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  •  The Nigerian Midstream and Downstream Petroleum Regulatory Authority NMDPRA on Friday inaugurated the Evergreen Energy Limited signalling the commencement of the Calabar depot operations Mr George Ene Ita Regional Coordinator of NMDPRA South South led his team of officials to perform the inauguration of the facility on behalf of the Authority on Friday in Calabar Ene Ita said that with the inauguration of the facility the depot was now ready to begin full operations in the area and urged the management of the facility to maintain high safety standards within their facility The News Agency of Nigeria reports that the facility was first licensed in 2019 but has remained non functional ever since NAN also reports that the depot is expecting its first cargo vessel receipt soon The team from NMDPRA further inspected equipment and installations in the facility with a view to ensuring compliance to standards Mr Abdulrazak Hashiru Managing Director of Evergreen Energy promised to work in harmony with all relevant authorities to ensure a safe and seamless operational environment The management of the facility demonstrated their readiness in event of a fire emergency by activating the critical safety equipment including the sprinkler systems at the gantry and on the tanks respectively NewsSourceCredit NAN
    Petroleum Regulatory Authority inaugurates Evergreen energy for operational activities
     The Nigerian Midstream and Downstream Petroleum Regulatory Authority NMDPRA on Friday inaugurated the Evergreen Energy Limited signalling the commencement of the Calabar depot operations Mr George Ene Ita Regional Coordinator of NMDPRA South South led his team of officials to perform the inauguration of the facility on behalf of the Authority on Friday in Calabar Ene Ita said that with the inauguration of the facility the depot was now ready to begin full operations in the area and urged the management of the facility to maintain high safety standards within their facility The News Agency of Nigeria reports that the facility was first licensed in 2019 but has remained non functional ever since NAN also reports that the depot is expecting its first cargo vessel receipt soon The team from NMDPRA further inspected equipment and installations in the facility with a view to ensuring compliance to standards Mr Abdulrazak Hashiru Managing Director of Evergreen Energy promised to work in harmony with all relevant authorities to ensure a safe and seamless operational environment The management of the facility demonstrated their readiness in event of a fire emergency by activating the critical safety equipment including the sprinkler systems at the gantry and on the tanks respectively NewsSourceCredit NAN
    Petroleum Regulatory Authority inaugurates Evergreen energy for operational activities
    General news2 days ago

    Petroleum Regulatory Authority inaugurates Evergreen energy for operational activities

    The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Friday inaugurated the Evergreen Energy Limited, signalling the commencement of the Calabar depot operations.

    Mr George Ene-Ita, Regional Coordinator of NMDPRA, South South, led his team of officials to perform the inauguration of the facility on behalf of the Authority on Friday in Calabar.

    Ene-Ita said that with the inauguration of the facility, the depot was now ready to begin full operations in the area, and urged the management of the facility to maintain high safety standards within their facility.

    The News Agency of Nigeria reports that the facility was first licensed in 2019, but has remained non functional ever since.

    NAN also reports that the depot is expecting its first cargo vessel receipt soon.

    The team from NMDPRA further inspected equipment and installations in the facility with a view to ensuring compliance to standards.

    Mr Abdulrazak Hashiru, Managing Director of Evergreen Energy, promised to work in harmony with all relevant authorities to ensure a safe and seamless operational environment.

    The management of the facility demonstrated their readiness in event of a fire emergency by activating the critical safety equipment including the sprinkler systems at the gantry and on the tanks respectively.


