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AfDB Approves $500,000 Grant For Nigeria’s Sustainable Energy Projects

The Sustainable Energy Fund for Africa (SEFA), managed by the African Development Bank (AfDB), has approved a $500,000 grant to support the development and launch of the Nigeria Energy Access Fund (NEAF) The NEAF is a new private equity fund developed by All On, a Nigerian impact investment company financed by Shell Petroleum Development Company, […]

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S6.9Bn Fine: P&ID Plead Guilty To 11-Counts, Forfeits Assets To FG

Amid growing anxieties among Nigerians on recent UK court’s judgment  awarded in favour of Process and Industrial Development Ltd (P&ID) to seize Nigeria’s assets worth $6.9bn over alleged breached of contract, a Federal  High Court in Abuja on Thursday accepted the guilty pleas of two employees of the foreign company and its Nigerian affiliate – P […]

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Marketers Caution On Risk Of LPG Skids In Petrol Stations

The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) has cautioned on the risks associated with  allowing Liquefied Petroleum Gas, LPG, skids to be installed at petrol stations nationwide and called on the regulatory authorities to act to reverse the ugly trend. The President of the association, Mr Nosa Ogieva-Okunbor, who raised the security concern […]

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Malami Clarifies FG’s Negotiation With P&ID Over Debt Judgment

The Attorney-General of the Federation and Minister of Justice, Abubakar Malami, on Sunday told journalists that the Federal Government was negotiating with Process and Industrial Developments Ltd  (P& ID) over the Gas Supply Processing Agreement (GSPA) debt judgment because the timeline to appeal the judgment, first delivered in 2014, had lapsed. A United Kingdom court […]

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Technology adoption will improve forecasts, mitigate risks in oil industry- Seplat

As Nigeria continues to explore all options to improve her earnings from the hydrocarbon resources industry, the Executive Operations Director, Seplat Petroleum Development Company Plc, Mr. Effiong Okon, has identified the adoption of critical contemporary technologies as crucial to effective planning and forecast and mitigating the risks in the industry. Okon gave this hint while […]

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NNPC Boss Urges NLNG Mgt On New Investment Drives

The Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Mele Kyari,  has urged the management of the Nigerian Liquefied Natural Gas (NLNG) to look beyond the planned execution of the much awaited Final Investment Decision on Train-7 billed for October, 2019, by exploring new investment opportunities in the upstream sector of the oil and […]

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Manufacturers Decry High Cost Of Gas, Seek Price Review

The Manufacturers Association of Nigeria (MAN) has charged the Ministry of Petroleum Resources to address the challenges being encountered by manufacturers on rising price of gas and called for immediate review of the price. The President of the organized private sector group, Engr. Mansur Ahmed, Ahmed made the call at an interactive forum on gas […]

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Oil Prices Hit Six-Month High As U.S Tightens Sanctions On Iran

Oil prices in the international oil market rose to near six-month highs on Tuesday as the United States tightened sanctions on Iran, thereby sending shares of energy companies higher and boosting currencies of several major crude producers. For instance, Brent crude oil futures rose 0.7 per cent to $74.57 per barrel by 0630 GMT, their highest since […]

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DPR Threatens To Sanction Marketers Over Fuel Hoarding

The Ibadan Field Office of the Department of Petroleum Resources (DPR) on Monday threatened to sanction oil marketers engaging in fuel hoarding in order to ensure availability of products. Giving this hint while interacting with journalists on fuel situation in the state, the Controller Operations, DPR Ibadan Field Office, Mr Oluyemi Olaonipekun, promised that the […]

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Nigeria Imported 5.32Bn Litres Of Petrol In Q4, 2018 – NBS

The National Bureau of Statistics (NBS) on Friday reported that total volume of petrol imported to supplement local refining output in the fourth quarter of last year stood at 5.32 billion litres. The official statistics producing and reporting agency in its ‘Petroleum Products Imports and Consumption (Truck Out) Statistics’ report disclosed further that 1.3 billion […]