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Reps give oil firms two weeks ultimatum to remit $250 million to Nigerian govt

Reps give oil firms two weeks ultimatum to remit $250 million to Nigerian govt

The House of Representatives Committee on Oil and Gas on Thursday gave 10 indigenous oil companies in the country two weeks to remit 250 million dollars oil royalty to federal government’s coffers. Jerigbe Agom, the chairman of the committee, gave the ultimatum at the ongoing sitting over unremitted funds in the industry. According to the… READ MORE

‘Nigeria LPG market needs discipline, maturity to attract investors’

‘Nigeria LPG market needs discipline, maturity to attract investors’

The Liquefied Petroleum Gas (LPG) market in Nigeria, which experts say is about a $10billion market waiting to be harnessed, is said to require more discipline and maturity to be actualized. Speaking recently in Lagos, during the seventh Annual Nigeria Liquefied Petroleum Gas Association (NLPGA) Conference and Exhibition, the Director of Marketing Development, World LPG… READ MORE

Costs of Nigeria’s oil & gas projects higher than other countries by 100% – Oil firms

Costs of Nigeria’s oil & gas projects higher than other countries by 100% – Oil firms

A report prepared by the Oil Producers Trade Section (OPTS) of Lagos Chamber of Commerce and Industry (LCCI), has shown the existence of a Nigeria-specific cost premium for the petroleum sector, with operating costs and projects costs significantly higher than in other countries by as much as 100%, The oil and gas producers stated that they… READ MORE

Kachikwu: Nigeria to Earn $2bn in the Short-term from Proposed Fiscal Policies for Oil Industry

Kachikwu: Nigeria to Earn $2bn in the Short-term from Proposed Fiscal Policies for Oil Industry

Nigeria is eyeing at least $2 billion in the short-term, and $9 billion in the long-term from the rollout of a new fiscal policy it has initiated for her oil and gas industry, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has disclosed. Kachikwu, in his monthly podcast for the period of November… READ MORE