By ABDULAZIZ NA’IBI ABUBAKAR The Nigerian Senate’s recent revelation of a staggering ₦210 trillion discrepancy in the audited financial statements of the Nigerian National Petroleum Company Limited (NNPCL) from 2017 to 2023 has once again thrust the nation’s oil sector into the spotlight of scrutiny. This alarming figure, uncovered...
Crude oil
By MBAFAN ADE, Abuja – The Federal Ministry of Finance has issued a statement in response to recent media reports regarding a potential forward sale of crude oil involving the Nigerian National Petroleum Company Limited (NNPC Ltd). According to the Ministry, no final decision has been made on the...
By EZEKIEL OBI, Abuja – The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has firmly stated that no violations of oil licensing guidelines occurred during the 2024 Oil Block Licensing Round, refuting recent allegations made in an online newspaper that suggested otherwise. The Commission in a statement issued on Thursday...
Niger State Governor, Umar Bago has called for partnership with the Dangote Group in the exploration and development of the discovered crude oil blocks in Niger State’s Bida Basin. Bago said that the group would significantly contribute to the exploration project with its proven expertise in the energy sector...
By EZEKIEL OBI, Abuja- The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company (NNPC) Limited over what it describes as a failure to account for N500 billion in oil revenue allegedly not remitted to the Federation Account between October and December...
Dangote Petroleum Refinery and Petrochemicals has reaffirmed its commitment to maintaining stable petrol prices, even as global crude oil prices continue to fluctuate. The affirmation is contained in a statement issued on Monday in Lagos, the Group Chief Branding and Communications Officer of the company, Mr Anthony Chiejina. Chiejina...
By ARMSTRONG ALLAHMAGANI, Bauchi – The Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, has disclosed that the Federal Government has renewed the licence for the crude oil exploration in the Kolmani area of Bauchi and Gombe States. He made the disclosure at the official groundbreaking ceremony...
Oando Plc, the indigenous firm that acquired Nigeria Agip Oil Company, says it has recorded four operational oil spills from October 2024 to date. The oil firm disclosed this in a statement made available to the News Agency of Nigeria (NAN) by Oando’s Spokesperson Mrs Alero Balogun, General Manager,...
By EZEKIEL OBI, Abuja- The Coalition of Civil Society Organisations in Nigeria (COCSON) and the Bloggers and Vloggers, Content Creators Association (BAVCCA) have jointly condemned what they describe as a “targeted and malicious” media campaign aimed at tarnishing the reputation of Malam Mele Kyari, the former Group Chief Executive...
The Tinubu Media Support Group (TMSG) says the federal government’s decision to make the naira-for-crude policy permanent is a sustainable solution to the cost of living crisis in the country. Chairman of the advocacy group, Mr Emeka Nwankpa, said this in a statement on Tuesday in Abuja. Nwankpa said...
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Friday said that the nation’s crude oil reserves stood at 37.28 billion barrels (bb) as at Jan. 1, 2025. The commission also said that Nigeria’s gas reserves hit 210.54 trillion Cubic Feet (tcf). Mr Gbenga Komolafe, Commission Chief Executive, NUPRC, who...
The Tantita Security Services Nigeria Limited (TSSNL) has expressed its commitment to the realisation of the 2.06 million barrels per day (bpd) vision of President Bola Tinubu in 2025. The Managing Director of TSSNL, Chief Kestin Pondi disclosed this on Friday at the inauguration of the newly built Ugborikoko...
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has said the recent drop in global crude oil prices has sparked hopes of a corresponding reduction in petrol prices in Nigeria National President, PETROAN, Dr Billy Gillis-Harry, while reacting to recent development in the oil and gas sector...
The Federal Government has said its naira-for-crude initiative with local refineries is not a temporary measure but a “key policy directive designed to support sustainable local refining”. The government also said the initiative is still in effect and will continue immediately, overruling the decision of the NNPCL under its...
The Nigerian Navy has apprehended some vessels carrying illicit arms and stolen crude oil and destroyed several illegal refining sites through its Operation Delta Sanity II in the month of March. The Director of Naval Information, Commodore Aiwuyor Adams-Aliu, made this known in a statement on Saturday in Abuja....
The Nigeria Economic Summit Group (NESG) has advised the Federal Government to sustain the crude oil production level of 2.2 million barrels per day (bpd) to ensure the feasibility of the 2025 budget. The Chief Executive Officer of NESG, Dr Tayo Aduloju, gave the advice at the group’s media...
ActionAid has raised concerns over the ongoing crisis in the petroleum sector, sparked by Dangote Petroleum Refinery’s suspension of petroleum product sales in naira. Country Director of ActionAid Nigeria (AAN), Mr Andrew Mamedu, expresssd this concern in a statement on Tuesday in Abuja. Mamedu criticised the suspension, stating that...
The Federal High Court (FHC) in Abuja on Tuesday, dismissed the Nigeria National Petroleum Company Limited (NNPCL)’s objection against a suit filed by the Dangote Petroleum Refinery and Petrochemicals FZE over oil import licence dispute. Justice Inyang Ekwo in a ruling, dismissed the objection on the grounds that the...
By BARBARA KALU, Port-Harcourt– A mysterious explosion rocked Bodo Community in Gokana Local Government Area of Rivers State on Tuesday, sparking concerns of sabotage. The blast occurred near the starting point of the Bodo-Bonny road, targeting an onshore pipeline, according to eyewitnesses. A local resident, who witnessed the incident,...