OIL & GAS

The largest oil and gas field financing transaction of about $1.1bn – Oil Mining License 17, owned by billionaire business tycoon, Tony Elumelu, is currently under investigation following the uncovering of an illegal oil bunkering facility connected to it, The PUNCH has…

The scarcity of Premium Motor Spirit, popularly called petrol, in Abuja and other northern states could persist till after Saturday’s gubernatorial elections in various states, oil marketers said on Tuesday. Petrol scarcity became severe on Monday in Abuja, Nasarawa, Niger and other states…

The Nigerian National Petroleum Company Ltd. (NNPCL) has attributed fuel queues in Abuja and some parts of the country to restrictions of businesses and movement during the presidential and National Assembly elections. The NNPCL said operations had resumed at the depots and trucks…

Seplat Energy Plc has said the sale and purchase agreement to acquire the entire share capital belonging to Mobil Producing Unlimited, Nigeria for $1.28 million, plus up to $300 million contingent consideration, was still awaiting presidential approval. Its Chief Executive Officer, Roger Brown,…

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised the alarm, accusing depot owners in Ijegun, Apapa and Tin Can Island, all in Lagos State, of frustrating efforts of the federal government by selling petrol to retailers at N220 per litre,…

The Federal Government has identified new oil fields capable of delivering about 681,000 barrels of crude oil per day and 1.52 billion standard cubic feet of gas daily. It disclosed this in a new document put together by the Nigerian Upstream Petroleum Regulatory Commission…

Approximately 40 per cent of the volumes credited to crude losses in the Nigerian petroleum industry are attributable to measurement inaccuracies and not theft as often reported. Chief executive of the Nigerian Upstream Regulatory Commission (NUPRC), Gbenga Komolafe, who disclosed this over the…

The Nigerian National Petroleum Company Limited has completed the rehabilitation of the pipeline at the Satellites depots area. The repairs were carried out through the NNPCL subsidiary, NNPCL Pipeline and Marketing. Chairman, of Satellite Depots, Akin Akinrinade, told press that the pipeline had been repaired…

The Nigerian National Petroleum Company Limited, on Friday, revealed that the amount spent as subsidy on Premium Motor Spirit, popularly called petrol, had crossed N400bn monthly. NNPCL’s Group Chief Executive Officer, Mele Kyari, disclosed this at the Headquarters of the oil firm at…

The Nigerian National Petroleum Company Limited (NNPC) yesterday announced that it will commence the drilling of crude oil in Nasarawa State  from March 21, 2023. Group Chief Executive Officer of the national oil company, Mallam Mele Kyari, who spoke when he visited the…