4th November- 8th November.
Why Nigeria struggles to fund domestic gas projects — NNPCL.
The Niger Delta, known for its oil-rich resources and vibrant ecological systems, has borne the brunt of Nigeria’s oil wealth for decades. From devastated rivers to toxic soil and polluted air, the consequences of unchecked oil exploration are stark. The latest International Conference on Petroleum Pollution and Just Transition in the Niger Delta, held on October 30, 2024, in Abuja, brought together government representatives, environmentalists, community leaders, and international observers. This gathering provided a forum for Nigeria’s Federal Government, in collaboration with the Bayelsa State Government, to reaffirm its commitment to address the longstanding issues of oil spills and gas flaring.
Themed “Advancing the Recommendations of the Bayelsa State Oil and Environmental Commission (BSOEC),” the conference echoed urgent calls to rectify the environmental damage plaguing the Niger Delta. Despite renewed promises, many stakeholders, including Niger Delta residents, remain cautiously optimistic, reflecting on decades of pledges yet to yield concrete results…….
Nigeria’s gas infrastructure insufficient to meet national demand –NMDPRA.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has expressed deep concerns over the inadequate coverage of the nation’s gas pipeline network, urging an immediate reassessment of the situation due to its troubling implications for energy security.
Executive Director of the Midstream and Downstream Gas Infrastructure Fund (MDGIF) at NMDPRA, Mr. Oluwole Adama, disclosed this at the OTL Africa Summit Week held in Lagos last week.
Adama further lamented that the current gas pipeline network covers less than 10 percent of what is required to meet national demand.
He, however, pointed out that this huge deficit underscores the urgency for accelerated gas infrastructure development. The MDGIF boss emphasized that a comprehensive and efficient gas network is essential for a sustainable energy transition, urging the private sector to take bold steps to advance gas infrastructure and solidify Nigeria’s energy future.
Adama further encouraged the private sector to ramp up investments in Nigeria’s gas sector, highlighting its potential as a key driver for the nation’s energy needs. “Our gas infrastructure will remain crucial for at least 20 to 30 years in meeting Nigeria’s energy needs,” Adama stated, calling on stakeholders to invest more and lead the expansion process. He recommended the critical
Why Nigeria struggles to fund domestic gas projects — NNPCL.
The Niger Delta, known for its oil-rich resources and vibrant ecological systems, has borne the brunt of Nigeria’s oil wealth for decades. From devastated rivers to toxic soil and polluted air, the consequences of unchecked oil exploration are stark. The latest International Conference on Petroleum Pollution and Just Transition in the Niger Delta, held on October 30, 2024, in Abuja, brought together government representatives, environmentalists, community leaders, and international observers. This gathering provided a forum for Nigeria’s Federal Government, in collaboration with the Bayelsa State Government, to reaffirm its commitment to address the longstanding issues of oil spills and gas flaring.
Themed “Advancing the Recommendations of the Bayelsa State Oil and Environmental Commission (BSOEC),” the conference echoed urgent calls to rectify the environmental damage plaguing the Niger Delta. Despite renewed promises, many stakeholders, including Niger Delta residents, remain cautiously optimistic, reflecting on decades of pledges yet to yield concrete results…….
Why Nigeria struggles to fund domestic gas projects — NNPCL.
The Executive Vice President of Upstream at the Nigerian National Petroleum Company Limited (NNPCL), Oritsemeyiwa Eyesan, has explained why Nigeria is grappling with significant challenges regarding the funding needed to develop its local gas projects.
Oritsemeyiwa highlighted these issues during the fortieth anniversary of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC). Despite possessing over 200 trillion cubic feet of proven gas resources, Nigeria continues to face obstacles in harnessing its potential, particularly as it aims to utilize compressed natural gas as a transition fuel. Eyesan pointed out that, although initiatives like the decade of gas have been launched, Nigeria must still navigate the complexities of these intertwined challenges.
However, she reaffirmed Nigeria’s commitment to the Oil and Gas Climate Initiative (OGCI), which unites twelve of the largest oil and gas…………….
28th October - 1st November
Nigeria’s Crude Oil Price Drops By 7%.
Nigeria’s crude oil fell to $72 per barrel yesterday, down from $75 per barrel, representing an 8.2 percent decline compared to the $77.96 per barrel benchmark set in Nigeria’s 2024 budget.
Reports show that the prices of Bonny Light and other crude oils have decreased significantly due to Israel’s restrained response to Iran’s missile attack, which had initially raised fears of substantial disruptions to oil supply and pricing. Earlier, the Organisation of Petroleum Exporting Countries (OPEC) reported that Nigeria’s oil production, excluding condensate, decreased to 1.324 million barrels per day (bpd) in September 2024, down from 1.352 million bpd in August 2024, marking a 2 percent reduction.
In a similar vein, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) noted that Nigeria’s total oil output, including condensate, fell to 1.544 million bpd in September 2024, a decline from 1.570 million bpd in August 2024, indicating a month-on-month decrease of 1.7 percent…….
FG unveils plan to boost oil production by 1m/bpd in 24 months
The Federal Government has revealed an ambitious plan to increase Nigeria’s crude oil production by one million barrels per day within the next 12 to 24 months. This strategy aims to tackle key challenges in the sector, such as oil theft, pipeline vandalism, outdated infrastructure, and attracting investment.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported a dip in production from 1.571 million barrels per day in August to 1.544 million in September, representing a 1.68% decline. Despite this, the government’s new initiative promises to drive production back up through a series of targeted interventions.
Speaking at the launch of “Project 1MMBPD” to mark NUPRC’s three-year anniversary, President Bola Ahmed Tinubu, represented by the Secretary to the Government of the Federation……….
Nigeria’s Crude Oil Output Low, Inadequate To Meet Energy Needs – IPPG
The current crude oil production of about 1.4 million barrels per day remains very low and hugely inadequate to meet Nigeria’s energy requirements and socio-economic goals,theIndependent Petroleum Producers Group (IPPG), has said.
Its chairman,Abdulrazaq Isa,said this in a goodwill message at the third anniversary of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). He advocated the need to reposition the nation’s upstream sector, adding that IPPG will continue to strongly press for steps aimed at arresting the dwindling production. He reiterated call for urgent actions aimed at unlocking incremental production growth in the short to medium term,even as he recommended the unblocking all hurdles to Final Investment Decisions (FID) on IOC deepwater projects. “Enhancing security across the Niger Delta for a conducive operating environment and stemming incidences of asset vandalism and unrest……….
FG invests over $75 million in CNG projects across Nigeria – Olu Verheijen
The Federal Government has committed over $75 million towards the development of Compressed Natural Gas (CNG) infrastructure as part of efforts to promote cleaner energy across the country.
Mrs. Olu Verheijen, the Special Adviser to President Bola Tinubu on Energy, disclosed this at the ongoing 18th OTL Africa Downstream Energy Week in Lagos on Monday, according to a report by News Agency of Nigeria (NAN).
Verheijen, represented by her Technical Adviser on Energy, Mrs. Eriye Onagoruwa, stated that the investment aligns with the government’s goal to advance sustainable energy and cut carbon emissions Highlighting the sector’s growth potential, she noted, “Despite having an oil and gas industry that has been operational for over 80 years, Nigeria has only tapped into 4% of its resources since 2016.”
