Former DPR, NUPRC, attributes 40% of crude losses to measurement faults, not theft

Approximately 40 percent of the volumes credited to crude losses in the Nigerian petroleum industry are attributable to measurement inaccuracies and not theft as often reported. The Chief Executive of the Nigerian Upstream Regulatory Commission (NUPRC), Gbenga Komolafe, stated this at the Petroleum Club Quarterly Dinner, which was held in Lagos. Komolafe said the revelation followed a forensic audit conducted by the Commission between January 2020 to November 2022 on crude theft numbers, to ascertain with accuracy the stolen volume of crude oil within the reference period. Delivering his address…

Read More

57 successful investors get marginal oil field licences Tuesday – FG

The Federal Government has announced that the successful investors in Nigeria’s 57 marginal oil fields of the 2022 bid round would get their various Petroleum Prospecting Licences tomorrow, Tuesday. Recall that the defunct Department of Petroleum Resources (DPR), on May 31, 2021, issued letters of award to investors for the production of crude oil from 57 marginal fields. In January this year, the Nigerian Upstream Petroleum Regulatory Commission announced that a total of 128 awardees emerged as successful bidders in the bid round and had made complete and part payments…

Read More

Senate investigates how DPR, despite Buhari’s directive, illegally awarded oil field to Halkin Oil

The Nigerian Senate is investigating how an oil field, OML 46, was illegally awarded to Halkin Exploration and Production Company Limited, by the defunct Department of Petroleum Resources (DPR), in contravention of a Presidential directive. The Senate Committee on Ethics, Privileges and Public Petitions, while interfacing with the groups involved at a public hearing on Tuesday, was informed that after the revocation of the oil field, the presidency intervened, considered the numerous petitions from the various marginal owners, and directed that the fields be re-awarded on a discretionary basis with…

Read More

FG scraps DPR, PPPRA, PEF, sacks CEOs, unveils new agencies

The Federal Government has scrapped the Department of Petroleum Resources, (DPR), the Petroleum Products Pricing Regulatory Agency, (PPPRA), and the Petroleum Equalisation Fund, (PEF). The Minister of State for Petroleum Resources, Timipre Sylva, who announced the decision on Monday, during the inauguration of the boards of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, (NPRA), and the Nigerian Upstream Regulatory Commission in Abuja, (NURC), said that workers of the three agencies would be protected, while their chief executives had been relieved of their appointments. With the passage of the Petroleum Industry…

Read More

FG scraps DPR, PPPRA, names new oil regulators, management, Boards

The two agencies in charge of regulations for Nigeria’s upstream and downstream oil sub-sector, Department of Petroleum Resources (DPR) and Petroleum Products Pricing Regulatory Agency (PPPRA) will legally cease to exist in their current structures any moment from now, President Muhammadu Buhari has already announced the formation of new agencies to take the place of the two. Buhari has chosen the heads of the two regulatory agencies created following the adoption of the Petroleum Industry Act, according to a letter received exclusively by Platforms Africa to Senate President, Ahmed Lawan.…

Read More

‘Petrol price could increase to N1,000 per litre if subsidy is removed’ – DPR

The Department of Petroleum Resources, (DPR), has stated that the pump price of petrol in Nigeria may rise to N1,000 per litre when the petrol subsidy regime ends without an alternative energy source. Recall that group managing director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari last month had stated that the cost of petrol should be N256 per litre at filling stations without subsidy. The price of premium motor spirit (PMS), better known as petrol, currently hovers around N162/N163 per litre. According to the DPR Director, Sarki Auwalu,…

Read More

‘Petrol price could increase to N1,000 per litre if subsidy is removed’ – DPR

The Department of Petroleum Resources (DPR) has stated that the pump price of petrol in Nigeria may rise to N1,000 per litre when the petrol subsidy regime ends without an alternative energy source. Recall that group managing director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari last month had stated that the cost of petrol should be N256 per litre at filling stations without subsidy. The price of premium motor spirit (PMS), better known as petrol, currently hovers around N162/N163 per litre. According to the DPR Director, Sarki Auwalu,…

Read More

DPR denies revoking licenses of 32 refineries

The Department of Petroleum Resources, (DPR), has denied media reports that it revoked licenses it issued for 32 private companies to establish refineries. Media reports earlier said the federal government revoked licenses that it had issued within a period of three years. However, in a statement yesterday, DPR clarified that refinery licenses have validity periods for the investors to achieve certain milestones and would become inactive after its expiration until the company reapplies.  Picture caption: DPR.Director-CEO, Engr Sarki Auwalu “We wish to clarify that DPR did not revoke any refinery…

Read More

Market forces should determine gas prices – DPR

The Department of Petroleum Resources (DPR) has advocated that market forces should be allowed to determine gas prices to guarantee the security of supply and demand of the commodity. Mr Sarki Auwalu, the Chief Executive Officer, DPR, disclosed this while presenting keynote address at the pre-summit conference on “Decade of gas’, in Abuja, on Monday. Auwalu said that the right and market-based pricing of gas was critical, as it would assure producers of returns on their investments. He also outlined five critical levers for gas development, especially as Nigeria moves…

Read More

Buhari to roll out autogas scheme Dec. 1 – NGEP Chairman

President Muhammadu Buhari will on December 1st roll out the autogas scheme in Abuja as the Federal Government moves to create alternative fuel for automobiles and other prime movers in Nigeria. Dr Mohammed Ibrahim, Chairman, National Gas Expansion Programme (NGEP), made the announcement at a meeting with media stakeholders on Saturday in Lagos. Ibrahim said the autogas scheme and deepening domestic utilisation of Liquefied Petroleum Gas (LPG) would create about 12.5 million direct and indirect jobs for Nigerians. He disclosed that cars in the presidential fleet had been converted to run…

Read More