Oil & Gas

Mar
15
2024
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By Abia ThinkTank
PH Refinery Resumes Operations April, Gets 450,000 Barrels Crude

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

Economy, News Flash, Oil & Gas, South South
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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Mar
03
2024
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By Abia ThinkTank
Nigerian Navy Intercepts Ghanaian Vessel With Stolen Oil, Arrests 13

Nigerian Navy Intercepts Ghanaian Vessel With Stolen Oil, Arrests 13

Crime, News Flash, Oil & Gas, Security
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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Feb
28
2024
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By Abia ThinkTank
Why I Removed Petroleum Subsidy – President Tinubu Discloses

Why I Removed Petroleum Subsidy – President Tinubu Discloses

Economy, News Flash, Oil & Gas
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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Feb
27
2024
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By Abia ThinkTank
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

Crime, News Flash, Oil & Gas
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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Feb
25
2024
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By Abia ThinkTank
Over 80% Of Nigeria’s Crude Oil Are Stolen – Obasanjo

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

Columns/Opinions/Letters, Economy, News Flash, Oil & Gas
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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Feb
22
2024
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By Abia ThinkTank
FGN Bans Cooking Gas Exportation To Crash Price

FGN Bans Cooking Gas Exportation To Crash Price

Economy, News Flash, Oil & Gas
FG Bans Cooking Gas Export To Crash Price The Federal Government has banned the exportation of Liquefied Petroleum Gas, popularly called cooking gas, in a bid to increase its volume domestically to warrant a crash in price. It stated on Thursday that LPG producers in Nigeria and key stakeholders in the industry had been told to stop exporting the commodity out of Nigeria, following the recent jump in the cost of cooking gas. Findings showed that the cost of refilling a 12.5kg cylinder of cooking gas in Abuja, Lagos, Kano and some other states had climbed to about N18,000. It…
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Feb
17
2024
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By Abia ThinkTank
Soludo’s Heavy Taxation: IPMAN Threatens Strike In South East

Soludo’s Heavy Taxation: IPMAN Threatens Strike In South East

Business, Oil & Gas, South East
IPMAN threatens strike in South-East over Soludo’s heavy taxation Leaadership of Independent Petroleum Marketers Association(IPMAN), Enugu Depot says the over taxation of its members by the Anambra state government might lead to down tooling and shutting down fuel selling operations in the state within the next two weeks. Chairman, Mr Chinedu Anyaso who stated this shortly after he was re elected to pilot the Affairs of the members for a second term promised that he will continue to work hard to ameliorate the difficulties facing its members in their businesses. He said the challenge is highly prevalent in Anambra State,…
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Feb
15
2024
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By Abia ThinkTank
Petroleum Commission Key Departments To Relocate To Lagos

Petroleum Commission Key Departments To Relocate To Lagos

News Flash, Oil & Gas
Petroleum Commission To Relocate Key Departments To Lagos The Nigerian Upstream Petroleum Regulatory Commission is exploring the possibility of relocating certain units to Lagos, Politics Nigeria can report. This was contained in a memo dated February 14, 2024 and seen by our reporter. The commission noted said the decision was based on “the need to enhance our service delivery, reduce operational costs, and make adequate utilization of our assets in Lagos”. The memo reads: “In line with our objectives of improving organizational efficiency, driving industry growth, and managing office accommodation in Abuja, we are exploring the possibility of relocating certain…
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Feb
10
2024
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By Abia ThinkTank
Nigerian Navy Uncovers Massive Illegal Refineries In Rivers

Nigerian Navy Uncovers Massive Illegal Refineries In Rivers

Crime, News Flash, Oil & Gas, Security
Massive Illegal Refineries With 2.7m Litres Refining Capacity Per Day Uncovered In Rivers The Nigeria Navy has uncovered 15 massive illegal refining camps, each equipped with six cooking pots and metal storage tanks with capacity to hold about 30,000 litres of crude oil, culminating in about 2.7 million litres of crude oil illegally refined per day at Ke community in Degema, Rivers State. Commodore Desmond Igbo, the Commander, Nigeria Navy Ship (NNS) Pathfinder, Port Harcourt led journalists to the illicit refining sites at Ke community in Degema on Friday. Igbo said the troops uncovered the illegal refineries as part of…
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Jan
17
2024
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By Abia ThinkTank
After Refinery Takeoff, Dangote Investors Gain N1.2 Trillion

After Refinery Takeoff, Dangote Investors Gain N1.2 Trillion

Business, News Flash, Oil & Gas
Dangote Investors Gain N1.2 Trillion After Refinery Takeoff Spread the loveEquity investors in the stocks of companies under the Dangote Group have gained over 1.2tn during the first two trading sessions of this week. This marked increased appetite in the stocks of the companies listed on the Nigerian Exchange Limited, following the commencement of the production by the Dangote Petrochemical Refinery. Dangote Petroleum Refinery said it had commenced production of diesel and aviation fuel on Friday. The listed companies; Dangote Cement Plc, Dangote Sugar Refinery Plc and NASCON Allied Industries Plc; the latter companies are in the middle of a…
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