The importation of Premium Motor Spirit (PMS), commonly known as petrol, decreased by 3.5 billion litres over the past year, according to data from the National Bureau of Statistics (NBS). In its latest report on petroleum product distribution, released on Tuesday, the NBS revealed that total petrol imports fell to 20.30 billion litres in 2023, […]Read More
Oil prices surged by over a dollar in early trading today, driven by increasing concerns that rising tensions in the Middle East could disrupt crude production, following Iran’s most significant military attack on Israel. Brent crude rose by $1, or 1.36%, reaching $74.56 per barrel, while U.S. West Texas Intermediate (WTI) crude gained $1.07, or […]Read More
The Federal Government has signed a N122 billion equity participation agreement with six gas infrastructure companies, aimed at transforming the midstream gas value chain across Nigeria. This was announced by the Minister of State for Petroleum Resources (Gas), Mr Ekperikpe Ekpo, during the signing of the Midstream Downstream Gas Infrastructure Fund (MDGIF) and Promoters Agreement […]Read More
Aliko Dangote, Chairman of Dangote Group, has disclosed that his conglomerate has invested over $25 billion in sectors such as oil and gas, cement, and sugar in Nigeria over the last seven years. Dangote made this announcement during a conversation on the sidelines of the recently concluded 79th United Nations General Assembly (UNGA 79) in […]Read More
The Federal Government, through the Presidential Compressed Natural Gas Initiative (PCNGi), is set to begin distributing 2,000 tricycles powered by compressed natural gas (CNG) to young people in the transport sector across Nigeria from October 1st, 2024. The initiative aims to provide these CNG-powered tricycles to young individuals working in the transport industry nationwide, as […]Read More
Maire Tecnimont SpA, the contractor responsible for the rehabilitation of the Port Harcourt refinery, has announced that it will provide an update on the project’s completion by or before 2 October. The Italian firm communicated this through Olajide Oyewole LLP, a law firm, in response to a request from human rights lawyer Femi Falana for […]Read More
The Nigeria Extractive Industries Transparency Initiative (NEITI) says outstanding collectible revenues due to the federal government in the oil and gas industry have risen to $6.071 billion and N66.4 billion as of June 2024, respectively. NEITI made this known on Thursday during the public unveiling of its 2022 and 2023 Independent Oil and Gas Industry […]Read More
The Federal Government, through Vice President Kashim Shettima, has welcomed ExxonMobil’s proposed $10 billion investment in Nigeria’s deep-water oil operations, describing it as a clear testament to the administration’s economic reforms and investment-friendly policies. This is coming just as the international maritime giant, DP World, has announced plans to develop a multibillion-dollar port project in […]Read More
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has explained why independent marketers are unable to source petrol directly from the Dangote Refinery. Speaking at a press conference in Lagos on Tuesday, PENGASSAN president Festas Osifo attributed the issue to a price discrepancy between the rates at which the Nigerian National Petroleum […]Read More
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has urged the Federal Government, through the Nigerian National Petroleum Company (NNPC) Limited, to increase its stake in the Dangote Refinery to 45% in order to enhance the nation’s energy security. Festus Osifo, the President of PENGASSAN, made this statement on Tuesday during the […]Read More
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