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President Muhammadu Buhari on Thursday inaugurated the National Oil and Gas Excellence Centre (NOGEC) Lagos, aimed at strengthening Nigeria’s position as a regional leader in the oil and gas industry. Buhari said the establishment of NOGEC, situated at the Lagos Annex of the Department of Petroleum Resources (DPR), would enhance safety, value and cost efficiency in Nigeria’s petroleum sector. He said: “NOGEC aligns with the administration’s commitment to fostering stability, growth and sustainability of the...

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Oil prices edged lower on Monday as climbing Coronavirus cases and tighter restrictions in Europe and China fueled worries over a slower recovery in fuel demand. Encouraging gross domestic product (GDP) and industrial production data from China helped to limit the downside to some extent. Brent crude for March delivery eased 0.2 per cent to 54.98 dollars a barrel, after falling 2.3 per cent on Friday. Similarly, U.S. oil futures were down by 0.1 per...

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President Muhammadu Buhari will virtually inaugurate the National Oil and Gas Excellence Centre (NOGEC), Lagos, on Jan.21, in a bid to boost the operations of the nation’s petroleum sector, an official of the Department of Petroleum Resources (DPR), has said. Mr. Paul Osu, Head, Public Affairs, who made the announcement in a statement issued on Monday, in Lagos, quoted the Director of DPR, Mr Sarki Auwalu, the chief host of the event, as saying that...

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The Nigerian National Petroleum Corporation  (NNPC) says it recorded a trading surplus of ₦28.38 billion in September 2020. The Corporation disclosed this in its Monthly Financial and Operation Report (MFOR)  for the month of September, released in Abuja, on Sunday. It said that the amount was slightly lower than the ₦29.60 billion surplus in August 2020. The marginal reduction in surplus, according to the report, was as a result of lower contribution from the Nigerian...

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The Minister of State for Petroleum Resources, Mr. Timipreye Sylva, said that the refinery rehabilitation exercise would be completed soon. He made this known during an interaction with members of the Nigeria Guild of Editors (NGE) in Abuja on Tuesday. “Apart from the completion of the plant equipment inspection and integrity study conducted since December 2019 as part of the phase one of the Port Harcourt refinery rehabilitation, the Nigerian National Petroleum Corporation (NNPC), on...

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The National Bureau of Statistics (NBS) says Abia, Kebbi and Kwara residents paid the highest amount for petrol (Premium Motor Spirit) in the country in November. The bureau stated this in its “Premium Motor Spirit (Petrol) Price Watch” publication for November and released on its website on Thursday in Abuja. According to NBS, Abia residents paid N178.70 per litre for the product while Kebbi residents paid N174.76 and Kwara residents N172.33. It, however, stated that...

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The Department of Petroleum Resources (DPR), Osogbo Field Office, has warned residents of the state against panic buying, hoarding and storing of petroleum products at home during the Yuletide period. Mr Benjamin Ogunnubi, the DPR Operations Controller in Osun, gave the warning in an interview with the News Agency Nigeria (NAN) on Thursday in Osogbo. Ogunnubi said there was no cause for panic buying, as the Federal Government had made adequate provision for availability of...

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The Defence Headquarters says troops of Operation Delta Safe have dismantled several illegal refineries and impounded large quantities of stolen products in Rivers and Delta within two weeks. The Coordinator, Defence Media Operation, Maj.-Gen. John Enenche, announced this while giving update on the military operations across the country on Wednesday in Abuja. Enenche said that the Armed Forces of Nigeria in conjunction with other security agencies recorded huge successes while carrying out comprehensive anti-illegal refinery...

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Mired in continuous scandals the leadership of the Niger Delta Development Development Commission (NDDC), once again, has been replaced by President Muhammadu Buhari who appointed an interim sole administrator to oversee the NDDC. Effiong Okon Akwa who has been acting as the Executive Director, Finance and Administration of the Commission was appointed as the sole administrator to oversee the Commission till the completion of the forensic audit. Akwa is also a Fellow of the Institute...

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The Federal Government has announced a reduction in the pump price of premium motor spirit, also known as petrol, from ₦168 to ₦162.44 per liter with effect from December 14. This was disclosed by the Minister of Labor and Employment, Dr. Chris Ngige, after a meeting with labor leaders which began around 9pm on Monday and ended at 1:30am on Tuesday. The product is presently dispensed at ₦168, following the decision of the Petroleum Products...

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