The implementation of the 2023 budget, which totals N21.8 trillion, may be threatened following a shortfall 470,000 barrels per day (bpd) in Nigeria’s crude oil output last month. At the current global market price of $92 per barrel, the 470,000 bpd shortfall, which represents 29 per cent drop from the budget benchmark of 1.69 bpd, amounts to a loss of …

The Group Chief Executive Officer of the Nigeria National Petroleum Company Limited (NNPCL), Mele Kyari, and the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (MMDPRA), Farouk Ahmed, yesterday shunned a probe of irregularities and alleged corruption in the NNPCL. The probe, carried out by the House of Representatives ad hoc committee, headed by Hon. Abubakar …

The Major Oil Marketers Association of Nigeria (MOMAN) has said the price of petrol can’t go as low as N200 per litre, even if the refineries are revamped. The association noted this, following a report published recently, where the Independent Petroleum Marketers Association of Nigeria (IPMAN) said petrol price would crash below N200 per litre if the refineries became functional …

The House of Representatives  Ad-hoc Committee on Crude Oil Theft has insisted that the heads of the Nigeria National Petroleum Ltd, (NNPCL); Nigeria Maritime Administration and Safety Agency, (NIMASA) and the Nigeria Inland Waterways Authority, (NIWA) must appear physically for investigation. The chairman, Hon. Alhassan Rumrum, gave this indication at the resumed hearing of the panel yesterday when heads of …

The military high command on Thursday, said its operations across the Niger Delta region denied oil thieves opportunities to steal crude oil estimated at N4bn from the country. The command said within the period under review, over 6.6 million litres of stolen crude oil; 3.5 million litres of AGO; 200,000 litres of DPK, and over 65,000 liters of Premium Motor …

Personnel of the Nigerian Army in collaboration with operatives of the Nigerian Security and Civil Defence Corps have uncovered no fewer than 12 illegal oil refining sites in Owahwa Creek, in the Ughelli South Local Government Area of Delta state. The operatives also discovered 60 crude oil cooking ovens, 14 reservoirs, six wooden boats laden with stolen crude, and 470 …

Residents of Maiduguri, the Borno State capital have commended the member representing Jere federal constituency at the House of Representatives, Hon Ahmed Satomi for selling 100,000 litres of fuel at the rate of N430 per litre as against N637 per litre in Maiduguri. The residents made the commendation yesterday during the dispensing of 100,000 litres of fuel by the lawmaker …

Some groups in the oil-rich Niger Delta region on Sunday called on President Bola Tinubu to look into the oil pipeline surveillance contract awarded to a company allegedly owned by former militant leader, Chief Government Ekpemupolo (well known as Tompolo). The demand came less than two weeks after Rivers State Governor, Sir Siminalayi Fubara criticised the Federal Government for awarding …

The management of Tantita Security Services Nigeria Limited, a Federal Government-contracted oil pipeline surveillance firm, has accused the Nigerian Navy of shielding some suspected oil thieves being pursued by its personnel. It alleged that the Navy arrested four of its personnel chasing the suspects on the high seas towards a naval base. This was contained in a statement issued by …

The Chairman of Independent Petroleum Marketers Association of Nigeria (IPMAN), Rivers State Chapter, Joseph Obele, has enjoined the Federal Government to ensure that the nation’s refineries are fixed as planned. He stated that the cost of Petroleum Motor Spirit (PMS), also known as petrol, would crash below N200 per litre should the refineries become functional. This is coming against the …