“The government aims to foster transparency and efficiency by introducing incentives that encourage investment in CNG, liquefied natural gas (LNG), and electric vehicle technologies…………..
21st -25th October
FG unveils plan to boost oil production by 1m/bpd in 24 months
The Federal Government has revealed an ambitious plan to increase Nigeria’s crude oil production by one million barrels per day within the next 12 to 24 months.
This strategy aims to tackle key challenges in the sector, such as oil theft, pipeline vandalism, outdated infrastructure, and attracting investment.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported a dip in production from 1.571 million barrels per day in August to 1.544 million in September, representing a 1.68% decline. Despite this, the government’s new initiative promises to drive production back up through a series of targeted interventions.
Speaking at the launch of “Project 1MMBPD” to mark NUPRC’s three-year anniversary, President Bola Ahmed Tinubu, represented by the Secretary to the Government of the Federation, Senator George Akume, emphasized that increasing oil production is key to boosting national revenue and accelerating economic development…….
NNPC trains over 1,000 car mechanics on conversion of vehicles to CNG across Nigeria
The Nigerian National Petroleum Corporation Retail Limited, a subsidiary of NNPC, has trained over 1,000 mechanics on the technical aspects of converting vehicles to Compressed Natural Gas (CNG) across Nigeria.
This way disclosed in a statement issued on Saturday by NNPC spokesperson Olufemi Soneye, through the company’s official X handle.
Soneye explained that the training included practical demonstrations of the vehicle conversion process, equipping the mechanics with hands-on experience in transitioning vehicles from gasoline to CNG……
NNPCL partners A4E Energy to build 100mmscf/d gas distribution facility in Ajaokuta
NNPC Gas Marketing Limited (NGML) and A4E Energy have signed an agreement to construct a 100 million standard cubic feet per day (MMSCF/D) natural gas distribution facility in Ajaokuta, Kogi State.
In a statement on NNPCL’S website, the company stated that the gas city-gate will supply natural gas to domestic LNG plants, compressed natural gas (CNG) facilities, and other industries in the Ajaokuta area that requires gas.
The NGML further explained that as part of the collaboration, it also signed a 10-year Gas Sales and Purchase Agreement (GSPA) to supply 5 MMSCF/D of natural gas to A4E’s Energy CNG compression facility and dispensing operation…..
Nigeria’s Offshore Oil, Gas Production Industry Projected to Hit $47bn by 2031.
The value of Nigeria’s offshore oil and gas production market will grow from the $34.18 billion in 2023 to $47.03 billion by 2031, a new market research has found.
In addition, the Compound and Annual Growth Rate (CAGR) will grow by 4.1 per cent within the period spanning to 2031, the report by Research and Markets indicated.
Headquartered in Dublin, Ireland, Research and Markets was founded in 2002 to connect businesses with the market insights and analysis to enable intelligent decision-making, priding itself as the world’s largest market research store with clients all over the world.
Snippets of the 76-page report: “Nigeria Offshore Oil and Gas Production Market Size and Forecast, Regional Share, Trend, and Growth Opportunity Analysis Report Coverage”, noted that Nigeria’s production of 552.84 million barrels of crude oil, including condensate in 2023 alone, reaffirmed the country’s critical role in shaping the energy landscape.
“The Nigeria offshore oil and gas production market continues to thrive, with an impressive valuation of $34.18 billion in 2023. As Africa’s premier crude oil producer, Nigeria is expected to see its market………
14th- 18th October
Oil companies blame host communities for crude oil theft, pipeline vandalism
Oil companies operating in the Niger Delta region, including Aieto and Nigerian Agip (now Oando), have pointed fingers at host communities for the persistent crude oil theft and pipeline vandalism. They’ve urged the House of Representatives to intervene and address these issues ¹.
During an investigative hearing on oil theft and pipeline vandalism, the companies acknowledged the negative impact of their operations on the environment. Oando’s Team Lead, Philip Akuduro, attributed a significant percentage of oil spillage to host community activities, affecting the environment and local residents.
Aieto’s Chief Operating Officer, Ewarezi Useh, echoed similar concerns, citing clashes of interest as a major reason for the drastic decline in production to 700,000 barrels per day in 2018. This highlights the complexities surrounding oil exploration and production in the region………
Nigeria’s oil exploration declined by 6.7% due to limited investment – OPEC
A report by Organization of Petroleum Exporting Countries (OPEC) has indicated that crude oil exploration in Nigeria dropped year-on-year by 6.7 percent in September 2024, due to limited investment in the upstream sector of the Nigeria’s petroleum industry.
OPEC gave the indication in its the October 2024 Monthly Oil Market Report released on Tuesday.
According to it, on year-on-year, YoY basis, the nation’s oil exploration decreased by 6.7 per cent in September 2024, as the rigs dropped for exploration fell to 14, from 15 recorded in the corresponding period of 2023.
But on month-on-month, MoM basis, the nation’s oil exploration remained flat as the number of rigs deployed remained flat at 14 in September 2024, same as recorded in the preceding month of August 2024……..
NLNG’s Domestic LPG Supply Hits 3m Metric Tons in 17 Years as FG Targets 5m MT
The Nigeria Liquefied Natural Gas Limited (NLNG) has revealed that it supplied a total of 3 million metric tons of Liquefied Petroleum Gas (LPG) commonly known as cooling gas into the domestic market between 2007 when it set up the Domestic LPG Scheme (DLPG) and 2024.
Managing Director of NLNG, Dr Philip Mshelbila disclosed in Lagos at the 2024 annual conference of the Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM), with the theme, “Sustainable Energy Growth in Nigeria – LPG and the Future.”
Represented by the company’s Manager, Marketing and Business Development, Mr. Ahmed Joda, he said the liquefaction company had been committed to ensuring that LPG serves the need of the Nigerian consumers.
He added that the operator of the six-trained Bonny Island-based plant had been fully committed to the domestic market in achieving its supply goal from over 50,000MT in 2007 to about 450,000MT in 2024……..
7th October- 11th October
50 CNG stations servicing 200 million Nigerians – NMDPRA
The Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, says Nigeria has less than 50 Compressed Natural Gas compression stations to feed 200 million Nigerians.
This is despite efforts of the Federal Government, through the Presidential Compressed Natural Gas Initiative to give Nigerians access to CNG as a replacement to the pricey fossil fuels like petrol and diesel.
Ahmed stated this in his speech at the conference of the Nigeria Association of Energy Correspondents in Lagos.
Touching on energy security, which is crucial for Nigeria’s economic growth, Ahmed maintained that despite having a huge gas utilization deficit, “we still flare about 2.5 billion cubic feet of gas daily”…………
Nigeria’s Low Oil Production Threatens Local Refiners, Export Earnings
With oil production around 1.34 million barrels per day, Nigeria is facing major economic and energy security risk, according to stakeholders in the oil and gas industry.
The danger under the present circumstance, according to them, is that the country would rather keep the tempo of exporting raw crude to earn foreign exchange at the expense sustaining socio-economic stability as the recurring crises in the downstream sector would remain unresolved
At the inaugural Crude Oil Refinery-Owners Association of Nigeria (CORAN), Summit in Lagos on Tuesday, both crude oil producers and Refinery operators agreed that the push by government to turn Nigeria into a refining hub and network exporter of refined petroleum products may be a mirage except drastic measures are taken to shore up production…….
