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Tag: Oil

  • Reprieve as Dangote refinery further slashes price of diesel to N1,000/litre

    Reprieve as Dangote refinery further slashes price of diesel to N1,000/litre

    Following the appeal by oil marketers Dangote Petroleum Refinery has agreed to reduce the of Automotive Gas Oil, popularly called diesel.

    The Dangote refinery reduced the price of diesel from its initial N1,200/litre to N1,000/litre, a development that triggered excitement among operators in the downstream oil sector.

    This new price was announced on Tuesday by Dangote refinery via a statement issued on Tuesday by its spokesperson, Nduka Chiejina.

    The statement read in part, “In an unprecedented move, Dangote Petroleum Refinery has announced a further reduction of the price of diesel from N1200 to N1,000/litre.

    “While rolling out the products, the refinery supplied at a substantially reduced price of N1,200/litre three weeks ago, representing over 30 per cent reduction from the previous market price of about N1,600/litre.

    “This significant reduction in the price of diesel at Dangote Petroleum Refinery is expected to positively affect all the spheres of the economy and ultimately reduce the high inflation rate in the country.”

    It would be recalled that last week, oil marketers called for a downward review in the pump price of diesel being produced by the Dangote Petroleum Refinery to between N700 and N850/litre.

  • Two k!lled, oil refinery on fire after drone attacks

    Two k!lled, oil refinery on fire after drone attacks

    Multiple air attacks on the Russian border region of Belgorod adjoining Ukraine on Saturday killed two people and injured at least seven, the governor said.

    Further east, an overnight drone attack on the Samara region caused a fire at a major oil refinery, the latest in a series of strikes against Russia’s fuel industry.

    Belgorod governor Vyacheslav Gladkov wrote on Telegram that two districts in his region as well as the regional capital, also called Belgorod, had been hit in drone and air attacks.

    “It’s shaping up to be a difficult morning.

    “As a result of an air attack by Ukrainian armed forces on Belgorod, three balconies collapsed in an apartment building. One of these apartments was occupied by a married couple. To much grief, the man died from his injuries on the spot,” Gladkov said.

    He posted a photo of a residential building with the facade partially destroyed.

    Another person was killed in a drone attack on districts outside the city, he said.

    In the Samara region – 1,000 kilometres (620 miles) away from the front lines in eastern — the local governor reported “several drone attacks” on local oil refineries.

    The refinery, run by Russian oil giant Rosneft, is one of the largest in the region, with a production capacity of seven million tonnes per year, according to its official website.

    A drone attack on another refinery in the region, Novokuibyshevsk, “was repelled without damaging the technological equipment”, Azarov said.

    The attacks came 24 hours after Russia unleashed one of its largest aerial barrages of the two-year conflict, hitting dozens of Ukrainian energy sites and leaving more than a million temporarily without power.

    Ukraine’s air force said it had downed 31 of 34 Russian drones fired at its territory overnight, while Russia’s defence ministry said it had intercepted 12 Ukrainian drones.

    Ukraine, which has been facing a Russian offensive for over two years, has stepped up its attacks inside Russia in recent weeks, targeting energy sites in particular.

    Russia has also launched a barrage of what it calls “retaliatory” attacks, targeting Ukraine’s energy sector and the capital Kyiv in recent days.

  • Adopt Tompolo’s template to combat oil theft, Funkekeme Solomon advises FG

    Adopt Tompolo’s template to combat oil theft, Funkekeme Solomon advises FG

    The Senior Policy Adviser to the Governor of Delta State, Rt. Hon. Funkekeme Solomon, has urged the Federal Government to adopt the strategies used by Chief Government Ekpemupolo, also known as Tompolo, in effectively combating crude oil theft in the Niger Delta region.

    Commending Tompolo on the success he recorded in curbing the activities of oil thieves in his area of operations, Solomon noted that since he stands out among all the organisations involved in monitoring activities on the extraction and export of crude oil, his modus operandi should be adopted as the standard operational procedure by all the agencies and organisations involved in combating crude oil theft.

    “I want to commend Chief Ekpemupolo on the successes recorded by his organisation that earned him a special recognition by the Nigeria Union of Journalists (NUJ). For a long time, the impression had been created that oil theft cannot be curbed. But Tompolo, through his patriotic commitment to the assignment, has shown that it can be done.

