Category: Oil & Gas

Why Tinubu Should Hike Nigeria’s Stake In Dangote Refinery From 7% To 45% – PENGASSAN

Ganiyu Amodu

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has urged the Federal Government to raise its stake in Dangote Refinery from 7% to 45% to enhance product availability and meet local demands. The President of PENGASSAN, Festus Osifo, while officially presenting the communique of the 2024 PENGASSAN Energy and labour Summit to the media in Lagos, emphasize that it would bolster energy security for Nigerians. He called on the Federal Government to urgently repair the four national refineries and transfer majority share to the private sector. He…

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Why Only Nigerians Call Petrol PMS, By Farooq Kperogi

ADEOLA YUSUF

▪️”Almost without exception,…Nigerian newspapers mislead their readers into thinking that everyone in the English-speaking world recognizes “premium motor spirit” as the real name for petrol.”   I am taking a break from political commentary to everyday language usage this week. A few weeks ago, a British journalist who writes about oil and gas wrote to thank me for past articles I wrote that explained why Nigerians call “petrol” “Premium Motor Spirit.” “While I have always assumed PMS meant petrol, I never knew exactly why this term was so widespread in…

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Dangote Refinery Records 65m Litres Petrol Supply Shortfall in Three Days

Aliyu Aliyu

..Facility Not Ready for Petrol Loading Vessels, Spokesman affirms   Dangote Refinery has recorded 65 million litres petrol supply shortfall in three days, falling short of its commitment to deliver 25 million litres of petrol to the nation daily for September. A report by Premium Times which showed this added that that rather than deliver 75 million litres in three days, the refinery was only able to supply 10,297,766 (about 10.3 million litres) through its gantry loading system. With that figure, the refinery demonstrated a supply shortfall of almost 65…

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‘Separating Facts from Fiction,’ Yoruba Stakeholders Assembly Speaks On Petrol Pricing In Nigeria

ADEOLA YUSUF

‘Seven facts to consider,’ Word-for-word of statement Comrade Dayo Olawale, Convener, sent to Platforms Africa As a committed voice for transparency and awareness in Nigeria, the Yoruba Stakeholders Assembly seeks to address the recent misinformation surrounding the pricing of Premium Motor Spirit (PMS) in the country. In this era of rampant speculation and misinformation, it is crucial to separate fact from fiction—especially when the livelihoods of ordinary Nigerians are at stake. Let this statement serve as a reminder that informed citizens are the backbone of a thriving democracy. A nuanced…

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Dangote Petrol N1,019 In Borno, N950/Litre In Lagos – NNPC

Ganiyu Amodu

. Real reason we sell at N898.78 per litre at our refinery – Dangote . We paid Dangote in Dollar for September 2024 Petrol offtake – NNPC   The Nigerian National Petroleum Company Limited (NNPC) has declared that the Premium Motor Spirit (PMS), otherwise known as petrol, obtained from the Dangote Refinery will be sold at N950.22 in its retail stations in Lagos. The product will also sell at N1,019 per litre in Borno and some of the states in the far north-eastern Nigeria. Platforms Africa reports that the product,…

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Oil Marketers Buy 518,500 Metric Tones Of Dangote Diesel, Aviation Fuel In Five Months

Abibat Babalola

Marketers of petroleum products have lifted 518,500 metric tonnes of diesel and aviation fuel (Jet A1) from Dangote Refinery, representing 60 percent of national truck-outs in five months. Documents obtained from the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, indicated that independent local marketers lifted the products between April and September. They include Asharami, MRS Oil and Gas, AA Rano, Rainoil, Prudent, NIPCO, Aym Shafa and Danmarna, among many others. Further analysis of the transactions indicated that marketers lifted 489,500 metric tonnes of diesel and 29,000 metric tonnes of…

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Scarcity: Hawkers Sell Petrol Cheaper Than Filling Stations – Investigation

Abibat Babalola

▪️Incredible revelation on Nigeria’s petroconomics that shattered postulations and expectations of real-time economists Nigerians have not seen the last of the current petrol scarcity in the country as some funny developments have continued to emerge by the day. The most amusing one presently, according to a report by thr Lagos-based Vanguard newspaper, is that fuel is now sold cheaper by hawkers when compared to the pump price at filling stations. Quoting an investigation by the newspaper, the report revealed that fuel is sold at #1,000 per litre by hawkers along…

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NNPC/Chevron JV Targets 165,000 Bopd Oil Production By December

ADEOLA YUSUF

In line with the Petroleum Industry Act (PIA) 2021 provisions of transiting assets from the Petroleum Profit Tax (PPT) into PIA terms, the NNPC Ltd and its Joint Venture (JV) partner, Chevron Nigeria Ltd (CNL), have concluded the conversion of five of its JV assets into the PIA terms. Under the new PIA regime, all existing Oil Prospecting Licenses (OPLs) and Oil Mining Leases (OMLs) would be automatically converted to Petroleum Prospecting Licenses (PPLs) and Petroleum Mining Leases (PMLs) upon their expiration. Nonetheless, an option of voluntary conversion is provided…

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NUPRC Disowns Report It Approved Shell’s $1.3bn Assets Sale

ADEOLA YUSUF

“Our position on the Shell, Renaissance multi-billiondollar oil deal,” here is a read-for-yourself statement the Commission’s spokesperson, Olaide Shonola, sent to Platforms Africa   Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disowned a publication in the Busnessday of September 11, 2024, that the Commission has accepted Shell International Plc’s bid to sell its onshore assets to Renaissance in a transaction worth $1.3 billion. Platforms Africa reports that the commission, which said this in a statement by Head, Public Affairs and Corporate Communication, Mrs Olaide Shonola, firmly stated that the information…

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BFPCL, CRBC Ink Deal for Nigeria’s $3.3bn Industrial Park, Methanol Plant

Ganiyu Amodu

▪️’After Years of Delays,’ NNPC/SPDC JV, Brass Fertilizer Petrochemical Company Target September 30 To Deliver Gas Sales, Purchase Agreement   In a significant breakthrough for Nigeria’s Brass Fertilizer Petrochemical Company Limited (BFPCL), the long-awaited Gas Sales and Purchase Agreement (GSPA) with its gas supplier, the NNPC/SPDC Joint Venture (JV) is nearing conclusion, paving the way for the project’s financial close and commencement of the execution phase. Minister of State Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, who disclosed this on Tuesday also announced that Bohai Chemical Industries Group (BCIG) and…

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