Oil Industry

Petrol Imports Halve After Subsidy Ends1

Petrol Imports Halve After Subsidy Ends

Mohammed Idris, the Minister of Information and National Orientation, announced a significant reduction in Nigeria’s petrol imports, cutting down by 50% following the subsidy removal. President Bola Tinubu, upon taking office, declared the end of fuel subsidies, leading to a sharp increase in petrol prices, now fluctuating between N620 and N700 per litre. This policy […]

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Nigeria Secures Major Share In Afreximbanks 30Bn Oil And Gas Investment

Nigeria Secures Major Share in Afreximbank’s $30bn Oil and Gas Investment

The African Export-Import Bank (Afreximbank) has announced its position as the leading financier of oil and gas projects across Africa, with a staggering investment of $30 billion. Nigeria, a key player in the continent’s oil and gas industry, has benefitted significantly, receiving 60% of this investment despite the global decline in funding for hydrocarbon projects.

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700M Ob3 Gas Pipeline Set For March Completion After 8 Years

$700m OB3 Gas Pipeline Set for March Completion After 8 Years

The Federal Government has announced the impending completion of the $700 million Obiafu/Obrikom/Oben (OB3) gas pipeline project by March 2024. Initiated in 2016, this announcement was made during the 7th Nigeria International Energy Summit in Abuja. The project, described by the Minister of State for Petroleum Resources, Gas, Ekperikpe Ekpo, as one of Nigeria and

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Forex Crisis Puts Modular Refineries At Risk Of Closure1

Forex Crisis Puts Modular Refineries at Risk of Closure

Nigeria’s modular refineries are on the verge of halting their operations due to the severe foreign exchange crisis that hampers their ability to purchase crude oil priced in US dollars. The country boasts 25 licensed modular refineries, with a collective potential to process 200,000 barrels of crude oil daily. However, the current forex predicament has

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Port Harcourt Refinery Nears Completion Set To Boost Fuel Supply

Port Harcourt Refinery Nears Completion, Set to Boost Fuel Supply

The Federal Government has announced that the Port Harcourt Refinery is nearing completion, with 80% of the work done, and is expected to significantly increase Nigeria’s fuel supply by producing two million litres of Premium Motor Spirit (PMS) and 2.2 million litres of diesel daily. The Director of Press and Public Relations in the Federal

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Fuel Crisis Grips Lagos Amid Panic Buying And Queues1

Fuel Crisis Grips Lagos Amid Panic Buying and Queues

Despite the National Association of Road Transport Owners (NARTO) calling off its strike, Lagos State has been engulfed in fuel scarcity, leading to extensive queues at numerous filling stations. The panic began on Tuesday, with fears of a fuel shortage due to the suspended NARTO strike prompting residents to rush to filling stations. This situation

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Petroleum Commission Plans Key Department Shift To Lagos

Petroleum Commission Plans Key Department Shift to Lagos

The Nigerian Upstream Petroleum Regulatory Commission is contemplating the relocation of several of its departments to Lagos, as revealed in a recent memo. Dated February 14, 2024, the memo outlines the commission’s strategy to boost its service delivery, cut down on operational expenses, and better utilize its assets in Lagos. The initiative aims to improve

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Shell Delivers 475000 Barrels Of Oil To Boost Nigerias Refining

Shell Delivers 475,000 Barrels of Oil to Boost Nigeria’s Refining

The Shell Petroleum Development Company of Nigeria Limited has delivered 475,000 barrels of crude oil to Port Harcourt Refining Company Limited, marking a significant step towards enhancing domestic refining capabilities and ensuring the availability of petroleum products in Nigeria. This initiative aligns with the Federal Government’s efforts to augment the country’s refining capacity. Abimbola Essien-Nelson,

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Nnpc Ltd Quashes Rumours Of Petrol Price Hike1

NNPC Ltd Quashes Rumours of Petrol Price Hike

The Nigerian National Petroleum Company (NNPC) Ltd has officially refuted claims of an impending increase in Premium Motor Spirit (PMS) pump prices, widely known as petrol. This clarification comes amidst growing concerns among motorists, who have faced challenges in purchasing petrol due to speculative fears of a price surge. These anxieties have led to lengthy

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Regulatory Hurdles Delay Dangote Refinerys Fuel Distribution1

Regulatory Hurdles Delay Dangote Refinery’s Fuel Distribution

The much-anticipated release of aviation fuel (Jet A1) and diesel by the Dangote Petrochemical Refinery into the Nigerian market has been postponed due to ongoing regulatory approval processes. Despite the refinery’s announcement on January 12, 2024, that it had started producing these petroleum products, the January 31 deadline to begin sales has passed without the

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