The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says that the Dangote Petroleum Refinery is 97% completed. In a statement released on Thursday in Lagos and signed by Mr Anthony Chiejina, Group Chief Branding and Communication Officer, Dangote Industry Ltd., NMDPRA Chief Executive Mr Farouk Ahmed made the announcement. When the Dangote refinery’s representatives Read More…
For the fourth time since April, the Organisation of Petroleum Exporting Countries (OPEC) has lowered its estimate for how much oil the world will need in 2022. This was due to weaker economies, the return of China’s COVID-19 control measures, and high inflation. In a monthly report, OPEC predicted a 2.7% increase in oil demand Read More…
As the country marked its independence, the Independent Petroleum Marketers Association of Nigeria (IPMAN), on Saturday in Abuja, pushed for the Federal Government to accelerate full deregulation of the petroleum sector to further open up the market. Speaking through its National Public Relations Officer, Alhaji Yakubu Suleiman, IPMAN said having full deregulation would help in Read More…
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…
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…
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…
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…
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…
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…
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…
