OPEC says Nigeria’s crude oil production dropped marginally in December The Organisation of Petroleum Exporting Countries (OPEC) says Nigeria’s average daily crude oil production dropped marginally to 1.485 million barrels per day (bpd) in December 2024. In its monthly oil market report OPEC said the current output figure represents a 1 percent drop from the…
The Nigerian National Petroleum Company Limited (NNPCL) has declared that it remitted N10 trillion to the Federation Account as of September 2024. This was revealed by Mele Kyari, group chief executive officer (GCEO), on Wednesday, during the presentation of the revenue generation performance of NNPCL in 2024 and projection for 2025 to the National Assembly…
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has revealed that Nigeria’s Compressed Natural Gas (CNG) conversion capacity was boosted by over 2,500 per cent in 2024. This was disclosed by the agency’s Chief Executive Officer, Farouk Ahmed, while he was speaking at the inaugural Petroleum Industry Stakeholders’ Forum, organised by the Ministry of…
The Federal Government will continue to work with relevant stakeholders to ensure the protection of electricity facilities in order to provide stable and uninterrupted power to Nigerians. The Minister of Power, Mr Adebayo Adelabu, stated this at the Inauguration of the 110MVA power Transformer at the Isolo transmission substation, Lagos. The newly inaugurated 110MVA transformer…
PETAN Chairman, Engr. Wole Ogunsanya joined industry stakeholders in Abuja for the Petroleum Industry Stakeholders Engagement (PISF) organised by the Ministry of Petroleum Resources. In his contribution, Engr. Ogunsanya proposed that the Ministry should among other things, Upholds Section 3.3 of the Local Content Act 2010 to give first consideration to local contractors in divested…
The Board of Directors of Eterna Plc has appointed Mr. Olumide Adeosun as the new Managing Director/Chief Executive Officer of Eterna Plc. According to a statement issued on Thursday by David Edet, the Company’s Secretary/Legal Adviser, the appointment will take effect on February 3, 2025. The Board commends the outgoing MD/CEO, Mr. Abiola Lawal, who…
The Independent Marketers Association of Nigeria (IPMAN) has turned to the Dangote Petroleum Refinery, following a significant 4.7% rise in the depot price of Premium Motor Spirit (PMS), commonly known as petrol. The price surged from N907 per litre last Friday to N950 per litre. The increase is linked to the rising cost of crude…
Shell is investing in the expansion of its joint-venture petrochemicals complex in China as the supermajor bets on continued petrochemicals demand in the world’s top crude oil importer. Shell said on Wednesday that CNOOC and Shell Petrochemicals Company Limited (CSPC), a joint venture between Shell Nanhai B.V. and CNOOC Petrochemicals Investment Ltd, had taken a…
The Nigerian Liquefied Natural Gas Limited (NLNG) has assured its stakeholders that plans for Train 7 Corporate Social Responsibility Projects for Bonny Kingdom are on course. The assurance is directly linked to the suspension on Monday of the planned protest scheduled to commence that morning by the Bonny Youth Federation to shut down social and…
-six states still in progress- NERC The Nigerian Electricity Regulatory Commission (NERC) has confirmed the readiness of four state governments, including Enugu, Ekiti, Ondo and Imo to take over the generation, transmission and distribution of electricity in the state, as it conclude the transfer of regulatory oversight to the states. Announcing the development via a…
