*Resolving security challenge will bring back investments to oil sector Peter Uzoho Worried by the alarming oil theft, underproduction, high production cost, among others, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has stressed the need for the declaration of emergency on the nation’s oil and industry. The Chief Executive Officer of NUPRC, Mr. Gbenga Komolafe […]
Industry players have proffered solutions to the challenges facing the downstream operation of the petroleum sector. The experts noted that digitalization of the industry, among others, will address the problems, writes AFOLABI IDOWU. With new refineries coming on stream and old ones billed for overhaul, experts have stressed the need for government and private players […]
Meanwhile, the NNPC yesterday disclosed that it’s the subsidiary upstream company, the Nigerian Petroleum Development Company Limited (NPDC), reported a fire incident on one of its oil blocks – Oil Mining Lease (OML) 20 at Egbema-West of Imo state. It explained in a statement by Makoji that the fire outbreak was discovered on October 7, […]
Chika Amanze-Nwachuku in Lagos and Chineme Okafor in Abuja Nigeria’s northern region could become an oil-producing jurisdiction soon following disclosure yesterday by the Nigerian National Petroleum Corporation (NNPC) that it had discovered hydrocarbon deposits in the Kolmani River II Well on the Upper Benue Trough/Gongola Basin. Also yesterday, the corporation signed a $2.5 billion pre-payment […]
October 14, 2019 By Toba Agboola The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has urged the Federal Government to fashion a uniform tax policy that will favour the development of businesses and drive production costs down. Its President, Comrade Michael Ndukaku Ohaeri said the three tiers of government collect many taxes, […]
The Nigerian Shippers Council (NSC) is currently moving strongly to ensure that government agencies under the Ministry of Transportation are put under economic regulation so that they do not introduce any charges without first seeking negotiation with the Council. The Council is worried that this has been the trend with the Nigerian Ports Authority (NPA) […]
in International Shipping News 15/10/2019 Container shipping lines will attempt to pass on extra fuel costs due to the introduction of low-sulfur IMO 2020 fuels next year. If shippers prove unwilling to foot the bill, carriers will likely make major cuts to service levels, according to a new analysis by Drewry Shipping Consultants. The analyst […]
Posted October 14, 2019, by Oluwafemi Ajayi & filed under Press Releases. Defaulters to face sanctions, EFCC An ongoing forensic audit of statutory remittances by oil and gas companies into the Nigerian Content Development Fund (NCDF) will end on November 30, the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi […]
Chuks Okocha in Abuja The President of the Senate, Ahmad Lawan yesterday justified the current move by the Senate to amend the law on Production Sharing Contract in the oil industry. Lawan said: “It has become absolutely necessary for us to do so as a country so that we can generate more revenues from our […]
Nigeria’s inability to attract fresh investment in the oil and gas sector or expand existing ones has left the country in a precarious situation. So far, there are strong medications that the loss for Nigeria has also become the gain of other countries, including, Ghana, Gabon and Angola, which have become new frontiers for oil […]