Oil & Gas

Presidential CNG Initiative Set For Rollout

Presidential CNG Initiative Set For Rollout

Presidential CNG Initiative Set For Rollout After the removal of the wasteful fuel subsidy on May 29, 2023, President Bola Ahmed Tinubu launched the Presidential CNG Initiative in October last year to deliver cheaper, safer and more climate friendly energy. The CNG Initiative was designed to deliver compressed natural gas especially for mass transit. The Federal Government as part of the many intervention programmes to reduce the burden of increase in pump price on the masses, provided N100 billion (part of the N500 billion palliative budget) to purchase 5500 CNG vehicles (buses and tricycles), 100 Electric buses and over 20,000…
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Dangote Crashes Diesel To N1,000 Per Litre

Dangote Crashes Diesel To N1,000 Per Litre

Dangote Crashes Diesel To N1,000 Per Litre The $20 billion Dangote Petroleum Refinery has slashed the price of diesel by 16.6 per cent to N1,000 per litre, from N1, 200 per litre in order to assist in impacting Nigeria’s domestic economy. The price of diesel was relatively high for months, due mainly to the importation of the product from the global market and foreign exchange crisis associated with it. But in a statement obtained by Vanguard today, the company, stated: “In an unprecedented move, Dangote Petroleum Refinery has announced a further reduction of the price of diesel from 1200 to…
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FG Releases New Rules To Compel Oil Producers To Sell Crude Oil To Domestic Refineries

FG Releases New Rules To Compel Oil Producers To Sell Crude Oil To Domestic Refineries

FG Releases New Rules To Compel Oil Producers To Sell Crude Oil To Domestic Refineries The federal government through the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) has introduced new regulations requiring its oil producers to sell crude oil to local refineries in a move to reduce the country’s dependence on imported refined products. The new regulations mandate that all oil companies in Nigeria must supply crude to domestic refineries that are unable to procure it locally. Only after fulfilling these domestic supply commitments are producers permitted to export crude. The NUPRC will serve as a middleman between local refiners and…
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Oil Marketers Propose N550/Litre Price To Dangote

Oil Marketers Propose N550/Litre Price To Dangote

Oil Marketers Propose N550/litre Price To Dangote As the Nigerian National Petroleum Company, NNPC Limited, moves to end petrol scarcity in Lagos and its environs, Dangote Refinery and oil marketers have intensified efforts at taking final decisions on pricing and delivery of petrol to filling stations Nationwide Dangote Refinery, which can refine 650,000 barrels per day, bpd of crude oil, intends to commence production and distribution of the product, the bulk of which is currently imported from the global market, in May 2024. Checks by Vanguard, weekend, indicated that the parties have been meeting and exchanging notes on the pricing,…
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Edo Refinery Received 15,000 Barrels Of Crude From Oza Oil

Edo Refinery Received 15,000 Barrels Of Crude From Oza Oil

Edo Refinery Receives 15,000 Barrels Of Crude From Oza Oil The Edo Refinery has received a total of 15,000 barrels of crude oil in 2024 for production from the Oza Oil Field operated by Decklar Resources Inc. and Millenium Oil and Gas Company Limited. The Chief Executive Officer of Decklar Resources, Sanmi Famuyide, who disclosed this in a statement on Wednesday, noted that the company has continued ongoing crude oil injection volumes into the Trans Niger Pipeline for transport to and export from the Bonny Export Terminal. The refinery was developed by the Edo Refinery and Petrochemical Company Limited and…
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PH Refinery  Resumes Operations April, Gets 450,000 Barrels Crude

PH Refinery Resumes Operations April, Gets 450,000 Barrels Crude

PH Refinery Gets 450,000 Barrels Crude, Resumes Operations April The Group Managing Director of the Nigerian National Petroleum Company Limited, Mele Kyari, has said the Port Harcourt refinery will commence operations in about two weeks time. According to Kyari, mechanical works have been completed on the Port Harcourt, Warri, and Kaduna refineries, stressing that the Kaduna refinery will commence operations in December. Kyari made this known in a press briefing after he appeared before Senate Ad-hoc Committee investigating the various Turn Around Maintenance projects of the country’s refineries. He said, “We are serving this country with honour and dignity. And…
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Nigerian Navy Intercepts Ghanaian Vessel With Stolen Oil, Arrests 13

Nigerian Navy Intercepts Ghanaian Vessel With Stolen Oil, Arrests 13

Navy Intercepts Ghanaian Vessel With Stolen Oil, Arrests 13 The Nigerian Navy Ship Beecroft Operation Delta Sanity, has arrested a Ghana-owned motor tanker, SWEET MIRI involved in suspected crude oil theft The vessel was arrested 174 nautical miles off the coast of Nigeria, approximately 320 kilometres, heading to Benin Republic. According to a statement on Saturday by the NNS Base Information Officer, Lieutenant H Ibrahim, the motor tanker, SWEET MIRI vessel had 13 crew; one Ghanaian and 12 Nigerians, onboard at the time of arrest. The Flag Officer Commanding Western Naval Command, Rear Admiral MB Hassan, was quoted in the…
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Why I Removed Petroleum Subsidy – President Tinubu Discloses

Why I Removed Petroleum Subsidy – President Tinubu Discloses

Why I Removed Subsidy On Petrol – Tinubu Discloses President Bola Tinubu explained on Tuesday that the decision taken to remove subsidy on petrol was a challenging one but necessary to ensure a transparent and accountable energy sector. The President, who spoke at the opening of the 2024 Nigeria International Energy Summit, NIES, in Abuja, acknowledged that the decision has led to hardship, especially amongst low-income earners, assuring that eventually the economy will improve and the benefits will manifest. Represented by the Minister of Information and National Orientation, Mohammed Idris, Tinubu said energy security was a priority for his administration.…
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FBI Charges Top NNPC Official For Taking $2.1m Bribe To Help Addax Petroleum

FBI Charges Top NNPC Official For Taking $2.1m Bribe To Help Addax Petroleum

FBI Charges Top NNPC Official For Taking $2.1 Million Bribes To Help Addax Petroleum Escape $2.4 Billion Liability To Nigeria A senior Nigerian National Petroleum Corporation has been slammed with bribery and tax-related charges in the United States, court filings seen by Peoples Gazette said. A jury recently returned a three-count indictment against Paulinus Iheanacho Okoronkwo after the Federal Bureau of Investigation found that he used his position as a general manager in NNPC’s upstream department to obtain at least $2.1 million in bribes. The alleged bribe was to assist Addax Petroleum escape its $2.4 billion liability to Nigeria as…
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Over 80% Of Nigeria’s Crude Oil Are Stolen – Obasanjo

Over 80% Of Nigeria’s Crude Oil Are Stolen – Obasanjo

Over 80% Of Nigeria’s Crude Oil Stolen – Obasanjo GISTSMATE MEDIA reports that former President Olusegun Obasanjo said over 80 per cent of Nigeria’s crude oil were stolen. Obasanjo stated this in Abuja at the launching of a book titled, ‘Court and Politics,’ written by Dr. Umar Ardo, a former associate of the ex-Vice President, Atiku Abubakar. According to the former president, one of the reasons why Nigeria’s economy is in ruins is that while other oil-producing countries have records of their oil production, Nigeria cannot account for hers due to theft. Obasanjo, who was represented by a former governor…
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