Heirs Oil & Gas has won the Africa Deal of the Year 2021 by Project Finance International, following the $1.1bn financing and acquisition of a 45 per cent stake in OML 17 in 2021. The award ceremony took place in London. The deal, which was announced in January 2021, saw Heirs Holdings,
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Inadequate storage and distribution infrastructure may worsen prevailing energy crisis infrastructure in the face of growing population and energy demand. Experts at the African Refiners and Distributors Association (ARDA) are particularly worried about the growing concerns of port congestion, limited depots to store petroleum products and weak pipelines across the continent,
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Nigeria and other African countries keying into the use of natural gas as energy transition fuel would gain more as the world has classified gas as part of renewable energy. The Minister of State, Petroleum Resources, Chief Timipre Sylva, disclosed this as Nigeria hosted the Committee of Ministers’ Meeting of the
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Despite importing refined petroleum products due to the failure of its moribund refineries, which have gulped over N4.15trillion in maintenance since 2015, oil-rich Nigeria has the eight cheapest petrol in the world, costing about $0.40 (N166) per litre, according to a report. The report, published by Zutobi, an international driver’s education
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The Nigeria Upstream Petroleum Regulatory Commission (NUPRC) has set a June timeline for the issuance of Petroleum Prospecting Licence (PPL) to the operators of the 54 marginal oil field areas already delineated by the federal government for petroleum operations to commence. The Chief Executive of NUPRC, Engr Gbenga Komolafe, said the
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The few small-scale refineries operating in Nigeria are facing a huge challenge of crude oil supply, as the Nigerian National Petroleum Company (NNPC) Limited continues to focus on exporting the commodity. Several operators, despite the assurances by the national oil company of support, expressed frustration that despite the huge investments, their
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The Federal Government on Thursday said the value of Nigeria’s proven gas reserves of about 206.53 trillion cubic feet was over $803.4tn, adding that the country had the most extensive gas resource in Africa. It also stated that the European Union had proposed categorising natural gas as a green energy source,
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The Minister of State Petroleum Resources, Chief Timipre Sylva has said Nigeria is among 10 top global gas producers and the most extensive in Africa. Sylva stated this at the 2022 Annual Public Lecture of The Nigerian Society of Engineers (NSE) Bwari Branch in Abuja. He said at present only gas can
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The number of functional crude oil production rigs in Nigeria decreased by 37.5 per cent to just 10 operational rigs in March 2022, the Organisation of Petroleum Exporting Countries has said. An oil rig, offshore platform, or oil and/or gas production platform is a large structure with facilities to extract, and
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Petrol subsidy payments grew by 349.42 per cent from N350 billion in 2019 to N1.573 trillion in 2021, propelled by the rising price of crude oil in the international market and the falling value of the Naira. The cost of subsidizing the product in 2020 was N450 billion. In 2022 alone,
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