Category: Oil & Gas

How Investment Inflow Can Fix Petroleum Supply Chain Inefficiency- NMDPRA

ADEOLA YUSUF

. ‘Lack of efficiency drives Charter costs to $100,000 per day,’ full revelations about products’ supply the Authority’s Executive Director, Distribution, Storage System and Retail Infrastructure, Mr. Ogbugo Ukoha, made at the OTL Africa 2024 The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Executive Director, Distribution, Storage System and Retail Infrastructure, Mr. Ogbugo Ukoha has highlighted significant inefficiencies and cost challenges in Nigeria’s petroleum distribution infrastructure. Platforms Africa reports that Ukoha stated this while speaking the OTL Africa Summit in Lagos, he urged for greater investment in Nigeria’s coastal…

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‘In 5 Weeks,’ Nigeria Gets New Contracting Cycle Guidelines For Oil Projects – NCDMB

ADEOLA YUSUF

. ‘Taking the Bull By the Horns,’ Board to Launch Guidelines at PNC 2024 Forum, Holds Sensitization Workshops + PHOTOS    The Nigerian Content Development and Monitoring Board (NCDMB) is gearing up to launch new Contracting Cycle Guidelines for the oil and gas industry in compliance with the Presidential Directives on Local Content announced by President Bola Ahmed Tinubu in March 2024 to accelerate oil and gas contract timelines, incentivize investments in the sector and increase Nigeria’s crude oil production. Platforms Africa reports that the Executive Secretary of the NCDMB,…

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Refinery: I’m Running At Loss, Dangote Tells Tinubu

ADEOLA YUSUF

Chairman of Dangote Group, Alhaji Aliko Dangote, Tuesday claimed that his refinery has over 500million litres of fuel currently stored in his tank farm, but marketers refused to buy same and distribute to Nigerians in need. He said his refinery has capacity to produce more than 30million litres of fuel daily but since he is not in the business of retailing, the products cannot get to Nigerians who need it because the retailers are not coming to buy it. At a meeting with President Bola Tinubu on Tuesday,Dangote lamented that…

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N1,050/Litre: Again, NNPCL Increases Petrol Price

Aliyu Aliyu

The Nigerian National Petroleum Company Limited (NNPCL) has again increased the pump price of Premium Motor Spirit (PMS), otherwise known as petrol, at its retail stations. The NNPCL increased the pump price of petrol at its stations in Lagos State to N1,020 per litre, while the product was sold at N1,050 in Abuja, the nation’s capital, on Tuesday, October 29, 2024. Platforms Africa recalls that the NNPCL, on October 9, 2024, raised petrol prices from N897 per litre to N1,030 in Abuja, and N998 in Lagos where petrol was formerly…

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How New Modular Refineries’ Licenses Boost Nigeria’s Midstream Sector – NMDPRA

Ganiyu Amodu

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced a significant expansion in Nigeria’s refining sector. This includes the issuance of nine Licenses to Establish (LTEs), seven Licenses to Construct (LTCS), and four Licenses to Operate (LTOS) for modular refineries. This initiative aims to enhance local production and reduce dependence on imports. Engr. Farouk Ahmed, Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory (NMDPRA) revealed this during his keynote address at the 18th OTL Africa Downstream Energy Week summit in Lagos, themed “Alliances for Growth.” He…

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Oil Prices Tumble, Global Stocks Rise As Iran fears Ease

Abibat Babalola

Oil prices fell and global stocks rose Monday on relief that Israel’s strikes on Iran avoided the country’s energy infrastructure. Israel spared oil and nuclear facilities in its air strikes on Iranian military targets Saturday, easing investor concerns about the extent of Israel’s retaliation to Tehran’s October 1 missile barrage. Investors breathed a sigh of relief as the attack was more restrained than expected,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. Oil prices have swung wildly in recent weeks, with investors concerned that an attack on Iran’s oil facilities…

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Nigeria Secures Jindal Group’s Commitment for $4bn Iron Steel Plant’s Gas Offtake

Aliyu Aliyu

Minister of State Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, has successfully secured a commitment from Jindal Group to offtake about 450 million metric standard cubic feet per day (MMscfd) of natural gas to underpin a $4 billion investment in a 10 million tonnes per annum Hot Briquetted Iron (HBI) Steel Plant to be located at Ibom Solutions Hub Industrial Park (ISHIP), a free zone facility in Akwa Ibom State. A statement by Louis Ibah, media aide to the Minister of Gas, noted that this project eas expected to create…

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PNC 2024 Forum To Spotlight New Frontiers For Content Implementation, Rallies 950 Stakeholders

ADEOLA YUSUF

. ‘Africa Energy Bank, Reduction of middlemen and fixing contract price inflation,’ organisers highlight forum’s feats, speak on what to expect at NCDMB-backed PNC 2024   About 950 experts and stakeholders across the oil and gas ecosystem will participate at the Practical Nigerian Content (PNC) 2024 Forum to advance solution-driven conversation on the Nigerian Content Implementation. Platforms Africa reports that the Nigerian Content Development and Monitoring Board (NCDMB)-backed event holds its 13th edition in Bayelsa State with the theme “Defining The Next Frontier Nigerian Content Implementation.” After Platforms Africa Report,…

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”Passengers, Crew Gone,’ Rivers Helicopter Crash Kills Everyone On Board – Police

Aliyu Aliyu

“Oil workers onboard as incident occurred en route OML 123 FPSO – NUIMS ANTAN,” Here is a word-for-word statement NNPCL issued on the ill-fated Helicopter   The Rivers State Police Command has confirmed dead eight persons on board of Thursday’s helicopter crash in the state. The Ill-fated helicopter left Nigerian Air Force Base in Port Harcourt, traveling to Nuim Antan OML123 fields with two crew members and six passengers when it reportedly ditched into the ocean near Antan Producing Limited’s Mimbo platform and Floating Production and Offloading (FPSO). Public Relations…

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NCDMB, Shell JV Partners Deepen CSR, Donate Engineering Studio, ICT Hub to FUTO

Precious Ibekwe

The Nigerian Content Development and Monitoring Board (NCDMB) and Shell Petroleum Development Company (SPDC), with its joint venture (JV) partners, on Thursday unveiled world-class engineering design studios and an information and communication technology (ICT) hub at the Federal University of Technology, Owerri (FUTO). Platforms Africa reports that the facilities were conceived and donated in furtherance of the Nigerian Content Human Capacity Development (HCD) programme which had focused lately on institutional strengthening, equipping universities and revamping select technical and vocational schools across the country, in a bid to develop competent technical…

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