Vice President Yemi Osinbajo says African countries account for less than one per cent of cumulative global carbon emissions. Osinbajo disclosed this in his keynote address at the 60th Anniversary Dinner of the Oil Producers Trade Section (OPTS) of the Lagos Chamber of Commerce and Industry (LCCI) on Thursday...
oil and gas
By CALLISTUS OFFOR, Abuja – The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has has reacted to the gas leak incident on the Nigerian Petroleum Development Company’s (NPDC), Well 6, in Sangama community, Bonny LGA of Rivers State. The incident which was reportedly observed on September 3, 2022 at about...
The Crude Oil Refiners Association of Nigeria (CORAN), the umbrella body of indigenous crude oil refiners, has appealed to the Central Bank of Nigeria(CBN) to create crude refinery intervention fund for its members. Its Secretary, Mr Olusegun Ilori, made the appeal in a statement on Wednesday after a visit...
The Organisation of Petroleum Exporting Countries (OPEC) says its upward adjustment of 0.1 million barrel per day (mb/d) to the overall oil production level is only intended for September 2022. OPEC made this known at its report on the 32nd OPEC and non-OPEC Ministerial Meeting held via video conference...
The price of the Organisation of the Petroleum Exporting Countries (OPEC) basket of 13 crude oil samples stood at 104.85 U.S dollars per barrel as at Monday, Aug. 29. This is compared with 103.89 U.S. dollars per barrel of the previous Friday, according to OPEC Secretariat calculations obtained by...
The Nigerian National Petroleum Company (NNPC Ltd.), said that the importation of petroleum products into the country will be stopped by mid-2023. Mele Kyari, Group Chief Executive Officer of NNPC Ltd. disclosed this at the State House Ministerial Briefing organised by the Presidential Communications Team, on Tuesday in Abuja....
The Director of Trade and Exchange Department, Central Bank of Nigeria (CBN), Dr Ozoemena Nnaji, says there is urgent need to diversify the Nigerian economy to spur growth. Nnaji made the call on Saturday, at the 33rd Seminar for Finance Correspondents and Business Editors in Abuja. She said that...
Malam Mele Kyari, Group Chief Executive Officer, Nigerian National Petroleum Company (NNPC) Ltd. says resolving the security challenge in the Niger Delta will bring back investments to the oil and gas sector. Kyari said the NNPC was working with security agencies and other stakeholders to address the issue of...
The Nigerian National Petroleum Company Limited (NNPC Ltd.) made a giant step towards tackling the disturbing issue of crude oil theft and damage to its operational pipelines and facilities. This giant stride marked the beginning of activities last week as the company introduced the “Crude Theft Monitoring Applications” to...
The Nigerian National Petroleum Company Limited (NNPC Ltd.) on Friday launched ‘Crude Theft Monitoring Applications’ to curb oil theft and pipeline vandalism. The News Agency of Nigeria (NAN) reports that the launch held in Abuja on the sideline of the signing of renewed Production Sharing Contracts (PSCs) agreements between...
The Minister of State for Petroleum Resources, Dr Timipre Sylva, has said that the country loses 400,000 barrels of crude daily via oil theft. Sylva said this on Monday, when he paid a courtesy visit to Gov. Hope Uzodimma of Imo at the Government House, Owerri. He described the...
By DAVID IORJA, Abuja – In his capacity as Minister of Petroleum Resources, and in consonance with the country’s drive for Foreign Direct Investment in the energy sector, President Muhammadu Buhari has consented to the acquisition of Exxon Mobil shares in the United States of America by Seplat Energy...
As the price of crude oil in the International market continues to rise in recent times, Nigeria has not been able to reap appreciable economic benefits. The News Agency of Nigeria (NAN) reports that price of crude oil, the country’s main revenue generating resource, had been on the increase...
It was a moment of joy for stakeholders in the oil and gas industry as President Muhammadu Buhari unveiled the new Nigerian National Petroleum Company Limited (NNPC Ltd.) on July 19. Following the unveiling, the NNPC became fully commercialised and transited into a limited liability company. There are some...
On Tuesday, July 19th, 2022, the crème of Nigeria’s political and socio-economic environment, especially the oil and gas industry, witnessed the unveiling of the new Nigerian National Petroleum Company Limited (NNPC Limited) at the State House Conference Centre by President Muhammadu Buhari. There is no doubt that the milestone event...
President Muhammadu Buhari on Tuesday unveiled the new Nigerian National Petroleum Company Limited, a landmark event that officially changes the oil firm from a wholly state-run entity to a commercial oil company, limited by shares. The NNPC Limited is expected to be managed as a private energy enterprise unlike...
The Nigerian Export Promotion Council (NEPC) on Monday in Abuja reiterated the need to promote non-oil exports for Nigeria to meet its national and global economic demands. Dr Ezra Yakusak, Executive Director/CEO of NEPC said this at a five-day export promotion capacity building programme. The programme designed to train...
By TOM CHIAHEMEN, Abuja – Troops of Operation DELTA SAFE have recovered 4,339,000 litres of crude oil and 2,051,000 litres of AGO as well as 30,000 litres of DPK in the Niger Delta region, all valued at about N2.7billion. This followed the successful conduct of anti-illegal oil refining operations...
By EZEKIEL OBI, Abuja – The Managing Director of The Shell Petroleum Development Company of Nigeria Limited (SPDC) and Country Chair, Shell Companies in Nigeria (SCiN), Mr. Osagie Okunbor, has been named the sole recipient of the H.E. Dr Alirio Parra Lifetime Achievement Award in Nigeria Oil and Gas Industry for 2022. Named in honour of the...
The Nigerian National Petroleum Company Limited (NNPC Ltd.) started the new week with an assurance to its investors and stakeholders that the days of complacency were over. The assurance came following the repositioning of the company to focus on profitability and value addition to its shareholders. The GMD/CEO of...