Category: Oil & Gas

It’s Real, Major Marketers Confirm Return of Fuel Subsidy

Ganiyu Amodu

“Intervention Must Be Time-bound,” here is the detailed reaction of marketers at NAEC annual international conference to Tinubu government’s short-term subsidy interventions   The Major Oil Marketers Association of Nigeria has cautioned the Nigerian government’s decision to partially return the subsidy to curtail the rising price of Premium Motor Spirit (petrol), insisting that the short-term intervention must be targeted, affordable, well thought out, and time-bound and should not negatively impact the Nigerian economy in the long run. Platforms Africa reports that Clement Isong, Chief Executive Officer, and Executive Secretary made…

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Diezani’s Prosecution Over £100,000 ‘Bribery’ Begins In London Court

ADEOLA YUSUF

The erstwhile powerful oil minister was dragged to Court over multi-million-pound contracts scam, today in london, exactly one year after another Court in Nigeria ordered forfeiture of two Abuja properties and two luxury cars   Nigeria’s ex-Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, Monday morning appeared at Westminster Magistrates’ Court in London to answer to charges of bribery levelled against her by the British authorities according to multiple media reports monitored in Abuja. She had on August 22 been charged to court by the United Kingdom (UK) government over an…

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OML 83 & 85: NNPC/FIRST E&P JV Sets Up Development Trust for Host Communities

Damilola Olonade

. The NNPC/FIRST E&P OML83 & 85 Joint Venture, has inaugurated a Development Trust for its host communities in compliance with the Petroleum Industry Act 2021 mandate. The inauguration ceremony was held on Friday, September 22, 2023, at the Golden Tulip Hotel in Yenagoa, Bayelsa State. The Trust, named ‘KEFFESO Host Communities Development Trust’ (KHCDT), is a not-for-profit and non-political organization which will be governed by a constitution. In support of its activities, the NNPC/FIRST E&P JV will contribute 3% of its actual operating expenditure in the upstream petroleum operations…

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35 Killed As Fire Razes Smuggled Petrol Warehouse In Nigeria-Benin Border

Aoko Benjamin

At least 35 people have been killed in Nigeria-Benin border as a fuel depot allegedly used for smuggled product caught fire and erupted into flames, blanketing the sky with a thick, black cloud of smoke. Platforms Africa reports that the tragic event unfolded in the town of Seme-Podji, situated near the border with Nigeria, where locals often frequented a warehouse for smuggled fuel. According to Prosecutor Abdoubaki Adam-Bongle, initial assessments indicate that the fire claimed the lives of 35 individuals, including one child. It is suspected that the blaze ignited…

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Untapped Gas Reserves; Ekpo Pledges Partnership With Akwa Ibom

ADEOLA YUSUF

Gas minister felicitates govt, people of Akwa Ibom as state marks 36 years of existence   Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, has lauded the government and people of Akwa Ibom State for the unity and peaceful co-existence of its various peoples and the socio-economic developments recorded over the past 36 years. Platforms Africa reports that the minister stated this in a statement today to mark the 36th anniversary of the creation of the state. He said the creation of the state has allowed the spread of infrastructural…

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Winners emerge in NCDMB National Essay Competition + NAMES

Efe Wellington

Wabote harps on in-country value addition Winners of the 7th Nigerian Content Annual National Undergraduate Essay Competition, 2023, were unveiled on Wednesday at the Lady Daima Memorial Event Centre, Yenagoa, Bayelsa State at a well-attended ceremony. Platforms Africa reports that It was the Grand Finale of the competition, with the top 10 finalists awarded prizes. Overall best was Miss Iruoma Favour Lazarus, a 200-level student of the Faculty of Law, Nnamdi Azikiwe University, Awka. She received a cheque for one million naira (N1,000,000.00) and an HP laptop. READ ALSO: Hippolite…

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Oil Hits $94 Per Barrel, Marketers Eye Fresh Petrol Price Hike

Abibat Babalola

The rise in the cost of crude oil, coupled with the depreciation of the naira against the United States dollar, might lead to a hike in the pump price of Premium Motor Spirit, popularly called petrol, oil marketers stated on Sunday. It was also gathered that the sharp rise in crude oil price to about $94/barrel and the crisis around forex, had warranted a gradual increase in the amount being quietly spent as subsidy on petrol by the Federal Government. Dealers in the downstream oil sector explained that the cost…

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NNPC Tops Defaulters As Unremitted Revenue To Nigeria Hits $9.85bn – NEITI

ADEOLA YUSUF

. 80% of the financial liabilities are owed by the NNPCL as Federation earned $ 23.04 billion in 2021 with $ 13.2 billion or 57.27% of total revenue shared to the federating units after deductions     The total unremitted revenues to the Federation by some relevant government agencies and companies in the oil and gas sector in the year 2021 have risen to over $9.85bn, Platforms Africa reports. The figure and other vital pieces of information and data about Nigeria’s petroleum sector are contained in the 2021 Oil and…

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BP CEO Resigns Amid Probe into Past Relationships With Colleagues

ADEOLA YUSUF

Bernard Looney filed his resignation with immediate effect. BP PLC said Tuesday chief executive officer (CEO) Bernard Looney had tendered his resignation with immediate effect, revealing a company investigation is underway over his personal relationships with colleagues. Chief financial officer Murray Auchincloss takes over on an interim basis, the British energy giant said in a press release. “In May 2022, the Board received and reviewed allegations, with the support of external legal counsel, relating to Mr Looney’s conduct in respect of personal relationships with company colleagues”, it said. “The information…

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Oil Skyrockets Above $90 Per Barrel

Precious Ibekwe

Prices of ctude oil have surged above $90 per barrel as Saudi Arabia slashed 1 million barrels off its quota from the Organization of Petroleum Exporting Countries (OPEC). Being the topmost member of pPEC. Saudi Arabia saud it would extend its voluntary 1 million bpd crude oil production cut through the end of this year, according to the official Saudi Press Agency. READ ALSO: We Played Politics with 2012 Occupy Nigeria On Fuel Subsidy – Fayemi “He Queried My Relationship with Our Pastor,” Woman Beats Up Husband Help, My Husband…

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