Author: Goli Innocent

The Association of Energy Correspondents of Nigeria (NAEC) is set to host its 2024 Annual Strategic International Conference on Thursday, October 3, 2024, at the Eko Hotel and Suites, Victoria Island, Lagos. This year’s theme, “Gas as Energy Transition Fuel: Navigating Nigeria’s Trilemma of Finance, Energy Security, and International Politics,” reflects the growing need to harness Nigeria’s abundant natural gas resources for sustainable energy. The conference promises to be a pivotal platform for stakeholders, including operators, policymakers, investors, and analysts, to discuss critical developments in the oil and gas, power, and renewable energy sectors. Keynote addresses will be delivered by…

A groundbreaking move is set to revolutionise Nigeria’s fuel distribution landscape, as the Independent Petroleum Marketers Association of Nigeria (IPMAN) engages in talks with Dangote Refinery and Petrochemical, and Nigerian National Petroleum Company Limited (NNPC Ltd). The objective is to establish a dedicated tank farm for IPMAN members, thereby streamlining fuel distribution across the country. According to IPMAN’s National Welfare Officer, John Kekeocha, this strategic partnership will unlock numerous benefits. “We have been working closely with NNPC Ltd to secure bulk supply and create our own tank farm, which will enable us to distribute fuel seamlessly, leveraging our extensive network…

The Nigerian National Petroleum Corporation Limited (NNPC Ltd) has been cleared of allegations of setting fuel prices in Nigeria, with the Nigerian Midstream and Downstream Petroleum Regulatory Agency (NMDPRA) revealed as the true authority behind price fixation. A group of advocates, calling themselves “Friends of the Towers,” gathered in Yenagoa on Thursday to set the record straight. They praised NNPC Ltd for its achievements, urging Nigerians to appreciate the corporation’s efforts rather than criticising it. Solomon Oseagah, a media practitioner and oil and gas industry expert, emphasized the importance of fact-checking. “Journalists should verify information before going to press,” he…

Nigeria’s fuel price hike has sparked widespread concerns, with many pointing fingers at oil producers, particularly local operators like Dangote Refinery. However, OPEC Secretary General Haitham Al Ghais has set the record straight, revealing that taxes imposed by governments, including those of major oil-consuming nations, are primarily responsible for the high fuel prices. “Revenues are often generated, but they are predominantly earned by major oil-consuming countries through taxation,” Al Ghais highlighted, debunking the myth that rising oil prices directly benefit oil producers at the expense of consumers. In reality, countries within the Organisation for Economic Co-operation and Development (OECD) earn…

President of Nigerian Liquefied Petroleum Gas Association (NLPGA), Felix Ekundayo, has shed light on the driving forces behind the surge in Liquefied Petroleum Gas (LPG) prices, commonly known as cooking gas. In an interview in Lagos, Ekundayo attributed the price hike to a combination of international price increases and Nigeria’s foreign exchange (FX) challenges. “As we approach the final quarter of 2024, our journey together solidifies in the quest to proffer how gas can be a possible means of helping the country recover from the current economic challenge it finds itself,” Ekundayo stated. He emphasised that this is a “crucial…

Security agents have confiscated a truck bearing the Nigerian National Petroleum Company Limited (NNPCL) logo for conveying stolen crude oil in the Niger Delta. This seizure is part of a broader crackdown that has seen multiple vehicles and assets implicated in oil theft apprehended in the past week. According to the NNPCL, “remarkable progress” has been made in the war on crude oil theft, with 36 illegal pipeline connections and 99 illegal refineries uncovered between 7 and 13 September 2024. The report highlights the collaborative efforts of government and private security agencies, including Tantita Security Agency, Shell Petroleum Development Company,…

The Nigeria Liquefied Natural Gas Limited (NLNG) has made a compelling call to the federal government to provide incentives for tech start-ups tackling climate challenges. Deputy Managing Director, Olakunle Osobu, emphasised the need for financial guarantees, tax credits, and early-stage funding to drive sustainable energy solutions. “Government initiatives should offer tax credits or deductions for climate tech investments, provide early-stage funding for climate tech start-ups, streamline regulations, provide clear policies and standards,” Osobu stated. Speaking at the Gastech Exhibition and Conference in Houston, United States, Osobu stressed that the government must create an enabling environment, similar to Norway’s approach, to…

Nigeria’s oil and gas sector experienced a remarkable surge in earnings in the first quarter of 2024, according to the Central Bank of Nigeria’s (CBN) latest economic report. The sector raked in N1.531 trillion, representing a 39.56 per cent increase from the previous quarter’s N1.097 trillion. This impressive growth also translates to a 14.17 per cent rise compared to the same period in 2023, when oil earnings stood at N1.341 trillion. The oil sector accounted for 31.4 per cent of the country’s total federation revenue, which reached N4.877 trillion. Breaking down the figures, crude oil and gas exports generated N182.65…

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has clarified that the Nigerian National Petroleum Company Limited (NNPCL) has not overstepped its bounds in determining petrol prices. According to NMDPRA’s CEO, Engr. Farouk Ahmed, “market forces dictate petrol prices, as stipulated in the Petroleum Industry Act (PIA) 2021.” The controversy surrounds NNPCL’s pricing template, which sets the average petrol price at N950.22 in Lagos and N1,019.22 in Borno. Critics argue that this undermines NMDPRA’s regulatory authority. However, Ahmed emphasised that NMDPRA’s role is to “ensure fair competition and prevent market exploitation,” now that the government no longer fixes petrol…