Against clamour from both major marketers and independent marketers for full deregulation of the petroleum industry, expert in the industry have called on the Federal Government to disregard plans, saying such actions could trigger more hardship for the citizens as well as the economy. This call was made at the 6th Emmanuel Egbogah Legacy Lecture Series, themed: Managing Petroleum Revenue … Read More
FG Targets $10 Billion Earnings From Sale of Oil Assets
The governor of Central Bank of Nigeria, Godwin Emefiele, has disclosed that the country will soon commence the sale of about 15 per cent of its oil assets held by the Nigerian National Petroleum Corporation (NNPC), which is expected to yield an inflow of $10 billion to the country. This is part of efforts to reflate the nation’s receding economy. … Read More
Federal Government Poised to Make Nigeria Maritime Hub
The federal government has restated its resolve to make Nigeria the maritime and oil and gas hub in the West African sub-region. The Managing Director of the Nigerian Ports Authority (NPA), Mrs. Hadiza Bala-Usman, who disclosed this Wednesday, during a facility tour of the Lagos Deep Offshore Logistics (LADOL) base in Apapa pilotage area, said the move has become necessary … Read More
Bill for Oil & Gas Firms Raises Concerns
A proposed law to force indigenous and foreign oil companies to set aside a certain percentage of their training budgets to fund operations of the Petroleum Technology Development Fund (PTDF) is generating concerns among stakeholders in the industry. PTDF is the government agency dedicated to manpower development through research and training in relevant oil and gas fields. Its major source … Read More
Nigerdock Boss Seeks End To Monopoly In Oil & Gas Logistics
The Chairman of Nigerdock, Anwar Jarmakani, has called for the end of monopoly in the oil & gas logistics describing it as a threat to the sector. Jarmakani disclosed this when he hosted the Managing Director, Nigerian Ports Authority (NPA), Ms Hadiza Bala Usman who paid a courtesy visit to the Nigerdock Snake Island Free Zone in Lagos, recently. The … Read More
Fracking Rumbles and Tectonic Ripples
Fracking or fracturing is the process of drilling and injecting fluid, usually water, sand and chemicals into the ground at a high pressure in order to fracture shale rocks to release natural gas trapped in it. The released natural gas is thereafter allowed to flow freely to the head of the well. Dillbytes, this week, takes a look as this … Read More
Why Refineries Are Not Attracting Investment’
A cap on the price of petroleum products is the major reason the downstream oil sector, especially domestic refining, has remained undeveloped, Head Energy Research, Eko Bank Limited, Dalapo Oni, has said. In an interview, he said once the government fully deregulates the sector, private refineries would sell at market-determined prices to make profit. According to him, refineries would continue … Read More
Attempt by Vandals to Invade Lagos Waterways Repelled
Barely a month after the pipeline vandals were dislodged in Ogun and Lagos creeks by the military through aerial bombardments, they again regrouped and attempted to invade some areas in Lagos. The vandals were said to have attempted to storm areas like Igando, Iba, FESTAC Town and Monkey village through the waterways, simultaneously, but they were repelled by the superior … Read More
Chemex Modular to Help Nigeria Expand Refining Capacity
Chemex Modular reached terms in principle with its longtime client and business partner Niger Delta Petroleum Resources Ltd (NDPR) to expand NDPR’s existing refining capacity from 1,000 bpd to 11,000 bpd. In addition to its existing diesel only (automotive gas oil) production capacity, the expanded refinery will allow NDPR to supply increased diesel capacity, jet fuel, gasoline, and marine diesel … Read More
PPPRA, Major Marketers Insist Current Price Band is Appropriate
The Petroleum Products Pricing Regulatory Agency (PPPRA) and key oil marketers in Nigeria’s downstream petroleum sector have said that the current fundamentals guiding the importation and sale of petrol in the country were still favourable for petrol to be sold within the government approved pump prices of N135 to N145 per litre. The PPPRA and marketers, which include the Nigerian … Read More