Oil and Gas

PIB: ‘3% of something is better than 100% of what you don’t know’ – Timipre Sylva

The Minister of State for Petroleum Resources, Chief Timipre Sylva, said that the philosophy behind the Petroleum Industry Bill (PIB) signed into law by President Buhari was to attract investors. The minister disclosed this while responding to questions on the three percent allocation to host communities in the PIB in[Read More…]

‘Petrol could cost as much as N256/Litre without subsidy’ – NNPC

Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari has outlined the heavy cost of fuel subsidies on the country’s economy. At a stakeholders meeting organised by NNPC on Wednesday, he said the federal government is injecting between N140 billion to N150bn monthly to keep petrol price[Read More…]

“To avert a total breakdown of law and order” – Ex-Militant leader, Government Tompolo gives Buhari 7-day ultimatum

Ex-Militant leader, Government Ekpemupolo, alias Tompolo, on Sunday, issued a seven-day ultimatum to the Federal Government to inaugurate the substantive Board of the Niger – Delta Development Commission, NDDC. Tompolo, Ibe-Ebidouwei of Ijaw nation, in a statement, said: “I wish to call on Mr. President, members of the National Assembly[Read More…]

NNPC renews Oil Mining Lease 118 with Shell, Total, Exxon, Eni

The Nigerian National Petroleum Corporation NNPC has renewed Oil Mining Lease 118 with the local subsidiaries of Shell RDSa.L, Total TOTF.PA, Exxon XOM.N and Eni ENI.MI for another 20 years. According to a statement released by the NNPC on Tuesday, the deal signals the end of “long-standing disputes over the[Read More…]

‘NNPC’s no May remittance threat is an attempt to blackmail Government’ – Femi Falana

Human rights lawyer and senior advocate, Femi Falana says the threat by Nigerian National Petroleum Corporation (NNPC) not to remit money into the federation account in May is an attempt to blackmail both federal and state governments into accepting deregulation policy of the downstream sector. Falana made the assertion on[Read More…]

Buhari Overides DPR, restores oil blocks to NNPC, Chinese Firm

President Muhammadu Buhari has approved the restoration of the leases on OMLs 123, 124, 126, and 137 to the Nigeria National Petroleum Corporation (NNPC), which is in production sharing contract with Addax Petroleum, a company wholly owned by Government of the People’s Republic of China The announcement was made in[Read More…]

Oil, Gas Export Revenue Dropped By $2.23Billion In 2020 – NNPC

The total revenue generated by the Nigerian National Petroleum Corporation from crude oil and gas exports plunged by 45.98 per cent last year amid the COVID-19 induced collapse in price and demand. Nigeria’s revenue from the exports of crude oil and gas fell to $2.62bn in 2020 from $4.85bn in[Read More…]

PENGASSAN cancels planned strike

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) said it has suspended its proposed strike over Chevron Nigeria Limited’s plan (CNL) to lay off 600 workers at the Agbami Offshore Oilfield in Bayelsa. Mr Lumumba Okugbawa, General Secretary of PENGASSAN made this known to the News Agency[Read More…]

Fresh Oil Spill Reported From Shell Facility In Bayelsa

Community sources in Ikarama community have reported a new case of oil spill along Shell Petroleum Development Company’s (SPDC) Okordia-Rumekpe Trunk Line or TransNiger Trunk Line. The spill reportedly occurred on April 6, 2021.According to community folks, the spill occurred as Shell was flushing the pipeline, an act otherwise described[Read More…]

DPR revokes 32 private refinery licences

The Department of Petroleum Resources has declared that 32 private refinery licences invalid. According to the Department, the licences had expired since 2018, bringing the number of valid refinery project licences to 23 as of March 2021. Among these refineries are: BUA Refinery & Petrochemicals (Akwa Ibom); Dee Jones (Cross[Read More…]