    “He has shown that despite the allure of blood oil, there are people that are genuinely committed to saving the economy from collapse. Crude oil still remains the mainstay of Nigeria’s economy and accounts for more than 90 percent of our foreign exchange earnings. The continuous bleeding of this artery of the nation’s economy is a serious challenge to our collective well being. That Tompolo is conscientiously restoring sanity to the industry will have a calming effect on the economy”, Solomon stated in a statement issued in Asaba.
    The NUJ conferred Internal Security Meritorious Award on Tompolo in appreciation of the accomplishments his organisation, Tantita Security Services. At the award ceremony weekend, president of the NUJ, Chris Isiguzo, lauded Tompolo’s contributions to internal security, particularly in the Niger Delta region.

    He noted that the awardee had substantially helped the country to address the issue of crude oil theft which according to him, had over time, occupied the national life of Nigerians.
    Isiguzo said the issues of insecurity and economic sabotage in the country have been worrisome and of major concern to Nigerians.

  • No int’l oil firm left Nigeria – Lokpobiri

    No int’l oil firm left Nigeria – Lokpobiri

    The Federal Government said on Tuesday that none of the International Oil Companies (IOCs) doing business in Nigeria has left as against insinuations.

    Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, gave the clarifications during the inauguration of the ongoing Nigeria International Energy Summit (NIES 2024), at the Presidential Banquet Hall in Abuja.

    He said the IOCs only shifted their portfolio and investments to offshore.

    “I want to use this opportunity to assure everyone that no IOC is leaving Nigeria. They are only going deep offshore,” he said.

    The minister said that the divestments by some of the oil companies would benefit the country, as the IOCs would be making further investments in the deep offshore.

    The investments, according to Lokpobiri, will create room for indigenous companies to develop capacity within the onshore and shallow waters space.

    “It is imperative to note that we are strategically managing the divestment processes.

    “Our commitment to enhancing our crude oil reserves and production is unwavering, and we are actively exploring innovative solutions to attract investment, optimise operations and foster sustainable growth.

    “We are open for business and ready to welcome your investments,” he said.

    According to Lokpobiri, the transition to cleaner and more sustainable energy sources in the country is inevitable.

    “We are actively pursuing initiatives to position Nigeria as a leader in this energy transition.

    “As we navigate this change, Nigeria recognises the need to strike a balance between meeting our growing energy demand and reducing our carbon footprint.

    “The diversification of our energy mix, investments in renewable energy and the adoption of cleaner technologies are all integral components of our strategy,” he added.

    The minister explained that investments in Nigeria’s oil and gas industry declined by 69 per cent compared to the 28 per cent global average between 2017 to 2022.

    “To further buttress the above, the capital investment to reserve ratio shows the amount of capital deployed to a country’s available reserves.

    “Nigeria has an abysmal capital investment-to-reserve ratio of five per cent compared to Angola with 46 per cent; Brazil – 115 per cent; Mozambique – 92 per cent and Guyana – 617 per cent.

    “The window for attracting new investments and exploring our vast reserves is fast narrowing; if the global energy transition accelerates, approximately 60 per cent of Nigeria’s reserves could be uncompetitive to produce.

    “Against this backdrop, we have identified that there are so many licenses with proven reserves that are not being optimised in the hands of IOCs, NOCs, and others.

    “In line with Mr President’s Renewed Hope agenda, we are working on changing this narrative,” he said.

    Also speaking, Malam Mele Kyari, Group Chief Executive Officer (GCEO), NNPC Ltd., assured that its role in the divestment of the IOCs from onshore and shallow water assets in the country, would serve as a facilitator and not an obstacle.

    Kyari said that by the virtue of its statutory mandate as the enabler of national energy security, NNPC Ltd.’s role would ensure optimal and sustainable production from the divested assets to guarantee energy security for the benefit of Nigerians.

    He reitrated the company’s willingness to invest in the proposed African Energy Bank as a way of ensuring sustainable funding for energy projects in Africa, to guarantee energy security.

    On investment in energy infrastructure to drive energy security, Kyari further said that the completion of the Obiafu-Obrikom-Oben Pipeline was in sight as the tunnelling across the River Niger was currently ongoing.

    He assured stakeholders of the company’s commitment to work with them to close the energy deficit gap and create prosperity for Nigerians.

    The NNPC helmsman ssid that from all indications, all issues of energy scarcity in the country would be over in the next 10 years.

    The event saw the participation of key industry and governmental figures, including Haitham Al-Ghais, Secretary-General of OPEC and Omar Farouk Ibrahim, Secretary-General of the African Petroleum Producers’ Organisation, among others.

