*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 […]
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 […]
Japan, the world’s biggest liquefied natural gas importer, bought the largest share of Nigeria’s LNG exports last year, data from the World Oil and Gas Review 2014 has shown. Between the 2011 Fukushima nuclear disaster and May 2012, Japan shifted heavily towards LNG as it shut down all of its nuclear reactors. Nuclear generation in […]
The Federal Government has said that investment in the downstream sector of the nation’s oil industry has hit over N60bn. Executive Secretary of the Petroleum Products Pricing Regulatory Agency (PPPRA), Farouk Ahmed, who disclosed this at a forum in Lagos, said several thousands of employment opportunities are also being generated to march the level of […]
Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, has called for the establishment of a Pipeline Protection Agency, PPA, to monitor and secure the nation’s pipelines from vandals, who have been inflicting economic damage on the nation. President of NUPENG, Comrade Achese Igwe, who spoke at the union’s National Education Seminar in Enugu, said […]
Abuja (AFP) – Africa’s largest oil producer Nigeria on Sunday announced a cut in petrol prices, a month before the country votes in presidential and parliamentary elections. Oil minister Diezani Alison-Madueke told an evening press conference that the price of a litre of petrol would drop from 97 naira to 87 naira (47 US cents) […]