Category Archives: Uncategorized

Guesswork rules Nigeria’s daily petrol consumption

Nigerians have recently been assailed with various figures estimating the country’s daily total national demand and consumption of Premium Motor Spirit (PMS), also known as petrol. For a country so dependent on petrol imports, it is scandalous that the relevant authorities have no clue as to how much of the highly sought after product is […]

NNPC moves to recover N100bn landed property Independent marketers lead coNNPC moves to recover N100bn landed property

  The NNPC Properties Ltd (NPL), the real estate management company of the NNPC, has commenced the recovery of the corporation’s landed property worth N100b across the nation.   This was disclosed by the NNPC Chief Operating Officer (COO) Ventures, Dr. Babatunde Victor Adeniran, at the maiden edition of NPL Property Festival which held today […]

Reps begin probe of alleged $21bn PSC crude oil losses

  An ad-hoc committee of the House of Representatives yesterday, launched a probe into the alleged losses to international oil companies (IOCs), crude oil profits accruing to Nigeria worth about $21billion, The Sun reports.   Speaking at the inauguration, the chairman of the ad hoc committee, Daniel Reyenieju, said the committee would be exhaustive in […]

Nigeria Still Being Cheated in PSC Earnings by IOCs, Report Indicates

  A report — the 2017 Benchmarking Exercise — conducted by the Nigeria Natural Resource Charter (NNRC) has disclosed that the current earnings of the Nigerian government from crude oil production sharing contracts (PSCs) it signed with international oil companies (IOCs) operating in her oil fields are amongst the lowest in the world.   The […]

Why Nigerian Economy Suffered Due Oil Price Decline – NEPC Boss

Nigerian’s failure to diversify its economy and over-dependence on revenue from the oil sector is one of the factors that contributed in exposing the nation’s economy to vulnerabilities in the face of declining of oil prices.   The Executive Director of the Nigerian Export Promotion Council, Alhaji Abdullahi Sidi Aliyu made this known on Thursday […]

NUPENG suspends 15-day industrial action ultimatum

  The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) yesterday suspended the 15-day ultimatum issued to the Federal Government over unresolved labour issues.   The President of the union, Igwe Achese, said the suspension was as a result of the timely intervention of  the  Director General   of   the   Department  of […]

NLNG seeks more gas projects in Nigeria

  The Managing Director of Nigeria LNG Limited (NLNG), Tony Attah, has emphasised the need for Nigeria to unleash its gas potentials, and support the commencement of Train 7 project gas project.   Speaking at the 2nd West Africa International Petroleum Exhibition and Conference (WAIPEC) in Lagos, recently, Attah said that this was necessary for […]

FG Will Authorise Only Projects of High Value to Nigeria, Kachikwu Tells IOCs

  The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said only oil and gas projects that have huge net value to the Federation Account will henceforth be sanctioned by the federal government, explaining that there is no more need for international oil companies (IOCs) to develop multibillion dollar projects that will not […]