Tuesday , 17 October 2017
NEWS UPDATE

Oil & Gas

Fuel prices go up as Petrol shortage hits America

Fuel prices go up as Petrol shortage hits America

United States has been hit by petrol or gasoline shortage as the effect of Tropical Storm Harvey and the flood it brought to Texas and environ disrupted production on the Gulf Coast. Retail U.S. gasoline prices rose 2.8 percent from Friday to Saturday as refineries warned customers about the fuel-supply shortage. They were at $2.59 a gallon, according to motorists ... Read More »

Court Orders Forfeiture Of Malabu Oil To FG

Court Orders Forfeiture Of Malabu Oil To FG

Justice John Tsoho of the Federal High Court, has ordered an interim forfeiture of oil prospecting licence 245, otherwise known as Malabu oil. The order, according to him, would last pending the conclusion of investigation and prosecution of Shell Nigeria Ultra Deep Ltd, Shell Nigeria Exploration and Production Company Ltd, Nigerian Agip Exploration Ltd, Malabu Oil and Gas Ltd and ... Read More »

‘Niger Delta Avengers’ Says Ready For Ceasefire And Dialogue

‘Niger Delta Avengers’ Says Ready For Ceasefire And Dialogue

A militant group in Nigeria’s Niger Delta region, the Niger Delta Avengers, which has claimed a wave of attacks on oil facilities in the south-south, said it was ready for a ceasefire and a dialogue with the government. The restive southern swampland region has been rocked by violence against oil and gas pipelines since the start of the year, reducing ... Read More »

Oil Workers Postpone Strike, Meeting With FG

Oil Workers Postpone Strike, Meeting With FG

Nigerian oil workers have postponed their proposed strike at least until Monday next week when negotiations are opened with the federal government. Leaders of the oil workers union say the action is being put on hold until their leadership is able to meet with the government delegation to table their grievances. That meeting was originally scheduled for today (Thursday, July ... Read More »

Buhari Approves New Board Of Directors For NNPC, names Kacalla Baru new GMD

Buhari Approves New Board Of Directors For NNPC, names Kacalla Baru new GMD

President Muhammadu Buhari has approved the composition of the Board of the Nigerian National Petroleum Corporation (NNPC), as provided for under Section 1(2) of the Nigerian National Petroleum Corporation Act of 1997, as amended. The new board is composed of the following: A. Chairman-Dr Emmanuel Ibe Kachikwu, Honourable Minister of State for Petroleum; B. Group Managing Director- Dr Maikanti Kacalla ... Read More »

1,500mw lost to pipeline bombings —NNPC

1,500mw lost to pipeline bombings —NNPC

Concerns continueD to loom over the state of affairs of the country’s power supply, as recent report by the Nigerian National Petroleum Corporation, NNPC, puts a colossal loss of 1,500 megawatts of electricity to attacks on oil and gas facilities by militants in the Niger Delta. This is even as the capacity of Warri refining and petrochemical company plummeted from ... Read More »

Shell confirms Avengers’ attacks on Forcados pipelines, suspends oil exports indefinitely

Shell confirms Avengers’ attacks on Forcados pipelines, suspends oil exports indefinitely

The Shell Petroleum Development Company Limited, the Nigerian subsidiary of Dutch oil giant, Royal Dutch Shell, on Friday confirmed militants’ claims that a major damage was done to its oil installations in Delta State in the early hours of Friday, saying the attack had forced it to shut down crude exports indefinitely. The statement corroborates earlier statements by the Niger ... Read More »

Nigeria risks losing oil buyers to Iran, S’Arabia

Nigeria risks losing oil buyers to Iran, S’Arabia

Nigeria, which recently lost its Africa’s top oil producer status to Angola on the back of huge decline in its output, stands a chance of losing some of its traditional buyers to rival producers such as Iran and Saudi Arabia, industry experts have said. Following the spate of production disruptions largely caused by the recent upsurge in militant attacks on ... Read More »

Breaking News: Labour Union suspends nationwide strike

Breaking News: Labour Union suspends nationwide strike

Nigeria Labour Congress, NLC, led by Ayuba Wabba, Sunday suspended the ongoing nationwide strike to force the Federal The decision came after an emergency meeting of its organs – the National Working Committee and the National Executive Committee. At the meeting, talks were focused on the strike and the way forward. The body want Government to reverse the N145 per ... Read More »

Fuel Price Hike: Wabba-Led NLC Says Strike Commences Wednesday

Fuel Price Hike: Wabba-Led NLC Says Strike Commences Wednesday

alks between the federal government and the Ayuba Wabba-led Nigeria Labour Congress (NLC) have ended in a deadlock. According to our correspondent at the venue of the meeting, the NLC delegation to the meeting, led by its President, Mr Ayuba Wabba, walked out of the negotiation following the inability of the two parties to reach an agreement. Mr Wabba thereafter ... Read More »