    NewsSourceCredit: NAN

  •  The Minister of State Petroleum Resources Chief Timipre Sylva has said that the desire to surmount the challenges bedeviling the oil and gas sector led to the enactment of the Petroleum Industry Act PIA Sylva spoke at the Nigeria International Economic Partnership Forum in New York with the theme Nigeria s Oil and Gas Sector Reforms Results and the Road Ahead Sylva in a statement on Thursday by his Senior Adviser Media and Communications Horatius Egua said Federal Government s desire to inject life into the sector characterised by fiscal and operational challenges led to making proactive reforms a priority The minister said the enactment of the PIA on Aug 16 2021 was a watershed moment for the nation the industry and all stakeholders He said it signalled the beginning of a more conducive environment for investment output industrial and national growth while also addressing legitimate grievances of resource host communities most impacted by resource extraction operations He said the PIA 2021 at full implementation would create massive investment opportunities improve transparency attract investors and reposition the Nigerian Oil and Gas industry for sustainable growth The minister said the PIA 2021 had established a legal governance regulatory and fiscal framework for the petroleum industry host community development and associated matters It provides fiscal certainty improves regulations and incentives for investment including up to ten year tax vacations while guaranteeing better take for both government and private investors thereby balancing rewards with risk The PIA has set the foundation for a sustainable growth in the sector with the establishment of the Nigerian National Petroleum Company Limited NNPCL Nigerian Midstream and Downstream Petroleum Regulatory Authority NMDPRA and Nigerian Upstream Petroleum Regulatory Commission NUPRC he said This administration remains committed to ensure full implementation of these conceived reforms to foster efficiency and attract investments and development of supporting infrastructure along the oil and gas value chain as embedded in our policy aspirations for the sector The government has taken the necessary steps to sustainably implement and operationalize the PIA 2021 within the timelines stipulated in the Act he said To this end he said the government had inaugurated the steering committee which he chaired responsible for PIA implementation immediately after the PIA was signed into law Reflecting on the theme of the conference Nigeria s Oil and Gas Sector Reforms Results and the Road Ahead Sylva said the theme resonated the aspirations and commitment of President Buhari s government to reform the sector NewsSourceCredit NAN
    PIA to unlock investments in Nigeria’s oil, gas sector – Sylva
     The Minister of State Petroleum Resources Chief Timipre Sylva has said that the desire to surmount the challenges bedeviling the oil and gas sector led to the enactment of the Petroleum Industry Act PIA Sylva spoke at the Nigeria International Economic Partnership Forum in New York with the theme Nigeria s Oil and Gas Sector Reforms Results and the Road Ahead Sylva in a statement on Thursday by his Senior Adviser Media and Communications Horatius Egua said Federal Government s desire to inject life into the sector characterised by fiscal and operational challenges led to making proactive reforms a priority The minister said the enactment of the PIA on Aug 16 2021 was a watershed moment for the nation the industry and all stakeholders He said it signalled the beginning of a more conducive environment for investment output industrial and national growth while also addressing legitimate grievances of resource host communities most impacted by resource extraction operations He said the PIA 2021 at full implementation would create massive investment opportunities improve transparency attract investors and reposition the Nigerian Oil and Gas industry for sustainable growth The minister said the PIA 2021 had established a legal governance regulatory and fiscal framework for the petroleum industry host community development and associated matters It provides fiscal certainty improves regulations and incentives for investment including up to ten year tax vacations while guaranteeing better take for both government and private investors thereby balancing rewards with risk The PIA has set the foundation for a sustainable growth in the sector with the establishment of the Nigerian National Petroleum Company Limited NNPCL Nigerian Midstream and Downstream Petroleum Regulatory Authority NMDPRA and Nigerian Upstream Petroleum Regulatory Commission NUPRC he said This administration remains committed to ensure full implementation of these conceived reforms to foster efficiency and attract investments and development of supporting infrastructure along the oil and gas value chain as embedded in our policy aspirations for the sector The government has taken the necessary steps to sustainably implement and operationalize the PIA 2021 within the timelines stipulated in the Act he said To this end he said the government had inaugurated the steering committee which he chaired responsible for PIA implementation immediately after the PIA was signed into law Reflecting on the theme of the conference Nigeria s Oil and Gas Sector Reforms Results and the Road Ahead Sylva said the theme resonated the aspirations and commitment of President Buhari s government to reform the sector NewsSourceCredit NAN
    PIA to unlock investments in Nigeria’s oil, gas sector – Sylva
    General news3 days ago

    PIA to unlock investments in Nigeria’s oil, gas sector – Sylva

    The Minister of State Petroleum Resources Chief Timipre Sylva, has said that the desire to surmount the challenges bedeviling the oil and gas sector led to the enactment of the Petroleum Industry Act (PIA).

    Sylva spoke at the Nigeria International Economic Partnership Forum, in New York, with the theme: “Nigeria’s Oil and Gas Sector: Reforms, Results and the Road Ahead”.

