Tag: PETROLEUM INDUSTRY

Petroleum Minister Buhari overrides NNPC, approves Seplats acquisition of Mobil Producing Oil assets

Aminu Imam

President Muhammadu Buhari has approved the acquisition of ExxonMobil Corporation assets by Seplat Energy Plc despite moves by the State-owned oil company to block the deal. Recall that in February, Seplat had entered into an agreement to acquire the entire share capital of Mobil Producing Nigeria (MPNU) from Exxon Mobil. However, the deal was blocked by Nigerian National Petroleum Company (NNPC) Limited. Regulatory authorities also declined consent to the transaction. In July, Seplat Energy informed investors that NNPC blocked the deal through a court injunction restraining Exxon Mobil from selling…

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NNPC officially transits to commercial entity, unveils new logo

Aminu Imam

The Nigerian National Petroleum Corporation (NNPC) has transited fully into a commercial entity, becoming the Nigerian National Petroleum Company Limited. President Muhammadu Buhari officially unveiled the new Nigerian National Petroleum Company Ltd. in Abuja yesterday, in line with the provisions of the Petroleum Industry Act (PIA) 2021, affirming that the company is mandated by law to ensure that Nigerias National Energy Security is guaranteed. Speaking at the unveiling, Buhari said, The provisions of PIA 2021 have given the Nigerian petroleum industry a new impetus, with an improved fiscal framework, transparent…

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Volume of crude oil stolen in Nigeria beyond comprehension Chevron CEO

Aminu Imam

’Theft danger to industry’ – Shell Nigeria The Managing Director of Chevron Nigeria/Mid Africa Business Unit, Richard Kennedy, has noted that the volume of crude oil being stolen in Nigeria is beyond comprehension. Kennedy, who spoke during a panel session held at the recently concluded NOG Conference in Abuja, noted that oil theft is an organised crime that is different from host community issues. Commenting on the host community provisions of the Petroleum Industry Act, Kennedy emphasised the need not to confuse the agitations of host communities of oil-producing areas…

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Just In! OPEC Secretary-General, Muhammad Barkindo, is dead

Aminu Imam

The outgoing Secretary-General of OPEC, Muhammad Sanusi Barkindo, is dead. Barkindo, who was received by President Muhammadu Buhari on Monday, and later gave a speech at the ongoing Nigeria Oil and Gas conference (NOG), died at about 11 pm on Tuesday night. The Group Managing Director of NNPC Ltd., Mele Kyari, confirmed the death in a tweet on Wednesday morning. We lost our esteemed Dr. Muhammad Sanusi Barkindo. He died at about 11 pm yesterday, July 5, 2022. Certainly a great loss to his immediate family, the NNPC, our country…

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Economic Sabotage: Nigeria loses $ 1 billion to crude oil thieves in 3 months

Aminu Imam

Nigeria lost $1 billion in revenue during the first quarter of this year due to crude oil theft, the petroleum regulator said, warning the massive theft was a threat to the economy. According to the Head of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, of the 141 million barrels of oil produced in the first quarter of 2022, only about 132 million barrels of oil were received at export terminals. This indicates that over nine million barrels of oil were lost to crude oil theft this amounts to…

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57 successful investors get marginal oil field licences Tuesday – FG

Aminu Imam

The Federal Government has announced that the successful investors in Nigerias 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…

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Nigeria loses N2.2tr in revenue to crude production delays Report

Aminu Imam

Figures by Nigeria Extractive Industries Transparency Initiative, (NEITI), have revealed that Nigeria lost N2.1 trillion as a result of crude oil production deferment in 2020. Deferment is the reduction in production or injection availability caused by an activity, breakdown, trip, poor equipment performance, or sub-optimum operations, resulting in a reduction in the volume sold or injected, delaying the production or injection until a later time. According to the NEITIs Oil & Gas Report 2020, the deferment was recorded by crude oil companies, including SNEPCO, among others. A breakdown of the…

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Buharis headship of Petroleum Ministry reason for revenue leakages – PDP Govs.

Aminu Imam

The Peoples Democratic Party (PDP) Governors Forum has alleged that President Muhammadu Buharis headship of the Ministry of Petroleum Resources was responsible for revenue leakages in the Nigerian National Petroleum Company Limited, (NNPC). Consequently, the PDP governors have called for the immediate separation of the office of the president from that of the minister of petroleum resources. The Forum, in a communiqu read by its Chairman, Governor Aminu Tambuwal, of Sokoto State, after its meeting in Aba, Abia State, last Wednesday, also called for an audit of daily consumption of…

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Dangote Refinery to reduce Africas Petroleum importation by 36% – African Petroleum Producers

Aminu Imam

The African Petroleum Producers Organisation, (APPO), has said that the establishment of Dangote Oil Refinery will bring about a 36 percent reduction in the importation of petroleum productions into the continent. The Secretary-General, African Petroleum Producers Organisation, Dr. Omar Farouk Ibrahim, said in an interview that Dangote Refinery shall be supplying over 12% of Africas product demand when it becomes operational. Ibrahim said, To appreciate the impact that the Dangote refinery is going to have on African economies and especially on the supply of petroleum products, and to some extent…

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

Aminu Imam

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…

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