India was the largest importer of Nigeria’s crude oil in 2017, a report by the state oil firm, NNPC has shown. The report, which identified Nigeria’s crude destinations all through 2017, showed that India imported over 131 million barrels of Nigeria’s crude. The second largest importer of Nigeria’s crude for the year was the United States at over 94 million … Read More
Marketers seek VAT exemption on cooking gas
THE Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) has called for removal of Value Added Tax (VAT) on locally produced Liquefied Petroleum Gas (LPG) otherwise called cooking gas. Speaking in Lagos recently, Mr Nosa Ogieva-Okunbor, the president of the association, stated that the price of 12.5 kg cylinder of cooking gas has risen from N 3, 600 in April … Read More
Nigeria’s 2.069mbpd oil production still below budget estimates
•As Experts urge Buhari to sign PIGB to retain $15b investment Nigeria’s crude oil production including condensate reached 2.069 million barrels per day (mbpd) in April 2018, according to data from the Federal Ministry of Petroleum Resources. Though there is a slight increase from the 2.022mbpd the country recorded in March, this means Nigeria is still struggling to step up … Read More
Dickson: Bayelsa Has 30% of Nigeria’s Gas Reserves
Emmanuel Addeh in Yenagoa The Governor of Bayelsa State, Mr Seriake Dickson, said wednesday that the state alone retains 30 per cent of Nigeria’s gas reserves, arguing that Bayelsa could become the Houston of Africa if the federal government gave the needed support. A statement by the governor’s Chief Press Secretary, Francis Agbo, noted that Dickson spoke during a session … Read More
Force IOCs to build refineries, PENGASSAN tells FG
The Petroleum and Natural Gas Senior Staff Association of Nigeria on Tuesday asked the Federal Government to make it mandatory for international oil companies operating in the country to build refineries. In his May Day 2018 message, PENGASSAN’s President, Olabode Johnson, said there should be a legal framework that would compel the IOCs to refine a certain percentage of the … Read More
Government receives N3.532 trillion as taxes, royalties
The Federal Government received N3.532 trillion as Petroleum Profits Tax and Royalties from oil companies between the third quarter of 2015 to third quarter of 2017, data from the Central Bank of Nigeria (CBN) has revealed. Besides, oil producing states in Nigeria received N103.46 billion as 13 per cent Derivation Fund during the third quarter of 2017, as government’s total … Read More
PIGB Must Address Cost Of Crude Oil Production – Kachikwu
For Nigeria to remain competitive in the current era of low global oil price, the Petroleum Industry Governance Bill (PIGB) recently passed by the National Assembly must address the issue of production cost in the nation’s oil and gas sector to allow for competition in the global market. The minister of state for petroleum resources, Dr Ibe Kachikwu, stated this … Read More
Rivers community lauds NAOC for road project, drainages
The joy of the people of Mgbede community in Ogba/Egbema/ Ndoni Council of Rivers State has known no bounds since the Nigerian Agip Oil Company Limited (NAOC) and its joint venture partners completed and commissioned a 1km asphalt road and drainage for the people. The road project was funded and constructed by NAOC, operators of the NNPC/NAOC/OANDO Joint Venture.The Caretaker … Read More
OPEC, non-OPEC partnership now a force to be reckoned with – Barkindo
The Secretary-General of OPEC, Dr. Mohammed Barkindo, in his remarks at the inaugural Nigerian International Petroleum Summit (NIPS), stated that countries’ compliance levels to the production cap agreement the cartel and non-OPEC members reached in 2017 and later rolled over to rebalance the oil market, recorded a collective 133% conformity in January 2018, THISDAY reports. Barkindo, who called for conducive … Read More
Kachikwu Explains Delays in FID for $13.5bn Zabazaba Oilfield Development
The Minister of State for Petroleum, Dr. Ibe Kachikwu, has explained the delays in the signing of the Final Investment Decision (FID) for the Zabazaba Deepwater Oilfield in Oil Prospecting Lease (OPL) 245, citing the need for the Nigerian Agip Exploration Limited (NAE) and Shell Petroleum Exploration and Production Company (SNEPCo) to be sure of the renewal of their oil … Read More