    Sylva, in a statement on Thursday by his Senior Adviser (Media and Communications), Horatius Egua said Federal Government’s desire to inject life into the sector characterised by fiscal and operational challenges led to making proactive reforms a priority.

    The minister said the enactment of the PIA on Aug. 16, 2021 was a “watershed moment for the nation, the industry and all stakeholders.

    He said it signalled the beginning of a more conducive environment for investment, output, industrial and national growth, while also addressing legitimate grievances of resource host-communities most impacted by resource extraction operations.

    He said the PIA 2021, at full implementation, would create massive investment opportunities, improve transparency, attract investors, and reposition the Nigerian Oil and Gas industry for sustainable growth.

    The minister said the PIA 2021 had established a legal, governance, regulatory, and fiscal framework for the petroleum industry, host community development, and associated matters.

    “It provides fiscal certainty, improves regulations and incentives for investment, including up to ten-year tax vacations, while guaranteeing better take for both government and private investors, thereby balancing rewards with risk.

    “The PIA has set the foundation for a sustainable growth in the sector with the establishment of the Nigerian National Petroleum Company Limited (NNPCL), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and Nigerian Upstream Petroleum Regulatory Commission (NUPRC),” he said.

    “This administration remains committed to ensure full implementation of these conceived reforms to foster efficiency and attract investments and development of supporting infrastructure along the oil and gas value chain as embedded in our policy aspirations for the sector.

    “The government has taken the necessary steps to sustainably implement and operationalize the PIA 2021 within the timelines stipulated in the Act,” he said.

    To this end, he said the government had inaugurated the steering committee, which he chaired, responsible for PIA implementation immediately after the PIA was signed into law.

    Reflecting on the theme of the conference “Nigeria’s Oil and Gas Sector: Reforms, Results and the Road Ahead”, Sylva said the theme resonated the aspirations and commitment of President Buhari’s government to reform the sector.


    NewsSourceCredit: NAN

  •  The Nigeria Midstream and Downstream Petroleum Regulatory Authority NMDPRA says it will consider a request for the supply of fuel to fishermen in Bakassi local government area of Cross River Mr George Ene Ita Regional Coordinator of NMDPRA South South said this when the Chairman of Bakassi local government area Mr Iyadim Iyadim led a delegation of fishermen to his office Ene Ita said he would write a proposal to the management of NMDPRA with a view of brining all critical stakeholders to deliberate on the matter According to him the cross border smuggling had necessitated the government to prohibit fuel stations located 25km to the border from lifting petroleum product The policy is a temporal remedial measure to curb cross border smuggling In the interim approval will be given and the modalities of the approval will be worked out by the NMDPRA regional office Such approval will be subjected to the condition of holding the communities representatives accountable for any breach of product he said Earlier the Chairman told the Regional Coordinator of NMDPRA that the activities of fishermen had declined due to the measure He added that their source of livelihood was fishing hence the fishermen needed fuel to power their boats At this point the only option available to us is to travel from Bakassi to Calabar to source for petroleum product and in most cases our people usually have problems with security agents The Nigerian National Petroleum Corporation floating station which was supposed to serve the coastal communities has not been operational for years now he said NewsSourceCredit NAN
    FG considers fuel supply approval to Bakassi fishermen
     The Nigeria Midstream and Downstream Petroleum Regulatory Authority NMDPRA says it will consider a request for the supply of fuel to fishermen in Bakassi local government area of Cross River Mr George Ene Ita Regional Coordinator of NMDPRA South South said this when the Chairman of Bakassi local government area Mr Iyadim Iyadim led a delegation of fishermen to his office Ene Ita said he would write a proposal to the management of NMDPRA with a view of brining all critical stakeholders to deliberate on the matter According to him the cross border smuggling had necessitated the government to prohibit fuel stations located 25km to the border from lifting petroleum product The policy is a temporal remedial measure to curb cross border smuggling In the interim approval will be given and the modalities of the approval will be worked out by the NMDPRA regional office Such approval will be subjected to the condition of holding the communities representatives accountable for any breach of product he said Earlier the Chairman told the Regional Coordinator of NMDPRA that the activities of fishermen had declined due to the measure He added that their source of livelihood was fishing hence the fishermen needed fuel to power their boats At this point the only option available to us is to travel from Bakassi to Calabar to source for petroleum product and in most cases our people usually have problems with security agents The Nigerian National Petroleum Corporation floating station which was supposed to serve the coastal communities has not been operational for years now he said NewsSourceCredit NAN
    FG considers fuel supply approval to Bakassi fishermen
    Economy4 days ago

    FG considers fuel supply approval to Bakassi fishermen

    The Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says it will consider a request for the supply of fuel to fishermen in Bakassi local government area of Cross River.

