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The  Major Oil Marketers Association of Nigeria (MOMAN) said on Friday that the deregulation of the sale of Premium Motor Spirit (PMS), also known as petrol, would be beneficial to Nigeria and Nigerians in the long run. Chairman of the association, Mr Tunji Oyebanji, said in a reaction to the outcry over the latest increment of the ex-depot price of ...

The Department of Petroleum Resources, DPR, yesterday, said it has commenced the audit of petrol retail outlets across the country, and has ordered 9,000 petrol stations across the country to immediately commence the upgrade of their facilities to allow them dispense gas to vehicles for transportation. This is in furtherance of the Federal Government’s National Gas Expansion Programme, NGEP, promoted ...

by Ben Ndubuwa………….. Hyde Energy Limited, a global petroleum trading company has unveiled its brand of automotive lubricant products and is expanding it’s portfolio with the downstream network in Nigeria. The unveiling of the products was made during their Stakeholders’ Forum which took place recently in Lagos as the company sets to solidify it’s efforts towards making an influencial footprint ...

The federal government says the Petroleum Equalisation Fund (PEF) and Petroleum Products Pricing Regulatory Agency (PPPRA) will be merged. Timipre Sylva, Minister of State for Petroleum Resources, said this while briefing newsmen on Thursday. He noted that the oil sector regulatory agencies will become one as contained in the new Petroleum Industry Bill (PIB). “PEF and PPPRA will emerge as ...

The Nigerian National Petroleum Corporation (NNPC) has obtained a prepayment funding of circa US$1b to support the upstream operations of its subsidiary, Nigerian Petroleum Development Company (NPDC). The crude oil prepayment has enabled NNPC to pay NPDC’s Tax obligations to the Federal Government of Nigeria, of circa US$700M with the balance utilised to fund NPDC’s capital and operating expenditures. The ...

by Ben Ndubuwa…………. There are strong indications that BUA planned 200,000 barrel per day Refinery may be located in the new Liberty Oil and Gas Free Zone (OGFZ) in Akwa Ibom State, recently approved by President Mohammadu Buhari. The new free zone, which is jointly promoted by the Akwa Ibom State Government, the Nigerian National Petroleum Corporation (NNPC) and an ...

The Department of Petroleum Resources (DPR) has generated a total sum of N673.7 billion in the first half of this year. The Director of DPR, Mr Auwalu Sarki, disclosed this during the visit of the Federation Allocation Accounts Committee (FAAC) Post-mortem Sub-Committee to the department on Wednesday. The FAAC delegation was led by the Chairman of the committee, Mr Kabir ...

by Jenifer Dike……………. Organisation of Petroleum Exporting Countries (OPEC), Secretary-General, Mohammad Barkindo has said that the future of the energy sector is deploying blue hydrogen digitalization, cyber security and block chain technology. at the weekend said it was going to explore the future of blue hydrogen, digitalisation in the energy sector and cyber security and blockchain technology. According to Barkindo, ...

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has elected national officers to run its affairs in the next three years (2020-2023) with Comrade Festus Osifo of Total Nigeria E&P Branch emerging as the 16th President of the Association. Comrade Osifo defeated his sole challenger Comrade Roland Fredericks of Shell Petroleum Branch by 200 to 183 votes. ...

The ex-depot price of Premium Motor Spirit (PMS) otherwise know as petrol hits N151.56 per litre as against N143.50 in July and N148.50 per litre in August last month. As a result marketers have fixed pump price to be N162 per litre with a N10 margin to care of operational cost. The Federal Government on Wednesday announced increment in the ...