  • Oil theft: N’Delta, stakeholders call for probe of Rear Admiral Babalola

    Oil theft: N’Delta, stakeholders call for probe of Rear Admiral Babalola

    The Niger Delta Stakeholders Forum, NDSF, has called for the probe of former Flag Officer Commanding, Eastern Naval Command of the Nigerian Navy, Rear Admiral Henry Babalola (rtd) for allegedly aiding oil thieves during his years in service.

    The forum said “illegal crude mining thrived, expanded and even grew in leaps and bound” under Rear Admiral Babalola’s watch as the Commanding Officer of NNS Delta, Warri Naval Base, and Flag Officer Commanding, Eastern Naval Command of the Nigerian Navy.

    NDSF stated this while reacting to the former military chief’s appearance on Arise TV Morning Show of Dr. Reuben Abatti and his team, where he accused the operators of Tantita Security Services Limited, of being “double-faced repented crude oil thieves.”

    The Forum, in a statement released by its President, Julius Daukoru on Sunday in Port Harcourt, Rivers State, described Babalola’s comment as “reckless,” stressing that he made the TV appearance at the behest of “the criminal cartel of oil robbers and economic saboteurs, who were his collaborators in crude theft while he held sway in the Navy.”

    Daukoru maintained that the operators of Tantita Security Services Limited are “people of integrity and impeccable character, unblemished by crime,” while noting that some of them were involved in “the Niger Delta uprising of the late 1990s and early 2000s, purely agitating for the development of the region,” but the late President Musa Yar’Adua saw the need for inclusion and gave them amnesty.

    He said Babalola’s allegations were shameful because he has “no proof nor evidence.”

    He questioned that, if Babalola was “that sure of his facts, why did he not arrest and parade them before the authority for prosecution when he served as
    Commanding Officer and FOC?”

    Daukoru said, “it is no secret that he provided cover and protection for local and international criminals on the high sea, while they siphoned oil into ocean going vessels.”

    He said Babalola’s multi million dollar properties in Abuja, Lagos, his native Ondo Town in Ondo state, America, United kingdom and offshore havens were bought from “proceeds of illegal crude bunkering, in connivance with criminals,” pointing out that all the earnings from his 35 years of service in the Nigerian Navy can’t buy him an apartment in London or elsewhere.

    He said Babalola’s TV appearance was to throw off Tantita Security Services Limited and other security agencies from the trail of the oil thieving syndicate he is in bed with.

    Daukoru insisted that the former Flag Officer Commanding, Eastern Naval Command of the Nigerian Navy should be charged for “betraying the nation’s security and sabotage of the economy.”

    Read statement in full:

    “ARISE TV MORNING SHOW APPEARANCE: ADMIRAL HENRY BABALOLA’S MORAL BURDEN, SPOKE FOR CARTEL OF OIL THIEVES

    “For anyone to rise to the rank of Rear Admiral of the Nigerian Navy, he must have shown, dedication, discipline and brilliance.

    “So, when an officer of that cadre, who is seen as a gentleman in the order of military traditions, speaks only the truth is expected.

    “That established tradition was thrown to the dust, when Rear Admiral Henry Babalola rtd, former Flag Officer Commanding, Eastern Naval Command of the Nigerian Navy, appeared on the Arise TV Network, on the programme, The Arise Morning Show, of Dr. Reuben Abatti and his formidable team.

    “Under barrage of questions, the old sailor became incoherent, contradicting himself on several issues.

    “Informed viewers of the programme came off with the impression that he was economical with the truth as he addressed questions. Considering the doubts he showed and his many gaffes, to which even Dr. Abatti diplomatically interjected, when he rounded off the programme.

    “The erudite columnist and TV anchor, Dr. Abatti, opined that Tantita may not agree with Babalola’s narrative on many issues.

    “That was satisfying enough to hear, and made it needless of us to interrogate the old sailor.

    “But keeping quiet would mean our people in the Niger Delta appreciated the roles that Tantita plays, acquiescenced to everything he said.

    “There is an old saying that no sculptor can carve a fine image from a rotten piece of wood. And so it is with salvaging the character and integrity of Admiral Henry Babalola.

    “Even the most pungent of Arabian perfumes cannot mask the stench of his criminal involvements while in office.

    “Certainly, the old soldier made the TV appearance at the behest of the criminal cartel of oil robbers and economic saboteurs, who were his collaborators in crude theft while he held sway in the Navy.

