The Federal Government has announced plans to collaborate with the Nigerian Navy to achieve its target of 3 million barrels per day (bpd) in crude oil production by 2025. Nigeria’s current output stands at approximately 1.8 million bpd, a significant increase from the 1.4 million bpd recorded in 2023....
Crude oil
An Oil and Gas Industry Consultant, Dr Maurice Ibe, has tasked the Nigerian National Petroleum Company Limited (NNPC Ltd.) to ensure that the four government refineries are functioning at full capacity. Ibe, who is the Group Executive Chairman of the Benham Group, made this known in an interview with...
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said the price of petrol will drop to N935 per litre by Monday in view of Dangote Refinery’s new arrangement. IPMAN said the new price was necessitated by the reduction in Dangote Refinery’s fuel ex-depot price and uniform arrangement, which...
A coalition of Niger Delta groups has described Shell UK’s planned sale of its Nigerian subsidiary without consulting host communities as unhealthy and unacceptable. The women’s position was presented by Mrs Emem Okon of Kebetkache Women Development and Resource Centre during a protest in Yenagoa on Friday. Okon led...
By OLA MODUPE, Lagos- The Dangote Refinery has come out to clarify the details surrounding the Nigerian National Petroleum Company Limited’s (NNPCL) $1 billion investment in the refinery. The Group Chief Branding and Communications Officer at Dangote Group, Anthony Chiejina, said in a statement on Wednesday that the NNPCL’s...
The Port Harcourt Refining Company (PHRC) has not yet commenced bulk sales or opened its purchase portal, as essential processes are still being finalised. The Nigerian National Petroleum Company Limited (NNPC Ltd.) has said an official announcements will be made if and when price reviews on the products occur....
By DAVID IORJA, Abuja – President Bola Tinubu has extended his heartfelt congratulations to the Nigeria National Petroleum Company Limited (NNPCL) on the successful revitalization of the Port Harcourt refinery, marked by the official commencement of petroleum product loading on November 26, 2024. The President’s congratulatory message is contained in...
President Bola Tinubu, on Tuesday, commended the Implementation Committee on the Naira-based sales of crude oil and refined products and asked the members to resolve any teething problems. In a review meeting at the State House, Abuja, the President said using the Naira was conceived to remove the exchange...
Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, on Tuesday, said the sale of crude in naira to local refiners had set the Nigerian economy on the path of industrialisation and modernisation. Edun, chairman of the committee, said this while addressing State House correspondents after...
Dangote Group is looking to start production at its two Nigerian oil assets in the fourth quarter of 2024, after enduring months of crude supply woes, a report by S&P Global Commodity Insights has said. The report quoting company sources said Dangote is currently seeking a floating production, storage...
Nigeria should not be importing crude oil to meet domestic refinery feedstock needs, says the Independent Petroleum Producers Group (IPPG). Its Chairman, Mr Abdulrazaq Isa, said this at the Crude Oil Refinery Owners Association of Nigeria (CORAN) Summit in Lagos. The Summit has the theme, “Making Nigeria a Net...
The Federal Government says it will begin crude oil sales in Naira to Dangote Refinery and others in October. This is according to a statement by the Director Press and Public Relations, Federal Ministry of Finance and Economic Planning, Mr Mohammed Manga in Abuja on Monday. Manga said that...
Np The Nigerian National Petroleum Company Limited (NNPC Ltd.) has announced the introduction of Utapate crude oil blend, a new oil grade into the international crude oil market. The NNPC Ltd. said from Oil Mining Lease (OML) 13, fully operated by NEPL, NNPC Ltd’s upstream subsidiary, the Utapate crude...
The Nigerian Air Force (NAF) aircraft operating under Operation Delta Safe have in the last three months destroyed more than 70 illegal refining sites and 80 overhead tanks. The Chief of the Air Staff (CAS), Air Marshal Hasan Abubakar, said this while hosting the National Coordinator, Messrs New...
The Federal Executive Council (FEC) has directed the Nigerian National Petroleum Company (NNPC) Limited to sell crude oil to Dangote Refinery and other local refineries in naira and not in United States greenback. Federal Inland Revenue Service (FIRS) boss Zack Adedeji disclosed after a FEC meeting chaired by...
By BARBARA KALU, Port Harcourt – Project Niger Delta (PND), a civil society organization, has called on the federal government to cancel ongoing surveillance contracts aimed at stopping the theft of crude oil in the Niger Delta. In a petition signed by its Executive Director/Coordinator, comrade Princewill...
The Chief of Defence Staff, Gen. Christopher Musa, and other security and intelligence chiefs say they have devised strategies to combat crude oil theft and pipeline vandalism in the Niger Delta. Musa disclosed this on Tuesday in Abuja at a press briefing shortly after a closed door meeting...
Emir of Kano, Sanusi Lamido Sanusi on Thursday said that human capacity development was key to the economic development of Nigeria. Sanusi was the Keynote speaker at the 2024 Rivers State Economic summit According to him, to achieve development, it is imperative to recognise the need to take...
By DAVID IORJA, Abuja – President Bola Tinubu has said his administration is committed to unlocking the human and natural resource potential of Ogoniland, while ensuring the environmental and economic security of Nigerian communities. The President stated this on Wednesday at the State House during a meeting...
By MBAFAN ADE, Abuja – Keen on optimising production from the nation’s hydrocarbon assets to boost revenues and meet the nation’s OPEC production quota, the Nigerian National Petroleum Company Limited (NNPC Ltd) and its Joint Venture partner in the Awoba Unit Field, Newcross Exploration and Production Ltd, have restarted...