Kachikwu unveils long term strategies for coping with OPEC production cap

  The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, during the Nigeria International Petroleum Summit (NIPS), disclosed new measures Nigeria could take to ensure it stays within the production limits agreement member countries of OPEC have with non-OPEC member countries led by Russia, to rebalance the oil market, THISDAY reports.   He noted […]

NLNG, Navy Seek New Ways to End Piracy, Oil Theft

The Nigerian Liquefied Natural Gas Limited (NLNG) and the Nigerian Navy have formulated new modalities to fight piracy, and oil theft within the nation’s maritime territory and economic belt zone.   Speaking at the Naval Headquarters, Abuja, the Managing Director and Chief Executive Officer of NLGN,  Mr. Tony Attah, explained that the provision of security […]

Nigeria’s petrol queues not likely to disappear soon – Kachikwu

  The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, while speaking during the conclusion of the Nigeria International Petroleum Summit in Abuja on Thursday, said that the queues for petrol in some parts of the country may not go away soon, The Punch reports.   He, however, stated that a lot of work […]

`Think outside the box’ to end fuel scarcity, NUPENG advises FG

  The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has told the Federal Government to “think outside the box,’’ to end persistent fuel scarcity in Nigeria. The President of the union, Mr Igwe Achese, told labour correspondents in Lagos on Friday that government must make a paradigm shift to resolve the energy crisis […]

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 […]