Tag: Petroleum - Page 8 - African News Today

Government Cannot Afford to Subsidise Petrol in the Face of Revenue Drop, Says Buhari

8Sep

By Obiajulu Joel NwoluNo Comments

Economy, News, Nigeria, Petroleum

Government Cannot Afford to Subsidise Petrol in the Face of Revenue Drop, Says Buhari

President Muhammadu Buhari has said his administration cannot afford to subsidise Premium Motor Spirit, widely known as petrol, as Nigeria’s revenue has remarkably dropped. The President disclosed this during the opening of the First Year Ministerial Performance Review Retreat at the Presidential Villa, Abuja. Buhari said a return to the era of subsidy would lead to ‘several negative consequences,’ among which is the long queues at filling stations for hours before petrol could be bought. His view has been countered by the Trade Union Congress (TUC) and the Academic Staff Union of Nigeria (ASUU), who called on President Buhari to fulfil his promise to rehabilitate the country’s refineries. The Buhari administration had in March deregulated the petroleum sector allowing petrol p...

Two Nigerian Refineries Produce Zero Crude Despite ₦85.9 Billion Investment

4Sep

By Obiajulu Joel NwoluNo Comments

News, Nigeria, Petroleum

Two Nigerian Refineries Produce Zero Crude Despite ₦85.9 Billion Investment

A June report published by the Nigerian National Petroleum Corporation (NNPC) has revealed that three refineries in Nigeria gulped ₦148 billion in 13 months but produced below 40,000 metric tonnes of crude oil. The low output according to NNPC is occasioned by ongoing rehabilitation of the oil refineries. Statistics show that when put together, both refineries have a production capacity of 445,000 barrels per day (bpd). The Port Harcourt refinery has the capacity of 210,000 bpd, the Kaduna refinery, 10,000 bdp and Warri refinery has 125,000 bpd. However, the refineries managed to produce 38,977 metric tonnes of crude from June this year. The Kaduna refinery produced the crude in July 2019 resulting to a ₦62 billion shortfall in 13 months, Premium Times reports. The report shows...

Petrol Price Increment: We Either Confront Government on the Street Now or Be Consumed – TASUED Students’ Union

3Sep

By Obiajulu Joel Nwolu1 Comment

Economy, Education, News, Nigeria, Petroleum

Petrol Price Increment: We Either Confront Government on the Street Now or Be Consumed – TASUED Students’ Union

The Students’ Union Government of Tai Tai Solarin University of Education (TASUED), Ijagun, Ijebu-Ode, Ogun State has rejected the hike in the pump price of Premium Motor Spirit (PMS) from N148 to N151.56k per litre. The PMS price regulatory agency had announced an increase to N151.56k per litre for the Nigerian National Petroleum Corporation retail outlets while the Independent Petroleum Marketers Association of Nigeria instructed its members in the South-West to dispense at N162. Describing it as an act of war on Nigerian students, TASUED Students Union President, Abdul-Azeez Lekan Soneye said it was time for them to confront the government or be consumed. He said, “War is coming. And it will consume everyone of us here if care is not taken. Electricity fee has been hiked by 300...

Sanwo-Olu Visits Ijegun Fire Survivors, Warns Pipeline Vandals

12Jul

By Debo OmilaniNo Comments

Lagos News, Nigeria, Petroleum

Sanwo-Olu Visits Ijegun Fire Survivors, Warns Pipeline Vandals

Lagos State Governor, Mr. Babajide Sanwo-Olu, on Wednesday visited victims of the recent Ijegun pipeline fire incident who are receiving treatment at the Trauma and Burns Unit of the Gbagada General Hospital. The Governor, in company of his deputy, Dr. Obafemi Hamzat, sympathised with families of the victims and also appraised recuperation of the survivors. He took time to go round the three wards where some of the victims were receiving treatment for various degrees of injuries. Among the survivors are three children and four adults. While describing the incident as unfortunate, Governor Sanwo-Olu bemoaned criminal activities around oil pipeline right of ways in the state, stressing that the State Government would cooperate with the Federal Government to strengthen security pa...

