The Federal Government has settled for fiscal incentives in the Oil and Gas Sector to attract investments. Special Adviser to the President of Energy, Mrs. Olu Verheijen disclosed this during the ministerial press briefing in Abuja on Friday. She said the government was seeking for ways to grow revenue and foreign exchange to stabilize our economy and currency. She said …

Senate President Godswill Akpabio has attributed the current increase in oil production in the oil-producing region of the country, to the tireless efforts of the Nigerian Navy in curbing crude oil theft. Akpabio stated this over the weekend, in his address at the Dinner Night in honour of officers of Flag Rank retired in 2023, held at the Armed Forces …

The Minister of State for Defence, Bello Matawalle, says the Federal Government has achieved a lot in the fight against oil theft. In an interview with the News Agency of Nigeria, Matawalle said many practical gains had been recorded in the resolve to end oil theft in the Niger Delta region. He also said the country was hopeful of producing …

Executive Secretary/CEO of Nigeria Extractive Industries Transparency Initiative (NEITI), Ogbonnaya Orji, has said Nigeria lost over N16.25 trillion due to oil theft in the country. Orji in a report to the Chairman of House Committee on Public Accounts, Bamidele Salam, during an interactive session in Abuja, also claimed that $74.386 billion was spent on fuel subsidy by successive administrations since …

The Rivers State woman, Favour Nweke, who bathed her husband, Ekelediri Nwokekoro, with hot groundnut oil in Okehi in Etche Local Government Area of the state, has explained what led to her action. The woman stated this on Friday while she was paraded before journalists during a media briefing at the Rivers State Police Command’s headquarters along Moscow Road, Port …

The Socio-Economic Rights and Accountability Project (SERAP), yesterday, urged President Bola Tinubu to set up a presidential panel of enquiry to probe the alleged missing and unaccounted $15 billion of oil revenues, and N200 billion budgeted to repair the refineries between 2020 and 2021, as documented by the Nigeria Extractive Industries Transparency Initiative (NEITI). SERAP also urged the President to …

The Nigerian Navy has set ablaze an arrested vessel, ‘MV Cecilia’ with about 350,000 litres of stolen automated gas oil, also known as diesel, in Woji, Obio/Akpor Local Government Area of Rivers State. The vessel was seized by personnel of the Nigerian Navy ship Pathfinder in Port Harcourt on Wednesday, 16th August 2023, while three suspects were arrested. The Commander …

Nigeria has resumed the export of about 220,000 barrels of crude oil per day at the Forcados terminal The terminal was shut for maintenance on 12 July 2023, after workers saw ‘fumes’ near a single buoy mooring where oil was being loaded onto a vessel. The development contributed partly to the inability of Nigeria to meet the quota of the …

The Federal Government, on Sunday, announced the introduction of four additional regulations to address environmental and safety concerns in the midstream and downstream petroleum sector. It announced this through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja. It said the regulations were in line with the Petroleum Industry Act, 2021. NMDPRA said: “The specific regulations introduced are, …

Seven of the nine oil mineral-producing states left Abuja yesterday with a combined cheque value of N70.408 billion being their allocation from the June 2023 revenue distributed by the Federation Account Allocation Committee (FAAC) on Thursday. Delta State topped the chart with N23,261,593,427.19, according to the breakdown of the allocations obtained by The Nation. Rivers State trailed with N13,192,309,721.26, followed by Akwa …