    Mr George Ene-Ita, Regional Coordinator of NMDPRA, South South, said this when the Chairman of Bakassi local government area, Mr Iyadim Iyadim, led a delegation of fishermen to his office.

    Ene-Ita said he would write a proposal to the management of NMDPRA with a view of brining all critical stakeholders to deliberate on the matter.

    According to him, the cross border smuggling had necessitated the government to prohibit fuel stations located 25km to the border from lifting petroleum product.

    “The policy is a temporal remedial measure to curb cross border smuggling.

    “In the interim, approval will be given and the modalities of the approval will be worked out by the NMDPRA regional office.

    “Such approval will be subjected to the condition of holding the communities representatives accountable for any breach of product,” he said.

    Earlier, the Chairman told the Regional Coordinator of NMDPRA that the activities of fishermen had declined due to the measure.

    He added that their source of livelihood was fishing, hence the fishermen needed fuel to power their boats.

    “At this point, the only option available to us is to travel from Bakassi to Calabar to source for petroleum product and in most cases, our people usually have problems with security agents.

    “The Nigerian National Petroleum Corporation floating station which was supposed to serve the coastal communities has not been operational for years now,” he said.


    NewsSourceCredit: NAN

  •  The Nigerian Midstream and Downstream Petroleum Regulatory Authority NMDPRA says the actual daily truck out of Premium Motor Spirit PMS from January to July 31 stands at 66 89 million litres The NMDPRA disclosed this on Thursday in its statement clarifying the 2022 average daily truck out figure The authority said during a recent interactive session with the House of Representatives Committee on Finance the media had quoted 62 9 million litres as the 2022 baseline daily truck out projection It said for clarity the figure provided was used in 2021 solely to forecast the expected revenue for 2022 and did not in any way translate to the actual truck out volume for this year In line with NMDPA mandate as provided in the Petroleum Industry Act to ensure transparency in the oil and gas industry the authority publishes on its website nmdpra gov truckout the actual daily truck out As can be verified from the website the actual daily truck out from January to July 2022 stands at 66 89 million litres it said According to the authority the Federal Government Medium Term Expenditure and Revenue Framework MTERF which is a three year forward looking budgetary tool comprises contributions from various agencies It added that the authority and its legacy agencies annually provided truck out forecasts for the planning purpose The Authority assured the general public that it was committed to providing credible and transparent data on the supply and distribution of petroleum products NewsSourceCredit NAN
    2022 average daily PMS truck-out stands at 66.89m litres – Authority
     The Nigerian Midstream and Downstream Petroleum Regulatory Authority NMDPRA says the actual daily truck out of Premium Motor Spirit PMS from January to July 31 stands at 66 89 million litres The NMDPRA disclosed this on Thursday in its statement clarifying the 2022 average daily truck out figure The authority said during a recent interactive session with the House of Representatives Committee on Finance the media had quoted 62 9 million litres as the 2022 baseline daily truck out projection It said for clarity the figure provided was used in 2021 solely to forecast the expected revenue for 2022 and did not in any way translate to the actual truck out volume for this year In line with NMDPA mandate as provided in the Petroleum Industry Act to ensure transparency in the oil and gas industry the authority publishes on its website nmdpra gov truckout the actual daily truck out As can be verified from the website the actual daily truck out from January to July 2022 stands at 66 89 million litres it said According to the authority the Federal Government Medium Term Expenditure and Revenue Framework MTERF which is a three year forward looking budgetary tool comprises contributions from various agencies It added that the authority and its legacy agencies annually provided truck out forecasts for the planning purpose The Authority assured the general public that it was committed to providing credible and transparent data on the supply and distribution of petroleum products NewsSourceCredit NAN
    2022 average daily PMS truck-out stands at 66.89m litres – Authority
    General news2 weeks ago

    2022 average daily PMS truck-out stands at 66.89m litres – Authority

    The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says the actual daily truck-out of Premium Motor Spirit (PMS) from January to July 31, stands at 66.89 million litres.

