Category: Local Content

The Management of the Nigerian National Petroleum Corporation (NNPC) on Friday said it does not run any opaque account with the commercial banks and there was neither $470.5m or N8billion of its money hidden anywhere. The state oil company was reacting that a sensational report by the Inspector General of Police, Ibrahim Idris that its…

The Nigerian Police Force announced today that it was able to trace $470.5million belonging to the Nigerian National Petoleum Corporation (NNPC) Brass LNG squirrelled away in some accounts in some commercial banks in Nigeria. The News Agency of Nigeria (NAN) has reported. Even more stunning, the police also said they traced another N8,807,264,834.96, belonging to…

The National Bureau of Statistics (NBS) said the average cost of refilling a five kilogramme (kg) cylinder of Liquefied Petroleum Gas (Cooking Gas) increased to N2,05.14 in August from N2,01.45 recorded in July. The NBS disclosed this in its August 2018 “Liquefied Petroleum Gas (Cooking Gas) Price Watch” released in Abuja on Friday. According to…

The delay in the award of new oil blocks and uncertainties over existing marginal oilfields are upsetting industry players, amid a warning that the country’s economic development could be jeopardised. Nigeria is projected to witness a shortage of crude oil, as new refineries may have to compete with the sale of the product at the…

By Energy Worth The management of the Nigerian Ports Authority (NPA) has denied any wrong doing in the bid process leading to award of the dredging of the Warri Port Channel to favour any bidder. Reacting to the allegation of process fraud brought against it by one of the project bidders, Dredging Atlantic Limited, the…

THE production of first oil from Total’s $16 billion Egina project is being threatened as the management of Lagos Deep Offshore Logistics (LADOL), banished Samsung Heavy Industries, SHI, from its dockyard. Investigations by Vanguard, weekend, showed that first oil scheduled for December 2018 would likely be affected, especially as many equipment, including hook-up and commissioning…

By Energy Worth The Nigeria Customs Service, Federal Operations Unit,, Zone ‘A’ Ikeja, said that it had intercepted N1.5bn worth of petroleum products about to be smuggled out of the country to Benin Republic. It added that the petroleum products in about 12 wooden speed boats had about 11,000 jerry cans set to be smuggled…

A tacit endorsement of President Muhammadu Buhari’s decision not to sign the troubled Petroleum Industry Governance Bill (PIGB) appear came from some stakeholders in the Niger Delta, who view the proposed law as inimical to the interest of the region.They were, however, quick to stress that they were not averse to the reformation of the…

By Suraj Oyewale The news, early this week, that President Muhammadu Buhari has refused to assent to the Petroleum Industry Governance Bill (PIGB) and has returned it to the Senate, struck me like a thunderbolt, not because it shattered my professional forecast that the bill will come into force before the end of this administration,…

Stakeholders in the oil and gas, and investment sectors have said growing socio-economic uncertainties and political instability could further quash inflow of investment into the country. The experts, who reacted to the declining level of investment into Nigeria’s oil and gas sector, are worried that the country is fast losing its competitiveness to other countries…