Tinubu orders reduction of oil and gas contract timelines

NewsNigeriaOil & GasTinubu orders reduction of oil and gas contract timelines

Uzoamaka Ikezue (Staff Reporter)March 10, 2024

Special Adviser says contract period has been trimmed from 36 to six months. The Special Adviser to the President on Energy, Mrs. Olu Verheijen, has stated that the administration of President Bola Tinubu opted for fiscal incentives in the Oil and Gas sector to attract investments. Verheijen, who stated this yesterday, also noted that President Bola Tinubu has ordered the reduction of oil/gas contract timelines from 36 to six months. She stressed that the government was seeking...

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Taxation: IPMAN Enugu Depot May Down Tool

NewsNigeriaOil & GasTaxation: IPMAN Enugu Depot May Down Tool

Hassan Umar Shallpella (Regional Correspondent)February 17, 2024

The over-taxation by the Anambra state government on members of the Independent Petroleum Marketers Association, IPMAN, and Enugu Depot may lead to the shutdown of fuel stations in the state in the coming weeks. Mr. Chinedu Anyaso, Chairman of the Association, stated this shortly after he was re-elected to pilot the Affairs of the body. He explained that over-taxation is highly prevalent in Anambra State. “The Association had an agreement with the state government, yet...

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NNPC, Total Energies joint venture has achieved zero gas flare – Soneye

NewsNigeriaOil & GasNNPC, Total Energies joint venture has achieved zero gas flare – Soneye

Uzoamaka Ikezue (Staff Reporter)February 15, 2024

The NNPC Ltd and Total Energies Joint Venture has achieved zero routine gas flare in all its assets in pursuit of meeting the targets of 20% (unconditional) and 47% (conditional) greenhouse gas emission reduction as contained in the Nationally Determined Contribution under the Paris Accord signed by the President Bola Ahmed Tinubu administration. The fresh achievement is contained in a statement made available to journalists on Thursday by Olufemi  Soneye,  the Chief Corporate Communications Officer...

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US oil company, Dangote Refinery broker 2m barrel of crude deal

NewsNigeriaOil & GasUS oil company, Dangote Refinery broker 2m barrel of crude deal

By Ezinwanne Onwuka (Senior Reporter)January 30, 2024

Africa’s giant refinery in Lagos State, Dangote Refinery is preparing to import crude from the U.S. in the coming weeks, as the refinery valued at $20 billion intensifies its move to hit the market with refined oil products. Dangote Refinery, named after its owner Aliko Dangote, began operations on 12 January to end Nigeria’s years-long reliance on refined petroleum products since its launch in May 2023. Bloomberg, quoting individuals about the business deal, reported on...

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Rivers Govt tasks IOCs on adherence to safety during oil exploration

NewsNigeriaOil & GasRivers Govt tasks IOCs on adherence to safety during oil exploration

By Uzoamaka Ikezue (Staff Reporter)January 24, 2024

To curb environmental pollution, the Rivers State Ministry of Energy and Natural Resources has asked International Oil Companies (IOCs) operating in the state to ensure strict compliance with standards. Uche Nwafor, the state Commissioner of Energy and Natural Resources made the call when he visited the location of the gas pipeline explosion at Obagi Community in Ogba/Egbema/Ndoni council of the state. Nwafor, who frowned at activities of gas flaring within the area told journalists that no...

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Dangote Refinery Commences Production Of Diesel, Aviation Fuel  

BusinessNewsNigeriaOil & GasDangote Refinery Commences Production Of Diesel, Aviation Fuel  

Hassan Umar Shallpella (Regional Correspondent)January 13, 2024

The Dangote Petroleum Refinery has so far received six million barrels of crude oil at its two SPMs located 25 kilometers from the shore and has commenced production of diesel and aviation fuel. The Refinery can load 2,900 trucks a day at its truck-loading gantries. The products from the Refinery will conform to Euro V specifications. The first crude delivery was done on December 12, 2023, and the 6th cargo was delivered on January 8,...

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Mele Kyari’s tenure as GCEO of NNPCL extended

NewsNigeriaOil & GasPoliticsMele Kyari’s tenure as GCEO of NNPCL extended

By Ezinwanne Onwuka (Senior Reporter)November 28, 2023

President Bola Tinubu has retained Mele Kyari as the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, NNPCL. The President also retained Umar Isa Ajiya as the chief financial officer of the company in a major shakeup of the board and management team of the NNPCL. Presidential spokesperson Ajuri Ngelale announced the latest development via a statement on Monday. Chief Pius Akinyelure will head the non-executive board whose directors include Ledum Mitee,...

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NNPCL: Nigeria will be net exporter of petrol in 2024; no more importation

NewsNigeriaOil & GasNNPCL: Nigeria will be net exporter of petrol in 2024; no more importation

PilotnewsNovember 24, 2023

The Nigerian National Petroleum Company Limited, NNPCL, expects to cease the importation of refined petroleum products by December 2024. The oil firm is also working towards making Nigeria a net exporter of refined petroleum products by the same deadline. “We will no longer be talking about fuel importation by the end of 2024. I am very optimistic that this will crystallize,” the Group Chief Officer of the NNPCL, Mele Kyari said on Thursday at a...

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UK court rules in favour of Nigeria, quashes $11bn debt on failed gas deal with P&ID

NewsNigeriaOil & GasPoliticsUK court rules in favour of Nigeria, quashes $11bn debt on failed gas deal with P&ID

By Ezinwanne Onwuka (Senior Reporter)October 25, 2023

…President Tinubu lauds judgement. On Monday, Justice Robin Knowles of the Commercial Courts of England and Wales stopped Nigeria from paying an $11 billion [N8.4 trillion] arbitration award to Process & Industrial Developments [P&ID] Ltd., a company based in the British Virgin Islands. The legal wrangling between the Nigerian government and the company dates back to 2012 after a gas processing contract signed in 2010 went south. P&ID entered into an agreement with Nigeria in...

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NNPC Clarifies Increase In Petrol Pump Price

NewsNigeriaOil & GasNNPC Clarifies Increase In Petrol Pump Price

Hassan Umar Shallpella (Regional Correspondent)July 19, 2023

The CEO of the Nigerian National Petroleum Company (NNPC) Ltd, Mele Kyari has attributed the increase in petrol pump price from N540 to N617 per litre to market forces. Speaking after a meeting with Vice-President Kashim Shettima at the Aso Villa, Mr Kyari stated that the price hike was not due to a shortage in petrol supply, saying that prices fluctuate depending on market realities, and that the market would regulate itself. “There are just...

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