    The NMDPRA disclosed this on Thursday in its statement clarifying the 2022 average daily truck-out figure.  

    The authority said during a recent interactive session with the House of Representatives Committee on Finance, the media had quoted 62.9 million litres as the 2022 baseline daily truck out projection.

    It said for clarity, the figure provided was used in 2021 solely to forecast the expected revenue for 2022 and did not in any way translate to the actual truck out volume for this year.

    “In line with NMDPA mandate as provided in the Petroleum Industry Act to ensure transparency in the oil and gas industry, the authority publishes on its website nmdpra.

    gov.

    -truckout) the actual daily truck-out.

    “As can be verified from the website, the actual daily truck-out from January to July, 2022 stands at 66.89 million litres,” it said.

    According to the authority, the Federal Government Medium Term Expenditure and Revenue Framework (MTERF) which is a three-year forward looking budgetary tool, comprises contributions from various agencies.

    It added that the authority and its legacy agencies annually provided truck-out forecasts for the planning purpose.

    The Authority assured the general public that it was committed to providing credible and transparent data on the supply and distribution of petroleum products.


    NewsSourceCredit: NAN

  •  The Crude Oil Refiners Association of Nigeria CORAN the umbrella body of indigenous crude oil refiners has appealed to the Central Bank of Nigeria CBN to create crude refinery intervention fund for its members Its Secretary Mr Olusegun Ilori made the appeal in a statement on Wednesday after a visit by some CORAN members to the leadership of the Nigerian Midstream and Downstream Petroleum Regulatory Authority NMDPRA in Abuja According to him the fund like the Agricultural Credit Fund or the Pharmaceutical Fund domiciled at the CBN will help to drive effective business operations in the industry Ilori said that the visit led by their Board of Trustee s Chairman Chief Emmanuel Iheanacho was to interact with all relevant regulatory agencies after CORAN formal registration The secretary said he was directed to present CORAN s position and appealed to the Authority to ensure that all incentives that were given to Dangote Refinery are also extended to other refineries Ilori urged the Nigerian National Petroleum Corporation limited NMDPRA and the Nigerian Upstream Petroleum Regulatory Commission NUPRC to engage with the licensed modular refineries to develop an appropriate commercial model that would guarantee reliable feedstock He also stated that NMDPRA renewal fee of modular refinery license guidelines to be revisited and possibly reduced by way of 50 per cent waiver Ilori however said that it should be on the company by company assessment and granted to only companies with credible challenges The secretary noted that annual monitoring of modular refineries should be carried out by the authority to ensure compliance with government policies He said NNPC should consider taking equity or grant loans to modular refineries via the provision of reformer or other requirement units to ensure adequate production of PMS based on agreed offtake conditions Ilori also suggested that the issuance of the import duty waivers for modular refinery equipment be done by the Federal Ministry of Finance He however said that this should be after due certification of the equipment that qualified for waiver had been done by the Ministry of Petroleum Resources He also said that modular refinery owners with evidence of feedstock challenge be given preference in allocation of NNPC crude oil Ilori suggested that Crude oil from the NNPC be sold to modular refinery owners in naira equivalent for that day with guarantee that all the refined PMS be sold same way in the country The Federal Ministry of Industry Trade and Investment FMITI will have to collaborate with Ministry of Petroleum Resources MPR on the African Continental Free Trade Area AfCFTA with the view of creating a petroleum refining hub in Nigeria while leveraging on the agreement Quarterly progress reports on modular refinery projects be sent to the ministry by NMDPRA The ministry should liaise with Nigerian Immigration Service to resolve problems associated with issuance of expatriate Quota he said Responding to CORAN by the management of NMDPRA led by Mr Francis Ogaree Executive Director Hydrocarbons Processing Plants Installation and Transportation Infrastructure HPPITI said that he appreciated the association for the visit He assured the team of the commitment of President Muhammadu Buhari to ensuring that more refineries are functional Ogaree further assured CORAN of the Authority s support and urged them to reach out to the committee that would be set up to work with refineries He hinted of a database of challenges and progress report on its operations Also Dr Zainab Gobir Executive Director Economic Regulations and Strategic Planning ERSP NMDPRA assured that her office would create a dialogue for more communication between the refiners and the Authority www ng NewsSourceCredit NAN
