Tuesday , November 24 2020

Oil and Gas

Time to CAP Incessant Gas Explosion in Lagos

Time to CAP Incessant Gas Explosion in Lagos

By Elvis Eromosele Lagosians woke up to the news of another gas plant explosion, this time is Baruwa, a suburb in a densely populated neighbourhood in Alimosho area of the state. So far eight persons have been confirmed dead with tens of others injured. Reports already indicate that at least …

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FG Orders 9,000 Filling Stations to Install Gas Facilities

FG Orders 9,000 Filling Stations to Install Gas Facilities

The Federal Government, through the Department of Petroleum Resources, has directed 9,000 filling stations in the country to commence the installation of facilities for gas products. The Director, DPR, Mr Sarki Auwalu, said the agency issued the directive to deepen the utilisation of liquefied petroleum gas, compressed natural gas, liquefied …

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$70 Oil Price Required to Sustain Budget – FG

Oil Price Budget

The Minister of State for Petroleum Resources, Timipre Sylva, has said the country needs an oil price of $70 per barrel and a production of two million barrels per day to sustain its budget. Sylva said the production cuts by the Organisation of Petroleum Exporting Countries and its allies had …

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Seplat Petroleum Revenue Drops 34.2% in H1, 2020

Seplat Petroleum Development Company Plc, the Nigeria’s leading indigenous energy company has reported a revenue shortage of 34.2 percent in its half year (H1) 2020 financial result. The company’s consolidated H1 financial report which was released Wednesday on the Nigerian Stock Exchange website, revealed that the oil firm revenue was …

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Fuel Price Goes Down Further to N121.50 Per Litre

The Petroleum Products Pricing Regulatory Agency (PPPRA) has effected a further reduction in the pump price of Premium Motor Spirit (PMS), also known as petrol, to N121.50 per litre, N2.0 down from N123.50 per litre last month. This is the third reduction this year. In a letter to petroleum products …

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Nigeria Spent N752 Billion on Subsidy in 2019

The federal government paid N752 billion as petrol subsidy in 2019, a report by the Nigerian National Petroleum Corporation (NNPC) has disclosed. According to a recent report on NNPC’s operations and financial activities for the period of January 2020, the country doled out a whopping sum of N594,525,670,942 to the …

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Low Oil Prices: Expert Tasks FG on Prudent Spending

Prof. Wumi Iledare, former President Nigerian Association of Energy Economics (NAEE), has advised the Federal Government to spend prudently to avoid breakdown of the nation’s economy as global oil price continues to crash. Iledare said in an interview with newsmen in Abuja on Tuesday that the economy was already in …

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