Nigeria’s first $5b FLNG project to reduce gas flaring, boost domestic LPG.
Group Managing Director/Chief Executive Officer UTM Offshore Limited, Julius Rone, has said the completion of Nigeria’s first $5 billion Floating Liquefied Natural Gas (FLNG) project will significantly reduce gas flaring while boosting the domestic supply of Liquefied Petroleum Gas (LPG). He stressed that the project would address the country’s energy demand, which requires over two million tonnes of LPG for domestic consumption.
Rone mentioned that the impact would go beyond Nigeria, as an off-taker is discussing the possibility of taking LNG to South Africa…………..
New project to inject $3b into gas sector
Minister of State, Petroleum Resources (Gas), Ekperikpe Ekpo, has said the Brass Methanol Project’s Gas Sales Purchase Agreement will inject $3 billion into Nigeria’s gas sector. He also assured that the Federal Government’s efforts in ensuring the prompt circulation of compressed natural gas (CNG) is a well-intended initiative for a more affordable fuel option. CNG Stations have been deployed across the country through the Nigerian National Petroleum Company Limited (NNPCL) for a transition to cleaner energy.
Ekpo made this known while delivering a Ministerial address at the 2024 NAEC Annual Strategic International Conference, organized by the Association of Energy Correspondents of Nigeria (NAEC) at Eko hotel, Victoria Island, Lagos.
The minister, who was represented by his Senior Technical Adviser…………….
NCMB: IOCs will come back to invest in Nigeria
The Nigerian Content Development and Monitoring Board (NCDMB), has said efforts were being made to bring the International Oil Companies (IOCs) back to Nigeria to continue their operations.
The Executive Secretary, Engr. Felix Omatsola Ogbe who spoke during the Executive Secretary 2024 Breakfast Meeting in Lagos, with the theme: “The Role of the Media in Sustaining Nigerian Content Development”, said the board also intends to increase the initiative to make sure that the second time construction activities in the oil and gas industry, according to the President’s directive, was within the six months as directed.
“At the same time, again, we’re going to go into dealing with the communities, trying to grow capacity with the community contractors so that the impact of the community on oil and gas operations is minimized to the barest minimum as soon as possible,” he said………….
30th September- 4th October.
Nigeria can produce three million barrels of oil daily – NNPCL.
The Nigerian National Petroleum Company Limited (NNPCL) is confident that it can increase crude oil production from 1.7 million barrels per day to 3 million, says Chief Corporate Communications Officer Olufemi Soneye.
Speaking in Abuja on Saturday, at a Stakeholders Engagement Session with National Assembly journalists, Mr Soneye emphasised that achieving this goal required support from all stakeholders, including security agencies, government, privately-owned oil companies, and host communities. He said that President Bola Tinubu’s directives to relevant security agencies have already yielded positive results, with daily oil production rising from 1.4 million to 1.7 million barrels.
Mr Soneye noted that synergy among stakeholders was crucial in combating oil theft and pipeline vandalism, which would create an enabling environment for optimal oil production of 2.5 to 3 million barrels per day…….
7.7m barrels of crude oil stolen from Nigeria in 2023 –Report.
About 7.68 million barrels of crude were either stolen or lost in Nigeria in 2023, according to the Nigeria Extractive Industries Transparency Initiative (NEITI)’s 2022 and 2023 Independent Oil and Gas Industry Report released last Thursday in Abuja.
The loss, however, represents a 79 percent decline from 36.69 million barrels either stolen or lost in 2022.
On crude production, fiscalised crude production in 2022 stood at 490.945 million barrels, compared to 556.130 million barrels produced in 2021, representing an 11 percent decline.
In 2023, fiscalised production stood at 537.571 million barrels, representing 9.5 percent increase over 2022.
A 10-year trend (2014–2023) of fiscalised crude oil production in Nigeria shows the highest production volume of 798.542 million barrels were recorded in 2014, while the lowest, 490.945 million barrels, were posted in 2022…….
Nigeria’s oil exploration drops by 22% due to low investment —Report.
There were indications, yesterday, that oil exploration dropped year-on-year, YoY, by 22 per cent in August 2024, due to low investment in the upstream sector of the Nigeria’s petroleum industry.
The Organisation of Petroleum Exporting Countries, OPEC, indicated the development in the number of rigs deployed for operations during the period.
In the latest Monthly Oil Market Report, OPEC indicated that on year-on-year, YoY basis, the nation’s oil exploration decreased by 22 per cent in August 2024, as the rigs dropped for exploration dropped to 14, from 18 recorded in the corresponding period of 2023. But on month-on-month, MoM basis, the nation’s oil exploration remained flat at 14 in August 2024, same as recorded in the preceding month of July 2024………
‘CNG initiative unlocks $175m in private investment’.
Minister of Information and National Orientation, Mohammed Idris, said the Federal Government’s Compressed Natural Gas (CNG) initiative has opened up $175 million in private sector investments over the past year in an attempt to significantly reduce the high cost of transport and commuting in Nigeria.
Idris, in a statement shared via his official X handle, said the country has seen a major increase in CNG conversion centres, which have risen from just seven to 125 in a year, a testament to growing confidence in the country’s energy transition.
The expansion, he noted, is a key part of the government’s push to make CNG the fuel of choice for vehicles in the country…….
Nigeria loses 362.28m barrels of crude to sabotage — NEITI.
A new report by the Nigeria Extractive Industries Transparency Initiative has indicated that Nigeria lost 362.28 million barrels of crude oil due to measurement errors, sabotage, and production adjustments between 2014 and 2023.
This implies that the country lost about 992,547 barrels of crude oil daily due to the above-mentioned issues in 10 years.
NEITI disclosed this in its latest report titled, ‘Oil & Gas Industry Audit 2023: An independent report assessing and reconciling physical, process and financial flows within Nigeria’s oil & gas industry’.
The agency also noted that the total crude oil production deferment during the review period was 110.66 million barrels. The report on crude oil losses was compiled by reviewing multiple sources, including the Nigerian Upstream Petroleum Regulatory Commission submissions during the NEITI audit period……
September 23rd-27th
Nigeria’s decade of gas: Examining the failure to harness LNG
I am not sure what has re-ignited the zeal of the government to bring back the Brass LNG project that was abandoned in 2006, and which, at full capacity utilisation, was supposed to produce an output of 10 million tonnes per annum from 1.6 billion standard cubic feet of gas feedstock daily. However, I am shocked that the Nigerian Government lacks any sense of self-awareness.
This is especially considering that, currently as we speak: The government is unable to deliver the 3.5 billion standard cubic feet of gas NLNG needs on a daily basis.
There’s a 65 percent capacity utilisation that will become 44 percent when Train 7 takes off in 2025, as the installed capacity rises from 22 million tonnes per annum (mta) to 30 mta (this will extend the force majeure Nigeria has been under since October 2022)……..
NGA Demands Adoption of Gas-Powered Transportation Policy in Nigeria
The Nigerian Gas Association (NGA) has called on the Nigerian government to implement a transportation policy mandating the use of gas-powered vehicles for public transportation which can also be extended to government activities.
It is also a policy that can be adopted at state and local government levels.
