Some independent oil marketers have hinted that the persistent fuel scarcity being experienced in the country may affect the yuletide festivities and linger till early next year. What is responsible for fuel scarcity? According to reports, oil marketers are now free to sell petrol at an unregulated price as the Federal government continues to show…
Nigerian oil workers have threatened to withdraw their services if the federal government and other stakeholders do not immediately halt the current massive theft of the country’s crude oil and destruction of oil assets. Failed EffortsThe workers, under the umbrella body of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), decried how…
The Nigerian government has backed Saudi Arabia’s Minister of Energy, Abdulaziz Bin Salman, in his call for stakeholders to promote stability in the global oil market. What’s this about? Bin Salman had said earlier that the stability of the international oil market is more important than the price of oil, which seems to attract more…
The Nigeria National Petroleum Company Limited, NNPCL says it has renewed oil production sharing contracts (PSCs) with its partners, after about thirty years. The company also said it has resolved the lingering disputes with its PSCs contractors. What is this deal about? Production Sharing Contracts are contracts between E&P and the government concerning how much…
As Europe intensifies efforts to wean itself off Russian gas in response to the war in Ukraine, the European Union (EU) has increased pressure on Nigeria to provide it with gas. How’s that? The Deputy Director General, EU Energy Platform Task Force, Mathew Baldwin, who led a delegation from Europe in a visit to Nigeria, reiterated the…
President Muhammadu Buhari on Tuesday formally unveiled the Nigerian National Petroleum Company (NNPC) Limited and declared it free from institutional regulations. How does this impact the NNPC’s operation? According to the president, the provisions of the Petroleum Industry Act (PIA) 2021 have given the industry a new impetus, with an improved fiscal framework, transparent governance,…
Amidst the lingering fuel scarcity in the country, fuel stations in Abuja have begun selling petrol at prices above the government-regulated price of N165. How much are they selling it? According to a PREMIUM TIMES report, some fuel stations in the FCT are selling for as high as N190. “At Danmarna Petrol Limited, Police Sign…
The worsening fuel queues experienced in Abuja and some other cities may not wear out soon, given the signals coming from the federal government. What signal? On Wednesday, the Minister of State for Petroleum Resources, Timipre Sylva, again blamed the forces of deregulation and the distribution system, which is largely controlled by independent oil marketers,…
The Speaker of the House of Representatives, Femi Gbajabiamila, on Tuesday denounced senior officials of the executive arm of government for not appearing at the investigative hearing of the House’s Ad Hoc Committee on the Volume of Fuel Consumed Daily in Nigeria. Why are they being invited? The committee was set up to address the…
The federal government of Nigeria has concluded the 2020–2021 marginal oil field bid rounds, making about N200b in revenue. What’s a marginal oil field? Marginal oil fields, in Nigeria, include those that have production potential and declared reserves but are regarded as marginal for various reasons. They were started as a federal government program in…
