Oil & Gas

Average price per litre of kerosene in Nigeria up in August – NBS

Sep 18, 2019

The average price per litre paid by consumers for National Household Kerosene increased to N319.94 in August 2019 from N316.03 in July, according to the National Bureau of Statistics (NBS). The bureau, in its “National Household Kerosene Price Watch (August 2019)” obtained from its website on Tuesday in Abuja, said the increase is by 1.24…

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Nigeria continues to bleed from pipeline vandalism

Sep 18, 2019

Pipeline vandalism is the willful act or deliberate act of damaging petroleum products pipelines with the sole aim of stealing crude oil and associated petroleum products. Pipeline vandalism often leaves in its trail a myriad of problems including massive bleeding of the economy as a result of losses from pipeline shutdowns cum shut-ins in the…

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Nigeria’s diesel dependent economy prepares for new clean fuel rules

Sep 18, 2019

Nigeria’s frenetic commercial capital, Lagos, is plunged into darkness several times a day. Then its generators roar, and the lights flood back on. Nigeria is one of the world’s largest economies where businesses rely so heavily on diesel-powered generators. More than 70% of its firms own or share the units, while government data shows generators…

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Bayelsa, C-River, Kogi residents pay most for petrol in August – NBS

Sep 18, 2019

The National Bureau of Statistics (NBS), yesterday disclosed that Bayelsa, Cross River and Kogi state residents paid the highest amount for Premium Motor Spirit (PMS), popularly referred to as petrol in August, 2019. The NBS said this in its “Premium Motor Spirit (Petrol) Price Watch for August 2019’’ released on its website yesterday in Abuja.…

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NNPC brokers truce between Shell, Belema Oil over OML 25

Sep 18, 2019

The Nigerian National Petroleum Corporation (NNPC) with its joint venture partners, Shell Production Development Company (SPDC) and Belema OIL, have resolved the dispute on the operation of Oil Mining Lease (OML) 25. The feuding group at the signing of the dispute closure agreement in Abuja on Tuesday agreed that operations at the oil well would…

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DPR to withdraw licences from 5 stations for under dispensing

Sep 17, 2019

The Department of Petroleum Resources (DPR) in Adamawa has threatened to withdraw operating licences from five filling stations for sabotage. It accuses them of sabotaging efforts to improve the standard of living and economy in Adamawa and cheating the economy. The stations include Makeri, Magaso, MRS, AA Salish & Sons and Oando. Acting controller of…

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Aviation fuel hits N300 per litre in Nigeria

Sep 17, 2019

The price of Jet A1, otherwise known as aviation fuel in the local parlance, jumped to over N300 per litre in Nigeria, especially in the Northern part of the country. The product however still sells at N240 and N250 per litre in Lagos, depending on the independent marketer an airline is purchasing from. The skyrocketing…

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Shell deploys aerial cameras to track oil spills, crude theft

Sep 17, 2019

The Shell Petroleum Development Company of Nigeria Limited (SPDC) said it has deployed high definition (HD) cameras for quick detection and response to crude oil spills from its facilities. The cameras will also help in tracking pipeline vandalism and crude theft from SPDC joint venture assets. The General Manager, External Relations, SPDC, Igo Weli, disclosed…

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FG retains $55 budget oil benchmark despite oil price spike

Sep 17, 2019

Ejiofor Alike in Lagos, Omololu Ogunmade, Ndubuisi Francis and Chineme Okafor in Abuja with agency reports The federal government yesterday ruled out revising upward the $55 per barrel oil price benchmark adopted for the 2020 budget despite a spike in value of the commodity in the global market in the aftermath of Saturday’s drone attacks…

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NCTL pipeline exporting Bonny Light crude, under force majeure – Aiteo

Sep 17, 2019

Nigeria’s Nembe Creek Trunk Line (NCTL), which exports Bonny Light crude oil, was shut down and placed under force majeure last week, a spokesman for operator Aiteo said on Tuesday. The spokesman did not give a reason for the shutdown. The pipeline is one of two that exports Bonny Light, so the terminal is currently…

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