Petroleum

Alhaji Popoola Ogundoyin, an Executive Member of Independent Petroleum Marketers Association of Nigeria, says unless Nigeria produces petroleum products through its refineries, the problems in the petroleum sector will persist.

The bill also reportedly proposes the scrapping of the Nigerian National Petroleum Corporation (NNPC) and the Petroleum Products Pricing Regulatory Agency (PPPRA) while the NNPC Limited will be incorporated by the Minister of Petroleum.

Davidsmeyer is also in his fifth elected term. Davidsmeyer replaced Jim Watson in 2012 when Watson resigned from office to take a job as the Executive Director of the Illinois Petroleum Council, the state affiliate of the American Petroleum Institute.

In its current form, the Petroleum Supply (Amendment) Bill, 2023 would provide the Uganda National Oil Company (UNOC) the exclusive right to import petroleum products and resell them to regional suppliers.

PNOC was created in 1973 primarily to provide an adequate supply of petroleum products to meet domestic requirements as well as promote the exploration and development of local petroleum sources.

Regency Petroleum Limited (RPL), a relatively new company in the petroleum industry that went public on the Jamaica Stock Exchange last year, has opened its second petrol service station at Paradise in Westmoreland.

The company is part of Oasis Petroleum, after it emerged from bankruptcy, which then merged with Whiting Petroleum.

The Company produces petroleum from Waihapa and Ngaere wells in the TWN Petroleum Mining Licences and from the Copper Moki wells in the Copper Moki Mining Permit.

The Independent Petroleum Marketers Association of Nigeria (IPMAN), has commended the Federal Government for approving importation of petroleum products by private firms.

The Volta Regional Minister, Dr Archibald Yao Letsa, has pledged to cooperate with National Petroleum Authority (NPA) to regulate the petroleum downstream industry in the region.

BP’s business trend improved in the third-quarter of FY 2023 due to a slight rebound in petroleum prices (the average petroleum price increased 4% Q/Q in Q3'23).

Gbenga Komolafe, CEO of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and Mele Kyari, group CEO of the Nigerian National Petroleum Corporation (NNPC) Limited were also at the meeting.

Meanwhile, Petroleum marketers expressed surprise over the case, saying no law bans the importation of petroleum products, whether or not there were enough products refined locally.

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The approval is expected from the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, which is responsible for the regulation of midstream and downstream petroleum operations in Nigeria.

The Arewa Youths Initiative for Energy Reforms (AYIFER) has urged the Nigerian National Petroleum Corporation Limited (NNPCL) to prioritize the revival of the Kaduna Refinery to enhance petroleum product distribution in the country.

The Belize High Court has delivered a ruling on the National Liquefied Petroleum Gas Project Act that was challenged by the former importers of Liquefied Petroleum Gas (LPG).

The creation of the Nigerian National Petroleum Corporation (NNPC) in 1977 and the recent Petroleum Industry Act (PIA) of 2021 were further attempts to improve the sector’s governance.

It clearly notes that the volume and quality of petroleum produced and saved from the contract area shall be measured by methods and appliances customarily used in good international petroleum industry practice and approved by the Minister.

It is also involved in the refining, marketing, transportation, and distribution of oil, petroleum products, petroleum derivatives, petrochemicals, LPG, and bio-fuels, as well as in gas separation and natural gas distribution operations.