Petrol price’ll go down in six months – Kachikwu

Petrol price’ll go down in six months – Kachikwu

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said Nigerians will be amazed at what will become of the price of Premium Motor Spirit in the next six months. The Federal Government had on Wednesday announced the removal of fuel subsidy, with a new petrol price band of N135 to N145 per litre, up from N86 and ... Read More »

Subsidy Removal, Answer To Fuel Scarcity – FG

Subsidy Removal, Answer To Fuel Scarcity – FG

After weeks of speculations, the federal government yesterday officially announced the removal subsidy on petrol as a way of ending the incessant fuel scarcity. Consequently, the Petroleum Products Pricing Regulatory Agency (PPPRA) announced that effective immediately, a litre of fuel would now sell for a maximum of N145 at all filling stations across the country. It, however, advised Nigerian National ... Read More »

Tinubu backs Buhari over new petrol price

Tinubu backs Buhari over new petrol price

National Leader of the All Progressives Congress, APC, and former governor of Lagos State, Asiwaju Bola Tinubu has thrown his weight behind President Muhammadu Buhari over the new pump price for premium motor spirit (PMS). The Buhari administration on Wednesday put the final nail in the coffin of the much villified fuel subsidy regime and announced a new N145 per ... Read More »

Petrol Scarcity: Petroleum Minister Apologises To Nigerians Again

Petrol Scarcity: Petroleum Minister Apologises To Nigerians Again

The Minister of State for Petroleum, Dr. Ibe Kachikwu, has again apologised to Nigerians for the prevailing long queues for petrol, saying “all is being done to address the situation”. Mr Kachikwu alongside five other ministers rendered account of what had been done in terms of government policies since the inauguration of President Muhammadu Buhari’s administration during the second Federal ... Read More »

NNPC remits N1.118 trillion into Federation Account in one year

NNPC remits N1.118 trillion into Federation Account in one year

The Nigerian National Petroleum Corporation (NNPC) has paid the sum of N69.544 billion into the Federation Account in March. This was contained in the corporation’s monthly financial report for March released in Abuja. It said that amount had brought the total amount paid to the Federation Account for Domestic Crude Oil and Gas and other receipts from April 2015 to ... Read More »

Niger Delta militants blow up Chevron oil facility

Niger Delta militants blow up Chevron oil facility

The Defence Headquarters on Thursday confirmed that armed men suspected to be members of a militant group in the Niger Delta attacked a major platform of Chevron Nigeria Limited. Chevron, an operator of a joint venture with the Nigerian National Petroleum Corporation (NNPC), said the attack occurred at about 11.15 pm on Wednesday. It is the latest in a series ... Read More »

FG Commences Clean Up Of Ogoni Land

FG Commences Clean Up Of Ogoni Land

The federal government has warned that any security threat to the clean-up process for the oil impacted communities in Ogoni land in Rivers State will be resisted. Speaking at a sensitization meeting in Port Harcourt, the Minister of Environment, Ms Amina Mohammed, charged the people of Ogoni land to ensure security for the exercise. As the federal government and the ... Read More »

FG resolved to pay subsidy on petrol

FG resolved to pay subsidy on petrol

The Federal Government has said it would pay subsidy on Premium Motor Spirit, otherwise known as petrol, from the recoveries made in the first quarter of 2016. This is contained in the latest Petroleum Product Pricing Regulatory Agency, PPPRA, template released in Abuja, yesterday. The PPPRA said between January and March, the Federal Government was able to save about N10 ... Read More »

Oil drilling to begin in the North this year

Oil drilling to begin in the North this year

The Federal Government will commence drilling activities for crude oil in the Chad Basin from the third quarter of this year, the Minister of State for Petroleum Resources and Group Managing Director of the Nigerian National Petroleum Corporation, Dr. Ibe Kachikwu, has said According to him, the commitment of the Federal Government and the NNPC to explore for oil and ... Read More »

PH, Warri Refineries Producing 7m Litres Of Petrol Daily – NNPC

PH, Warri Refineries Producing 7m Litres Of Petrol Daily – NNPC

The minister of state for petroleum resources and group managing director of the Nigerian National Petroleum Corporation (NNPC), Dr Ibe Kachikwu has disclosed that the Port Harcourt Refining Company now produces five million litres of petrol while the Warri Refining and Petrochemical Company also produces two million litres of petrol per day. The minister made this statement while re-commissioning the ... Read More »

