The Federal Government subsidised petroleum consumption by N2.57 trillion in the first eight months of this year, according to the Nigerian National Petroleum Company Limited (NNPCL). The controversial subsidy bill increased by 17.1 per cent between July and August – from N448.782 billion in July 2022 to N525.71 billion in August – while oil production in August averaged 1.18 million barrels …

The Group Managing Director of the Nigerian National Petroleum Corporation Limited (NNPCL), Mallam Mele has called on the international community to join Nigeria in its battle against crude oil theft. Almost 50 per cent of crude oil produced in Nigeria is lost to thieves. This has greatly reduced oil revenue due to the country. At the Nigeria International Economic Partnership …

…Nigeria Upstream Petroleum Host Community Development Trust regulation gazetted The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is in the process finalising seven draft regulations that would impact positively on the upstream oil and gas industry, according to its Chief Executive, Engr. Gbenga Komolafe. Opening a three-day industry stakeholder engagement in Abuja on Monday, Komolafe also announced that the Nigeria Upstream …

Nigeria’s full year estimate for petrol subsidy payment for 2022 will hit nearly US$16 billion or double the total expenditure budget of all the 36 states in 2021, according to leading economist, Mr Bismarck Rewane. Last year, all the 36 states in the country spent the equivalent of $9.8 billion, half what the nation will spend this year to cover …

A former President of the Petroleum and Natural Gas Senior Staff Association of Nigeria, Comrade Peter Esele has said that the unabated crude oil theft in the Niger Delta could be tackled with the deployment of technology to halt the collaboration of officials, oil workers, and community members in the big business. Esele, who was also President of the Trade …

Petrol (or fuel) will cost will rise to as much as N462 per litre when the Federal Government eventually removes subsidy by June next year, according to the Nigerian National Petroleum Company Limited (NNPC Limited). It said the average international market-determined landing cost in the second quarter of this year was $1,283 per metric tonne. Marketing and distribution’s cost is …

The National Union of Electricity Employees (NUEE) has restored power after it embarked on strike in the early hours of Wednesday. But the suspension of the industrial action and the consequential power outage across the country will last only two weeks, according to the union. NUEE resolved to hold back the action following the mediation of the team led by …

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) at the weekend inaugurated a 12-member Flare Gas Commercialisation Programme Team with the responsibility to ultimately end gas flaring by 2025. The team has the mandate to drive the process and coordinate the Federal Government’s Flare Gas Commercialisation Programme. Gas flaring in the oil and gas industry has continued to be a menace which …

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has affirmed that the status quo remains in respect of ExxonMobil/Seplat Energy share acquisition. Responding to media enquiries on the latest development about the transaction, NUPRC Chief Executive, Engr. Gbenga Komolafe clarified that,  in line with the provisions of the Petroleum Industry Act 2021, the commission is the sole regulator in dealing with …

The Minister of Power, Abubakar Aliyu has assured that the first batch of mega transformers under the Presidential Power Initiative (PPI) would arrive by September. In a statement by his Media Adviser, Isa Sanusi on Saturday, Aliyu said the transformers had passed the factory acceptance test at the Siemens’ transformers factory in Trento, Italy. In December 2021, the Federal Executive …