In furtherance of the Nigerian Gas Flare Commercialisation Programme (NGFCP) of the Federal Government, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) will hold a Bidders’ Conference/Investors Forum in Abuja on 2 February. The event will afford stakeholders and investors in Nigeria’s upstream petroleum sector the opportunity to seek clarifications on the programme. The conference is being organised barely a month after …

The Federal Government has denied issuing any orders to marketers to raise the pump price of petrol from N180 per litre to N195. This denial was made a day after petrol prices were increased by retailers in response to a memo from the Federal Government-owned NNPC Retails Limited. Despite the hike in rate, the queues are still seen at petrol …

Officially, the price of petrol is now N185 per litre, up from N170/litre. The increase takes immediate effect. In the new price regime, the ex-depot price also shot up from N148/litre to N167. But the product – officially known as Premium Motor Spirits (PMS) – has largelly been sold for between N200/litre and N300, and even much more in most …

The Federal Government may start a gradual removal of the petrol subsidy from April 2023, about three months ahead of the preliminary schedule to effect a complete stop to the expenditure head. During an interview with Arise TV on the sidelines of the World Economic Forum in Davos, Switzerland, the Minister of Finance, Budget, and National Planning, Mrs Zainab Ahmed …

TotalEnergies has approved the final investment decision of the Lapa South-West oil development located in the Santos Basin, 300 km off the coast of Brazil. TotalEnergies operates the project with a 45 percent interest, in partnership with Shell (30 percent) and Repsol Sinopec (25 percent). Lapa South-West will be developed through three wells, connected to the existing Lapa FPSO located …

The Nigerian National Petroleum Corporation Plc (NNPC) deducted over N3.3 trillion from January to November, last year to pay for fuel subsidy. The deductions were made from revenue the NNPC was supposed to remit to the Federation Account. This is contained in the Federation Account Allocation Committee (FAAC) Post-Mortem Sub-Committee (PMSC) report presented to FAAC on Tuesday in Abuja. The …

The Federal Government said on Monday that the licensing process for seven deep offshore open oil blocs, which began on 3rd January will last for four months. It welcomed investors with expertise and experience in deep water operations from across the world to accept the financial terms of the Petroleum Industry Act 2021 and participate in the bidding for the …

Dangote Group, a leading business conglomerate on the African continent, has denied wide reports that the commission date for its refinery has been set. Several media outlets had reported that the Dangote refinery would commence operations on 24th January. However, according to Timilehin Oyedare of Dangote Group’s Digital Communications Unit, Corporate Communications said that the quoted source in the reports are fake …

The Nigerian National Petroleum Company (NNPC) Limited intends to begin drilling for oil in Nasarawa State in March 2023 as part of its ongoing efforts to explore for oil in the nation’s interior basins. The Group Chief Executive Officer of the Company, Mallam Mele Kyari disclosed this when the Governor of the State, Engr. Abdullahi Sule led a delegation of …

Residents of the Bayelsa State capital, Yenagoa, and its environs have been lamenting the high cost of the pump price of petrol in the state. Although some major marketers charge N250 for a litre of fuel, others charge N350 and N380 as customers arrive at the filling stations with various-sized jerrycans. Only the filling station of the NNPC Limited along …