The Petroleum Industry Act (PIA), which ushered in the full deregulation of the nation’s oil & gas sector conferred on NNPC the critical role of the supplier of the last resort. In practical terms, what this means is that at any point in time when there are discrepancies in the supply chain of petroleum products,…
In a bold move to drive economic relief for Nigerians, Dangote Petroleum Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890 per litre, effective from Saturday This price adjustment is in response to favourable developments in the global energy sector and a significant decline in…
The Petroleum Products Retail Outlet Owners Association of Nigeria says its members are now loading petroleum products from the Port Harcourt and Warri refineries. This is contrary to previous doubts that the refineries owned by the Nigerian National Petroleum Company Limited were not fully operational. spokesman for the association, Joseph Obele, disclosed this in a…
A leading gas and power portfolio company in sub-Saharan Africa, Axxela Limited, has received gas distribution licences for its subsidiary companies, Gaslink Nigeria Limited, and Central Horizon Gas Company Limited, from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to support expansion opportunities and deepen domestic gas utilisation in the country. The licences, awarded…
The Group Chief Executive Officer of OandO Plc, Wale Tinubu has disclosed that the oil firm is partnering with the Lagos State Government to deploy 5,000 electric buses for public transportation in the state. Tinubu, stated this in an interview with CNBC Africa, on the sidelines of the just concluded World Economic Forum in Davos,…
Olu Verheijen, special adviser to the president on energy, says a total of $6.7 billion was invested in Nigeria’s energy sector in 2024. According to a report by the office of the special adviser, the oil and gas sector accounted for $5.5 billion of the total investment. The report said $400 million was invested by…
The Nigerian National Petroleum Company (NNPC) Limited has increased the price of premium motor spirit (PMS), also known as petrol, across its retail outlets in Lagos. On December 23, 2024, the national oil company reduced the retail price of petrol at its outlets to N925 per litre in Lagos and N965 per litre in Abuja….
US oil drilling activity has dropped to near post-pandemic lows due to low oil prices and cost inflation, with the rig count falling for over two years.Oil companies are prioritizing shareholder returns through dividends and buybacks, even resorting to borrowing to fund them, rather than investing in new drilling.Structural changes in the US shale industry,…
Portugal plans to increase purchases of liquefied natural gas (LNG) from the United States and Nigeria as it aims to end already dwindling supplies from Russia, Environment Minister Maria da Graca Carvalho said on Tuesday. Portugal imported 49,141 gigawatt-hours (GWh) of natural gas in 2024, of which around 96% was LNG, data from electricity and…
The Nigeria National Petroleum Company Limited said it uncovered 55 illegal refineries and 29 illegal pipeline connections in one week across the Niger Delta region. In a video documentary on the official YouTube channel of the NNPCL, the company said it recorded a total of 179 incidents of oil theft in the region. The operations,…
