Author: Charles Ayoka

Sub-Saharan African nations are keen to rebound and ramp up investment in the oil and gas sector after a difficult 2020. However, the largest producers in the region – Nigeria and Angola – are forecast to see declining crude oil and condensate production from 2021 and have a relatively small number of projects coming online […]

The Department of Petroleum Resources (DPR), Tuesday, maintained that irrespective of seeming opposition against its continued use, crude oil and gas would continue to remain relevant well into the future. In his goodwill address at the ongoing 45th edition of the Society of Petroleum Engineers Nigeria Council (SPENC) Nigeria Annual International Conference and Exhibition (NAICE), […]

The monthly Financial and Operations Report (MFOR) released by the Nigeria National National Petroleum Corporation (NNPC) on Sunday showed that the national oil company’s operating revenue in April 2021 increased by 17.73percent amounting to N534.61 billion “The NNPC Group operating revenue in April 2021, as compared to March 2021, increased by 17.73 percent or N80.67 […]

The Nigerian National Petroleum Corporation (NNPC) has announced a trading surplus of ₦43.57bn in April 2021 representing a 23.64% increase over the ₦35.24bn surplus it recorded in the previous month of March 2021. This is contained in the April 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a press release […]

At least N3.8 trillion has been put into the four petrochemical refineries in Nigeria, which have been moribund, even as concerns heighten over the country’s continuous importation of refined petroleum products, despite investment in the refineries. According to records, about N1.47trn was spent by the federal government in maintaining, revamping and running its four moribund […]

Despite the impact of COVID-19 pandemic on the oil and gas industry and the Nigerian economy, TotalEnergies, at the weekend, celebrating the success of the sail-away of its AMD2 extension model of the IKlKE development project. The Nigerian Content Development and Monitoring Board (NCDMB) and the Department of Petroleum Resources (DPR) described the model as […]

State oil company, NNPC said spates of pipeline vandalism reduced by 34.29 percent in April. A statement issued in Abuja by the corporation’s Group General Manager, Group Public Affairs Division, Kennie Obateru said April’s pipeline reduction was from 70 recorded in March 2021 to 46 in April. A breakdown showed that Port Harcourt area accounted […]

Nigeria has a great opportunity to take advantage of gas in transiting to cleaner sources of energy with its over 200 trillion cubic feet proven gas reserves, Mr. Olatunji Akinwunmi, chairman, Society of Petroleum Engineers Nigeria Council, has said. He told newsmen on the sidelines of the recent 2021 SPE Nigeria Annual International Conference and […]

The Federal Government and the Central Bank of Nigeria, CBN have announced a N250 billion intervention fund to boost gas utilization in the country. Announced in Abuja by the Permanent Secretary, Ministry of Petroleum Resources, Bitrus Nabasu, the fund is to domesticate the development of the resource and to assist indigenous players in further developing […]

He affirmed that the Corporation had worked out rules to guide partners on such issues as asset abandonment; relinquishment costs; severance of operator staff; third party contract liabilities; technical, operational, and financial capabilities as well as competency of the buyer and post-purchase development plan. He said such a guideline had become necessary to safeguard the […]