    Crude oil refiners task CBN on intervention fund
     The Crude Oil Refiners Association of Nigeria CORAN the umbrella body of indigenous crude oil refiners has appealed to the Central Bank of Nigeria CBN to create crude refinery intervention fund for its members Its Secretary Mr Olusegun Ilori made the appeal in a statement on Wednesday after a visit by some CORAN members to the leadership of the Nigerian Midstream and Downstream Petroleum Regulatory Authority NMDPRA in Abuja According to him the fund like the Agricultural Credit Fund or the Pharmaceutical Fund domiciled at the CBN will help to drive effective business operations in the industry Ilori said that the visit led by their Board of Trustee s Chairman Chief Emmanuel Iheanacho was to interact with all relevant regulatory agencies after CORAN formal registration The secretary said he was directed to present CORAN s position and appealed to the Authority to ensure that all incentives that were given to Dangote Refinery are also extended to other refineries Ilori urged the Nigerian National Petroleum Corporation limited NMDPRA and the Nigerian Upstream Petroleum Regulatory Commission NUPRC to engage with the licensed modular refineries to develop an appropriate commercial model that would guarantee reliable feedstock He also stated that NMDPRA renewal fee of modular refinery license guidelines to be revisited and possibly reduced by way of 50 per cent waiver Ilori however said that it should be on the company by company assessment and granted to only companies with credible challenges The secretary noted that annual monitoring of modular refineries should be carried out by the authority to ensure compliance with government policies He said NNPC should consider taking equity or grant loans to modular refineries via the provision of reformer or other requirement units to ensure adequate production of PMS based on agreed offtake conditions Ilori also suggested that the issuance of the import duty waivers for modular refinery equipment be done by the Federal Ministry of Finance He however said that this should be after due certification of the equipment that qualified for waiver had been done by the Ministry of Petroleum Resources He also said that modular refinery owners with evidence of feedstock challenge be given preference in allocation of NNPC crude oil Ilori suggested that Crude oil from the NNPC be sold to modular refinery owners in naira equivalent for that day with guarantee that all the refined PMS be sold same way in the country The Federal Ministry of Industry Trade and Investment FMITI will have to collaborate with Ministry of Petroleum Resources MPR on the African Continental Free Trade Area AfCFTA with the view of creating a petroleum refining hub in Nigeria while leveraging on the agreement Quarterly progress reports on modular refinery projects be sent to the ministry by NMDPRA The ministry should liaise with Nigerian Immigration Service to resolve problems associated with issuance of expatriate Quota he said Responding to CORAN by the management of NMDPRA led by Mr Francis Ogaree Executive Director Hydrocarbons Processing Plants Installation and Transportation Infrastructure HPPITI said that he appreciated the association for the visit He assured the team of the commitment of President Muhammadu Buhari to ensuring that more refineries are functional Ogaree further assured CORAN of the Authority s support and urged them to reach out to the committee that would be set up to work with refineries He hinted of a database of challenges and progress report on its operations Also Dr Zainab Gobir Executive Director Economic Regulations and Strategic Planning ERSP NMDPRA assured that her office would create a dialogue for more communication between the refiners and the Authority www ng NewsSourceCredit NAN
    Crude oil refiners task CBN on intervention fund
    General news3 weeks ago

    Crude oil refiners task CBN on intervention fund

    The Crude Oil Refiners Association of Nigeria (CORAN), the umbrella body of indigenous crude oil refiners, has appealed to the Central Bank of Nigeria(CBN) to create crude refinery intervention fund for its members.

    Its Secretary, Mr Olusegun Ilori, made the appeal in a statement on Wednesday after a visit by some CORAN members to the leadership of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja.

    According to him, the fund, like the Agricultural Credit Fund or the Pharmaceutical Fund domiciled at the CBN, will help to drive effective business operations in the industry.

