Oil and Gas

The Lagos Chamber of Commerce and Industry has drawn government attention towards some provisions in the new Petroleum Industry Bill (PIB). While declaring the chamber’s full support towards governmental efforts to drive industry reform through a new Petroleum Industry Bill, LCCI Director-General, Dr Muda Yusuf said the bill should seek …

The Senate on Tuesday has raised concerns over reports that the nation loses over $120m annually, following overwhelming patronage of foreign shipping firms in the shipment of petroleum products. The upper chamber has therefore, directed the Nigerian National Petroleum Corporation to initiate the processes of patronising and boosting the capacities …

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 …

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 …

The fortune of Nigeria’s oil and gas industry may further dwindle this year and even beyond as banks funding to the country’s highest revenue earner declined by $3 billion in 2019. This was even as the Nigerian National Petroleum Corporation (NNPC) disclosed that it has been able to reduce its Joint …

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 …

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 …

Over 1,300 oil spill incidents occurred in various parts of Nigeria between 2018 and 2019, latest figures compiled by the National Oil Spill Detection and Response Agency have revealed. It was also gathered that most of the oil spills were caused by the activities of vandals who break pipelines to …

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 …

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 …