The Nigerian National Petroleum Company Limited (NNPC) has disclosed that it spent N100 billion on refineries’ rehabilitation in 2021. The state-owned oil entity made this disclosure in its report on the funding performance for 2021 financial year. Although the report did not list the refineries that gulped the amount, industry analysts believe that all the […]
Minister of State for Petroleum Resources, Timipre Sylva, on Tuesday clarified that the Federal Government would extend the fuel subsidy regime to July 2023, pending when amendments in the Petroleum Industry Act will be forwarded to the National Assembly and subsequently signed by the President The minister gave this hint while interacting with State House […]
The Organisation of Petroleum Exporting Countries (OPEC) yesterday reported that Nigeria’s oil reserves dropped by 543 million barrels in five years as investments in the nation’s hydrocarbon resources continue to decline in recent years. The oil cartel gave this hint in its 2021 Annual Statistical Bulletin, which reflects proven oil reserves by country globally. Specifically, […]
As prospects for more crude oil demand continue to brighten as global activity picks up steam amid shortfalls in Organisation of Petroleum Exporting Countries (OPEC) member-countries subsist, Nigeria on Tuesday indicated intention to formally seek upward review of its production quota by the oil cartel. Currently indications showed that underinvestment and maintenance work had hampered […]
The Minister of State, Petroleum Resources, Mr Timipre Sylva, has disclosed that local content in Nigeria’s hydrocarbon resources industry has risen from three percent about 10 years ago to 43 percent in view of the far-reaching reforms embarked upon by governments in recent years. The minister made this disclosure when he received the Senegalese Minister […]
The Federal Government has apologized to Nigerians over the confusion triggered by the latest petrol price template of N212.6 per litre released on Thursday by the Petroleum Products Pricing Regulatory Agency (PPPRA). The Minister of State for Petroleum Resources, Mr. Timipreye Sylva, who tendered the government’ss apology, explained that template was a mix-up and urged […]
The Federal Government on Thursday projected that about N1trn would be saved yearly from the deregulation of petroleum products’ pricing regime and that such savings would be deployed to fund critical components of the economy. The Minister of State, Petroleum Resources, Chief Timipre Sylva, who gave the forecast in Abuja during an interview with some […]