OIL

The leadership of the Nigerian Upstream Regulatory Commission (NURC) as well as the Nigerian Midstream and Downstream Regulatory Authority (NMDPRA) have been officially inaugurated by the Federal Government. With this development, the Department of Petroleum Resources (DPR), Petroleum Equalisation Fund (PEF) and Petroleum Products Pricing Authority (PPPRA) have been Scrapped and ceased to exist and their assets and liabilities transferred ...

Nigerian National Petroleum Corporation has said it spent a total of N32.56bn on pipeline security and maintenance from February to July this year. The NNPC spent N5.81bn on pipeline security and management in February; N5.32bn in March; N2.64bn in April; N5.26bn in May; N6.17bn in June, and N7.35bn in July. A total of 261 pipeline points were vandalised in the ...

The Nigerian National Petroleum Corporation (NNPC) in the last seven months spent over N816billion in subsidising the cost of Petroleum Motor Spirit (PMS) for Nigerians, a report has shown. Despite this, within the period, the country lost another N182billion to product losses, which is about 22.3percent of the total cost spent on subsidy. According to the industry’s report obtained from ...

The federal government on Friday commended seven filling stations in Port Harcourt for not adjusting their meters to cheat their customers. The filling stations are Planet, Benita and Unity on Air Force Road, Stage Oil (Aba Road), Eterna (Aba Road), Yemsonat, Palflax and Rain Oil at Port Harcourt Township. Mr Ibrahim Isah, Head of Surveillance, Weight and Measures Department, Federal ...

Nigeria, the largest oil producer and exporter in Africa, hopes that its newly adopted petroleum industry law will help it hike its oil production by 310 percent to 4 million barrels per day (bpd), Nigerian Petroleum Minister Timipre Sylva said this week. Nigeria currently produces just below 1.3 million bpd, as per OPEC’s latest official data. The African OPEC member ...

The Independent Petroleum Marketers Association of Nigeria (IPMAN), Calabar Depot, has threatened to shut down depots and 400 petrol stations owned by its members over what they ascribed to incessant harassment by the Police. The IPMAN, Calabar Depot, comprises over 500 independent petroleum marketers from Cross River State, Akwa Ibom State, and Benue State who with members from some other ...

……..By James Emejo and Sonia Mayomi……. The Corporate Affairs Commission (CAC) Wednesday said it had completed the incorporation of Nigerian National Petroleum Company (NNPC) Limited in accordance with provisions of the provisions of Petroleum Industry Act (PIA), 2021 which was signed into law by President Muhammadu Buhari August 16. Section 53(1) of the Petroleum Industry Act 2021, requires the Minister ...

OPAC Refineries, an indigenous company, has announced the completion of production of the first set of refined products in its refinery in Kwale, Delta state after four years of continuous development of its refining capacity. 00 be a statement released on Monday, the leading indigenous refining company noted that it had started the test run of its refinery and has ...

The Nigerian National Petroleum Corporation spent a total of N905.27bn on petrol subsidy in eight months amid rising global oil prices, the latest data obtained from the corporation show. With the international oil benchmark, Brent crude, nearing $80 per barrel on Monday (up 2.07 per cent at $79.71 per barrel as of 7:00pm Nigerian time), the landing cost of imported ...

The Federal Government on Thursday set up an inter-ministerial committee on the recovery of the illegally refined petroleum products (crude oil) in the creeks of the Niger Delta. The government said operatives of the Nigerian Army, Navy and Nigerian Security and Civil Defense Corps would be effectively used in the fight against crude oil theft in the Niger Delta region. ...