The formal adoption of such a policy will at the same time promote cleaner energy sources, align with the sustainability goals of the Nigerian Government, help reduce the nation’s reliance on traditional fuels and attract the necessary investment in downstream infrastructure that will create jobs and domesticate technology while facilitating successful implementation.
The NGA commended the government’s incremental adoption of Compressed Natural Gas (CNG) for transportation and emphasised the importance of sustaining the momentum.
The Association acknowledged the efforts of the Presidential Compressed Natural Gas Initiative (PiCNG) in deploying CNG conversion kits and urged……
OPEC Sees Global Oil Demand Increasing To 120.1 Million Barrels Daily By 2050
The Organization of Petroleum Exporting Countries (OPEC) has predicted that global oil consumption is set to increase by 17.9 MMbpd, or roughly 18 per cent to 120.1 MMbpd by 2050.
The OPEC doubled down on forecasts that global oil demand will keep growing to the middle of the century.
World oil consumption is set to increase the Organization said in its annual long-term outlook. It raised estimates covering the next two decades from last year’s report.
Conversely, forecasts from BP Plc, trading giant Vitol Group, Goldman Sachs Group Inc., consultants Wood Mackenzie and the International Energy Agency all indicate that oil demand may stop growing within the next decade as the world shifts to electric vehicles and renewable energy.
The OPEC said its increasingly bullish outlook reflects that, in light of the 2022 energy shock, advanced economies are re-evaluating the transition from…….
Libya and Nigeria agree to prepare an MoU on Nigeria’s gas pipeline to Europe passing through Libya
Libya and Nigeria have agreed to prepare an MoU to conduct technical and economic feasibility studies on Nigeria’s plan to implement a pipeline project to transport gas produced from its fields to export gas to Europe via Libya.
The news was revealed by the Tripoli based Libyan Ministry of Oil and Gas last Friday (20 September) after Acting Oil and Gas Minister Khalifa Abdel Sadeg held a consultative meeting with Ekperikpe Ekpo, Minister of State for Petroleum Resources (GAS) of Nigeria.
The meeting was held on the sidelines of GASTECH 2024 which is being held in Houston, Texas, from 17-20 September. The Libyan Ministry of Oil and Gas said this project is expected to have a tremendous economic return on the Libyan state…
16th-20th September
NLNG advocates global financial guarantees to boost climate tech investments.
The Nigeria Liquefied Natural Gas (NLNG) Limited has urged governments worldwide to provide financial guarantees to support investments in climate technologies.
The call comes as the energy giant reiterates its dedication to reducing emissions and advancing sustainable energy development through innovative technologies.
Speaking at the Gastech Climate Tech & AI Strategic and Technical Agenda conference in Houston, Texas, USA, NLNG’s Deputy Managing Director, Mr. Olakunle Osobu, emphasised the importance of governmental backing for climate technology investments.
He participated in a panel discussion titled, “Stimulating Early-Stage Investment into Climate Technologies to Meet Net Zero Goals”, which focused on fostering investment……..
Oil Workers Raise The Alarm Over Abuse Of Expatriate Quotas By Foreign Firms.
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has vowed to take decisive action against foreign oil companies, particularly those of Indian origin, that are allegedly abusing Nigeria’s expatriate quota system.
According to the expatriate quota administer by the ministry of interior, the quota system specifies the number of expatriates a company is allowed to employ, usually for specific roles where the required skills are not readily available within the Nigerian labour market.
But Speaking in Abuja PENGASSAN President, Comrade Festus Osifo raised concerns over the growing presence of expatriates in the Nigerian oil and gas sector……….
NNPC: 134 Illegal Oil Refineries Demobilized, 63 Illegal Pipelines Uncovered in One Week.
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has vowed to take decisive action against foreign oil companies, particularly those of Indian origin, that are allegedly abusing Nigeria’s expatriate quota system.
According to the expatriate quota administer by the ministry of interior, the quota system specifies the number of expatriates a company is allowed to employ, usually for specific roles where the required skills are not readily available within the Nigerian labour market.
But Speaking in Abuja PENGASSAN President, Comrade Festus Osifo raised concerns over the growing presence of expatriates in the Nigerian oil and gas sector………..
NNPC Ltd, TotalEnergies’ $550m Ubeta Upstream Gas Project Takes Off.
ABUJA – The $550 million upstream gas project between the NNPC Ltd and TotalEnergies on the development of the Ubeta field has taken off, the presidency announced on Tuesday.
Special Adviser to the President on Energy, Olu Verheijen, disclosed this during an inaugural US-Nigeria Strategic Energy Dialogue, hosted by the U.S. State Department in Washington, DC.
In a statement, Olufemi Soneye, Chief Corporate Communications Officer of NNPC Ltd, noted that the signing ceremony of the 550 million USD Fina Investment Decision (FID) on the Ubeta Field Development Project took place in Abuja in June, this year. The Ubeta field, which was discovered in 1964, is located northwest of Port Harcourt, Rivers State……….
September 9th- 13th
NNPC, Chevron complete assets conversion, eye 165,000bpd oil production.
The Nigerian National Petroleum Company Limited and its joint venture partner, Chevron Nigeria Ltd, have completed the conversion of five joint venture assets in compliance with the Petroleum Industry Act of 2021.
The Chief Upstream Investment Officer at NNPC, Mr Bala Wunti, said the asset conversion is expected to significantly boost crude oil production, with the two companies targeting 165,000 barrels of oil per day by the end of 2024.
He emphasized the importance of Chevron’s operational approach in maintaining network stability and ensuring a steady supply of gas to the domestic market. This transition follows the shift from the Petroleum Profit…….
Nigeria’s UTM Offshore secures license for floating LNG facility.
Nigerian company UTM Offshore has received a license to construct what it asserts will be the country’s first floating LNG plant.
The project aims to utilize Nigeria’s vast gas reserves, estimated at more than 209 trillion cubic feet, reported Reuters.
The floating LNG facility, with an increased capacity of 2.8 million tons per annum (mtpa ), will capture flared gas from ExxonMobil’s Oil Mining Lease 104 (Yoho field) located offshore in Akwa Ibom, southern Nigeria.
Bloomberg News quoted Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA)…….
Nigeria’s National Petroleum Company has signed a memorandum of understanding with the China Engineering and Machinery Corporation (CEMC) to build a gas power plant near the capital, Abuja.
Posting on X, the company said the deal for the 350MW Gwagwalada Independent Power Plant (GIPP) had been signed on Thursday by Olalekan Ogunleye, its vice president for gas power, and Zhang Daguang, chairman of CEMC Nigeria.
The plant will be connected to the Ajaokuta–Kaduna–Kano (AKK) Gas Pipeline Project, which will be part of the Trans Nigeria Gas Pipeline……
Crude oil contributed N14.56tn to Nigeria’s exports in Q2 – Report.
Crude oil exports contributed N14.56 trillion to the country’s total exports in the second quarter of the year, making up 74.98 per cent of the total export value, according to the Nigeria Bureau of Statistics.
The NBS, in a report titled ‘Foreign Trade in Goods Statistics (Q2 2024)’ released on Wednesday, stated that the country’s total merchandise trade for the period stood at N31.89tn, reflecting a decline of 3.76 per cent from the previous quarter but a 150.39 per cent increase compared to the N12.74tn recorded in the second quarter of 2023.
In the quarter under review, exports accounted for 60.89 per cent of the total trade, amounting to N19.42tn.
