Category: Oil & Gas

Oil Price Hits New Peak, Surges Pass $85 per Barrel

ADESUPO OSOSANYA

Oil climbed $85 a barrel after Saudi Arabia said that the Organization of Petroleum Exporting Countries, OPEC+ alliance should maintain its cautious approach to managing global crude supplies given the threat to demand still posed by the pandemic. Global benchmark Brent was 0.2 per cent higher in early Asian trade following a run of seven consecutive weekly gains, the longest such streak since March. Saudi Arabia Energy Minister Prince Abdulaziz bin Salman told Bloomberg Television at the weekend that producers shouldn’t take the rise in prices for granted as similar…

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REVEALED: Real Reasons Nigeria’s Cooking Gas Price Skyrocketed –Ecogas Boss

ADEOLA YUSUF

“The NPSC LPG terminal at Apapa with 8000MT capacity had been unproductive for over 6 months because of a protracted maintenance, that could have taken private sector to carry out in less than 30 days.”   Sixty per cent of the Liquefied Petroleum Gas (LPG) also known as cooking gas consumed in Nigeria is imported. Platforns Africa reports that the Chief Executive Officer of Ecogas Energy Resources Limited, one of the major processors and distributors of LPG in Nigeria, Chief Shina Luwoye, who disclosed this in an interview with newsmen…

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How PIA Altered Dynamics for Nigeria’s Oil, Gas Legal Frameworks – NAPE

ADEOLA YUSUF

NAPE Rallies Practitioners, Government Officials, Academia for 39th Annual Int’l Conference and Exhibition   The Petroleum Industry Act (PIA) represents the most comprehensive review of the legal framework for the oil and gas sector in Nigeria since the industry began commercial operations in the 1960s. Highest body of Petroleum explorationists in sub-Saharan Africa, the Nigeria Association of Petroleum Explorationists (NAPE), which said this during a virtual press conference to herald its 39th Annual International Conference and Exhibition (AICE), maintained that the conference, which would take an indepth look at the…

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Fuel Marketers’ Billions of Naira Trapped in PPPRA, DPR, PEF – IPMAN

Tade Salako

“Major crisis looms in Nigeria’s fuel market, requires urgent reconciliation of the huge sums of money trapped in scrapped agencies”   The Independent Petroleum Marketers Association of Nigeria (IPMAN) has cried out, alleging that funds of its members are trapped in the recently-scrapped agencies in the Ministry of Petroleum Resources. Platforms  Africa reports that IPMAN made this known in a statement signed by its National President, Mr Chinedu Okoronkwo, on Thursday in Lagos. The scrapped agencies are: the Department of Petroleum Resources (DPR), Petroleum Equalization Fund Management Board (PEFMB), and…

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Shell Hunts for 14 Offshore Field Support Vessels for Nigeria’s operations

ADEOLA YUSUF

Oil supermajor, Royal Dutch Shell, is in the market on a hunt for up to 14 offshore field support vessels on a firm and call-off basis for its operations in Nigeria. Platforms Africa reports that Shell Petroleum Development Company (SPDC) has launched a prequalification call to interested offshore vessel owners to submit bids by October 25. Shell said it would utilise the vessels for shallow-water assets in its east and west divisions and also on Bonga oilfield 120 km off the coast of the Niger Delta. READ ALSO: Oil Minister…

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Why CEO, NNPC Ltd., Mele Kyari, Advocated Energy Justice For Africa

ADEOLA YUSUF

Group Managing Director and Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd), Mallam Mele Kyari, has advocated what he called “energy justice” in the implementation of energy transition for Africa. Platforms Africa reports that Kyari made this known ahead of the commencement of the 26th United Nations Climate Change Conference of the Parties (COP26) in Glasgow, Scotland next week. Discussions countries transiting to less carbon-intensive energy sources have been gaining momentum in the last few years, with global leaders calling for a shift away from fossil fuels…

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Barkindo Advocates inclusive Solution as OPEC Hosts Climate Change Meeting

ADEOLA YUSUF

Executive Secretary, Organisation of Petroleum Exporting Countries (OPEC), Sanusi Barkindo, has highlighted the need for an inclusive, comprehensive and just solution within the context of sustainable development to steer climate change mitigation efforts. Platforms Africa reports that the OPEC Scribe declared this at the Coordination Meeting on Climate Change held via videoconference. The meeting held on 20th of October, is the 20th edition. It served as a dynamic and open platform for representatives of OPEC Member Countries and non-OPEC countries participating in the Charter of Cooperation to dialogue and discuss…

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Oil Minister confirms Platforms Africa Exclusive News on DPR, PPPRA, PEF scrapping, CEOs’ sack

ADEOLA YUSUF

“The law specifically repeals the DPR Act, the Petroleum Inspectorate Act, the Petroleum Equalisation Fund Act and the PPPRA Act.  It is very clear that those agencies do not exist anymore.”   Four weeks after the Platforms Africa exclusive news on the scrapping of the Department of Petroleum Resources (DPR), Petroleum Equalisation Fund (PEF) and the Petroleum Products Pricing Regulatory Agency (PPPRA), the Nigeria’s Minister of State for Petroleum Resources, Timipre Sylva, has officially confirmed the report. Mr. Sylva also noted, in confirmation of the Platforms Africa report published on…

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Nigeria’s Domestic Cooking Gas Production Hits 49,453.1MT, 66.58% – PPPRA

Efe Wellington

Over 66 percent of domestic gas supply in September 2021 was produced locally, according to the Petroleum Products Pricing Regulatory Agency (PPPRA). Platforms Africa reports that the General Manager, Corporate Services, Mr. Kimchi Apollo, who made this known in a statement explained that Nigeria produces locally, a major portion of the LPG consumed in the country. He attributed the feat to the enabling environment created by the Federal Government through its programmes and policies to attract investment into the entire gas value chain. READ ALSO: Why N480/kg Cooking Gas price…

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Why, How NNPC GMD, Kyari, Bagged “The Sun Man of The Year” Award – MD/E-i-C

ADEOLA YUSUF

In yet another recognition of his efforts since becoming the GMD/CEO of the NNPC, Mallam Mele Kyari has been honoured with the “The Sun Man of The Year Award”, the biggest recognition by The Sun Publishing Comapany Ltd, publishers of The Sun Newspaper titles. Platforms Africa reports that Kyari received the award at a ceremony attended by eminent Nigerians at the Eko Hotel & Suites, Lagos on Saturday. They include the former Secretary to the Government of the Federation, Ambassador Babagana Kingibe; Kano State Governor Abdullahi Umar Ganduje, Ondo State…

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