Author: Rareview

The Nigerian Upstream Petroleum Regulatory Commission is set to amend the Domestic Crude Supply Obligations Regulations 2023. The commission stated this in a notice signed by the Chief Executive of the NUPRC, Gbenga Komolafe, on Thursday. According to the NUPRC, the National Data Repository Regulations will also be reviewed. In the notice, the commission said it wanted to consult with stakeholders for their input. “In line with Section 216 (1) of the PIA 2021, which requires the commission to consult with stakeholders before finalising regulations or amendments to regulations, the Nigerian Upstream Petroleum Regulatory Commission hereby invites inputs from lessees, licensees, permit holders, host communities and other stakeholders of the Nigerian Upstream Petroleum sector, with...

By Ali Elias In a significant development, Aliyu Suleiman, Group Chief Strategy Officer of Dangote Refinery and Petrochemicals Company, announced a major shift in the company's crude oil supply dynamics. During a Senate committee interactive session, Suleiman revealed that the Nigerian National Petroleum Company Limited (NNPCL) now supplies 60% of the refinery's crude oil, surpassing previous claims of insufficient supply. This new partnership between Dangote Refinery and NNPCL marks a turning point in Nigeria's oil industry, demonstrating the potential for collaboration and growth. As the refinery continues in its bid to reach its 650,000 barrels per day refining capacity, the impact on Nigeria's energy security and economic diversification continues to be increasingly significant. ...

By PR Amidst the clamour for good governance and reduction in the cost of living in the country, the Minister of State for Petroleum Resources (Gas), Hon Ekperikpe Ekpo has asserted the Federal Government’s firm determination to advance the nation’s gas resources as the surest pathway to economic prosperity. The Minister stated this in Yenagoa, Bayelsa State on Wednesday when he visited the facilities and projects of the Nigerian Content Development and Monitoring Board (NCDMB), where he serves as the co-chair of the Governing Council. He stated that Nigeria is endowed with vast natural gas resources of about 209 trillion cubic feet of proven gas reserves, emphasizing the necessity toharness these resources effectively to drive economic development. He underlined President Bola...

By PR The Group Chief Executive Officer of NNPC Limited, Mr. Mele Kyari has said the company has not breached any of the enabling laws guiding its dealings with partners, hence should be counted out of any claims of economic sabotage. Kyari, who was addressing the Senate Ad-Hoc Committee investigating alleged economic sabotage in the Nigeria Petroleum Industry at the National Assembly on Wednesday, stated that refining business is a straightforward business which any investor should know before coming into the market. “Refining business is a straightforward business. You must secure (a source for) your feedstock and you must find a market. This is basic and this determines what happens in any refinery anywhere in the world. That is the business of refining. We have done nothing to...

By Olufemi Soneye In its editorial of 2nd August, 2024, the BusinessDay newspaper, characteristically, launched another scurrilous and baseless attack on the Nigerian National Petroleum Company Limited (NNPC Ltd). In the editorial entitled: “NNPCL: Liability or Asset to Nigerians?”, the newspaper set out to paint the picture of NNPC Ltd that is a liability to Nigeria instead of an asset that it should be. It chronicled a litany of issues which in its estimation have made the company to lose its place as an asset to the nation. As to be expected, all the issues it raised were either outright lies or unfair misrepresentation of facts. Let’s take a look at them one by one. According to the newspaper, NNPC Ltd.’s status as an asset is undercut by the opacity of its operations and corrupt...