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NewsNigeriaOil & GasNigeria’s Fuel Imports Drop 13.77 Percent After Subsidy Removal

PilotnewsOctober 2, 2024

The National Bureau of Statistics, NBS, has revealed a reduction in Nigeria’s petrol imports following the removal of the fuel subsidy by President Bola Tinubu in May 2023. According to the NBS, fuel imports dropped to 20.30 billion litres in 2023, a 13.77 per cent decrease compared to the 23.54 billion litres recorded in 2022. This data was disclosed in the latest petroleum products distribution statistics released by the agency on Tuesday. The report highlighted...

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Law & JusticeNewsNigeriaOil & GasNNPC Destroys Over 8,000 Illegal Refineries

Hassan Umar Shallpella (Regional Correspondent)September 29, 2024

…Targets 3 Million Barrels Per Day Amidst War on Oil Theft The Nigerian National Petroleum Corporation Limited, NNPCL, has destroyed over 8,000 illegal refineries across the country in the last six months. This was disclosed by the Deputy Manager, Command and Control Centre of the NNPCL, Murtala Muhammad, during a stakeholders’ engagement session in Abuja on Saturday. Muhammad, in a presentation on the menace of crude oil theft and its effects on Nigeria’s economy, revealed...

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InvestingNewsNigeriaOil & GasExxonMobil Plans $10 Billion Investment in Nigeria’s Deep-Water Oil Operations

By Ezinwanne Onwuka (Senior Reporter)September 27, 2024

ExxonMobil has announced its commitment to invest US$10 billion in Nigeria’s deep-water oil operations, a move welcomed by the Nigerian government as a clear indication of the country’s improving investment climate. The announcement was made by Shane Harris, the chairman and managing director of ExxonMobil Affiliates in Nigeria, during a high-level meeting with Vice President Kashim Shettima on the sidelines of the ongoing 79th session of the United Nations General Assembly, UNGA, in New York....

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NewsNigeriaOil & GasNNPCL Loads Petrol At N898 Per Litre As Dangote Refinery Begins Distribution

By Ezinwanne Onwuka (Senior Reporter)September 15, 2024

The Dangote Petroleum Refinery has commenced the loading of premium motor spirit (PMS), also known as petrol, at its gantry, signalling the beginning of a new era in Nigeria’s downstream petroleum sector. The Nigerian National Petroleum Company Limited, NNPCL, started loading petrol on Sunday after deploying over 100 trucks to the petrol-loading gantry of Dangote refinery on Saturday afternoon, in preparation for the scheduled petrol loading on Sunday. This marks a significant step following the...

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NewsNigeriaOil & GasNUPRC Denies Shell’s $1.3 Billion Asset Sale To Renaissance Consortium

Uzoamaka Ikezue (Staff Reporter)September 11, 2024

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has refuted claims that it has approved Shell International Plc’s $1.3 billion sale of its onshore assets to Renaissance Consortium. Mrs. Olaide Shonola, Head of Public Affairs and Corporate Communication, who signed the press statement on Wednesday, emphasized that the information published in Businessday on September 11, 2024, is incorrect and didn’t originate from the Commission. NUPRC had confirmed its commitment to transparency and stated that it will...

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NewsNigeriaOil & GasNNPCL to Supply 17.6 Million Barrels of Crude to Dangote Refinery in 2 Months

By Ezinwanne Onwuka (Senior Reporter)September 5, 2024

…Dangote Group says NNPCL has not started lifting petrol from its refinery The Nigerian National Petroleum Company Limited, NNPCL, has delivered 30 million barrels of crude oil to the Dangote refinery, according to Adedapo Segun, the Executive Vice President of NNPCL Downstream. Segun revealed this on Arise Television on Thursday, stating that an additional 17.6 million barrels will be supplied soon. The upcoming delivery of 17.6 million barrels will be split into 6.3 million barrels...

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Crime & SecurityNewsNigeriaOil & GasInsecurity tops agenda as Anambra State Assembly meets with SEEPCO Oil

Ebuka Onyekwelu (Staff Writer)September 4, 2024

The Anambra State House of Assembly on Tuesday interfaced with Sterling Oil Exploration and Energy Company Ltd – SEEPCO, as part of its oversight on oil exploration in the Ogbaru area of the State. Earlier in August, the Assembly had invited all approved oil explorers in Ogbaru where large quantities of oil and gas in Ogwuaniocha and Ogwuikpele communities are being explored. This invitation followed a delicate visit led by Hon. Chidiebere Ibemeka, the House...

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EconomyNewsNigeriaOil & GasPetrol Production Kicks Off At Dangote Refinery

By Ezinwanne Onwuka (Senior Reporter)September 4, 2024

….First Batch of 25M Litres of Petrol Ready to Hit Nigerian Market The Dangote Refinery, Africa’s largest oil refining facility, officially commenced petrol production on Tuesday, 3 September 2024. This development is expected to significantly impact Nigeria’s fuel supply, reducing the country’s reliance on imported petroleum products. The refinery, located near Lagos, will initially supply 25 million litres of petrol daily, with plans to increase this to 30 million litres by October, according to the...

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NewsNigeriaOil & GasNNPC Posts N3.3trn Net Profit, Declares Dividend Of N2.1trn 

Uzoamaka Ikezue (Staff Reporter)August 20, 2024

The NNPC Limited (NNPCL) has declared a net profit of N3.297 trillion at the close of the financial year which ended in December 2023. According to the corporation, an increase of over N700 Billion (28%) when compared to the 2022 profit of N2.548 trillion was recorded. A press statement on Monday signed by Olufemi Soneye, the Chief Corporate Communications Officer of NNPCL, quoted the Chief Financial Officer of the Company, Mr. Umar Ajiya as saying...

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NewsNigeriaOil & GasFG to Commence Sale of Crude Oil to Dangote Refinery in Naira

By Ezinwanne Onwuka (Senior Reporter)August 20, 2024

The Federal Government has announced plans to start selling crude oil to the Dangote Refinery in naira from 1 October 2024. This decision was made at a meeting with the Technical Implementation Committee led by Minister of Finance, Wale Edun, on Monday. According to a statement by the Ministry of Finance, “The upcoming commencement of Naira payments for crude oil sales to the Dangote Refinery starting October 1, 2024” was discussed at the meeting. The...

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