Energy

Ali Elias The Economist Intelligence Unit has cautioned that further delays in crude oil feedstock to the Dangote Petroleum Refinery and Petrochemicals could hinder Nigeria's economic recovery and put additional pressure on the naira. Despite successfully exporting a range of products, such as fuel oil, naphtha, nitrogen fertilizers, gasoil, jet fuel, and diesel, the $20 billion Dangote Refinery has faced challenges in scaling up petrol production due to difficulties in securing a reliable supply of crude oil. These delays are expected to have significant economic consequences for Nigeria, potentially worsening the already strained relationship between public finances and the management of the naira. The government's unofficial petrol subsidy practice, despite scrapping the offici...

By Ali Elias The Nigerian National Petroleum Company Limited (NNPC Ltd.), in a statement on its X page, has debunked the media reports that the company is indebted to international oil traders to the tune of $6.8bn and that it has not remitted revenues to the Federation Account since January, among other allegations. The company clarified that while it's normal to owe creditors at some point due to the credit-based nature of oil trading transactions, it's fulfilling its obligations through its subsidiary, NNPC Trading, which has multiple open trade credit lines with various traders. The statement reads: That NNPC Ltd. does not owe the sum of $6.8bn to any international trader(s). In the oil trading business, transactions are carried out on credit, and so it is normal to owe at one...

By PR The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe on Friday commissioned the 10,000 Tons per annum galvanizing plant constructed by Daewoo Engineering Nigeria Limited, one of the engineering, procurement, and construction (EPC) contractors of the Nigeria LNG Limited (NLNG) Train 7 Project. The ceremony which held at Daewoo Galvanising Plant at Abam-ama, Okrika, Rivers State was attended by the Managing Director and Chief Executive Officer of NLNG, Dr. Philip Mshelbila. The Galvanizing plant is one of the capacity development interventions for the Train 7 project and the establishmen...

By PR The Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe, on Tuesday visited the facilities of BEAMCO Nigeria Limited in Lagos and commended the oil and gas service firm for the giant strides it recorded in oil and gas equipment components manufacturing. Specifically he lauded the Nigeria Liquefied Natural Gas (NLNG) Limited, Saipem-Daewoo Joint Venture, and BEAMCO Limited for enhanced in-country value addition, as locally assembled pumps and valves are set for installation and pre-commissioning preparations on the multibillion-dollar NLNG Train-7 project on Bonny Island, Rivers State. Speaking at the load-out ceremony at BEAMCO’s fac...

By PR The Group CEO of NNPC Ltd., Mr. Mele Kyari, has called on the military to sustain the war against crude oil theft and pipeline vandalism saying the current onslaught against the menace has yielded improved growth in the nation’s crude oil production. Kyari made this appeal when he received in audience the Chief of Defence Staff, General Christopher Musa who led senior military officers on a courtesy visit to the NNPC Towers in Abuja, on Tuesday. GCEO, NNPC Ltd, Mr. Mele Kyari and Chief of Defence Staff, General Christopher Musa “I personally call for enhanced and sustained security engagement. This is because we have reached a new peak in production that we haven't seen in the last three years. This is clearly related to the sustained efforts by the armed forces and other...

(3rd from right) NCDMB ES, Engr. Felix Ogbe By PR In furtherance of its long-standing support to African oil and gas producing countries and development of local content in the continent, the Nigerian Content Development and Monitoring Board (NCDMB) on Monday in Lagos began a five-day engagement with the Petroleum Commission of Ghana. The knowledge-sharing workshop was convened at the request of the Petroleum Commission, and it seeks to establish technical cooperation with the NCDMB through capacity building and learning from the experience, best practices and procedures.   The objective is to foster the Petroleum Commission of Ghana’s effort to institute an effective framework that will ensure compliance and develop strategies for local content in their nation’s oil and...

THE Crude Oil Refinery-owners Association of Nigeria (CORAN) is set to hold the inaugural edition of the Nigerian Crude Oil Refining Summit scheduled for October 7th and 8th, at the Eko Hotel & Suites, Lagos. This critical event, themed “Making Nigeria a Net Exporter of Petroleum Products,” comes at a crucial time for the Nigerian oil industry as the nation navigates the opportunities and challenges presented by the downstream oil deregulation. The summit aims to provide a comprehensive platform for discussing the significant transformations within Nigeria’s oil sector. As the country transitions towards a deregulated downstream oil market, there is a pressing need to evaluate the investment landscape and operational viability of refinery businesses. This deregulation is expected to...

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...