Category: Business

‘Oil Industry On Resurgence,’ Tinubu Flaunts Nigeria’s 1.61 mbpd Output Mark

ADEOLA YUSUF

. Says surge buoyed by reforms he announced in May 2024 to address gaps in PIA   President Bola Ahmed Tinubu on Sunday declared a resurgence in the oil & gas industry, commending the increased crude production to 1.6 million barrels per day. Platforms Africa reports that the president, who said this in a national broadcast, maintained that the resurgence was buoyed by the reforms he announced in May 2024 to address the gaps in the Petroleum Industry Act (PIA). Fire Breaks Out At NNPC Oil Well Nigeria’s crude oil…

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Reactions As Tinubu Orders NNPCL To Sell Crude To Dangote In Naira

ADEOLA YUSUF

So, which magic will squeeze out the 450k barrels? Dangote had better looked elsewhere and not bank on this promise.” You actually want to read what energy journalists, analysts, and researchers said during reaction on Platforms Africa forum     President Bola Ahmed Tinubu, has ordered the Nigerian National Petroleum Company Limited (NNPCL) to sell crude to Dangote Refinery in Naira, an order that was immediately greeted by reactions. The Special Adviser to the President on Information and Publicity, Bayo Onanuga, revealed this in a post via his official X…

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NNPC’s Petrol Import From Malta Jumps 43 Times to $2.08bn

ADEOLA YUSUF

    Revelation came days after Aliko Dangote accused officials of NNPC of owning and running a blending plant in Malta, an accusation Mele kyari denied   Nigeria’s importation of petroleum from Malta has skyrocketed to 43 folds, amounting to $2.08 billion in 2023. A data sourced from Trade Map, a global database on international trade statistics, showed Nigeria imported petroleum oils and oils obtained from bituminous minerals worth $2.8 billion in 2023, a 342 percent increase from $47.5 million as of 2013. This revelation contained in a reoort by…

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‘NNPCL Still Swaps Crude For 1 Million MT Fuel Supply’

ADEOLA YUSUF

. At MEMAN quarterly briefing, experts proffer solutions to fuel price, supply conundrums   The Nigeria fuel consumption capacity estimated at about One Million Metric tonnes (MT) is currently being supplied through the crude swap, otherwise known as Direct Sale Direct Purchase (DSDP), importation programme of the Nigerian National Petroleum Company Limited (NNPCL). Stakeholders in the downstream petroleum sector who confirmed this at the Quarterly Press Engagement organised by the Major Energy Marketers Association of Nigeria (MEMAN) on Wednesday, blamed the fuel price and supply issues currently facing Nigerians on…

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‘20% To 7.2%,’ NNPC Reacts As Dangote Says Firm’s Stake in His Refinery Depleted

ADEOLA YUSUF

“We made a commercial decision to cap our investment at the amount already paid.” Word-for-word of what NNPCL spokesman, Olufemi Soneye, said on the claim by Dangote   Africa’s richest man, Aliko Dangote, says the Nigerian National Petroleum Company (NNPC) Limited no longer owns 20 percent stake in Dangote Petroleum Refinery, a statement that has drawn a reaction from the state oil firm. Speaking during a press briefing at the refinery on Sunday, Dangote said NNPC now owns 7.2 percent of the refinery over failure to pay the balance of…

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Submit Cargo Price Quotes Monthly, NUPRC Orders Oil Producers, Refiners

ADEOLA YUSUF

‘Weeks after Dangote Refinery alleged sabotage by IOCs to starve it of crude stock;’ Here are the details of the crucial meeting where upstream oil sector’s regulator and producers agreed on sustainable crude supply to local refiners   About five weeks after Dangote Refinery alleged sabotage by International Oil Companies (IOCs) to starve it of crude stock, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has directed producers and refiners to provide tje commission with cargo price quotes on crude supply and delivery for effective monitoring and regulation of transactions among…

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Excitement As EKEDC Approves 20% Cost Of Living Allowance For Staff

ADEOLA YUSUF

. “Why we did it, made July 2024 effective date,” board speaks on unprecedented welfare package   Eko Electricity Distribution Company (EKEDC) has announced the approval of a 20% Cost of Living Adjustment (COLA) for all its staff, effective July 2024, fostering a supportive and rewarding work environment. Platforms Africa reports that Babatunde Lasaki, EKEDC’s General Manager, Corporate Communications, made this known in a statement. According to the statement, the EKEDC’s Board of Directors approved adjustment, reflects the company’s commitment to the well-being and financial stability of its workforce amid…

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NAOC-Oando Deals, Equinor – Project Odinmim Divestments Completed – NUPRC

ADEOLA YUSUF

. Oil Industry Upstream Regulator gives latest information on $2.4Bn Shell- Renaissance, $1.2Bn ExxonMobil-Seplat deals to stakeholders at NOG Energy Week   The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the completion of oil assets sale between NAOC and Oando, and Equinor – Project Odinmim divestments. Platforms Africa reports that the helmsman for the commission, Gbenga Komolafe, who declared this at the on-going NOG Energy Week in Abuja, maintained that the signing ceremonies for the two deals would come up any moment. ‘Weed Them Out,’ PETAN Exposes Antics of…

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‘Weed Them Out,’ PETAN Exposes Antics of Oil Sector’s ‘Middlemen Businesses’

ADEOLA YUSUF

. ‘How they (‘middlemen businesses’) cast shadow on the competencies and integrity of Nigerian oil and gas operators,’ PETAN’s Wole Ogunsanya talks on deepening ties with NCDMB, NUPRC   Petroleum Technology Association of Nigeria (PETAN) has reaffirmed its commitment to Support the federal government’’s effort to weed out ‘Middlemen Businesses’ ,as it advocates for local content in the nation’s oil production. Platforms Africa reports that PETAN Chairman and CEO, Geoplex Drillteq Limited , Engr. Wole Ogunsanya, made the statement while speaking during a panel session where he was one of…

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Nigerians’ Annual Spending On Fuelling, Servicing of Generators Hits N16.5Trn

ADEOLA YUSUF

. “What Band A customers pay is still cheaper compared to spending on self-generation;” What Adelabu said at the 2024 NOG Energy Week + his full speech The annual spending by Nigerians on self-generated electricity, particularly fuelling and servicing of generators, has hit N16.5 trillion. Platforms Africa reports that the Minister of Power, Adebayo Adelabu, who declared this at the ongoing NOG Energy Week in Abuja, maintained that this figure was a result of a research carried out for the year 2023. READ ALSO: Stop ex-Minister Diezani From Using My…

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