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Tag: oil firms

Oil and Gas

Bolivia takes over state oil firm YPFB amid fuel crisis

Bolivia has placed its state oil company, YPFB, under temporary government supervision, following persistent problems with fuel imports and distribution that have triggered a severe nationwide supply crisis, authorities announced on Wednesday. Long queues of drivers waiting for scarce fuel have become a common sight across Bolivia, a situation that has persisted since President Rodrigo […]

Oil and Gas

UAE oil giant vessel attacked in Strait of Hormuz

The United Arab Emirates’ state-owned oil giant ADNOC said Saturday one of its vessels came under attack in the Hormuz strait, the latest incident in the waterway at the centre of the United States-Iran conflict. Tehran has imposed an effective blockade of the strait, a vital shipping route for global energy supplies, carrying out strikes […]

Oil and Gas

EFCC recovers ₦115bn, $84m unpaid NDDC levies from oil firms

The Economic and Financial Crimes Commission has recovered more than N115bn and $84m in outstanding statutory levies owed the Niger Delta Development Commission by oil companies, the agency told the Senate on Wednesday. The disclosure was made before the Senate Public Accounts Committee, chaired by Senator Ibrahim Dankwambo, during the committee’s ongoing investigation into issues […]

Policy and Regulations

MANEG raises alarm over CBN policy favouring oil firms

Manufacturers under the aegis of the Manufacturers Association of Nigeria Export Group have raised concerns over what they described as a policy imbalance by the Central Bank of Nigeria, following its recent decision to allow International Oil Companies unfettered access to repatriate 100 per cent of their export proceeds. The apex bank last week scrapped […]

Air cargo demand rises by 18.4% January - IATA
Aviation

FG suspends $300 helicopter landing fees for oil firms

The Federal Government has ordered a temporary suspension of the enforcement and collection of $300 helicopter landing fees imposed on oil and gas operators. The decision followed concerns raised by stakeholders in the petroleum industry. The Minister of Aviation and Aerospace Development, Festus Keyamo, gave the directive at a meeting. The meeting took place with […]

Oil and Gas

Trump pushes US oil firms toward Venezuela investment

United States President Donald Trump on Friday urged top oil executives to invest in Venezuela’s vast crude oil reserves, but his appeal was received cautiously, with a leading chief executive describing the country as “uninvestable” without sweeping reforms. During a White House meeting, Trump told industry leaders that his administration, rather than authorities in Caracas, […]

Opinion

Oil firms urged to embrace PIA for host communities

International oil companies operating in the Niger Delta region have been urged to fully implement the Petroleum Industry Act across their various host communities in order to promote inclusiveness, transparency and sustainable development. The call was made by the Technical Assistant to Senator Sunday Benson Agadaga, Chairman of the Senate Committee on Oil, Mineral and […]

Oil and Gas

FG orders oil firms to fast-track projects, increase production

The Federal Government has called on oil companies operating in Nigeria to fast-track project sanctions and ramp up field development, insisting that the country must significantly increase crude oil production to boost the economy and remain competitive in the global energy market. Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, made the appeal […]

Oil and Gas

Subsidy probe: 23 oil firms operating in Nigeria unknown, say Reps

The profiles of 23 oil and gas companies trading in Nigeria are unknown, the House of Representatives’ Ad Hoc Committee to Investigate the Petroleum Products Subsidy Regime from 2013 to 2021 has said it does not know The panel is investigating payments made by the Federal Government through the Nigerian National Petroleum Corporation (now Nigerian […]

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