This marks a 1.31 per cent over the N19.17tn recorded in the first quarter of the year and a 201.76 per cent increase …..
Oil production rose to 1.35mbpd in August – OPEC.
Nigeria’s crude oil production increased from 1.307 million barrels per day in July to 1.352mbpd in August, according to the Organization of the Petroleum Exporting Countries in its September Monthly Oil Market Report.
OPEC reported that the average daily crude production rose marginally by 45,000 barrels per day, based on information obtained through direct communication with the Nigerian government.
This report contradicts the Federal Government’s claims that daily crude production was nearing 1.6mbpd.
The PUNCH recalls that President Tinubu, during his August 4 nationwide broadcast, had stated that oil production increased to 1.6mbpd in July. He attributed this to the reforms…….
How to deepen CNG penetration, by operators.
The development of the Compressed Natural Gas (CNG) has been slow in Nigeria because it is a capital intensive project.
Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), President, Dr. Billy Harry, who made this known to The Nation on phone weekend, said it costs between $500,000 to $1.500 million to build a CNG point in a station.
“It is expensive to start. You need $500,000 to $1.5million to invest in one infrastructure,” said Harry. He said despite the huge capital the business requires to take off, banks are reluctant to lend to investors in the field…..
2nd - 6th Of September.
Amid Posers over Spending, FG Rakes In $21.5bn from NLNG’s $44bn Dividend Payment in 25 Years.
The federal government has received about $21.56 billion of the $44 billion dividends disbursed by the Nigeria Liquefied Natural Gas Limited (NLNG) in the last 25 years, the company’s ‘Facts & Figures’ for 2024 has shown.
NLNG was incorporated as a limited liability company to harness Nigeria’s vast natural gas resources and produce Liquefied Natural Gas (LNG) and Natural Gas Liquids (NGLs) for the domestic market and export.
It is owned by four shareholders, namely: Nigerian National Petroleum Company Limited (49 per cent), Shell (25.6 per cent), Total Energies (15 per cent) and Eni International (10.4 per cent)…….
Nigeria’s Oil Production Rises As OPEC’s Drops To Lowest Since January — Survey.
The Organization of the Petroleum Exporting Countries pumped 26.36 million barrels per day last month, down 340,000 bpd from July, the survey found. This was the lowest total since January 2024, according to Reuters surveys.
A drop in Libyan exports and production amid a standoff between political factions over control of the central bank has helped boost oil prices and, sources say, increased the prospect that OPEC+ will proceed with a planned output hike from October. Libya provided the largest supply loss last month of 290,000 bpd,………..
Gas production nears 12 billion cubic feet/day – FG.
Gas production in Nigeria is growing from 7.5 billion cubic feet per day and is inching to 12 bcf per day, the Federal Government has said.
The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, disclosed this to journalists at a recent event in Lagos.
Ekpo said his major focus during his second year in office will be to ramp up gas production and turn Nigeria into a gas economy, in line with the Decade of Gas initiative.
“In the Decade of Gas, we are looking at turning Nigeria into a gas economy by 2030, in which case, we are looking at growing from 7.5 billion cubic ……..
Further Petrol Price Hike Looming in Nigeria As NNPC Says N897/litre Isn’t Market Reflective.
Nigeria’s petrol prices may further increase as NNPC’s VP Downstream, Adedapo Segun, advocates free market conditions to eliminate queues. Executive Vice President (EVP) Downstream of the Nigerian National Petroleum Company Limited, Adedapo Segun, has said that Nigeria should move toward market-based petrol pricing to permanently eliminate fuel queues, even as he acknowledged that NNPC’s current price of N897 per litre is still being subsidised by government. Segun said this in an interview with ARISE NEWS on Thursday, explaining that the most sustainable option for Nigeria is the unrestricted free market pricing of PMS…….
August 26th- August 30th
NEPC: Nigeria earned $2.7bn from non-oil exports in H1 2024.
Nonye Ayeni, executive director of NEPC, spoke on Wednesday in Abuja while presenting a progress report on Nigeria’s non-oil export performance.
Ayeni said the figure showed a 6.26 percent increase compared to the $2.53 billion earned in the same period in 2023.
She said the significant uptick in export revenue highlights the country’s ongoing efforts to diversify its economy away from oil dependence………..
Nigeria’s OPEC Oil Output Reaches 276.6m Barrels in Seven Months, Deficit Hits 55m Bbls.
Nigeria managed to produce a total volume of 276.6 million barrels of crude oil in the first seven months of 2024, but recorded a deficit of circa 55 million barrels during the period under review, THISDAY has found.
This means that out of 331.8 million barrels, which the Organization of Petroleum Exporting Countries (OPEC) expected Nigeria to add to global oil supply, the country was only able to produce 276.6 million barrels, an undersupply of 55.1 million barrels or over 18 per cent.
In June last year, OPEC+ cut Nigeria’s output target for 2024 to 1.38 million barrels per day from 1.74 million bpd for 2023, reflecting the fact that for years Nigeria had failed to meet its targets……..
NNPC begins natural gas export to Japan, China.
The Nigerian National Petroleum Company Limited has commenced shipment of Liquefied Natural Gas cargoes to Japan and China on a Delivered Ex-Ship basis.
It said the move was in line with its strategic vision to be a dynamic and reliable global energy supplier of choice.
The company’s spokesperson, Olufemi Soneye, said in a statement issued on Monday that NNPC achieved the milestone through the collaboration of two of its downstream subsidiaries.
He named the subsidiaries to include NNPC LNG Ltd and NNPC Shipping Ltd – which delivered its first DES LNG cargo from the 174,000m³ LNG vessel Grazyna Gesicka at Futtsu, Japan, on June 27, 2024……..
Alleged dirty fuel importation: Oil company files libel suits, seeks N20bn damages.
An indigenous oil company, Matrix Energy Limited, has filed suits before the Federal Capital Territory High Court seeking N20 billion as damages over reports linking it to the alleged importation of low grade fuel from Malta to Nigeria.
The company and its Chief Executive Officer, CEO, Alhaji Abdulkadir Adisa Aliu, who are the plaintiffs in the suits numbered CV/3718/2024 and CV/3719/2024, described the reports published by two media houses as libelous…….
72 illegal refineries uncovered in one week – NNPC.
No fewer than 72 illegal crude oil refining sites were uncovered in the past week, the Nigerian National Petroleum Company Limited disclosed in a video report.
The 72 illegal refineries were reportedly discovered and destroyed in Rivers, Delta and Abia states.
On August 18, a vessel was said to have been arrested by men of Operation Delta Safe with 12 suspects on board in the Southern Ijaw area of Bayelsa State.
“The tugboat was caught loaded with stolen Shell Petroleum Development Company flow lines, which shows that not only did the thieves break the pipelines in order to connect their pipes, but…….
August 19th- August 23rd
Crude Oil Drilling & Exploration in The North Fully On Course – NNPC Ltd.
Every developing nation strives to attain political stability, economic growth, and meaningful development.
Those aspirations can only materialize when the traits of gullibility and lack of circumspection are put in check.
Nigeria, as a country, is afflicted with some disturbing and protracted issues, such as misplaced political consciousness and intolerance, made worse by the inter-play of tribal vibes and an unrelenting leaning on bad politics……..
NNPC Reports N246 Trillion In Total Assets, Surpassing Nigeria’s GDP.
