Oil and gas
IPMAN querries NNPCL’s higher price regime for Dangote petrol against imported ones
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has querried the rational behind the Nigerian National Petroleum Company Limited (NNPCL) projections that make the price of petrol lifted from the Dangote Refinery higher than imported ones.
IPMAN’s National Welfare Officer, John Kekeocha spoke on Channels Television’s, the Morning Brief breakfast programme.
“If NNPC can sell Dangote products higher than the imported products, then it doesn’t make sense.
“What is the celebration we are having all these while then?” he querried.
Recall that the NNPCL started loading the first batch of petrol from the Dangote Refinery on Sunday.
The NNPCL had stated that it got the petrol at N898 per litre from the private refinery.
Meanwhile NNPCL retail outlets in Lagos have been selling petrol for around N855 before lifting petrol from the Dangote Refinery on Sunday.
However, a litre of Dangote petrol now sell for N950 per litre in Lagos and N1,019 in Borno.
The association urged NNPCL to ensure the product is not sold at a higher price than imported fuel.
IPMAN argued that such a disparity would be counterproductive to the nation’s drive for energy self-sufficiency and could negatively impact consumers and marketers alike.
According to IPMAN the pricing strategy for locally refined petrol should reflect the advantages of domestic production, offering Nigerians a more affordable option.
The association emphasized that maintaining competitive pricing is crucial for the success of the Dangote Refinery and for fostering a sustainable fuel market in the country.
Oil and gas
Confederation of Oil & Gas Communities Defends NUPRC Boss, Debunks Misconduct Allegations
The Confederation of Oil & Gas Communities of Nigeria has urged President Bola Tinubu to disregard allegations against the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe.
It described the claims as baseless and malicious.
The petition, submitted by Ufuoma Odiete, accused Komolafe of violating the Petroleum Industry Act (PIA) by establishing and chairing an Alternative Dispute Resolution Centre Body of Neutrals, which Odiete alleged is not recognized by the PIA.
It also alleged nepotism, claiming that 15 out of the 28 members of the committee are from the South West.
Addressing journalists in Abuja on Friday, the Confederation’s National Coordinator, High Chief George Bucknor, dismissed the petition as unfounded and intended to disrupt the smooth implementation of the PIA.
“The petition is malicious, vexatious, speculative, and libelous blackmail without substance,” Bucknor said. He explained that the establishment of the ADR Centre aligns with Chapter 3, Section 234 of the PIA, which empowers the Commission to create mechanisms for resolving disputes between settlors and host communities.
Bucknor clarified that the NUPRC’s role in host community development trust funds is regulatory and facilitative, not managerial. He cited Section 240(2) of the PIA, which mandates operators to contribute 3% of their actual annual operating expenditure to these funds.
He also criticized the petition as an attempt to destabilize the oil and gas industry and the Niger Delta region. “We strongly caution the petitioner against spreading false information,” he said, adding that host communities had passed a vote of confidence in Komolafe and his leadership.
Bucknor called on security agencies, particularly the Department of State Services (DSS), to investigate the motives behind the petition and ensure the stability of the sector.
Department of Security Services to use the earnest powers of their good offices to investigate: Ufoma Odiete subversive interest.
“The intentions of Ufuoma Odiete in his widely circulated malicious vexatious and libelous blackmail against NUPRC and the Commission Chief Executive is capable of truncating: the smooth beneficial running of the PIA and causing unrest in the Oil industry and the Niger Delta Region.”
The Confederation reaffirmed its support for Engr. Komolafe, emphasizing that his initiatives are pivotal to the successful implementation of the PIA and the advancement of the oil and gas sector.
Oil and gas
Nigeria’s Oil Earnings Projected to Hit N6.9 Trillion Monthly with Production Increase
The Federal Government may see a significant rise in revenue, up to N6.99 trillion monthly, following an increase in oil production to 1.8 million barrels per day (bpd), according to the Nigerian National Petroleum Company Limited (NNPC Ltd.).
In collaboration with industry stakeholders, the NNPC has intensified efforts to boost crude oil output to meet the government’s production targets.
This increase is coming as the average price of Brent crude remained stable at around $81 per barrel, creating favorable conditions for substantial earnings. Calculations based on current production levels and exchange rates show that producing 1.8 million bpd at $81 per barrel could yield approximately $4.37 billion in monthly revenue, which translates to N6.99 trillion at an exchange rate of N1,600 per dollar.
NNPC’s Group Chief Executive Officer, Mele Kyari, announced the milestone during a recent Oil Production War Room meeting at NNPC headquarters in Abuja, attended by top officials, including Petroleum Resources Minister Heineken Lokpobiri. Kyari emphasized that the increased production aligns with the Federal Government’s 2024 budget projections and long-term economic goals.
Chief Production War Room Officer Lawal Musa highlighted that the collaboration between the NNPC, security agencies, and local communities had been crucial to achieving the 1.8 million bpd level. The goal is now set to reach 2 million bpd by the end of the year, a target the NNPC is optimistic about achieving given the current momentum and security improvements in oil-producing regions.
Minister Lokpobiri commended the NNPC for achieving this production feat, describing it as a “remarkable milestone.” He expressed confidence that NNPC Ltd could not only meet but exceed the two million bpd target, further enhancing Nigeria’s revenue prospects.
The Chairman of the NNPC Board, Chief Pius Akinyelure, reinforced the board’s commitment to furthering this progress, urging the management and staff to pursue even greater achievements in the oil and gas sector. Dr. Paul Bebenimibo, spokesperson for Tantita Security Services Nigeria Limited, one of the private security agencies involved, confirmed the peaceful and secure environment in the Niger Delta as key to the production surge, assuring that further measures are in place to sustain and even increase output.
The drive to reach two million bpd underscores NNPC’s dedication to stabilizing and expanding oil production, with significant implications for Nigeria’s fiscal health and overall economic stability.
Oil and gas
Governor Ododo Seeks Federal Collaboration to Boost Oil Exploration in Kogi State
Kogi State Governor Ahmed Usman Ododo has called for enhanced cooperation between the state and the federal government to accelerate investment in oil exploration within Kogi State.
Governor Ododo made this appeal during a visit to Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), in Abuja on Thursday.
Special Adviser on Media to the Governor, Ismaila Isah quoted him to have reiterated his administration’s commitment to creating a favorable environment for investors, emphasizing the state’s readiness to work closely with the federal government.
He underscored the importance of fast-tracking oil exploration in Kogi in line with President Bola Ahmed Tinubu’s vision to expand exploration in Nigeria’s frontier basins.
Responding to the governor’s call, Senator Lokpobiri reaffirmed Kogi’s status as an oil-producing state and pledged the federal government’s commitment to attract investment to tap into the state’s vast oil resources. He highlighted the mandate of the Petroleum Industry Act (PIA), which tasks the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) with exploring frontier basins.
He assured that the government is ready to deploy funds for further exploration in Kogi.
Senator Lokpobiri also commended Governor Ododo for his leadership and strides in governance, noting that these efforts will be key in attracting and sustaining investment in the state.
Kogi State became the first oil-producing state in Northern Nigeria in 2022 following the federal government’s confirmation of oil discoveries in commercial quantities.
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