By Prince Okafor The Federal Government has disclosed that between December 2021 and February 2022, it has paid a total of N52.7 billion as bridging claims to transporters. The Chief Executive Officer (CEO) of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Engr Farouk Ahmed, made this disclosure in Lagos during an engagement meeting […]

The President and Executive Council of Nigeria LP Gas Association (NLPGA) commend the Board of Directors and management of Nigeria LNG Limited (NLNG) for its recent decision to supply 100 percent of the company’s LPG production to the Nigerian market.

THE Federal Government has engaged with the Major Oil Marketers Association of Nigeria (MOMAN) over the N3 trillion subsidy payment.

THE price of Nigeria’s Bonny Light, yesterday, surged further to $91.38 per barrel, from $90.31, recorded the previous day, indicating an excess of $29.38 against the $62 per barrel benchmark of the nation’s 2022 budget.

By Johnbosco Agbakwuru – Abuja The Nigerian National Petroleum Company, NNPC, Limited has presented to the Federal Executive Council FEC a bill of N3 trillion as what is required in 2022 for payment of petroleum subsidy. This was disclosed by the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, while briefing State House […]

Ardova Plc has completed a groundbreaking ceremony to commemorate the ongoing construction of its new world-class Liquefied Petroleum Gas (LPG) storage facility at the company’s Ijora-Lagos Campus.

By Elizabeth Adegbesan There are indications that price of The average retail price of Automotive Gas Oil (diesel) is on steady rise reaching N343 per litre as at Wednesday, representing 18.5 per cent rise when compared with the National Bureau of Statistics (NBS) average figure of N289.37 per litre as at December 31, 2021. An […]

By Udeme Akpan Electricity Generation Companies, GENCOs’ losses associated with non-payment for unused electricity dropped to N159.85 billion in 2021, from N266.11billion in 2020, indicating a decrease of 39.93 per cent. This came as authoritative industry report sighted by Energy Vanguard also showed that average unutilized power generation dropped year-on-year, YoY, to 2,248.50 Megawatts, MW […]

By Henry Umoru – Abuja The Senate has uncovered how N14.7bn proceed of defunct Power Holding Company of Nigeria (PHCN) was hidden in Commercial Banks by the  Bureau of Public Enterprise (BPE). The probe is carried out by Senator Matthew Urhoghide, Peoples Democratic Party, PDP, Edo South led Senate Committee on  Public Accounts. The Committee is […]

Average unutilized power generation drops to 2,254.64MW  By Ediri Ejoh ELECTRICITY Generation Companies, GENCOs’ losses associated with non-payment for unused electricity dropped to N147.05 billion between January and November 2021, from N256.03billion in the corresponding period of 2020, indicating a decrease of 42.6 percent. Authoritative industry report sighted by Energy Vanguard also showed that average Nigeria’s […]

By Udeme Akpan THE Organisation of Petroleum Exporting Countries, OPEC, has put the global oil demand at 4.2 million barrels per day, mb/d as new Omicron COVID-19 variant continues to impact on the oil market. This was even as the price of Nigeria’s Bonny Light, which had risen to $85 per barrel in the fourth […]

By Charles Kumolu On November 5, last year, oil spill was recorded at OML 29 Well 1Platform in Nembe, Bayelsa State. The impact of the incident, which led to nationwide outrage, affected dozens of nearby fishing settlements along the Nembe coastline and the Santa Barbara River which meanders through the Niger Delta before emptying into […]

By Obas Esiedasa – Abuja The Minister of State Petroleum Resources, Chief Timipre Sylva has predicted that 2022 will be a great year for the oil and gas industry in Nigeria following the enactment of the Petroleum Industry Act 2021. Chief Sylva in his New Year Message also stated that 2022 will be better than […]

WITH the coronavirus pandemic, unstable oil supplies and uncertainty that held sway in the volatile global oil market, the year 2021 was challenging to oil and gas producing and exporting countries, including Nigeria. The situation was also worsened by pipeline vandalism, oil theft, illegal refining and environmental pollution.

By Ediri Ejoh PIPELINE vandalism, sabotage and other factors have culminated in the shutdown of eight oil terminals, according to data obtained from the Nigerian National Petroleum Company Limited. The eight oil terminals, including Forcados, Bonny, Odudu, Brass, Yoho, Urha, Ajapa and Aje, were shut between August and October, 2021, leading to losses and deferred crude […]