Nigeria’s State oil company, NNPC Limited, has released its 2023 full-year audited results, showing a profit after tax of N3.29 trillion.
This represents a significant increase from the N2.5 trillion profit reported in 2022, marking a 31.6% year-on-year growth and the largest corporate profit reported by any Nigerian company, according to Nairametrics records. Total revenue generated for the year was N23.9 trillion or $26.4 billion using the exchange rate of N907/$1 which was the closing rate used for the year 2023………
Nigeria Owes State Oil Firm $4.9 Billion Fuel-Subsidy Debt.
Nigeria owes its state-owned oil company almost half of what it plans to collect in revenues this year for a gasoline subsidy it reintroduced in August.
Nigerian National Petroleum Corp. is owed 7.8 trillion naira ($4.9 billion) by the government in subsidy debts for the seven-months to July, according to NNPC’s Chief Financial Officer Umar Ajiya. The government aims to collect 19.4 trillion naira in revenue this year.
The subsidy that was withdrawn in May last year by Nigeria’s President Bola Tinubu to help repair the state’s finances after debt-service costs jumped to 96% of revenues was reinstated to allow measures to be introduced that could cushion Nigerians from spiraling inflation that’s at 33%. ……………
Oil producers reject mandate to sell crude to local refineries.
Oil producers, under the aegis of the Independent Petroleum Producers Group, have warned against being forced to sell crude oil to the Dangote Refinery and other local ones in Nigeria.
The IPPG also called on the Nigerian National Petroleum Company Limited to re-direct its allocated crude oil volumes to Dangote Refinery and other local refineries to mitigate the current crude supply shortage being experienced by the local refiners that is impacting local product availability in many parts of Nigeria.
The Chairman of IPPG, Abdulrazak Isa, in a letter dated August 16, 2024, and addressed to the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, said the NNPC should utilise its allocated 445,000 barrels per day intervention ………………..
August 12th-August 18th, 2024
Nigeria: Coran Tells Federal Govt to Stop Issuing Import Licenses for Diesel, Petrol.
Owners of refineries in Nigeria, under the auspices of the Crude Oil Refinery-owners Association of Nigeria (CORAN), have urged the federal government to stop issuing licences for products like diesel and petrol that the country has the capacity to produce locally.
They made the call amid complaints by depot owners that the Dangote Petroleum Refinery was planning to monopolise fuel supply in the country.
Speaking in an interview with journalists, the publicity secretary of CORAN, Eche Idoko, said Nigeria should no longer be talking about how to protect the businesses of depot owners…………
63 Illegal Refineries Uncovered Amidst Concerns Over Delay In Port Harcourt Refinery Operations.
A documentary by the company on Wednesday, said in the past week, 19 illegal pipeline connections and 63 illegal refineries were uncovered in the Niger Delta.
The company announced the development amidst fresh concerns over the delay in the commencement of operations by the Port Harcourt Refinery as earlier announced.
The Port Harcourt Refining Company, a refinery under the management of the company in Rivers State, had again failed to commence operations after about six postponements………..
Refiners to adopt new techs, enhance local content.
The Crude Oil Refinery-owners Association of Nigeria (CORAN) has stressed the need for Nigeria to adopt advanced technologies, enhance local content, and align with global best practices in line with the global shift towards cleaner energy and sustainable practices.
These strategies, the group said, were essential for the country’s refineries to thrive in an evolving energy landscape and to achieve the goal of becoming a net exporter of petroleum products.
President of the Association, Momoh Jimah Oyarekhua said the mission was to empower Nigeria’s refinery sector to reach its full potential……………..
Nigeria’s crude oil production hits 1.3 million bpd.
Nigeria’s crude oil production rose to 1.307 million barrels per day in July. The Organisation of Petroleum Exporting Countries (OPEC) disclosed this in its Monthly Oil MThe cartel also revealed that Nigeria maintained it’s top position as Africa’s biggest oil producer.arket Report (MOMR) released on Monday. According to the report, the country added 30 thousand barrels daily to its production when compared to the production figure for June which stood at 1.276 million barrels daily.
The data on Nigeria’s crude oil production was based on direct communication with Nigerian authorities………
August 5th-August 11th, 2024
Nigeria increases oil production by 28,000 bpd with new Utapate crude.
The NNPC Ltd yesterday announced the introduction of Utapate crude oil blend, a new crude oil grade into the international crude oil market.
Located offshore Akwa Ibom State in Nigeria, Utapate’s current crude oil production is at 28,000 barrels per day, with potentials to increase it to 50,000 barrels per day. Also, the Sulphur content of the new crude is 0.0655 per cent. Similar to the Nembe crude oil grade, the Utapate crude oil blend has a low Sulphur content and low carbon footprint due to flare gas elimination, fitting perfectly into the required spec of major buyers in Europe. The crude oil grade From Oil Mining Lease (OML) 13, fully operated by NEPL, NNPC Ltd.’s upstream subsidiary, commenced operations in July 2024, as its first cargo headed for Spain……………
Nigeria Targets Fresh 50,000bpd Oil Output With New Crude Grade, Utapate.
Nigeria is aiming to boost oil production by additional 50,000 barrels per day, with the launch of a new crude grade, known as Utapate. The Nigeria National Petroleum Company (NNPC) Limited, which announced the introduction of Utapate crude oil blend, said the Utapate crude oil blend commenced operations in July 2024, as its first cargo headed for Spain.
The new crude oil grade has current production of 28,000 barrels per day, and is expected to contribute significantly to the country’s output………
How Nigeria loses $1,000 per barrel in crude oil exports.
Nigeria is losing a staggering $1,000 on every barrel of crude oil it exports, according to findings by the Institute for Energy and Extractive Industry Law.
Henry Adigun, an energy policy expert described the situation as unsustainable. He attributed the colossal loss to a myriad of factors, including rampant oil theft, pipeline vandalism, inefficient refining capacity, and the absence of robust regulatory frameworks.
Nigeria, Africa’s largest oil producer, has been grappling with declining oil revenues in recent years. Despite being endowed with vast hydrocarbon resources, the country’s failure to optimize its oil wealth has been a subject of intense scrutiny………..
Nigeria’s oil output surge to 1.7mbpd on crude theft crackdown, says navy chief.
Nigeria’s oil output has increased to between 1.6 million and 1.7 million barrels per day due to enhanced security measures aimed at preventing crude oil theft. This is according to Emmanuel Ikechukwu Ogalla, Chief of Naval Staff on Tuesday.
Ogalla noted that in February, Nigeria, a member of the Organization of Petroleum Exporting Countries (OPEC), was producing 1.2 million barrels per day. “We have stepped up surveillance and enforcement in the oil producing areas,” the naval chief said………
July 29th -August 4th 2024.
FG orders crude oil sale to Dangote Refinery, others in Naira.
The Federal Government has ordered NNPC Limited (NNPCL) to sell crude oil to Dangote and other local refineries in naira.
Mr. Zacch Adedeji, Chairman, Federal Inland Revenue Service (FIRS), said this while briefing State House correspondents at the end of the Federal Executive Council (FEC) meeting on Monday. He said FEC approved that sale of petroleum products to approved local petroleum marketing companies be conducted in naira at the same fixed exchange rate……..
Libya denies talks of crude oil supply to refineries in Nigeria.
