Daily Archives: January 22, 2018

Operators mull building Nigeria’s LPG market to $10b

Players in the Nigeria’s Liquefied Petroleum Gas (LPG) subsector are putting measures in place to grow the LPG market to $10 billion in the next five years.   The players, under the aegis of the Nigeria Liquefied Petroleum Gas Association (NLPGA), said they had projected the value for LPG market in the next five years […]

Delta communities vow to shut Forcados terminal over oil spills

  Nigeria may suffer another disruption in crude oil exports as Odimodi and Forcados communities in Delta State have threatened to shut down the Forcados Export Terminal, The Guardian reports.   The communities threatened to shut down the facility over the spilling of over 40,000 barrels of crude oil that spread to seven Niger Delta […]

Blockchain could have positive impacts on Nigeria’s oil sector – Experts

As emerging frontiers, especially digital ledger systemS also called Blockchain become a more globally recognised solution, experts have called for frameworks that will enable Nigeria’s oil and gas sector to benefit from the innovation, The Guardian reports.   A report conducted by Deloitte, titled, “Is Blockchain’s Future in Oil and Gas Transformative or Transient?,” discovered […]

Reps look into recovering $21bn in lost PSC revenues from IOCs

  Nigerian lawmakers ordered an investigation on Thursday into whether the government could recover $21 billion in revenues from international oil companies (IOCs) due to non implementation of provisions under the country’s deep offshore oil exploration and drilling law, Reuters reports.   Oil minister Emmanuel Ibe Kachikwu said in December the government had failed to […]

PIGB to curb theft, revenue loss in Nigeria’s oil sector – NEITI

  The Nigeria Extractive Industries Transparency Initiative (NEITI), Sunday, commended the National Assembly for the passage of the Petroleum Industry Governance Bill (PIGB), stating that the Bill would stem the massive loss of revenue recorded in the petroleum industry, arising from corrupt practices and process lapses, Vanguard reports.   NEITI, in a statement in Abuja, […]

Nigeria’s excess crude account held $2.32 billion as at Jan 15

  Nigeria’s excess crude account stood at $2.317 billion as of Jan. 15, a state governor said on Thursday, Reuters reports.   The figure was given by the finance minister during a meeting of Nigeria’s national economic council, according to Abdullahi Umar Ganduje, the governor of Kano state, who briefed reporters after the meeting.   […]

NNPC announces release of 250 petrol trucks as fuel queues return to Lagos

  The Nigerian National Petroleum Corporation (NNPC) on Sunday said that it had released 250 trucks of petrol to the Lagos metropolis for effective dispensing at filling stations to forestall any scarcity, Premium Times reports.   According to Ndu Ughamadu, the corporation’s Group General Manager, Group Public Affairs Division, there has been a slight change […]

Bid to end petrol imports by 2019 hits snag as 19 private refineries’ licences expire

  Expectations that private and modular refineries would help Nigeria achieve petrol self-sufficiency by 2019 may have been dashed, The Guardian reports.   This is because all the operating licences the Department of Petroleum Resources (DPR) granted to investors expired at the end of 2017. With an anticipated capacity to process over 1.352 million barrels […]