OIL

……….by Ben Ndubuwa……. The Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) has blamed the forex differential at both the official and parallel market rates as a major challenge to the price of Premium Motor Spirit (PMS) otherwise known as Petrol. Lamenting that accessing foreign exchange at official rate was a serious challenge to marketers. Mrs Winifred Akpani, DAPPMAN’s ...

In continuation of its ongoing restructuring and consolidation, the Nigerian National Petroleum Company (NNPC) Limited has changed the National Petroleum Investment Management Services (NAPIMS), an arm of the company to the ‘NNPC Upstream Investment Services (NUIS).’ The General Manager, Nigerian Petroleum Exchange (NIPEX), a division of NAPIMS, Mr. Andrew Grant, who represented the Group General Manager, NAPIMS, Mr. Bala Wunti, ...

Oil marketers said the scarcity of Premium Motor Spirit, popularly called petrol, in many parts of Nigeria was due to the unavailability of mother vessels to ship the product to the country. Also, they insisted on raising the price of the commodity following the hike in the rate of the United States dollar against the naira, as it was gathered ...

The Authority Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Engr Farouk Ahmed Monday launched the Major Oil Marketers Association of Nigeria (MOMAN) Compendiums of Best Practices Series of the Downstream sector. It was a standing ovation when the Authority CEO launched the MOMAN Compendiums at ongoing OTL Africa Downstream Week Expo 202 in Lagos. The ...

A joint Task Force (JTF) has arrested three suspected vandals that disrupted oil production by sabotaging the OML-55 Field within the Idama Oil Field operated by Belemaoil Producing Limited in Akuku-Toru Local Council of Rivers State. The men of 103 Battalion of the Nigerian Army acting on a tip-off arrested the suspects while breaking and removing wellhead installations of Belemaoil ...

Shell Petroleum Development Company (SPDC) has resumed export operations at the Forcados Oil Export Terminal, where repair works on the pipeline went in for weeks. The SPDC’s media relations manager, Abimbola Essien-Nelson, confirmed this in Lagos. This addition 500,000 barrels per day (bpd) of crude oil to Nigeria’s daily output will by the end of November earn more revenue to ...

The Independent Petroleum Marketers Association of Nigeria (IPMAN), has assured that fuel scarcity currently being experienced in parts of the country would soon end. Flooding and impassable roads have prevented haulage trucks to distribute petroleum products to, particularly parts of the north in the last two weeks leading to the scarcity. “Following the flooding, major roads being used by marketers ...

The Nigerian National Petroleum Company Limited (NNPCL) has informed the public that it has sufficient stock of petroleum products and the public should not give in to panic buying. The company in a statement on Thursday by Garba Muhammad, Group General Manager, Group Public Affairs Division, NNPC Ltd. said the current queue situation in some parts of Abuja and its ...

…………by Amaka Praise….. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) yesterday concluded its consultation on two Petroleum Industry Act (PIA) regulations, but with stakeholders kicking against the proposed ‘heavy’ penalties for potential infractions. The three-day event which kicked off in Abuja was in continuation of efforts to streamline the Authority’s regulations which came as a fallout of the ...

The Nigerian National Petroleum Company Limited (NNPCL) has acquired all 380 Oando retail outlets, aviation and gas brands nationwide from OVH Energy. Speaking at the unveiling of one of the new NNPC Limited stations formerly Oando in Abuja on Saturday, the Group Chief Executive Officer NNPC Limited, Mallam Mele Kyari, said: “The acquisition will bring over 380 additional filling stations ...