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N100b Equalisation Debt, Faulty Infrastructure May Trigger Fresh Petrol Scarcity

Scarcity of Premium Motor Spirit (PMS), otherwise called petrol, surfaced again, yesterday, in the Federal Capital Territory (FCT) as the inability of the Federal Government to settle over N100 billion equalisation payment as well as a breakdown of key storage and distribution infrastructure may spread the development across the country. Already, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has ...

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Nigeria Made $565.5 Million from Oil in Q1 – NNPC

Nigeria made $565.5m in crude oil and gas export sales in the first quarter of 2022, according to data from the Nigerian National Petroleum Company Ltd. According to the data, the nation made $177.86m from crude oil exports and $387.72m from gas feedstock to Nigeria LNG Limited. The NNPC data indicates that in January 2022, the nation earned $75.88m from ...

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House of Reps Dismisses NNPC’s Allegations Against Oil Marketers Over Importation Of Off Spec Fuel

The House of Representatives on Thursday dismissed the allegations of importation of Off Spec fuel against four companies by the Nigerian National Petroleum Company Limited. The companies are Oando Oil, MRS Oil and Gas, Duke Oil and Emadeb consortium (Hyde, AY Maikii, Brittania-U), all of which were accused of bringing methanol laden fuel into the country Exonerating the companies, the ...

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NNPC Weekly: Efforts Intensify to End Fuel Importation

The Nigerian National Petroleum Company Limited (NNPC Ltd.) started its activities for the week with a tour of the Port Harcourt Refinery, to ascertain the level of ongoing rehabilitation of the plant. The Minister of State for Petroleum Resources, Chief Timipre Sylva, and members of Board of Directors, NNPC Ltd. who were also on the tour expressed satisfaction with the ...

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Senate Sets up 13-Man Panel to Investigate Crude Oil Theft

Following public outrage against the massive stealing of Nigeria’s crude oil, which had seen the country lose huge earnings as well as hobbled its ability to meet the quota allocated by the Organisation of Petroleum Exporting Countries (OPEC), the President of the Senate, Ahmad Lawan, yesterday constituted a 13-member Adhoc Committee to investigate oil theft in Nigeria and its impact ...

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Amid Crude Theft, Vandalisation, FG Earns $4.48 Billion from Shell

Notwithstanding the challenges of crude theft and pipeline vandalisation, the Federal Government, last year, earned $4.48 billion from Shell companies in Nigeria in royalties, taxes and other payments. The company, in its report on payments to governments, yesterday, unveiled the amount paid to different governments where it operates. The country’s crude production has recorded sub-optimal performance last year, owing to ...

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Wood McKenzie : Oil Thieft Gone Beyond Crisis Point in Nigeria

As oil-producing companies in the country and even Nigeria continue to lose out on the rising international price of the crude, Wood McKenzie, a global mining and consultancy research group, has said that the oil theft challenge in the country has gone beyond a crisis point. The firm in its latest report titled: “Nigeria Suffers Record Levels of Oil Theft,” ...

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