Business Oil & Gas

No fuel scarcity in December, NNPC assures

Reading Time: 2 minutes The Nigerian National Petroleum Company (NNPC) has made assurances that the country will not suffer petrol scarcity in December and beyond, as it claims to have made adequate arrangements for supply. Umar Ajia, the Chief Financial Officer of NNPC Ltd, said this in Abuja on Monday standing before an ad hoc committee of the House Read More…

Business Oil & Gas Top Story

NNPC depends on Dangote, state-owned refineries to end fuel importation

Reading Time: < 1 minutes The Federal government said on Wednesday that it was depending on Dangote and state-owned refineries to end massive petrol importation in Nigeria. The Dangote plant and the government have the capacity to refine 650,000 and 445,000 barrels per day, respectively. Mele Kyari, the Group Chief Executive Officer, Nigerian National Petroleum Company Limited, NNPCL, speaking in Read More…

Business Nigeria Oil & Gas Top Story

Buhari worried over large scale crude oil theft

Reading Time: < 1 minutes Nigeria’s President Muhammadu Buhari cried out on Friday over large-scale crude oil theft. He said it was affecting the country’s revenues “enormously”. Nigeria lost $1 billion in revenue during the first quarter of this year due to crude theft, the oil regulator has said. Nigeria is unable to meet some of its financial obligations to Read More…

Business Oil & Gas Top Story

Buhari and NUPRC on collision course over sale of Exxon Mobil

Reading Time: 2 minutes Nigeria’s petroleum regulator, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), said on Tuesday it stood by its refusal to approve Exxon Mobil’s $1.28 billion sale of shares in its Nigerian unit to Seplat after President Muhammadu Buhari approved the transaction. NUPRC Chief Executive, Gbenga Komolafe, said under a new petroleum law passed last year, the petroleum Read More…

Business Oil & Gas Top Story

Subsidy payments: Identities of 23 oil firms operating in Nigeria missing from CAC register

Reading Time: 2 minutes Details and the exact names of 23 oil and gas companies which operated in the Petroleum Products Subsidy Regime from 2013 to 2021 have not been found at the Corporate Affairs Commission (CAC). The firms are Emadeb Consortium; Britania-U Nig. Limtted; Totsa Total Ol Tradings SA; Petroleum Trading Nigeria Limited; Mocoh S.A; Socer Worldwide; Calson Read More…

Business Legal Nigeria Oil & Gas Top Story

NNPC to fork out ₦747bn to Shell, Exxon Mobil – US appeals court

Reading Time: 2 minutes A U.S. appeals court on Friday granted Exxon Mobil Corp and Royal Dutch Shell Plc affiliates leave to enforce a part of a ₦747 billion ($1.8 billion) arbitration award against the Nigerian National Petroleum Corporation (NNPC), in a dispute concerning oil extraction near the African country’s coastline. In a 3-0 decision, the 2nd U.S. Circuit Read More…

Business Europe Oil & Gas Top Story Ukraine World

Africa is imperfect solution to Europe’s gas woes

Reading Time: 2 minutes Africa has become Europe’s latest gas hunting ground. Moscow’s decision to halt supplies to Poland and Bulgaria has sharpened concerns about the bloc’s Russian energy addiction. Italian Prime Minister Mario Draghi has already rushed to sign deals with Algeria, Egypt and the Congo Republic to curb his country’s reliance on Moscow. Africa’s vast fossil fuel Read More…

Business Oil & Gas Top Story

Dangote says it will complete its Nigerian oil refinery in the fourth quarter

Reading Time: < 1 minutes Dangote’s 650,000 barrels per day (bpd) oil refinery being built in Nigeria is due to begin production by the fourth quarter of 2022, Group Executive Devakumar Edwin said on Sunday. “75% hydraulic testing … as well as 70% of electrical cable fitting have been completed preparatory to the completion of the refinery in the fourth Read More…

Business Oil & Gas Renewable Energy Top Story World

Portugal to speed up switch from dependence on Nigerian gas in wake of Ukraine war

Reading Time: < 1 minutes Unlike central European countries, Portugal does not depend on Russian natural gas pipelines, as it mainly imports liquefied natural gas from Nigeria and the United States, and has not imported Russian crude since 2020. But all this is about to be whittled down or stopped, as the Iberian country now aims to accelerate its energy Read More…

Nigeria Oil & Gas Top Story

Nigeria currently has 1.9bn litres of petrol, enough to last for 32 days — Minister

Reading Time: < 1 minutes Minister of State for Petroleum Resources, Mr Timipre Sylva, on Wednesday in Abuja updated the Federal Executive Council (FEC) on the availability of 1.9 billion litres of petrol. He said the quantity was enough to last the country for 32 days. Group Managing Director of the NNPC, Mr Mele Kyari, accompanied the minister to the Read More…