Oil & Gas - Abia ThinkTank News

Jul

03

2024

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By Abia ThinkTank

State Of Emergency On Crude Oil Production By NNPC

Business, Economy, News Flash, Oil & Gas

NNPCL Declares State Of Emergency On Crude Oil Production .The Nigerian National Petroleum Company Limited (NNPCL) has declared a state of emergency on crude oil production. According to NNPCL, it is a move towards increasing Nigeria’s crude oil production and growing its reserves. This was contained in a statement by the Chief Corporate Communications Officer of NNPCL, Olufemi O. Soneye, on Tuesday, July 2. The statement reads: “In a move towards increasing Nigeria’s crude oil production and growing its reserves, NNPC Ltd has declared a state of emergency on production in Nigeria’s oil and gas industry. “Group Chief Executive Officer…

Jun

27

2024

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By Abia ThinkTank

‘No Cause For Alarm’ – Dangote Refinery Reacts To Fire Outbreak

Business, Economy, Mishap, News Flash, Oil & Gas

‘No Cause For Alarm’ – Dangote Refinery Reacts To Fire Outbreak A “minor fire” incident was recorded at the effluent treatment plant of the Dangote Refinery in Lagos on Wednesday. The fire was immediately put out as fire fighters and first responders swiftly rose to the occasion. In a statement, a spokesman for the company, Anthony Chiejina, said operations at the refinery was not affected in anyway. “There is no cause for alarm as the refinery is operating and there is no recorded injury or body harm to all our staff on duty,” he said. The $20bn facility sited in…

Jun

12

2024

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By Abia ThinkTank

Dangote Refinery Reveals New Date To Kickstart Petrol Supply

Business, Economy, News Flash, Oil & Gas

Dangote Refinery Reveals New Date To Kickstart Petrol Supply Dangote Petroleum Refinery and Petrochemicals in Lagos State has moved the supply date for Premium Motor Spirit (PMS) popularly known as petrol from June to mid-July. The President and Chief Executive Officer of the refinery, Aliko Dangote, attributed the postponement to slight delay but assured the public that by second to third week in July, the premium commodity would be in the market. Dangote spoke when he received a Senate delegation led by Senate President Godswill Akpabio, on a tour of the $20 billion facility in Lagos on Sunday. He said,…

Jun

11

2024

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By Abia ThinkTank

Petrol Price Can’t Drop As Low As N300/Litre – Major Marketers

Economy, Business, Oil & Gas

Petrol Price Can’t Drop As Low As ₦300/Litre: Major Marketers Oil marketers under the aegis of the Major Energy Marketers Association of Nigeria (MEMAN), were reacting to a report (Not Channels Television), that the pump price of Premium Motor Spirit, will drop to about ₦300/litre upon the commencement of massive production by the Dangote Petroleum Refinery and other indigenous producers, operators of modular refineries. However, they pointed out that this would be achieved when the government ensured the provision of adequate crude oil to local refiners, stressing that refineries abroad were ripping off Nigeria. “A lot of companies today benefit…

Jun

09

2024

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By Abia ThinkTank

Crude Oil Thieves, Illegal Refiners Are Enemies Of The State, Gov Otti Says, Urges Action

Abia State, Business, Crime, Good Governance, News Flash, Oil & Gas

CRUDE OIL THIEVES, ILLEGAL REFINERS ARE ENEMIES OF THE STATE, GOV OTTI SAYS, URGES ACTION Abia State Governor, Dr. Alex Otti, OFR, has described those who engage in the stealing and illegal refining of the nation's crude oil as enemies of the state and should be treated as such. Consequently, Governor Otti urged members of the Joint Task Force South South, Operation Delta Safe, to intensify their fight against oil theft and illegal operation of refineries in the State. The Governor expressed this view on Friday, when he received a delegation of the sector commanders of the Joint Task Force…

Jun

08

2024

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By Abia ThinkTank

Tinubu Administration Diverting Funds Through Secret Petrol Subsidy

FGN, Columns/Opinions/Letters, News Flash, Oil & Gas

Tinubu Administration Diverting Funds Through Secret Petrol Subsidy – Atiku The Presidential candidate of the Peoples Democratic Party (PDP) in the 2023 election, Atiku Abubakar, has accused the Bola Tinubu administration of diverting public funds through petrol subsidy, hence the refusal of the government to reveal how much is being spent on subsidy. Atiku said this in a statement on Thursday in reaction to a statement from the presidency. The former vice president said the clandestine subsidy regime was one of the reasons investments in the oil sector had refused to come in. He said, “Tinubu has brought the shady…

Apr

21

2024

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By Abia ThinkTank

Presidential CNG Initiative Set For Rollout

Economy, News Flash, Oil & Gas

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…

Apr

17

2024

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By Abia ThinkTank

Dangote Crashes Diesel To N1,000 Per Litre

Economy, News Flash, Oil & Gas

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…

Apr

16

2024

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By Abia ThinkTank

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

Economy, FGN, News Flash, Oil & Gas

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…

Apr

09

2024

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By Abia ThinkTank

Oil Marketers Propose N550/Litre Price To Dangote

Business, Economy, News Flash, Oil & Gas

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,…