    “The barons are the same syndicates that Tantita and other security agencies are on their trail.

    “Admiral Babalola was on programme to throw off investigators from the trail of these criminals.

    “He did poor a job of it, as he was a sore spot throughout the programme.

    “He must have forgotten that while he was the Commanding Officer of NNS Delta, Warri Naval Base, the area he superintendent became the point of convergence for crude oil thieves and beehive for illegal crude bunkering.

    “On the programme, he pontificated as an uninvolved bystander, while the illegal crude mining thrived, expanded and even grew in leaps and bound in the areas under his command as Commanding Officer of NNS, Delta.

    “It is no secret that he provided cover and protection for local and international criminals on the high sea, while they siphoned oil into ocean going vessels.

    “He was infact, the problem until his retirement.

    “Admiral Babalola in the same breathe pointed accusing fingers at the operators of Tantita Security Services Limited, as double-faced repented crude oil thieves. It was a reckless comment to make. If he was that sure of his facts, why did he not arrest and parade them before the authority for prosecution when he served as
    Commanding Officer and FOC?

    “He should hide his head in shame for making allegations he has no proof nor evidence.

    “The operators of Tantita Security Services Limited are people of integrity and impeccable character, unblemished by crime.

    “Some of them were involved in the Niger Delta uprising of the late 1990s and early 2000s, purely agitating for the development of the region.

    “The late President Musa Yar’Adua saw the need for inclusion and gave them amnesty. It is still in place till date.

    “Alluding to that as evidence of wrong doing, is an attempt to pull the wool over the eyes of gullible people. It is a figment of the imagination of the Admiral, which should be ignored.

    “Considering his rank and the years Admiral Babalola spent attending courses, both home and abroad, he exhibited no intellectual depth. He was shallow and flat, and merely blabbered throughout the programme.

    “Those who sponsored his TV appearance, his partners in crime and notorious oil barons must be very disappointed in his poor performance.

    “As stated in a paragraph above, Rear Admiral Babalola blazed the trail in oil bunkering in the Niger Delta, others followed later.

    “Today, he is filthy rich from the proceeds of oil theft.

    “He should explain how he acquired all the choice properties and numerous assets he owns in Abuja, Lagos, his native Ondo Town in Ondo state. He also bought multi million dollar properties in America, United kingdom and offshore havens.

    “With his rank as Rear a Admiral, all the earnings from his 35 years of service in the Nigerian Navy can’t buy him an apartment in London or elsewhere.

    “Admiral Babalola bought all the properties from proceeds of illegal crude bunkering in connivance with criminals.

    “He should be charged for betraying the nation’s security and sabotage of the economy.

    “Admiral Babalola should quietly go home to enjoy his loot in retirement than make a fool of himself on public television.

    “He was all platitudes, and couldn’t give good reason to defend his many years of poor leadership and inability to perform while in the Navy.

    “His complaints of the Navy being under equipped for its role is mere balderdash.

    “The rightful place for him is a correctional centre and not on TV screen.”

  • 2024: FG announces plans to conduct fresh oil licensing

    2024: FG announces plans to conduct fresh oil licensing

    The Nigerian government says it has concluded plans to conduct a fresh round of oil licensing in 2024 to attract new investors and increase investment, ultimately raising Nigeria’s oil reserves toward 40 billion barrels from the present 37 billion barrels.

    This was made known on Saturdaybby the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, Gbenga Komolafe,

    The Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, Gbenga Komolafe, confirmed this in a policy statement on Saturday.

    According to him, the planned licensing round aligns with Section 73 of the nation’s Petroleum Industry Act, PIA, a comprehensive legislation aimed at achieving increased investment, restructuring, transparency, and accountability.

    He said the exercise will enable Nigeria to accomplish set objectives, including generating funds and attracting fresh investments in exploration and development.

    “The Commission shall, beginning 2024, conduct all future licensing rounds based on a Licensing Round Plan and modern acreage licensing practices, to include the periodicity of licensing based on the predictability of timelines and long-term national economic and developmental agenda,” he stated.

  • We’ll account for oil revenue – Finance Minister

    We’ll account for oil revenue – Finance Minister

    The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, says the administration of President Bola Tinubu will account for revenue from oil.

    Edun said this when he appeared before the House of Representatives Committee on Appropriation to defend the 2024 appropriation bill.

    He said the issue of accounting for oil revenue is germane, “and clearly whatever we have met as a way of monitoring oil revenue and payment into the federation account will be done.”

