Digital Seraphin Can, to help ensure accuracy while buying petroleum products across the country. The DPR Head of Public Affairs, Mr Sadiu Abubakar, who led some journalists on monitoring of some sealed […]

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NEPAL expands operations into aviation space

Ihesiulo Grace 16 August 2019 0

Michael Ajayi NEPAL Oil and Gas services Ltd., one of the leading indigenous companies operating in Nigeria’s Downstream Oil & Gas Sector has recently ventured into the Aviation business with the introduction of its newest subsidiary, NEPAL Fly Limited. This is in line with the company’s plans to expand its business operations within Nigeria and […]

Business Oil & Gas

NNPC to increase crude oil reserves to 40bn barrels in 6 years

Ihesiulo Grace 7 August 2019 0

Michael Ajayi The Nigerian National Petroleum Corporation (NNPC) has revealed that it would increase Nigeria’s crude oil reserves to 40 billion barrels by the year 2025. The Group Managing Director of NNPC, Mele Kolo Kyari, disclosed this at the opening of 2019 annual conference and exhibition organised by the Society of Petroleum Engineers (SPE) in […]

Business Oil & Gas

Kyari promises to fix refining challenges in Nigeria

Ihesiulo Grace 6 August 2019 0

Michael Ajayi The Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Malam Mele Kyari, on Monday, promised Nigerians to fix the country’s refining challenges. Speaking at the opening of the 2019 annual conference and exhibition organised by the Society of Petroleum Engineers in Lagos, with the theme, “Artificial Intelligence, Big Data and Mobile

Business Oil & Gas

Accountability: Kyari wants NGE to keep NNPC in check

Ihesiulo Grace 2 August 2019 0

Michael Ajayi The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Malam Mele Kyari, has urged members of the Nigerian Guild of Editors (NGE) to join the effort to keep the corporation in check for transparency and accountability. Kyari gave the charge when a delegation of the Guild led by its president, Ms […]

Business Oil & Gas Power & Energy

DPR seals 31 illegal filling stations in Kano, Adamawa

Ihesiulo Grace 19 July 2019 0

Michael Ajayi The Department of Petroleum Resources (DPR) has sealed 31 filling stations in Kano and Adamawa States for various offences. While 25 filling stations were sealed in Kano for irregular dispensing, diversion of petroleum products, among other offences, six were sealed in Adamawa for illegal operations. The Operations Comptroller in charge of Kano and […]