Author Archives: steph

Rise in Crude Oil Prices Boosts FAAC Disbursement to N6.418 Trillion

  The Federation Account Allocation Committee (FAAC), disbursed a total sum of N6.418trillion in 2017, representing an increase of 25.8 per cent, and 6.8 per cent when compared to the N5.1 trillion and N6.011 trillion disbursed in 2016, and 2015 respectively.   NEITI attributed this slight increase in FAAC disbursement to the recent rise in […]

Kachikwu: Nigeria Will Protect, Utilise Africa’s Market for Her Oil Industry

  Nigeria will quickly move to protect and utilise existing and expanding opportunities in Africa’s energy market for the benefits of operators in her oil and gas industry, and perhaps become the leading energy supplier of the continent, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, disclosed on Thursday.   Speaking before the […]

San Leon’s Nigeria oil production hit by downtime and pipeline losses

  AIM-listed oil and gas firm San Leon, headed by Irish CEO Oisin Fanning, has said production levels at its onshore Nigeria concession OML18 were hit last year by a scarcity of investment capital, downtime and pipeline losses.   That has resulted in “materially lower” production and sales compared to those assumed in the company’s […]

NLPGA says deregulation responsible for rapid development of LPG sector

Mr. Nuhu Yakubu, the President of the Nigeria Liquefied Petroleum Gas Association (NLPGA), has identified deregulation as a major single factor responsible for the development of Nigeria’s Liquefied Petroleum Gas sector, Vanguard reports.   Mr. Nuhu Yakubu stated in an interview that: “the best and most important policy of government that was introduced to promote […]

Fuel scarcity to get worse as depot owners give FG 14-day ultimatum

The nationwide fuel scarcity might get worse in two weeks, following the latest threat from depot owners. On Tuesday, the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) gave the federal government a 14-day ultimatum, to settle a N650billion debt allegedly owed its members. In a statement by its Executive Secretary, Olufemi Adewole, the […]

Fresh report as Nigeria mulls 700,000 barrels daily oil output surge

  It is gathered that Nigeria is planning an increase of 700,000 barrels a day in her oil production.   Data from the Ministry of Petroleum Resources sighted newsmen showed that indigenous producers from the country aim to pump almost 250,000 barrels per day additional crude by 2020 as part of a wider plan for […]

Agip looks to take over Oyo field in OML 120 from Erin Energy

  Following the order of a Federal High Court sitting in Lagos, which enforced and recognised a final award rendered at the London Court of International Arbitration (LCIA) on February 14, 2017 in favour of Nigerian Agip Exploration Limited (NAE) in respect of the Oyo oilfield in Oil Mining Lease (OML) 120, the Nigerian subsidiary […]

Refineries – Govt to Bar Multinational Oil Firms From Exporting Crude

The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, on Monday said multinational oil firms would not be allowed to ship out all the crude oil they produce in Nigeria.   Kachikwu said this in Abuja at a break-out session of the maiden Nigeria International Petroleum Summit (NIPS) titled “Deepening collaboration in the African […]

Senate to probe N3.4b NNPC/Agip security account

  The Senate on Tuesday mandated its Committee on Public Accounts to investigate the rationale behind a security account allegedly operated by the Nigeria National Petroleum Corporation (NNPC) and Nigerian Agip Oil Company.   This followed the adoption of a motion moved by Sen. Dino Melaye (Kogi-APC).   Moving the motion, Melaye said there was […]

Deregulation responsible for development of LPG sector – NLPGA

  DEREGULATION has been identified as a major single factor responsible for the development of Nigeria’s Liquefied Petroleum Gas sector.   Mr. Nuhu Yakubu, the President of the Nigeria Liquefied Petroleum Gas Association (NLPGA), disclosed in an interview with Vanguard that: ‘’the best and most important policy of government that was introduced to promote investment […]