Nigeria represents one of Africa’s heavyweights when it comes to hydrocarbon exploration and production. With over 36 billion barrels of oil (bbl) and 200 trillion cubic feet of natural gas, the country has managed to position itself as both an attractive upstream market and competitive producer. In its Q1 2022 outlook,...
Energy experts from across the globe have converged on Abuja for the 2022 edition of the Nigeria International Energy Summit (N.I.E.S 2022). The N.I.E.S 2022 is currently holding at the nation's capital, Abuja, Nigeria with the worsening fuel scarcity, paralyzing economic activities across the country. Although the Nigerian National Petroleum Corporation(NNPC)...
The Nigerian Association of Road Transport Owners (NARTO), Petroleum Tanker Drivers (PTD), and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) have suspended its planned strike. The suspension which was announced in a Communique by the parties was after an intervention by the Nigerian National Petroleum Corporation Limited,...
The Nigerian Content Development and Monitoring Board (NCDMB) has secured approval to launch a US$50 million fund for NOGAPS Manufacturing Product Line. This fund would be dedicated to companies that would operate in the Nigerian Oil and Gas Parks and engage in the manufacturing of equipment components used in...
The Nigerian National Petroleum Company (NNPC) Limited posted a total of $224.29million receipt from crude oil and gas export in August 2021 as against $191.26million in July 2021. A breakdown of the figures captured in the August 2021 NNPC Monthly Financial and Operations Report (MFOR) indicates that export of crude...
The Senate Committee on Petroleum Resources (Upstream) has commended the Nigerian National Petroleum Company Limited (NNPC Ltd) for repositioning the Nigerian oil and gas industry into a competitive business environment. The Chairman of the Committee, Senator Bassey Albert Akpan, gave the commendation when he led members of the Committee on...
The Federal Government has announced the suspension of the planned removal of fuel subsidy until the time was ripe. Nigeria’s Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed announced this shortly after a meeting with the Minister of Petroleum Resources, Chief Timipre Sylva and the leadership of the...
African Petroleum Producers Organisation (APPO) has said that the establishment of Dangote Oil Refinery will bring about a 36 per cent reduction in the importation of petroleum productions into the continent. Besides, the organisation expressed a belief that the success of Dangote Refinery project could incentivise the rise of similar...
As the Federal Government commenced full implementation of the Petroleum Industry Act (PIA) in earnest, the new legislation has been tipped to provide business opportunities that will enable the Nigerian National Petroleum Company Limited (NNPC) earn more revenue for the country. Chief Executive Officer (CEO) of the company, Mallam Mele...
The Centre for the Promotion of Private Enterprise (CPPE), an economic advocacy group, has identified Dangote Petroleum Refinery as one of the key expected drivers of growth that would impact positively on the downstream sector of the Nigerian economy in 2022. Likewise, Financial Derivatives Company Limited, a financial institution, in...