Oil and Gas

Lagos, Feb. 1, 2023 – The Independent Marketers Association of Nigeria (IPMAN) says petrol will be available and affordable prices in the next two week. Mike Osatuyi, the IPMAN National Operations Controller, said that marketers were putting in place measures to end fuel scarcity across the country. Osatuyi gave the assurance during an interview on Arise TV’s Morning Show on Wednesday. According to him, all stakeholders have agreed to sell fuel at affordable prices to reduce the burden on Nigerians. He said the Nigerian National Petroleum Company Limited and all …

Lagos, Jan. 31, 2023 – Some experts have blamed lack of foresight and seriousness for the current challenges in Nigeria’s oil and gas sector. The experts expressed their views in the latest edition of Proshare’s “Analysts Note” published on Tuesday. Proshare is a research and market information service company in Lagos. The experts said Nigeria’s fiscal woes and consumer squeeze “is a reflection of the lack of deep thought and deliberateness in administrating Nigeria’s Oil and Gas industry”.  They said that without a clear oil and gas policy and a …

Lagos, Jan. 23, 2023 – The Major Oil Marketers Association of Nigeria (MOMAN) has called for full deregulation of the petroleum downstream sector to encourage adequate supply of petrol. It attributed the increase in the cost of petrol to the high rate of logistics. “These queues are caused by exceptional high demand and bottlenecks in the distribution chain. “The major cause is the shortage and high (US dollar) costs of daughter vessels for ferrying product from mother vessels to depots along the coast. “Next is inadequate number of trucks to …

Abuja, Jan.21, 2023 – The Senate has summoned the Group Chief Executive of Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, over the N48 billion pipeline surveillance contract awarded to stakeholders in the Niger Delta region. The Senate Committee on Ethics, Privileges and Public Petitions announced this on Friday. Senator Ayo Akinyelure, the Chairman of the Senate Committe, said the Senate had summoned the NNPCL to defend itself over a petition by Isoko people alleging irregularities on a N48 billion contract on pipeline surveillance. Senate said it had summoned the …

Lagos, Jan. 19, 2023 – The lingering petrol scarcity across the country may soon abate as some of the 18 ships waiting to berth in Lagos ports are carrying petroleum products. The Nigeria Port Authority (NPA) said this today in its daily publication, “Shipping Position”. NPA said some of the ships were carrying bulk wheat, general cargo, gypsum, bulk sugar, palm oleum, bulk coal, automobile gasoline and jet fuel, among others The authority also said 16 other ships were expected to arrive at the port between January 18 and January …

Abuja, Jan. 9, 2023 – The rehabilitation of 60,000 barrels per day Port Harcourt Refinery has been completed and will begin production by the first quarter of 2023. Chief Timipre Sylva, the Minister of State for Petroleum Resources, said this in Abuja on Monday while presenting President Muhammadu Buhari Administration’s Scorecard (2015 – 2023).  “The rehabilitation of the 60,000 barrels per day is completed and it is going to be started in the first quarter,” he said. Sylva said that the Dangote Refinery in which the NNPCL holds 20 per …