The Federal Government on Friday issued a ‘Licence to Construct’ to UTM Offshore Limited for the development of a 2.8 million tonnes per annum Floating Liquefied Natural Gas facility. This historic project, the first of its kind in Nigeria, aligns with the government’s ongoing efforts to boost gas production, distribution, and utilisation under the Decade…
Several commercial transport operators in Ilorin on Thursday stormed some major streets in the metropolis to protest the new hike in petrol pump price. During the protest, they expressed their displeasure with the sudden price hike, with the action leading to untold hardship for thousands of commuters.The protests which commenced on Thursday morning significantly disrupted…
Dangote Group has denied reports that the Nigerian National Petroleum Company Limited, NNPCL, has started lifting fuel from its refinery. It was reported that NNPCL lifted petrol from Dangote Refinery and sold it for N897 per liter to Nigerians. The report comes amid the declaration by the Chairman of Dangote Group, Aliko Dangote, that the…
The Nigerian National Petroleum Company Limited has revealed that September 15, 2024, is the date it would commence lifting Premium Motor Spirit from Dangote Refinery.In a statement by NNPCL spokesperson, Olufemi Soneye, the Executive Vice President of Downstream of the Company, Adedapo Segun disclosed this while speaking on TVC News’ “Journalists’ Hangout” show on Thursday,…
The Organisation of Petroleum Exporting Countries and its allies (OPEC+) on Thursday, September 5, agreed to pause its planned oil output hike for two months after the benchmark Brent crude futures crashed to a 14-month low earlier this week amid fragile demand and plentiful supply, especially after the Libya deal resolution reports. OPEC’s key coalition…
The Coalition of Northern Groups (CNG), has rejected the price increase of Premium Motor Spirit (PMS), aka petrol.The newest price hikes, implemented by the Nigerian National Petroleum Company’s (NNPCL) Retail Management, range from N855 to N897 per litre, depending on the location, from the previous N568-N617.Independent marketers have adjusted their prices to between N930 and…
The Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri has charged Oando Energy Resources Nigeria Ltd to hit 100,000 barrels per day mark after the acquisition of the Nigerian assets of the Nigerian Agip Oil Company, NOAC.The $783 million deal which was finally concluded last month made the company as one of the major…
Gabriel Idahosa, President and Chairman of Lagos Chamber of Commerce and Industry, LCCI, has said that Dangote Refinery does not have business with the price Premium Motor Spirit (Petrol) is sold at the filling stations.Idahosa disclosed this on Thursday during an interview on Channels Television. His comments come amid the latest increase of petrol pump…
The Vice President, Downstream at the Nigerian National Petroleum Company, Adedapo Segun has stated that the current pump price of petrol is not market reflective and could be higher. He stated this during an interview on Arise Tv morning show where he explained the problems the company is facing with regards to petrol supply. According…
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) yesterday announced the granting of an additional 5,000 barrels per day licence to Waltersmith located in Ibigwe, Imo State. In a statement on its X handle, the midstream and downstream regulator stated that the approval was granted in the phase two of the plant’s development, but…
