Addax Petroleum, a leading Chinese company operating in Nigeria’s hydrocarbon resources upstream sector, has exited oil mining licenses (OMLs) 123,124 and OMLs 126, 137. The company’s exit of the oil blocks is coming nearly 18 months after government ordered the takeover by the Nigeria National Petroleum Corporation (NNPC), now Nigeria National Petroleum Company Limited (NNPCL) The […]
The Senate on Wednesday confirmed the Nigerian Upstream Regulatory Commission (NURC) board member-nominees following the recommendations of its committee on Petroleum Resources. The commission, after the inauguration of the approved nominees, will take over the responsibilities of the Department of Petroleum Resources based on the provisions of the Petroleum Industry Act 2021. The Red Chamber’s […]
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, […]
The Director of the Department of Petroleum Resources (DPR), Engr. Sarki Auwalu, has disclosed that the department generated N2.24 trillion as at August this year, representing 70 percent of its earlier N3.2 trillion revenue target. Auwalu, who disclosed this when he led a team of DPR management on a courtesy visit to the Executive Secretary […]
President Muhammadu Buhari has approved Anambra State as an oil producing state, thereby qualifying it for sharing in the 13 percent derivation revenue for minerals-producing states in the country. The approval was conveyed via a letter signed by the president’s Chief of Staff, Professor Ibrahim Gambari, to Governor Willie Obiano of Anambra State in response […]
The Department of Petroleum Resources (DPR) on Monday awarded marginal oil field licences to some indigenous oil companies, including A.A. Rano, Shafa Exploration, Matrix Energy, Vhelblerg Exploration and a few others barely a year after 2020 marginal field bid round was opened. Some other winners of the licensing round include, Sigmund Oil Field, Emadeb Energy, […]
The Department of Petroleum Resources (DPR) has introduced a computer application to monitor how petroleum products in all the filling stations are dispensing products with a view to curbing abuses in the downstream sub-sector. The DPR Zonal Controller, Port Harcourt Zonal Office, Mr. Bassey Nkanga, who unveiled the Downstream Remote Monitoring System (DRMS) app at […]
The Department of Petroleum Resources (DPR) has disclosed that Waltersmith Modular Refinery located in Ibigwe, Imo State, with refining capacity of 5,000 barrels per day (bpd) is ready for operations. The Director of DPR, Engr. Sarki Auwalu, who gave this hint during a pre-commissioning visit to the project site recently, said the purpose of the […]
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 […]
The Department of Petroleum Resources (DPR) has reported that Nigeria collected about N1.68 trillion as revenue from oil and gas royalty, gas flare penalty, concession rentals and miscellaneous oil revenue sources between 2015 and 2017. The Department in its just published 2017 Nigerian Oil and Gas Industry Annual Report, stated that about N545.06 billion was […]