    Ilori said that the visit, led by their Board of Trustee’s Chairman, Chief Emmanuel Iheanacho, was to interact with all relevant regulatory  agencies after CORAN formal registration.

    The secretary said he was directed to present CORAN’s position, and appealed to the Authority to ensure that all incentives that were given to Dangote Refinery are also extended to other refineries.

    Ilori urged the Nigerian National Petroleum Corporation limited, NMDPRA and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to engage with the licensed modular refineries to develop an appropriate commercial model that would guarantee reliable feedstock.

    He also stated that NMDPRA renewal fee of modular refinery license guidelines to be revisited and possibly reduced by way of 50 per cent waiver.

    Ilori, however, said that it should be on the company-by-company assessment, and granted to only companies with credible challenges.

    The secretary noted that annual monitoring of modular refineries should be carried out by the authority to ensure compliance with government policies.

    He said NNPC should consider taking equity or grant loans to modular refineries via the provision of reformer or other requirement units to ensure adequate production of PMS based on agreed offtake conditions.

    Ilori also suggested that the issuance of the import duty waivers for modular refinery equipment be done by the Federal Ministry of Finance.

    He, however, said that this should be after due certification of the equipment that qualified for waiver had been done by the Ministry of Petroleum Resources.

    He also said that modular refinery owners with evidence of feedstock challenge be given preference in allocation of NNPC crude oil.

    Ilori suggested that Crude oil from the NNPC be sold to modular refinery owners in naira equivalent for that day with guarantee that all the refined PMS  be sold same way in the country.

    “The Federal Ministry of Industry, Trade, and Investment (FMITI) will have to collaborate with Ministry of Petroleum Resources (MPR) on the African Continental Free Trade Area (AfCFTA) with the view of creating a petroleum​ refining hub in Nigeria, while leveraging on the agreement.

    “Quarterly progress reports on modular refinery projects be sent to the ministry by NMDPRA.

    “The ministry should liaise with Nigerian Immigration Service to resolve problems associated with issuance of expatriate Quota,” he said.

    Responding to CORAN by the management of NMDPRA, led by Mr Francis Ogaree, Executive Director Hydrocarbons Processing Plants, Installation and Transportation Infrastructure (HPPITI), said that he appreciated the association for the visit.

    He assured the team of the commitment of President Muhammadu Buhari to ensuring that more refineries are functional.

    Ogaree further assured CORAN of the Authority’s support and urged them to reach out to the committee that would be set up to work with refineries.

    He hinted of a database of challenges and progress report on its operations.

    Also, Dr Zainab Gobir, Executive Director, Economic Regulations and Strategic Planning (ERSP), NMDPRA, assured that her office would create a dialogue for more communication between the refiners and the Authority.

    www.

