THE Chief Executive Officer of Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, Farouk Ahmed, yesterday, said that industry deregulation has actually seen a 33.58 per cent reduction in fuel consumption of Nigerians. Ahmed who stated this at the ongoing Oil Trading and Logistics, OTL, Africa Week, 2023, in Lagos, explained: “Our data reveal that after the announcement of deregulation, an average volume of 44.3 million litres per day was evacuated for distribution nationwide which implies a 33.58 per cent reduction from the 66.7 million litres per day before the deregulation. The supply of PMS and other petroleum products have all maintained average land sufficiency levels above required thresholds.”

THE Secretary General, Organisation of Petroleum Exporting Countries, OPEC, Haitham Al Ghais, yesterday, said the world needed to invest $14 trillion between 2023 and 2045 to meet global demand. In his article – Why OPEC has increased its long-term oil demand outlook in the World Oil Outlook, WOO 2023 – obtained by Vanguard, the secretary general who noted the continued rise in global demand, stated: “In the WOO 2023, investment requirements out to 2045 total $14 trillion, or around $610 billion on average per year. We need a long-term stable investment-friendly climate, one that works for producers and consumers, and we need to move away from the misguided idea of no longer investing in new oil projects.

THE Secretary General, Organisation of Petroleum Exporting Countries, OPEC, Haitham Al Ghais, yesterday, said the world needed to invest $14 trillion between 2023 and 2045 to meet global demand.

Federal Government,  yesterday, admitted that Nigeria was ill-prepared to take advantage of the significant increase in the demand for natural gas…

THE Federal Government,  yesterday, admitted that Nigeria was ill-prepared to take advantage of the significant increase in the demand for natural gas by European countries following the outbreak of the Russian-Ukrainian war last year. Following the outbreak of the war and imposition of sanctions, Russia cut gas supply to European countries leading to a huge energy crisis and increased demand for alternative sources of gas. With over 200 trillion cubic feet of natural gas reserve and regarded as one of the leading gas resource countries in the world, Nigeria failed to reap from the huge rise in demand due to poor investments and lack of foresight.

Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), says the country’s domestic consumption for petrol has significantly dropped from 66.7 million liters, before the deregulation, to 44.3 million liters per day.

The Managing Director of the Niger-Delta Power Holding Company, NDPHC, Chiedu Ugbo has assured Nigerians of cost-effective supply of electricity to industrial clusters, as well as homes.

President Bola Tinubu,Wednesday, expressed optimism over the successful conclusion of the ExxonMobil and Eni asset sales to Seplat Energies and Oando Plc, respectively, in Nigeria.

Managing Director of  Abuja Electricity Distribution Company, AEDC, Mr. Christopher Ezeafulukwe has stated that all customers who paid for electricity meters under the Meter Assets Providers scheme  before the price was raised would be supplied at the old rate.

The Federal Government Thursday began opening bids from 47 companies for the supply of 1.25 million electricity smart meters funded by the World Bank’s $155 million loan.