Nigeria: Kachikwu Out, Dr Thomas John In As Chairman NNPC Board

28Jun

By adminNo Comments

Economy, News, Nigeria, Petroleum

Nigeria: Kachikwu Out, Dr Thomas John In As Chairman NNPC Board

President Muhammadu Buhari has appointed Dr Thomas John as the acting alternate chairman of the Governing Board of the Nigerian National Petroleum Corporation, bringing to an end the tenure of the former Minister of State for Petroleum Resources, Dr Ibe Kachikwu. NNPC’s Group Managing Director, Maikanti Baru, who announced this in Abuja, stated that the new board chairman would hold the position until the appointment of a new Minister or Minister of State for Petroleum Resources by the President. Baru also said the new chairman’s appointment was with immediate effect. The GMD said, “Dr John, a former Group Managing Director of the NNPC, is before the appointment, a member of the NNPC Governing Board.” Baru added, “He (John) will hold the position of the Acting Alternate Chairma...

Nigeria: Mele Kyari Takes Over From Baru As NNPC GMD

20Jun

By adminNo Comments

Economy, News, Nigeria

Nigeria: Mele Kyari Takes Over From Baru As NNPC GMD

7 others take on replace previous chief operating officers. In a statement released by Ndu Ughamadu, the spokesperson of NNPC on Thursday morning, President Muhammodu Buhari has appointed Mele Kyari as the group's GMD while also replacing 7 chief operating officers with new ones. Details of the appointment are contained in the official statement published below: "President Muhammadu Buhari has appointed Mele Kolo Kyari as the new Group Managing Director of the Nigerian National Petroleum Corporation (NNPC). "Until his new appointment, Kyari, a geologist, was Group General Manager, Crude Oil Marketing Division of NNPC and also doubled, since 13th May, 2018, as Nigeria’s National Representative to the Organization of the Petroleum Exporting Countries, OPEC. "President Buhari h...

Nigeria: Oil Exploration in the North to Continue Till Oil is Found – GMD NNPC

5Apr

By adminNo Comments

Economy, News, Nigeria

Nigeria: Oil Exploration in the North to Continue Till Oil is Found – GMD NNPC

Group Managing Director of the Nigeria National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has said oil exploration in northern Nigeria will continue till it is found. He said this will enable the NNPC to do a massive appraisal of the discovery of gas reserves made in 1999 in the region. Dr. Baru who was in Kaduna for the 40th edition of the Kaduna International Trade Fair said the corporation was working on the Kolmani River 2 with optimism and high expectation. He said President Muhammadu Buhari had personally urged the corporation to go back to exploration on the Kolmani River 2 Well and drilling has been going on smoothly and that as of Thursday morning, the corporation had dug 10,075 ft deep with a target to reach 14,270 ft exploration. “The main purpose of this well...

Nigeria: Angry Youths Disrupt Oil Production As Akwa Ibom Crisis Takes Toll On American Oil Major

29Nov

By Akanimo SampsonNo Comments

Economy, News, Nigeria

Nigeria: Angry Youths Disrupt Oil Production As Akwa Ibom Crisis Takes Toll On American Oil Major

The unfolding political crisis in Akwa Ibom State, one of the big oil states in Southern Nigeria that has been relatively very peaceful till the advent of a seeming czarist regime in 2007, could trigger off some dangerous economic consequences for Nigeria if not contained urgently. Though what is playing out in the state is being stoked by a few political demi-gods masking as the face of the All Progressives Congress (APC), President Muhammadu Buhari’s party, the crisis has no ideological basis other than incurable personal greed for accumulation of the common patrimony. From 1999 when the current democracy came into, political gangsterism was alien to the peoples of Akwa Ibom. But a club and dagger politics was foisted on the state when Obong Victor Attah left office in 2007. The po...