Wabote says NOGIC Act will be Implemented with Pragmatism Giving his closing remarks at the 11th Practical Nigerian Content (PNC), the Executive Secretary of Nigerian Content Development Monitoring Board (NCDMB), Engr. Simbi Kesiye Wabote, urged stakeholders to implement the NOGIC Act. In his words: The law is aspirational with aspirational targets. So, it must be…
Reps Summon CBN Gov Over Cash Withdrawal Limit The House of Representatives has summoned the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, over the apex’s recent policies on Naira redesign and cash withdrawal limits. At its plenary on Thursday, the lawmakers passed a resolution inviting Emefiele to appear before them to “shed…
US sees Record 2023 Oil Output in Reversal after Cutting Outlook The U.S. raised its forecast for oil production next year, reversing course after five straight months of cuts that stoked concern about a slowdown in output from shale fields. Production is poised to average 12.34 MMbpd next year, topping the record 12.315 MMbpd set…
Give us Petrol at Official Ex-Depot Price, IPMAN Tasks NNPC Ejigbo Satellite Depot of the Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged the Nigerian National Petroleum Company Ltd. (NNPCL) to give same window given to Major Oil Marketers Association of Nigeria (MOMAN) to buy fuel at regulated depot price of N148.17 per litre….
Fuel Scarcity: NMDPRA Assures Nigerians of Stable Supply The Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says the queues at filling stations will soon disappear as marketers commence massive loading of petroleum products. Mr. Ahmed Farouk, Chief Executive of NMDPRA, gave the assurance during a stock monitoring exercise within depots in Lagos on Wednesday….
NCDMB boss explains role of NCCF, even as industry chiefs hail Board for accomplishments Indigenous operators and service companies in the oil and gas industry have been advised to identify with appropriate Sectoral Working Groups under the Nigerian Content Consultative Forum (NCCF) to be able to receive adequate attention on operational difficulties of whatever nature….
NMDPRA Assures of Petroleum Products in Rivers The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says it is putting measures in place to ensure Rivers people don’t experience petroleum products scarcity especially in this yuletide. Field Coordinator of NMDPRA, Port Harcourt Office, Tubo-Alabo Lionel, gave the assurance shortly after inspection around Petroleum depots in…
CBN Limits Cash Withdrawals to N100, 000 per week … ATM Transactions restricted to N20, 000 weekly The Central Bank of Nigeria has imposed a limit on cash withdrawals in the country, a move to promote its cashless policy. The CBN has restricted over the counter cash withdrawals for individuals to N100,000 weekly and N500,000…
Nigeria may meet 1.8mbpd OPEC Quota in 2023- Sylva Nigeria is working towards meeting its Organisation of Petroleum Exporting Countries (OPEC) crude oil production quota of 1.8 million bpd by the end of May 2023, the Minister of State, Petroleum Resources, Timipre Sylva, has said The minister based his optimism on the fact that the…
Oil Prices Fall on Higher U.S. Dollar, Economic Fears Oil prices fell in a volatile market on Tuesday, as a stronger U.S. dollar and economic uncertainty offset the bullish impact of a price cap placed on Russian oil and prospects of a demand boost in China. Brent crude futures fell 90 cents, or $1.09%, to…