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Tag: Oil and Gas

Pension funds climb by 22% to N18tn - NAICOM
Oil and Gas

NAICOM, operators to inspect local content in oil industry

The benefits and difficulties of putting the requirements of the Nigerian Oil and Gas Industry Content Development Act into practice will be discussed by stakeholders and regulatory organizations in the oil and gas industry as well as the insurance sector. “The National Insurance Commission has agreed to facilitate discussion at the 2023 National Conference on […]

Nigeria to end gas flaring by 2030 - NUPRC
Oil and Gas

Crude oil production hits 1.48mbpd in June – NUPRC

Nigeria produced 1.48 million barrels per day of crude oil in June 2023, including 55,088 and 176,030 bpd of blended and unblended condensates, respectively, according to the National Upstream Petroleum Regulatory Commission. This is 3.5% and 5.71% more oil than it produced in May 2023 and June 2022, when it produced 1.43 and 1.40 million barrels […]

Nigeria, E/Guinea seek new oil, gas opportunities
Oil and Gas

Nigeria, E/Guinea seek new oil, gas opportunities

The governments of Nigeria and the Republic of Equatorial Guinea yesterday discussed the creation of a combined logistics base, the deployment of local resources across nations, and cutting the costs of significant oil and gas activities. These opportunities were examined when the Minister of Planning and Economic Diversification of the Republic of Equatorial Guinea, Gabriel […]

Cooking gas price hits N1,500 per kg
featured

NMDPRA announces new gas prices

The  Nigerian Midstream and Downstream Regulatory Authority has announced that a new gas pricing pattern will be made public today following a review with President Bola Tinubu’s Energy adviser, Olu Verheijen. The Nation reported that the Authority’s Chief Executive Officer, Engr. Farouk Ahmed announced the information at the Abuja headquarters’ official opening. He stated that the necessary […]

Crude hits $83 as Nigeria's export passes 1.4mbpd
Oil and Gas

Oil and Gas will guarantee Nigeria’s energy security – FG

The Federal Government has noted that oil and gas would continue to guarantee energy security for Nigeria’s massive population estimated to be about 200 million. This information was revealed by the Chief Executive Officer, of NUPRC, Gbenga Komolafe, in Abuja at the 16th Annual International Conference of the Nigerian Association for Energy Economics, which had […]

Oil and Gas

Brent declines amid slow economy

US crude oil rose around 3% on Wednesday, closing the price gap with global benchmark Brent in a post-holiday reaction to production restrictions imposed by Saudi Arabia and Russia on Monday. According to Reuters, after increasing by $1.60 on Tuesday, Brent crude was down 64 cents, or 0.8%, at $75.61 a barrel by 0913 GMT. […]

Saudi Arabia, Russia lead OPEC in extending oil cuts
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Nigeria ousts Angola as Africa’s top oil-producing country – OPEC

Nigeria is now Africa’s top oil producer, surpassing Angola, whose output was at 1.1 mb/d, while Equatorial Guinea is now the continent’s lowest producer with 56,000 bpd. According to Vanguard, Nigeria’s oil production, excluding condensate, climbed by 15.6% to 1.3 million barrels per day, in May 2023 from 1.1 mb/d reported in the previous month of […]

Nigeria has best return on investments, Tinubu tells Indian investors
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Tinubu meets oil marketers over subsidy removal

Juliet Buna President Bola Tinubu is meeting with major oil marketers at the Aso Rock Villa in Abuja. According to Channels, the oil marketers were led by Governor Dapo Abiodun of Ogun State. The President’s meeting with the oil marketers comes amid the controversy and protests trailing the removal of subsidy on Premium Motor Spirit […]

Court upholds NMDPRA's authority to impose statutory taxes
Oil and Gas

NMDPRA urges companies to drop diesel for gas

The Nigerian Midstream and Downstream Petroleum Regulatory Authority has urged the country’s companies, particularly those that utilize a lot of petroleum products, to switch from diesel to gas. The Punch reported that the Chief Executive of NMDPRA, Farouk Ahmed, made the call at a one-day stakeholder engagement on gas utilization in Nigeria which was held in Kano […]

NCDMB kickstart house wiring program for youths
Oil and Gas

Bayelsa court permits NCDMB to collect 1% NCDF levy

The Federal High Court in Yenagoa, Bayelsa State, delivered an important ruling on Tuesday confirming the authority of the Nigerian Content Development and Monitoring Board to collect the one percent Nigerian Content Development Fund levy from every contract awarded in the Nigerian oil and gas upstream transaction. According to The News Agency of Nigeria, this […]

Nigeria to end gas flaring by 2030 - NUPRC
Oil and Gas

NUPRC confirms take over of oil export terminals

The Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission has announced that they have taken over the regulation and monitoring of activities of the nation’s crude oil export terminals. AmBusiness reported that the Chief Executive Officer of NUPRC, Mr. Gbenga Komolafe said this in an interview with Arise TV on Tuesday. Komolafe claimed that […]