The Group Chief Executive Officer of the NNPC Limited, Malam Mele Kyari, on Tuesday, in Abuja said the Federal Government still owes the company N2.8 trillion that it had spent on petrol subsidy. “Today, we are waiting for them to settle up to N2.8 trillion of NNPC’s cash flow from the subsidy regime and we can’t continue to build this”, …

The announcement that the Bola Tinubu administration would not continue the fuel subsidy regime triggered off fuel queues in Lagos and Abuja, but NNPC Limited assured late yesterday that there is sufficient supply of Petroleum Motor Spirit (PMS). But there are reports that some stations are already selling fuel for between N350 and N800 per litre as against the official …

Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has counselled Asiwaju Bola Tinubu, as he takes over the presidency of the country, not to rush in removing subsidy in Premium Motor Spirit (PMS) (commonly known as petrol) because of its socio-economic implications. In a statement by NUPENG’s President and General Secretary, Prince Williams Akporeha and Afolabi Olawale, the union …

The Federal Government has released and handed over a large crude carrier, MT Heroic Idun, to the owners, Idun Maritime Limited, after fulfilling the conditions of the plea bargain entered between them and the Nigerian government. It would be recalled that the tanker with 26 foreign crew on board resisted arrests by the Nigerian Navy Ship Gongola, near the Apu …

Oyo State Governor, Engr. Seyi Makinde has unveiled a newly conceived gas distribution master plan in partnership with Shell Nigeria gas to create a platform for constant gas supply to the state. He said the plan was poised to boost industrialisation and generate employment opportunities. Unveiling the gas master plan at the courtesy room of the Governor’s office, Makinde said …

NNPC Limited on Thursday announced the renewal of the Oil Mining Lease (OML) 130 production sharing contract, and the conversion of the acreage to a Petroleum Mining Lease (PML) in accordance with the provisions of the Petroleum Industry Act 2021. At a ceremony presided over by the Permanent Secretary of the Federal Ministry of Petroleum Resources, Ambassador Gabriel Aduda, inside …

The House of Representatives committee investigating the alleged illegal $2.4 billion crude sale on Thursday again grilled the Attorney-General of the Federation and Minister of Justice, Malam Abubakar Malami. Malami was questioned by the lawmakers over his failure to act on the tips provided by a whistleblower. On the whistleblower, Malami said he had no sufficient evidence to act. “There …

Seven new regulations aimed at providing a regulatory environment that assures efficiency, predictability, clarity and effectiveness to the Nigerian oil and gas industry have been issued by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). according to a statement by the commission, these bring to 12 the number of regulations so far concluded and issued by the NUPRC in line with …

Former governor of Ogun State, Senator Ibikunle Amosun, and his successor, Prince Dapo Abiodun on Wednesday, traded words over the alleged relocation of the $19 billion Dangote Refinery from Olokola Free Trade Zone in Ogun Waterside Local Government Area, to Lagos State. In a statement by his Media Officer, Bola Adeyemi, Amosun said that it is most uncharitable for anyone …

The Nigerian Upstream Regulatory Commission (NUPRC) on Tuesday unveiled a strategic plan which would act as a roadmap to guide the organisation’s activities and propel it towards a future of growth and success. The commission’s Chief Executive, Engr. Gbenga Komolafe, who unveiled the plan in Abuja, said it was a significant milestone in the organization’s journey as it repositions to …