    The minister said he was in agreement with many who had pointed out the fact that, the federal government must have a system of paying into government coffers with exchange rates.

    He said that the current administration`s plan was to increase revenue from taxation, adding that there was a need to increase the efficiency of tax administration collection.

    Edun said the government depends on foreign direct investment, including domestic and the private sector to grow the economy.

    He said the government was not spending enough on key infrastructure, adding that there was a need to interrogate why there seemed to be an overestimation of certain expenditures.

    The minister said the plethora of share waste in the number of taxes was being compressed, saying that 90 per cent of tax revenue from the government comes from a particular tax end.

    According to him, all the rest that goes out in the name of taxes and levies do not go into the government coffer.

    Edun said there was a comprehensive revamping of tax administration, which was done through the instrumentality of the tax reform committee.

    This, according to him, has a lot to operate with and will be suggesting ways to go about the tax system.

    Rep. Abubakar Bitchi, the Chairman, Appropriation, said there was a need to look at the 2024 budget proposal in order to support the president’s renewed hope agenda.

    He said money was needed to achieve this through more funding, saying all the revenue-generating agencies were summoned to ensure Nigeria got the money.

    We need to find a way out to achieve the objective of the president’s renewed hope budget. Nigerians are happy that we are reducing borrowing.

  • Massive organisational shake up in NNPCL as staff with less than 2yrs service fired

    Massive organisational shake up in NNPCL as staff with less than 2yrs service fired

    There’s massive organisational shake up ongoing in the Nigerian National Petroleum Corporation Limited has announced retirement of staff that have less than 2years in service to exit.

    This was contained in a statement on Tuesday signed by its management, the NNPC Limited said members of staff with less than fifteen months to statutory retirement will be exiting the Company effective 19th September 2023.

    The statement said: “In our bid to pursue effective organisational renewal to support the delivery of our strategic business objectives, it has become imperative to rejuvenate our workforce.

    Consequently, in addition to the recent exit of three (3) Executive Vice Presidents, other Management Staff with less than fifteen (15) months to statutory retirement will be exiting the Company effective 19th September 2023.

    “This is in line with our commitment to scale up NNPC Ltd’s capabilities through targeted talent management and equal opportunity for all Nigerians.”

  • Oil marketer identifies permanent solution to hike in fuel prices

    Oil marketer identifies permanent solution to hike in fuel prices

    Following the incessant increase in the pump price of fuel in the country, the Chief Executive Officer of Emadeb Energy Service Limited, Debo Olujimi, says that local refining of the product remains the only lasting solution to the price surge.

    The pump price of fuel has been increased twice in the last two months and this has led to the frustrations of many Nigerians.

    Olujimi disclosed this at the inaugural ceremony of its Ijegun Satellite Depot on Wednesday in Lagos.

    Olujimi stated that the increase in the price of petrol will continue to harm Nigerians unless local refining of the product is encouraged.

    He lamented the continued dependence on the US dollar for the importation of fuel products into the country.

    “It is a known fact that the increase in the price of petrol has put significant pressure on Nigerians, which we all understand.

    “The only way to address the ongoing challenges is for the government to encourage local refining,” he said.

  • OPEC expresses optimism on oil demand growth in 2024

    OPEC expresses optimism on oil demand growth in 2024

    The Organisation of Petroleum Exporting Countries (OPEC), has expressed optimism in oil demand growth in 2024 despite the current market slowdown.

    According to sources close to OPEC, the body will likely maintain an upbeat view on oil demand growth for next year by the time it publishes its first outlook later this month, predicting a slowdown from this year but still an above-average increase.

    The OPEC’s forecast for 2024 will likely be lower than the growth it expects for this year of 2.35 million barrels per day, or 2.4 per cent, an abnormally high rate as the world moves out of the coronavirus pandemic.

    Even so, it would still be well above the annual average of the past decade with the exception of the pandemic years and above predictions by the International Energy Agency(IEA), which sees a major slowdown in demand growth next year to 860,000 bpd.

    OPEC and the IEA have repeatedly clashed in recent years, with OPEC criticising the IEA, which advises industrialised countries, for what it sees as irresponsible predictions and subsequent data revisions.

    Oil demand growth is an indication of likely oil market strength and forms part of the backdrop for policy decisions by OPEC and its allies, known as OPEC+. The group in June extended supply curbs into 2024 to support the market as concern over weakening demand pressured prices.