Category: Oil & Gas
Subsidy deduction: Allocation Committee meets today as NNPC action threaten states’ allocations
The planned deduction of N242.53bn fuel subsidy from the Federation Account this month by the Nigerian National Petroleum Company Limited is raising uncertainty among states as the Federation Accounts Allocation Committee is scheduled to meet on Tuesday (today).
Subsidy may increase by 100% as FG’s benchmark oil price doubles
The projected oil price of the Federal Government of $62/barrel as contained in the 2022 Appropriation Bill has almost doubled going by the current global oil prices, which have been on the increase since the invasion of Ukraine by Russia on February 24, 2022.
Nigerians to spend N6.7tn on petrol in 2022, NLC, Senate fault N5,000 palliative
Nigerians will spend about N6.732tn on the purchase of Premium Motor Spirit, popularly called petrol, within a period of 12 months once the Federal Government stops subsidising the commodity from February next year, investigations have revealed.
OPEC revises 2021 global oil demand to 5.7 mb/d
”Revisions were mainly to account for slower than anticipated demand from China and India in Third Quarter 2021.
Nigeria lost N898.93bn to pipeline vandalism, theft in nine months
Between January and September 2021, Nigeria lost N898.93bn to crude oil losses and repairs of vandalised pipelines, among others, documents obtained from the Nigerian National Petroleum Company Limited showed.
NNPC refineries generate zero revenue, pay workers N69bn
Workers at the government-owned refineries were paid a total of N69.07bn last year, even as the plants generated zero revenue as they did not process a single barrel of crude oil.
Governors, Sylva’s panel to work on PIA’s grey areas
At their 33rd teleconference meeting, the governors’ under the aegis of the Nigerian Governors’ Forum (NGF), agreed to set up a seven-man panel to work out the gray areas with the federal committee.
Petrol price remains until FG, labour end negotiations — PPPRA
The Executive Secretary, PPPRA, Abdulkadir Saidu, who said this in a statement issued in Abuja, stated that petrol price would be adjusted in a way that it would not cause hardship on consumers.
FG warns against repollution of Ogoni land
The Federal Government says that the clean-up of oil-impacted sites in Ogoni land, Rivers State, is ongoing, but warned against acts capable of causing a re-pollution of the area.
Foreign refineries process N2.39tn oil for Nigeria in 13 months
Foreign refineries processed crude oil valued at N2.39tn between March 2020 and March 2021 to ensure domestic supply of refined petroleum products in Nigeria as the country’s plants remained in a state of disrepair.