African carriers suffered cumulative losses of about $3.5 billion (about N1.625 trillion) over the past three years, a deficit that’s set to persist as restrictive fuel costs and taxes weigh on carriers. The International Air Transport Association (IATA) revealed this in an email on Wednesday, according to a Bloomberg report. Daily Trust recently carried the […]
Tag: Petroleum
Seoul — The Angolan government is currently outlining strategies to mitigate the natural decline of oil production, which has been falling by around 10 to 15 percent per year, due to the time and maintenance of existing wells, the secretary of State for Oil and Gas José Barroso has said. Jose Barroso, who was speaking […]
Crude oil theft has become one of the prevalent crimes around Nigeria’s coastal areas. The Eastern Naval Command of the Nigerian Navy on Tuesday announced that it had arrested 27 vessels involved in illegal bunkering and crude oil theft, while 294 illegal refinery sites were deactivated. Ibrahim Dewu, a rear admiral and the immediate past […]
Abuja — Shell Plc is attempting to shield itself from scrutiny over pollution in Nigeria’s oil-producing Niger Delta, lawyers representing more than 13,000 Nigerians have argued at a London’s High Court, allegations which the company strongly denied. Thousands of members of the Bille and Ogale communities are suing Shell and its Nigerian subsidiary, the Shell […]
The Nigeria’s National Petroleum Company Limited (NNPCL) is planing to invest about $12.5 billion to secure a 50 per cent equity stake in the $25 billion Nigeria-Morocco Gas Pipeline project. The investment plan is being made possible after parties in the project have resolved a lingering Production Sharing Contract(PSC). “The pipeline project, which will connect […]
The Nigerian National Petroleum Corporation has failed to account for oil delivery to Warri and Kaduna refineries amounting to N102bn, according to a Senate report. The Senate yesterday considered and adopted the report of its Committee on Public Accounts which probed the spendings of government agencies using the 2016 audit report. The report said in […]
Africa Oil Corp has initiated key programmes that will result in gas flare reduction from its operating oil assets in Nigeria. The company has, in its published 2022 Sustainability Report, disclosed that gas flaring at its Nigerian assets reduced 27 per cent year-over-year. It further stated that, more than 20 per cent of emissions offset […]
The NNPCL asked the online platform to retract the said publication. The Nigerian National Petroleum Company (NNPC) Limited on Monday said it did not pay N20 billion to ghost consultants. The NNPC Limited said this in a statement by GarbaDeen Muhammad, the chief corporate communications officer of the company. The NNPCL made this known in […]
In a review of its method of clamping down on illegal filling stations operating in Nigeria, which it put at about 1,000, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has said it now intends to engage the operators of the facilities in discussions in order to get them properly registered and licensed. The […]
*State govt meets WHO, UNICEF, other devt partners, strengthens measures to improve healthcare delivery The Edo Refinery and Petrochemical Company (ERPC) Limited, operators of the 6000bpd Modular Refinery in Ologbo, Ikpoba Okha Local Government Area, is on course to make about $125m per annum from the export of naphtha, one of the products from its […]
Today, the EU chose fuel over food in the provisional agreement reached on the Renewable Energy Directive (RED), the EU law that incentivises the burning of crops to fuel cars and trucks. In response, Julie Bos, Oxfam’s EU climate justice expert, said: “Today, the EU chose to keep fuelling cars with grains, sugar and vegetable […]
The recent allegations of impropriety and controversies surrounding the leadership of the National Petroleum Corporation of Namibia (Namcor) have sparked widespread concern. Two opposition parties this week expressed dismay and suggested probes into the embattled State-owned fuel company. In particular, the Popular Democratic Movement (PDM) has called for the suspension of Namcor’s managing director Imms […]
The National Petroleum Corporation of Namibia (Namcor) has announced a third oil discovery in the Orange Basin off Namibia’s southern coast. The discovery in the Jonker-1X deep-water exploration well, located anout 270 kilometres off the coast of Namibia, was made by a joint venture of Shell, QatarEnergy and Namcor, the company announced on Monday. Namcor […]
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has raised concerns as 412 fatalities occurred in 244 incidents involving tankers and filling stations among others in the last five years. The authority stated this in a report on safety incidents from 2018 to 2023 on Wednesday in Abuja during a safety workshop for Petroleum […]
The Special Investigative Panel on Oil Theft/Losses in Nigeria has attributed losses running into billions of US dollars being experienced in the oil industry to the absence of a robust industry-wide metering system; and an unworkable security arrangement. The panel made this known while submitting its report to the National Security Adviser, NSA, Maj.-Gen. Babagana […]
Cape Town — Fuel Price Relief Likely in April as Rand Firms The rand firmed further against the U.S. dollar on Thursday night (March 23, 2023), edging close to the psychological R18 mark and fuelling expectations of fuel price cuts in April, Moneyweb reports. The currency traded over 1% stronger, at around R18.07 to […]
UGANDA Minister of Energy and Mineral Development, Dr Ruth Ssentamu has confirmed preparations were in the final stages as Uganda readies to host the 10th East African Petroleum Conference and Exhibition, 2023. “I take this opportunity to welcome our distinguished guests and participants from all the seven partner states and beyond to the 10th edition […]
At the backdrop of the lingering scarcity of petroleum products, the retail price of diesel rose sharply Year-on-Year, YoY, by 168.26 per cent to N836.91 per liter in February 2023 from N311.98 per litre. The National Bureau of Statistics (NBS)’s Premium Motor Spirit (Petrol) Price Watch for February 2023, also showed that average retail price […]