Author Archives: steph

Nigeria’s economy to be driven by oil revenue this year – Agusto

  A renowned economist and financial expert, Bode Agusto, has predicted that the nation’s economy will gain significant higher grounds this year, but will be driven by the crude oil market, The Guardian reports.   According to him, though this would be possible because of the rise in oil price, which will oscillate between $60 […]

Again, MOMAN calls for full deregulation of downstream oil sector

  A key stakeholder in the Nigerian oil and gas sector, Major Oil Marketers Association of Nigeria (MOMAN) has again called for the total deregulation of the petroleum downstream, Leadership reports.   The executive secretary of MOMAN, Obafemi Olawore, said only total deregulation would save the situation. Contending that doing so will help attract more […]

Baru appeals to NUPENG over strike ultimatum

  The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, Friday in Abuja has appealed to the leadership of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) to reconsider the 15-day ultimatum it issued government over what the union described as lingering labour related issues in the industry. […]

NNPC: Oil Workers Strike Threat May Worsen Hiccups in Petrol Distribution

  Threats by oil workers union under the aegis of National Union of Petroleum and Natural Gas Workers (NUPENG) to shut down the sector may affect the already troubled supply and distribution of petrol across cities in the country, the Nigerian National Petroleum Corporation (NNPC) warned on Friday.   The NNPC therefore begged the leadership […]

No subsidy to oil marketers only “under recovery” by NNPC – Adeosun

  Minister of Finance, Kemi Adeosun, while responding to questions from State House Correspondents after a Federal Executive Council (FEC) meeting, explained that the Nigerian National Petroleum Corporation (NNPC) is not engaged in subsidy but “under recovery” for importation of petrol at a cost higher than N145 per litre, The Sun reports.   On who […]

Nigeria, Niger plan joint refinery, to sign agreement soon

NIGERIA and Niger Republic have concluded plans to establish a new oil refinery to meet the petroleum products needs of the two nations.   The multi-million dollar plant will be located in the border town between Republic of Niger and Katsina State, Nigeria.   In a statement sent to Vanguard, Ministry of Petroleum Resources, Nigeria […]

DPR dismisses existence of 2,000 illegal filling stations

  Mr Abba Misau, Abuja Zonal Controller of the Department of Petroleum Resources (DPR) on Monday challenged the claim that there were over 2,000 illegal filling stations operating across the country, Daily Trust reports.   The Independent Petroleum Marketers Association of Nigeria (IPMAN) had on Jan. 14, advocated immediate demolition of over 2,000 identified illegal […]

IPMAN to commence construction of $3bn refineries soon

  The Independent Petroleum Marketers Association of Nigeria (IPMAN) is set to commence work on its proposed $3 billion (N1.08 trillion) refineries in two states in the federation, Vanguard reports.   The National President of the association, Mr Chinedu Okoronkwo, made the disclosure in an interview in Lagos on Wednesday. IPMAN had in July 2014, […]

OPEC January oil output rises, led by Nigeria

  Crude oil production from the Organisation of Petroleum Exporting Countries rose in January from an eight-month low as higher output from Nigeria and Saudi Arabia offset a further decline in Venezuela and strong compliance with a supply reduction pact.   A Reuters survey found on Tuesday that OPEC had pumped 32.4 million barrels per […]

Why oil exploration yet to start in Chad Basin – NNPC

  THE Nigerian National Petroleum Corporation (NNPC) has attributed security challenges to be the stumbling block in the exploration of oil in the Chad Basin. This was even as he said there are oil prospects in the basin General Manager, Frontier Exploration Services, Dr Mazadu Bako stated this during the 50th-anniversary celebration of Geology Department, […]