PPPRA fixes Petrol Price Band of N140.80 to N143.80 Per Litre for July

BusinessOil & GasPPPRA fixes Petrol Price Band of N140.80 to N143.80 Per Litre for July

PilotnewsJuly 2, 2020

The Petroleum Products Pricing Regulatory Agency (PPPRA), has fixed the pump price band of Premium Motor Spirit (PMS), also known as petrol at between N140.80 and N143.80 per litre for the month of July. Executive Secretary of the Agency Abdulkadir Saidu disclosed this in a memo to all Petroleum Products marketers released in Abuja on Wednesday. The memo was titled `Advised price for Premium Motor Spirit (PMS) in the month of July 2020.’ “After a...

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IMF Says Nigeria, Other African Oil Exporters Will Lose $34bn Due to COVID-19

EconomyNewsOil & GasIMF Says Nigeria, Other African Oil Exporters Will Lose $34bn Due to COVID-19

Bada Yusuf Amoo (Correspondent)July 1, 2020

The International Monetary Fund (IMF) has said that Nigeria and other oil exporters in African will lose a total of about $34bn in revenue as a result of the COVID-19 pandemic. The IMF added that the projected decline in revenue is associated to the unstable global crude oil prices. The Director of the IMF in the African Department, Abebe Selassie, stated this at the Africa Ministerial Roundtable on COVID-19 impact on the energy sector in...

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AKk Gas Pipeline to Inject 2.2bscf Gas to Domestic Market – Kyari

NewsNigeriaOil & GasAKk Gas Pipeline to Inject 2.2bscf Gas to Domestic Market – Kyari

PilotnewsJuly 1, 2020

he Nigerian National Petroleum Corporation (NNPC), says the Ajaokuta Kaduna, Kano (AKK) gas pipeline project will inject 2.2 billion standard cubic feet per day of gas to the domestic market. Malam Mele Kyari, NNPC Group Managing Director disclosed this at the ground breaking ceremony of the project in Ajaokuta, on Tuesday. “Upon completion, the project will enable the injection of 2.2bscf/d of gas into the domestic market and facilitate additional power generation capacity of 3,600MW....

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Buhari Pledges Speedy Completion of $2.5bn AKK Gas Pipeline Project

EconomyNigeriaOil & GasBuhari Pledges Speedy Completion of $2.5bn AKK Gas Pipeline Project

PilotnewsJune 30, 2020

President Muhammadu Buhari on Tuesday in Abuja affirmed the Nigerian government’s commitment to ensure timely delivery of the landmark Ajakuota-Kaduna-Kano Gas (AKK) gas pipeline project within budgetary allocation and specifications. Speaking at the virtual flag-off ceremony of the project at the Ajaokuta, Kogi and Rigachikun, Kaduna State campsites simultaneously, Buhari said the project was very dear to the people of Nigeria and must succeed. He, therefore, directed the NNPC and partners to remain focused, noting...

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Amid COVID-19, Nigeria Collecting Bids for New Marginal Oil Fields

BusinessNigeriaOil & GasAmid COVID-19, Nigeria Collecting Bids for New Marginal Oil Fields

PilotnewsJune 22, 2020

The global coronavirus pandemic drastically slowed down and in most cases halted completely business activities. But as signs of re-opening slowing gains traction, Nigeria’s economic mainstay, oil, is in the news. Today marks the deadline for oil companies and investors to submit bids to the Nigerian Department of Petroleum Resources for the first marginal oil field award round in two decades. The submission deadline, originally slated for June 14, was extended last week. Nigerian oil...

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OPEC+ sets June 22 Deadline for Non-Compliant Members on Oil Output Cut

NewsOil & GasOPEC+ sets June 22 Deadline for Non-Compliant Members on Oil Output Cut

PilotnewsJune 19, 2020

The Organisation of Petroleum Exporting Countries (OPEC) and its allies in the Declaration of Cooperation, called OPEC+, have set June 22 as deadline for non-compliant members on the oil output cut to submit their compensation plans. The group disclosed this in a statement issued after the 19th Joint Ministerial Monitoring Committee (JMMC), held via video conference, in Vienna, on Thursday. Nigeria was listed among countries yet to fully comply with the first phase of agreed...

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DPR warns IPMAN Members Against Selling Petrol Above Official Pump Price

BusinessOil & GasDPR warns IPMAN Members Against Selling Petrol Above Official Pump Price

PilotnewsJune 17, 2020

The Department of Petroleum Resources (DPR) , Osogbo Field Office, has warned members of the Independent Petroleum Marketers Association (IPMAN) against selling petrol above the official pump price. Mr. Olusegun Daboh, DPR Operations Controller, gave the warning in an interview with the News Agency of Nigeria (NAN) on Wednesday in Osogbo. Daboh said the official pump price in which filling stations were allowed to sell petrol was N121.50k and not above N123.50k. According to him,...

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Bill on Nigerian Local Content Passes 2nd Reading in Senate

EconomyNewsNigeriaOil & GasBill on Nigerian Local Content Passes 2nd Reading in Senate

PilotnewsJune 9, 2020

A bill for an act to enact the Nigerian Local Content act on Tuesday passed second reading in the Senate. This followed the presentation of the lead debate by the sponsor of the bill Sen. Teslim Folarin during plenary. The bill is entitled “A Bill for an Act to Enact the Nigerian Local Content to Provide for the Development, Regulation and Enforcement of Nigerian Content in all sectors of Nigerian Economy except in the Oil and Gas Sector and other matters...

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OPEC+ Countries Extend Oil Output Cut to July

Oil & GasWorld NewsOPEC+ Countries Extend Oil Output Cut to July

PilotnewsJune 6, 2020

The Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC allies, known as OPEC+ have agreed to extend the 10-million-barrel-per-day (mbd) first phase of the oil output cut by one month, to July 2020. The group disclosed this in a statement released at the end of its online meeting in Vienna on Saturday. It would be recalled that OPEC and its allies under the OPEC+ had agreed to cut supply by up to 10 million barrels...

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Major Oil Marketers Lost N10bn to fuel Price Reduction, says Chairman

NewsNigeriaOil & GasMajor Oil Marketers Lost N10bn to fuel Price Reduction, says Chairman

PilotnewsJune 4, 2020

The Major Oil Marketers Association of Nigeria (MOMAN), on Thursday said marketers lost over N10 billion due to reduction of petrol pump price from N145 per litre to N121 by government. The Chairman of MOMAN, Mr Adetunji Oyebanji, made the disclosure during a webinar on “Downstream Petroleum Market Deregulation: Prospective Impact on Nigeria Economy Post COVID-19.” The News Agency of Nigeria (NAN) reports that the webinar was organised by Financial Energy Review in collaboration with Leadgrid Series....

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