Worsened power outage across Nigeria may continue till May

Worsened power outage across Nigeria may continue till May

The damaged Forcados Export Plant which is the main cause of the worsened power outage being experienced by Nigerians will not be completely repaired till May, the office of the Vice President has indicated. The plant was sabotaged by militants suspected to be sympathetic to the fugitive ex-Niger Delta militant, Government Ekpemupolo. According to a statement on Sunday by his ... Read More »

Nigerian Government Rolls Out 33 Policy Actions To Revamp Economy

Nigerian Government Rolls Out 33 Policy Actions To Revamp Economy

Nigeria’s Vice President, Professor Yemi Osinbajor, says the Federal Government has developed a Strategic Implementation Plan for the 2016 budget. Professor Osinbajo said that the plan articulates six thematic strategies that would constitute the short-term priority of the government over the next 12 months. In his speech at the Nation’s Forum On The Economy held on Thursday in Lagos State, ... Read More »

Fuel Scarcity: Kaduna Refinery To Resume Production In 2 Weeks – NNPC

Fuel Scarcity: Kaduna Refinery To Resume Production In 2 Weeks – NNPC

The current fuel scarcity being experienced in the country will soon give way as the Kaduna Refining and Petrochemical Company(KRPC) has assured of it readiness to resume production in two weeks time. The newly appointed chief operating officer (COO) Upstream of the Nigeria National Petroleum Cor-poration (NNPC), Bello Rabiu Babura disclosed this after inspecting facilities at KRPC. Babura who expressed ... Read More »

Fuel Scarcity Bites Harder Across all States

Fuel Scarcity Bites Harder Across all States

Fuel scarcity in Abuja, Nigeria’s capital continues to bite harder as buyers wait endlessly on queues with no hope of getting the product in sight. Scarcity of petrol has continued to get worse in the last two weeks, in some cases, buyers have to pay more than double the usual amount to get fuel into their cars. The situation is ... Read More »

Fuel Scarcity: Kachikwu Apologises To Nigerians

Fuel Scarcity: Kachikwu Apologises To Nigerians

Minister of state for petroleum resources and the group managing director of Nigeria National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu yesterday apologised to Nigerians over the lingering scarcity of Premium Motor Spirit (PMS), otherwise known as petrol, across the country. He also assured them that the perennial scarcity of the product would end in the second week of next month. ... Read More »

Fuel scarcity: Tinubu blasts Kachikwu

Fuel scarcity: Tinubu blasts Kachikwu

• Takes exception to minister’s ‘I’m not a magician’ comment • Says respect, good performance will do what magic can’t do National Leader of the ruling All Progressives Congress (APC), Asiwaju Bola Tinubu, yesterday ruled the Minister of State for Petroleum Resources, Mr. Ibe Kachikwu, out of order for saying he should not be expected to conjure magic in resolving ... Read More »

FG To Inject 350bn Naira Into Nigeria’s Economy

FG To Inject 350bn Naira Into Nigeria’s Economy

The Nigerian government says it will inject 350 billion Naira into the economy in the next few months to stimulate it. The government’s plan was announced at the end a two-day National Economic Council (NEC) retreat held at the Presidential Villa, Abuja, the nation’s capital. Explaining that the Federal Government is keen at using the 2016 budget to fast-track economic ... Read More »

Dangote Group sponsors 800 Nigerians to understudy refinery operations in India

Dangote Group sponsors 800 Nigerians to understudy refinery operations in India

Aliko Dangote, president of Dangote Group and Africa’s richest man, is sending about 800 Nigerians to India, to learn the operations of a petrochemical refinery. The 800 Nigerians will travel to the Asian country over the next 24 months in a batch of fifties, to learn from the nation with the largest refinery in the world. India is home to ... Read More »

How NNPC dubiously paid N36.4 billion water projects money to ex-NSA Dasuki’s office – Audit Report

How NNPC dubiously paid N36.4 billion water projects money to ex-NSA Dasuki’s office – Audit Report

The Nigerian National Petroleum Corporation in 2014 diverted N36.4 billion meant for the construction and rehabilitation of dams in Nigeria, and dubiously paid same to the Office of the National Security Adviser, a government audit has said. Former NSA Sambo Dasuki is currently standing trial for alleged corruption, following revelations that his office diverted $2.1 billion meant for the purchase ... Read More »

NNPC Shake-up: FG Appoints Garba-Deen As Corporation’s Spokesman

NNPC Shake-up: FG Appoints Garba-Deen As Corporation’s Spokesman

The on-going restructuring of the Nigerian National Petroleum Corporation (NNPC) yesterday led to a major shake-up in which a seasoned journalist and President of the Nigerian Guild of Editors(NGE), Mr. Garba Deen Muhammed as Group General Manager, Public Affairs Division of the company. Garba Deen who is also a firebrand newspaper columnist takes over from Ohi Elegbe, who was re-appointed ... Read More »