The National Oil Company of Libya, also known as NOC, has denied holding negotiations to supply crude oil to any local refinery in Nigeria.
In a statement on its official Twitter (now X) account, NOC said on Sunday that the firm is not in any agreement to export to crude oil to Nigeria.
A senior executive with Nigeria’s Dangote refinery stated last week that it was in discussion with Libya to secure crude for the 650,000 barrels per day plant…….
Leveraging Blockchain technology can bring data integrity and stop fraudulent manipulation on Nigeria’s industry – Oyebanji.
Mr. Olayimika Oyebanji is a web 3 policy expert and award-winning crypto journalist with a deep understanding of how Blockchain technology can be used to improve various industries including the oil industry.
In this interview the Naira metrics, he discussed how Blockchain technology can be used to promote transparency in an Opaque industry like the Nigerian oil industry…
NNPC targets two million barels oil production daily.
The Nigerian National Petroleum Company Limited has announced its goal to increase crude oil production to two million barrels per day by the end of the year.
The country’s daily production rose from 1.27 million barrels in June to 1.6 million in July, according to the Nigerian Upstream Petroleum Regulatory Commission.
Speaking during a meeting with Maritime Stakeholders at the Nigerian Navy Headquarters on Tuesday, the Group Managing Director of NNPC, Mele Kyari, expressed optimism that the target would be met, emphasizing that NNPC was fully committed to achieving it………
July 22nd -26th 2024.
The oil-for-cash deals.
If recent reports in both local and international media are correct, the Nigerian National Petroleum Company Limited (NNPCL) may be testing the waters with a view to securing a new line of credit against future oil production. According to those familiar with the situation, NNPCL is hoping to raise at least $2 billion in new loans against 30,000- 35,000 bpd of crude production. Although the NNPCL Group Chief Executive Officer, Mele Kyari, has admitted that the company needs new financial injection to “boost its finances and allow investment in its business,” he has not disclosed precisely how much it seeks and the identity of the lenders it has approached……………
Oil earnings rose by N91bn in June – FG.
The marginal rise in crude oil production in June 2024 increased Nigeria’s earnings from crude oil sales by about N91bn in the same month. Latest oil production data obtained from the Nigerian Upstream Petroleum Regulatory Commission, an agency of the Federal Government, indicated that Nigeria’s oil production rose from 1,251,494 barrels per day in May to 1,276,159 barrels per day in June, representing an increase of 24,665 barrels daily.
This implies that the country pumped an additional 739,950 barrels of crude oil in 30 days in June.
The average price of Brent, the global benchmark for crude, was $82.25/barrel in June 2024, according to data from countryeconomy.com, an international analytical firm……….
Nigerian crude oil sells $7.72 above budget benchmark price in Q1, 2024.
The average spot price of Nigeria reference crude oil (bonny light) stood at $85.68 in the first quarter of 2024- $7.72 above the benchmark price in 2024 appropriation act which is $77.96. This is according to data gleaned from the Central Bank of Nigeria (CBN) statistical bulletin in the first quarter of 2024.
According to the report, the average spot price of Nigerian reference crude oil in January 2024 stood at $82.18. In February, the spot price was $86.08 while in March it was $88.80……
Beyond crushing oil thieves.
In a bold move to end oil theft and loss of revenue, President Bola Tinubu last week ordered all heads of security forces and intelligence agencies to go after those stealing crude oil in the agencies. After the parley, the Group Managing Director of the Nigerian National Petroleum Company Ltd (NNPCL), Mele Kyari, told newsmen that the President was disturbed Niger Delta region. The President gave the order after a meeting with the Service Chiefs and heads of other security over the continued loss of revenue through oil theft despite all efforts to address it……..
Inadequate infrastructure threatens Nigeria’s $10bn CNG, EV targets.
Nigeria is struggling to meet its ambitious targets of making 30 percent of all vehicles electric by 2025 and growing the Compressed Natural Gas-powered vehicle (CNG) value to over $10 billion in five years.
These ambitious targets are threatened by inadequate support infrastructure including CNG refilling and EV charging stations as the majority of cars on Nigerian roads are still internal combustion engines……….
Why We Paid $27.5m To FIRS, By NLNG.
The Nigeria LNG Limited (NLNG) has shed light on the payment of $27.5 million to the Federal Inland Revenue Service (FIRS) as a revised Company Income Tax (CIT) settlement for 2016.
In a statement by its General Manager, External Relations and Sustainable Development, Andy Odey, the company said the payment was an outcome of an out-of-court settlement, and not a court judgement as mistakenly stated earlier…………
Nigeria probes fuel imports amidst Dangote refinery dispute.
On Monday, Nigeria’s lower parliament established a committee to scrutinize these issues, which have also contributed to increased fuel queues.
The committee will examine allegations regarding the importation of inferior petroleum products, the functioning of standards agencies, and the reasons behind the insufficient crude supply to local refineries, including the Dangote Refinery.
Co-chair Ikenga Ugochinyere stated that the investigation would proceed in phases, starting with these critical concerns. The panel’s findings will be presented to parliament, which will then make recommendations to the president………….
Nigeria lost $46bn to oil thieves in 12 years –NEITI.
Nigeria has faced staggering financial losses due to oil theft over the past 12 years, with the total amount reaching $46.16 billion. The figure is based on the theft of 619.7 million barrels of crude oil. Additionally, between 2009 and 2018, the country lost 4.2 billion liters of refined petroleum products, valued at $1.84 billion, from facilities operating at a rate of 140,000 barrels per day.
Dr. Orji Ogbonna Orji, Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), presented these findings at the ‘Strengthening Methane Emissions Reduction in Nigeria’s Oil and Gas Sector’ event, organized by the Natural Resources Governance Institute (NRGI) in Abuja……
Navy Intensifies Fight against Oil Theft, Destroys Illegal Bunkering Hideout.
The High Command of Nigerian Navy, yesterday said that its Quick Response Team of Forward Operating Base Bonny, under the auspices of Operation Delta Sanity, engaged a group of suspected crude oil thieves in a fire fight at Elem Akrakama, and Elem Tombia general area of Rivers State. It said that one oil thief was killed, two others arrested, while their hideout was traced and destroyed. The Nigerian Navy also disclosed that between April and July 2024, no fewer than 24 suspects and six vessels were arrested, while 122 Illegal Refinery Sites were discovered and deactivated, and 57 wooden boats also destroyed……………..
FG warns IOCs against disregarding gas flare directives.
The Federal Government, on Wednesday, warned International Oil Companies operating in Nigeria to desist from disregarding gas flare directives of various regulatory agencies in Nigeria. It stated that though a few IOCs often complied with these directives, most of the oil firms were not complying, stressing that this would not be tolerated. The Minister of State for Environment, Dr Iziaq Salako, disclosed this in Abuja at the third edition of the National Extractive Dialogue 2024, organized by Spaces-4 -Change, a non-governmental organization…………
July 16th - July 19th, 2024.
FG Pledges Continued Support For Chevron’s Gas Supply Programmes In Nigeria.
Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo has restated the commitment of the federal government to supporting ongoing efforts by Chevron Nigeria Limited (CNL) to boost gas supplies to the domestic market in Nigeria.
Ekpo stated this on Tuesday during a meeting with a team from CNL, led by its managing director, Jim Swartz……..
