Two hundred and seventy filling stations have been shut down for their involvement in diverse infractions such as hoarding, and selling Premium Motor Spirit (PMS) above-approved price, according to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). This is as the Federal Government announced the deployment of operatives of the Department of State Services (DSS) on tankers transporting petrol …

NNPC Limited on Tuesday officially took over Oil Mining Lease (OML) 123/124 and 126/137, operated by Addax Petroleum Development (Nigeria) Limited after concluding all transaction obligations. The deal ends a 24-year production-sharing contract arrangement between both parties. In a statement by its Chief Corporate Communications Officer, Garba Deen Muhammad in Abuja, NNPCL said the transfer was achieved three months after …

The National Association of Energy Correspondents (NAEC) has called on the NNPC Limited and Nigerian Upstream Regulatory Commission to find a lasting solution to the lingering fuel scarcity in the country. A statement signed by the association’s chairman, Olu Phillips, and secretary, John Meze, lamented that the development has led to man-hour loss, which ought to have been put into …

The NNPC Limited has said that it has established a Build, Operate and Transfer (BOT) plan for the renovation of pipelines and depots around the nation. It added that the initiative would successfully diversify the means of delivering petroleum products around the country, and that contracts for the BOT will be granted to successful investors this year. At the 23rd …

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 …