Indigenous and marginal field operators have said that contrary to media reports, the five-year tax holiday granted them was not a fraudulent act but a policy by the Federal Government to empower them.

BY MICHAEL EBOH other arrangements and deductions, BarringNigeria earned $74.512 billion, about N14.902 trillion, from crude oil export in 2014, according to data released by the Nigerian National Petroleum Corporation, NNPC. The NNPC, in its 2014 Annual Statistical Bulletin, revealed that the amount was earned by NNPC and other oil and gas companies in the country, […]

The Petroleum Technology Development Fund, PTDF, has announced plans to establish a research and development centre for biofuels and other alternative energy sources in Nigeria. Speaking at the Close Out seminar of the 2012/2013 Annual Oil and Gas Research Grant Competition in Abuja, the Executive Secretary of the PTDF, Mr. Femi Ajayi, said the centre is in response to the global drive for environment-friendly energy sources.

He noted that effective gas sector development is a catalyst for growth and will have a multiplier effect on the country’s economy, while insisting on the need to pass the Petroleum Industry Bill, PIB into law. He said the PIB underpins ongoing sector reforms, adding that gas sector policies will provide Nigeria with the opportunity to harness and get maximum value from its stranded gas resources.

Current data on refineries production in Nigeria indicate that more heavy or fuel oils (low and high fuel oil/black oil) are being produced from the four refineries than other high demand products like premium motor spirit, PMS, otherwise known as petrol. The revelation comes despite assurances by the Nigerian National Petroleum Corporation, NNPC, which said last week that two of its refineries were working between 60 and 80 percent of their installed capacities.