The minister of state for petroleum Resources (Oil), Senator Heineken Lokpobiri says Nigeria’s downstream sector is gradually stabilising, following the removal of fuel subsidy and the liberalisation of petroleum product pricing, describing the development as a bold and necessary step to attract private sector investment. The Minister, who made this known at the opening session…
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has said Nigeria will demand a higher oil production quota at the next meeting of the Organisation of Petroleum Exporting Countries scheduled for November. Lokpobiri disclosed this on Tuesday in Abuja during an interview with the media team of the Nigerian Upstream Petroleum Regulatory…
The Federal Government, through the Federal Accounts Allocation Committee, has extended the ongoing probe and reconciliation of payments made by revenue-generating agencies, including the Nigerian National Petroleum Company Limited, to December 2024, following unresolved discrepancies in remittances. This comes as the company has submitted its response on an alleged revenue under remittance of $42.37bn, an…
Dangote Refinery’s retail price of Premium Motor Spirit, PMS, known as petrol, has risen to N950 per litre at MRS filling stations in Abuja. This increase comes despite the refinery’s 650,000-barrel-per-day capacity, the nationwide Compressed Natural Gas, CNG truck distribution scheme, and the Naira for Crude initiative between the oil firm and the Nigerian government….
Oil prices, including both WTI and Brent crude, fell by over 2% due to renewed concerns about the trade war between the United States and China and its potential impact on the global economy. The trade tensions escalated after China sanctioned five U.S. subsidiaries of South Korean shipbuilder Hanwha Ocean, citing their support for U.S….
The supply glitch faced by Dangote Refinery has propelled fresh prices of the premium motor spirit, known as petrol, across Nigerian filling stations. The Nigerian National Petroleum Company Limited retail outlets Ranoil, AA Rano, Mobil, Sharon and other filling stations have implemented a fresh petrol price increase on Monday. NNPCL retail outlets in Kubwa Expressway,…
Shell Nigeria Exploration and Production Company Limited (SNEPCo), a subsidiary of Shell plc, says it has taken a final investment decision (FID) on the HI offshore gas project in the country. The decision, taken in partnership with Sunlink Energies and Resources Limited, saw the injection of $2 billion in the shallow offshore HI field in…
The Association of Energy Correspondents of Nigeria (NAEC), a professional body of journalists dedicated to promoting accurate reporting and informed discourse on Nigeria’s energy and extractive industries, has successfully hosted the 2025 edition of its Annual Conference at the Eko Hotels and Suites, Lagos. With the theme “Nigeria’s Energy Future: Exploring Opportunities and Addressing Risks…
The Nigerian UPstream Petroleum Regulatory Commission, NUPRC, says it has implemented series of transformative and regulatory interventions designed to reposition Nigeria’s upstream sector for competitiveness, resilience and sustainable growth, adding that through these efforts, the Commission is not only driving the rebound of the oil and gas industry, but also shaping Nigeria’s long-term energy future….
The Nigerian Content Development and Monitoriong Board (NCDMB), and Nigerian Export Import Bank (NEXIM) have distributed about $42million loans to Small and Medium Enterprises (SMEs) to boost local participation in the oil and gas industry. The Head, Specialized Business at NEXIM, Muhammed Z. Awami, made the disclosure during a panel session at the NCDMB stakeholders’…