Oil Production: NASS Mulls Stronger Laws Against Crude Oil Theft, Vandalism.
The National Assembly has thrown its weight behind NNPC Limited’s ongoing efforts to boost Nigeria’s crude oil production and grow its reserves, saying it will consider stiffer consequences for crude oil thieves and vandals of the nation’s critical hydrocarbon infrastructure.
This was made known when the National Assembly’s Joint Committee on Petroleum Resources (Upstream) paid an oversight visit on the NNPC Upstream Investment Management Services (NUIMS), an upstream arm of the NNPC Ltd, at its headquarters in Lagos, on Tuesday……..
Why petrol prices will continue to rise, by Dangote.
Premium Motor Spirit (PMS) or petrol prices will continue to be on the high side as long as International Oil Companies (IOCs) continue to sell crude oil to local refiners at above the official market price approved by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The Vice President, Oil & Gas, Dangote Industries Limited, Devakumar Edwin, made this disclosure yesterday in a statement obtained by The Nation……………
Nigeria to Resume Crude Oil Refining in August, Industry Authorities Say.
Abuja, Nigeria — Nigeria plans to resume local refining of crude oil in early August, national petroleum authorities announced Monday.
The resumption would end years of idleness at Nigeria’s state-owned refineries, and analysts say that if successfully implemented, it would lower fuel price…..
Oil Production: National Assembly Pledges Support to NNPC Ltd, Vows Stronger Laws Against Crude Oil Theft, Vandalism.
The National Assembly has thrown its weight behind NNPC Limited’s ongoing efforts to boost Nigeria’s crude oil production and grow its reserves, saying it will consider stiffer consequences for crude oil thieves and vandals of the nation’s critical hydrocarbon infrastructure………..
N’Assembly mulls stricter laws to tackle crude oil theft.
The National Assembly has thrown its weight behind the Nigerian National Petroleum Corporation Limited’s ongoing efforts to boost crude oil production and grow its reserves, saying it will consider stiffer consequences for crude oil thieves and vandals of the nation’s critical hydrocarbon infrastructure.
According to a statement obtained from the Chief Corporate Communications Officer NNPC Ltd, Olufemi Soneye on Tuesday, after the National Assembly’s Joint Committee on Petroleum Resources (Upstream)…
ExxonMobil hints of possible Q2, 2024 profit drop.
Oil major ExxonMobil is anticipating a sharp drop in profit in the second quarter of the year.
Exxon Mobil Corp on Monday signaled that lower refining margins across the industry and lower natural gas prices will reduce profits in the second quarter…….
Logistics challenges, flooding cause of fuel queues says NNPC.
The NNPC Ltd has stated that the fuel queues seen in the FCT and some parts of the country, were as a result of disruption of ship-to-ship (STS) transfer of Premium Motor Spirit (PMS), also known as petrol, between Mother Vessels and Daughter Vessels resulting from recent thunderstorm…
N’Assembly mulls stricter laws to tackle crude oil theft.
The National Assembly has thrown its weight behind the Nigerian National Petroleum Corporation Limited’s ongoing efforts to boost crude oil production and grow its reserves, saying it will consider stiffer consequences for crude oil thieves and vandals of the nation’s critical hydrocarbon infrastructure.
According to a statement obtained from the Chief Corporate Communications Officer NNPC Ltd, Olufemi Soneye on Tuesday, after the National Assembly’s Joint Committee on Petroleum Resources (Upstream)…
NNPC targets two million barels oil production daily.
The Nigerian National Petroleum Company Limited has announced its goal to increase crude oil production to two million barrels per day by the end of the year.
The country’s daily production rose from 1.27 million barrels in June to 1.6 million in July, according to the Nigerian Upstream Petroleum Regulatory Commission.
Speaking during a meeting with Maritime Stakeholders at the Nigerian Navy Headquarters on Tuesday, the Group Managing Director of NNPC, Mele Kyari, expressed optimism that the target would be met, emphasizing that NNPC was fully committed to achieving it………
NNPC targets two million barels oil production daily.
The Nigerian National Petroleum Company Limited has announced its goal to increase crude oil production to two million barrels per day by the end of the year.
The country’s daily production rose from 1.27 million barrels in June to 1.6 million in July, according to the Nigerian Upstream Petroleum Regulatory Commission.
Speaking during a meeting with Maritime Stakeholders at the Nigerian Navy Headquarters on Tuesday, the Group Managing Director of NNPC, Mele Kyari, expressed optimism that the target would be met, emphasizing that NNPC was fully committed to achieving it………
August 12th-August 18th, 2024
August 12th-August 18th, 2024
Nigeria Owes State Oil Firm $4.9 Billion Fuel-Subsidy Debt.
Nigeria owes its state-owned oil company almost half of what it plans to collect in revenues this year for a gasoline subsidy it reintroduced in August.
Nigerian National Petroleum Corp. is owed 7.8 trillion naira ($4.9 billion) by the government in subsidy debts for the seven-months to July, according to NNPC’s Chief Financial Officer Umar Ajiya. The government aims to collect 19.4 trillion naira in revenue this year.
The subsidy that was withdrawn in May last year by Nigeria’s President Bola Tinubu to help repair the state’s finances after debt-service costs jumped to 96% of revenues was reinstated to allow measures to be introduced that could cushion Nigerians from spiraling inflation that’s at 33%. ……………
August 19th- August 25th
Refiners to adopt new techs, enhance local content.
The Crude Oil Refinery-owners Association of Nigeria (CORAN) has stressed the need for Nigeria to adopt advanced technologies, enhance local content, and align with global best practices in line with the global shift towards cleaner energy and sustainable practices.
These strategies, the group said, were essential for the country’s refineries to thrive in an evolving energy landscape and to achieve the goal of becoming a net exporter of petroleum products.
President of the Association, Momoh Jimah Oyarekhua said the mission was to empower Nigeria’s refinery sector to reach its full potential……………..
NEPC: Nigeria earned $2.7bn from non-oil exports in H1 2024.
Nonye Ayeni, executive director of NEPC, spoke on Wednesday in Abuja while presenting a progress report on Nigeria’s non-oil export performance.
Ayeni said the figure showed a 6.26 percent increase compared to the $2.53 billion earned in the same period in 2023.
She said the significant uptick in export revenue highlights the country’s ongoing efforts to diversify its economy away from oil dependence………..
2nd - 6th Of September.
2nd - 6th Of September.
July 22nd -28th 2024.
28th October - 1st November
Why Nigeria struggles to fund domestic gas projects — NNPCL.
The Executive Vice President of Upstream at the Nigerian National Petroleum Company Limited (NNPCL), Oritsemeyiwa Eyesan, has explained why Nigeria is grappling with significant challenges regarding the funding needed to develop its local gas projects.
Oritsemeyiwa highlighted these issues during the fortieth anniversary of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC). Despite possessing over 200 trillion cubic feet of proven gas resources, Nigeria continues to face obstacles in harnessing its potential, particularly as it aims to utilize compressed natural gas as a transition fuel. Eyesan pointed out that, although initiatives like the decade of gas have been launched, Nigeria must still navigate the complexities of these intertwined challenges.
However, she reaffirmed Nigeria’s commitment to the Oil and Gas Climate Initiative (OGCI), which unites twelve of the largest oil and gas…………….