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Author Archives: admin

Insecurity: IPMAN Threatens to Shut Down Petroleum Stations in Oyo State

…..by Abisoye Shola…….. Independent Petroleum Marketers Association of Nigeria, (IPMAN), Oyo State branch said in Ibadan yesterday that it may be forced to shut down all petroleum stations in Oyo State. IPMAN said that the security situation in the State is becoming worrisome The petroleum products marketers saidt the killing of innocent citizens in some parts of the state is ...

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Atiku Sold his Shares, Collected $5.4m Balance from Us – Intels

Intels Nigeria Limited has explained why it severed ties with former Vice President Atiku Abubakar, who was one of its major shareholders. Intels said it severed ties with Atiku and his family after the former Vice President sold off his shares and exited the company in 2020, the statement titled ‘Intels severs ties with Atiku’ read. In another statement, the ...

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Most OPEC+ Producers Don’t Favor Another Output Increase

Most of the members of OPEC+ are reportedly favoring delaying another 500,000 barrels per day (bpd) increase in collective production from February due to the surging COVID-19 cases and the new lockdowns imposed to fight them According to sources from OPEC as of this January 2021, the group is already easing the collective cut by 500,000 bpd, and producers’ cuts ...

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Minister Dismises Increment in Electricity Tariff as Committee was Not Consulted

…….by James Ikenna…….. The Minister of State for Labour and Employment, Festus Keyamo, has dismissed the purported increment in electricity tariff saying there was no agreement on such increase between the members of the committee set up to look into new tariff in which his ministry and the organised labour are members. According to him what was agreed was the ...

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PIB Should Create a Competitive Environment for Investiment – LCCI

The Lagos Chamber of Commerce and Industry said on Sunday that there is the need to create a competitive environment to attract investment to the oil and gas sector using the Petroleum Industry Bill (PIB) which is before the National Assemy According to LCCI some provisions in the Petroleum Industry Bill, currently in the National Assembly, could adversely affect the ...

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LPG: NLNG Begins Domestic Supply of 450,000 MT Yearly

Consumers of the Liquefied Petroleum Gas, LPG, would have more domestic supply, as the Nigeria LNG Limited, has started the supply of 450,000 metric tonnes, MT in 2021. A company source, who confirmed the development, said the product would be delivered to designated destinations, including Lagos. Earlier, Managing Director, NLNG Limited, Mr Tony Attah, had promised to increase its allocation ...

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Oil Tumbles After Hitting $53, OPEC+ Delays Decision

The international oil benchmark, Brent crude, tumbled on Monday after hitting a record high of $53 ahead of the meeting of the Organisation of the Petroleum Exporting Countries and its allies. OPEC and its allies, a group known as OPEC+, met on Monday but ended discussions without any agreement on production levels for February. The meeting was adjourned till Tuesday ...

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Oil Market: OPEC Paints Mixed Outlook for 2021

Despite the stability of oil prices at $50 per barrel in recent times, the Organisation of Petroleum Exporting Countries, OPEC, has painted a mixed oil market outlook for 2021. In his Opening Remarks at the 47th Meeting of the Joint Technical Committee (JTC), January 3, 2021, via videoconference, HE Mohammad Sanusi Barkindo, OPEC Secretary General, said: “Amid the hopeful signs, ...

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Groups Seek $3.6bn Fine Against Shell And Condemn Conoil Spill in Akassa

The Artisan Fishermen Association of Nigeria has called on the Federal Government to prevail on Shell Nigeria Exploration and Production Company to pay the $3.6bn fine imposed on it by an industry regulator over the 2011 Bonga oilfield spill incident. In a related development, the Environmental Rights Action/Friends of the Earth Nigeria has raised the alarm that Conoil Plc has ...

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New Year OPEC+ Meeting to Decide Production Levels

Members of the OPEC group of oil producers and their partners will meet via videoconference on Monday to decide on production levels for February, hoping to turn the corner on a difficult year. The OPEC+ ministerial meeting comes after oil consumption tanked in 2020 due to the Covid-19 pandemic and a price war between Saudi Arabia and Russia. Despite a ...

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