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The Nigerian National Petroleum Company Limited said it has addressed concerns that surround the current scarcity of Premium Motor Spirit commonly known as petrol appealing to Nigerisans to stop panic buying.NNPCL said the scarcity in certain regions of the country stems from logistical challenges, which have since been resolved.In a statement issued by Chief Corporate Communications Officer, NNPC Ltd., Olufemi ...

The International Monetary Fund, IMF, expects the Organization of Petroleum Exporting Countries, OPEC and partners to start increasing oil production gradually from July. The situation would catapult Saudi Arabia back into the ranks of the world’s fastest-growing economies next year. “We are assuming the full reversal of cuts is happening at the beginning of 2025,” Amine Mati, the IMF mission ...

The Eko Electricity Distribution Company (EKEDC), reportedly collected a whopping N15.7 billion out of N15.8 billion billed to customers. The figure represented a collection efficiency of 99 per cent, after the DisCo, announced that it registered the lowest aggregated technical, commercial, and collection losses (ATC&C) in its history. The term “technical” losses refers to the loss of electricity through the ...

Employees of Heritage Energy Operational Services Limited (Heritage Energy) made charity visits to two orphanages in Lagos recently. The workers, who made donations to the orphanages, explained that the donations were made in keeping with the Company’s tradition of Care for the less privileged in the society. The team led by Kayode Adeboye, Manager, Corporate Communications visited the Red Cross ...

Dangote Petroleum Refinery has again announced a further reduction in the prices of both diesel and aviation fuel to N940, N980 per litre respectively. This is coming in the wake of its widely celebrated price reduction to N1,000 barely two weeks ago. The price change of N940 applies to customers buying five million litres and above from the refinery, while ...

Targets $10 billion investment in 18 months The Federal Government has officially launched a new set of fiscal incentives to rejuvenate Nigeria’s ailing oil and gas industry, stating that it aims to attract about $10 billion in investment within 18 months. According to a statement from the event, several key regulatory bodies, such as the Federal Inland Revenue Service (FIRS), ...

Mr. Franklin Umole, Director of Business Development, Axxela Axxela Limited, a leading gas and power portfolio company in Sub-Saharan Africa, announces that it has taken Final Investment Decision for the development of a gas processing plant situated in OML 56, Delta State, South-South Nigeria. This strategic investment marks yet another significant stride towards delivering on Axxela’s commitment to deepen domestic ...

The Minister Of State For Petroleum Resources, Heineken Lokpobiri has accused the Nigeria Content Development and Monitoring Board (NCDMB) of diverting $500 million of the industry’s fund into equity investment in private enterprises and investments.when Engr. Simbi Wabote was the Executive Secretary of NCDMB. The Minister made this allegation at a recent Petroleum Club’s quarterly event in Lagos. The allegation ...

Keen on optimising production from the nation’s hydrocarbon assets to boost revenues and meet the nation’s OPEC production quota, the Nigerian National Petroleum Company Limited (NNPC Ltd) and its Joint Venture partner in the Awoba Unit Field, Newcross Exploration and Production Ltd, have restarted production from the Awoba field which last contributed production to the Bonny Terminal in 2021 and ...

Eko Electricity Distribution Company (EKEDC) emerged as the Distribution Company (Disco) of the year 2023 at the maiden edition of Energy Times Awards organised by Energy Times at the Banquet Hall of the Eko Hotels and Suites, Victoria Island, Lagos on Friday, April 19, 2024.The recognition is a testament to Eko Disco’s unwavering commitment and dedication to providing a safe, ...