The Federal Government has acquired about 1,000 conversion kits that will change petrol powered trucks and small vehicles to start running on autogas. It was also gathered that the kits were being deployed across the country, as the government intensified move to reduce the consumption of petrol and promote the use of gas in automobiles.…

The 2020 Petroleum Industry Bill (PIB) that is presently before members of the National Assembly will substantially reduce environmental pollution in the oil-producing areas of the Niger Delta when passed into law. Aside a ban on the use of chemicals for upstream petroleum operations, there will now exist an environmental remediation fund to be established…

Oil companies are to put aside 2.5 per cent of their annual expenditure for the development of their host communities, going by the proposed Petroleum Industry Bill (PIB). The firms are to deploy 75 per cent of the budget to implement capital projects in such communities with an understanding that the beneficiaries would watch over…

The nation’s gas exports have rebounded from the COVID-19 pandemic, rising for the fourth straight month in July to 115.71 billion cubic feet, the highest level in more than a year. Nigeria, which has the largest gas reserves in Africa and the ninth-largest in the world, exports gas mainly through the Nigeria LNG Limited, the…

The debts owed by oil and gas companies to Nigerian banks rose by N90bn in the second quarter of this year to nearly N5tn as many operators struggle to stay afloat in the face of depressed prices and demand, ’FEMI ASU reports Nigerian banks saw their credit to oil and gas companies rise to N4.95tn…

World oil demand will plateau in the late 2030s and by then begin to decline, the Organization of the Petroleum Exporting Countries (OPEC) said in its 2020 World Oil Outlook. OPEC said on Thursday that the plateau and subsequent decline would be a result of a major shift for the producer group that reflects the…

“Gas is Nigeria’s new petrol,” petroleum minister Timipre Sylva said of the oil-dependent nation’s attempt to diversify and overcome the crude oil price volatility that perennially afflicts its econ­omic growth. He said it way back in June 2017, when the Federal Executive Council had just approved the National Gas Policy. But measures announced in September…

Nigeria’s President Muhammadu Buhari announced Oct. 8 in his 2021 budget proposal to parliament a lower output target and expected oil price benchmark for next year, as the OPEC member braces for reduced revenues from its key industry. For the purposes of revenue calculations in the 2021 budget, the Nigerian government is assuming oil production…

OPEC Secretary General Mohammad Barkindo said on Thursday the worst was over for the oil market, following a price and demand collapse this year due to the coronavirus pandemic.   Source: Hellenic Shipping News