An initiative to incentivise investors in the oil and gas segment of the nation’s economy aimed at attracting $10 billion investment, was yesterday unveiled by the Minister of Finance and Coordinator of the Economy, Wale Edun The event which culminated in the endorsement of the Consolidated Guidelines for the implementation of Fiscal Incentives for the Oil & Gas Sector – …

Dangote Petroleum Refinery has once more announced a further crash in the prices of diesel and aviation fuel to N940 and N980 per litre, respectively. This comes in the wake of its widely celebrated price crash to N1,000 barely two weeks ago. The new price of N940 is applicable to customers buying five million litres and above from the refinery, …

Oil marketers are gearing up to load refined petroleum products from the Port Harcourt Refining Company (PHRC), as workers at the facility race to get it set for production on the directives of the Nigerian National Petroleum Company Limited (NNPCL). Dealers confirmed on Friday that the PHRC was almost set to start releasing products, projecting a N500/litre price for Premium …

Group Chief Executive Officer (GCEO) of NNPC Limited, Mallam Mele Kyari has been honoured with the Energy Times’ GCEO of the Year Award in recognition of his commitment to accountability, transparency, and performance excellence. The company’s Chief Corporate Communications, Mr. Olufemi Soneye received the award on behalf of the NNPC boss, in a ceremony held at the Eko Hotel & …

The Nigerian National Petroleum Company Limited (NNPC Ltd) and its Joint Venture partner in OML 85, First Exploration and Petroleum Development Company Limited (First E&P), have commenced oil production from the asset also known as Madu Field. Production from the field which is located in shallow waters offshore Bayelsa State and operated by First E&P is expected to be at …

The International Monetary Fund (IMF) has explained why it advised Nigeria to remove fuel subsidies, adding that the subsidy regime was robbing the poor for the rich. The Director of the African Department of the Fund, Mr. Abebe Selassie, provided insights into the organisation’s position, at the ongoing Spring Meetings of the IMF and World Bank in Washington DC. According …

With Nigeria facing the reality of not meeting its 2024 oil production target, Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri and the Chief of Defence Staff (CDS), Major General Christopher Musa have vowed to curb oil theft and pipeline vandalism in the Niger Delta region. They agreed that the menace of oil theft, which has seriously curtailed production …

The Gas Supply and Purchase Agreement (GSPA), to support the Final Investment Decision for the $3.8 billion Brass Methanol Project is to be executed in May 2024, the Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, has disclosed. Ekpo, who announced this yesterday after a meeting with key stakeholders of the project in Abuja, said the meeting was to confirm …

President Bola Tinubu has commended the enterprising feat of Dangote Oil and Gas Limited in reducing the gantry price of Automotive Gas Oil (AGO) – better known as diesel. The Group recently reviewed downwards the gantry price of AGO from N1,650 to N1,000 per litre for a minimum of one million litres of the product, as well as providing a discount …

The Dangote refinery says it has reduced the price of automotive gas oil (AGO), also known as diesel, to N1,000 per litre. According to a statement on Tuesday by the refinery, the price of the product was dropped from N1,200 per litre. “In an unprecedented move, Dangote Petroleum Refinery has announced further reduction of the price of diesel to from …