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Oil & Gas
Despite missing 2020 deadline Nigeria’s gas flare rate decreases steadily
Nigeria’s ambitious objective of commercialising gas flares from the country’s over a hundred flare sites appears to be yielding positive outcomes, despite missing the 2020 deadline to end…
Unsustainable fuel subsidy gulped over N10trn in 14 years – FG
The Federal Government on Monday stressed that it can no longer sustain the subsidy on petrol, disclosing that the 'unsustainable' policy gulped N10.413 trillion in the last 14 years, from…
Nigeria’s Buhari says no going back on subsidy removal
Nigeria’s President Muhammadu Buhari on Monday reiterated that the country was not going back on the cancellation of the subsidy regime that has plagued the petroleum sector for a long time.…
No pain, no gain: Why ending subsidies is right way for Nigeria
Eight years ago, Mark James (not real name) was one of the people who lined the streets of Lagos carrying placards in protest against Federal Government announcement on January 1, 2012, that…
DPR directs petrol stations to upgrade facilities to dispense gas to vehicles
Less than 24 hours after the minister of state for petroleum told Nigerians that the government is prepared to provide clean and alternative cheap source of energy for automobiles, the…
NNPC obtains circa $1bn to fund upstream operations of NPDC
The Nigerian National Petroleum Corporation (NNPC) says it has obtained a prepayment funding of circa US$1bn to support the upstream operations of its subsidiary, Nigerian Petroleum…
After long wait, Buhari receives PIB for consideration
President Muhammadu Buhari has finally received the long-awaited Petroleum Industry Bill (PIB).
BusinessDay gathered authoritatively from the Presidency that the Bill was transmitted to…
FG says N1trn saved from ‘no more subsidy’ regime since March
Minister of State for Petroleum Resources, Timipre Sylva, on Wednesday said that since the introduction of the deregulation policy in March 2020, the country had saved about N1 trillion.…
DPR says it remitted N673bn to federation account in 6 months
The Department of Petroleum Resources (DPR) on Wednesday said it remitted N673.72 billion to the Federal Government coffers in the first half of 2020.
The disclosure comes against the…
NNPC says local content major consideration for lifting Nigerian crude grades
The Nigerian National Petroleum Corporation (NNPC) has said that compliance with Nigerian Content Act would be a major consideration in the selection of applicants to lift Nigerian crude…