    ng—————-
    NewsSourceCredit: NAN

  •  The Nigerian Midstream and Downstream Petroleum Regulatory Authority NMDPRA says it disbursed a total of 103 037 183 922 91 billion Naira bridging claims to oil marketers between December 2021 and August 2022 The authority disclosed this at the end of its meeting with the Northern Independent Petroleum Marketers Forum NIPMF and the Nigerian National Petroleum Corporation Limited NNPC Ltd officials on Tuesday in Abuja The News Agency of Nigeria recalls that the forum had threatened to embark on withdrawal of services due to accumulated unpaid bridging claims The Independent Petroleum Marketers Association of Nigeria IPMAN across nine Northern states had on Monday embarked on three days warning strike over non payment of their bridging claims The NMDPRA in a statement said it would fast track the settlement of all outstanding claims when received from marketers after due verification and reconciliation It reiterated that payment of bridging claims was an ongoing process and payments were disbursed as they were received from marketers The meeting is in line with NMDPRA mandate to collaborate with industry stakeholders in ensuring uninterrupted supply of Premium Motor Spirit PMS throughout the nation The meeting addressed issues regarding bridging claims and other matters NIPMF has agreed to work with the NMDPRA to ensure free flow of petroleum products nationwide the authority said The NMDPRA affirmed that it would continue to carry out its mandate as stipulated in the Petroleum Industry Act PIA aimed at promoting and ensuring continuous and efficient operations of the Midstream and Downstream sector in Nigeria NewsSourceCredit NAN
    NMDPRA disburses over N103bn bridging claims to oil marketers in 9 months
     The Nigerian Midstream and Downstream Petroleum Regulatory Authority NMDPRA says it disbursed a total of 103 037 183 922 91 billion Naira bridging claims to oil marketers between December 2021 and August 2022 The authority disclosed this at the end of its meeting with the Northern Independent Petroleum Marketers Forum NIPMF and the Nigerian National Petroleum Corporation Limited NNPC Ltd officials on Tuesday in Abuja The News Agency of Nigeria recalls that the forum had threatened to embark on withdrawal of services due to accumulated unpaid bridging claims The Independent Petroleum Marketers Association of Nigeria IPMAN across nine Northern states had on Monday embarked on three days warning strike over non payment of their bridging claims The NMDPRA in a statement said it would fast track the settlement of all outstanding claims when received from marketers after due verification and reconciliation It reiterated that payment of bridging claims was an ongoing process and payments were disbursed as they were received from marketers The meeting is in line with NMDPRA mandate to collaborate with industry stakeholders in ensuring uninterrupted supply of Premium Motor Spirit PMS throughout the nation The meeting addressed issues regarding bridging claims and other matters NIPMF has agreed to work with the NMDPRA to ensure free flow of petroleum products nationwide the authority said The NMDPRA affirmed that it would continue to carry out its mandate as stipulated in the Petroleum Industry Act PIA aimed at promoting and ensuring continuous and efficient operations of the Midstream and Downstream sector in Nigeria NewsSourceCredit NAN
    NMDPRA disburses over N103bn bridging claims to oil marketers in 9 months
    General news3 weeks ago

    NMDPRA disburses over N103bn bridging claims to oil marketers in 9 months

    The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says it disbursed a total of 103,037,183,922.91 billion Naira bridging claims to oil marketers between December 2021 and August 2022. The authority disclosed this at the end of its meeting  with the Northern Independent Petroleum Marketers Forum (NIPMF) and the Nigerian National Petroleum Corporation Limited (NNPC Ltd.) officials, on Tuesday in Abuja.

    The News Agency of Nigeria recalls that the forum had threatened to embark on withdrawal of services due to accumulated unpaid bridging claims.

    The Independent Petroleum Marketers Association of Nigeria (IPMAN) across nine Northern states had on Monday embarked on three days warning strike over non-payment of their bridging claims.

    The NMDPRA, in a statement, said it would fast-track the settlement of all outstanding claims when received from marketers after due verification and reconciliation.

    It reiterated that payment of bridging claims was an ongoing process and payments were disbursed as they were received from marketers.

    “The meeting is in line with NMDPRA mandate to collaborate with industry stakeholders in ensuring uninterrupted supply of Premium Motor Spirit (PMS) throughout the nation.

    “The meeting addressed issues regarding bridging claims and other matters.

    “NIPMF has agreed to work with the NMDPRA to ensure free flow of petroleum products nationwide,” the authority said.

    The NMDPRA affirmed that it would continue to carry out its mandate as stipulated in the Petroleum Industry Act (PIA), aimed at promoting and ensuring continuous and efficient operations of the Midstream and Downstream sector in Nigeria.


    NewsSourceCredit: NAN

  •  Members of the Borno branch of the Independent Petroleum Marketers Association of Nigeria IPMAN began a three day warning strike on Monday to protest non payment of members outstanding haulage claims IPMAN s spokesman in the state Alhaji Abdulkadir Musa said the warning strike was in compliance with a resolution reached by IPMAN branches in nine states in the north Members in the affected states were being owed more than N70 billion since 2019 he said He added that members would meet on Wednesday at the expiration of the warning strike to take a decision on the next line of action We members of IPMAN have decided to embark on a three day withdrawal of services at depots as warning action For years we have been following and lobbying the management of the Nigerian Midstream and Downstream Petroleum Regulatory Authority NMDPRA regarding our unsettled haulage claims to no avail Note that since our agitation began only less than 5 per cent of our claims have been settled No payment has been made with regards to claims submitted between 2019 and 2021 Musa said He added that payment for haulage of petroleum products must henceforth be made within one month Failure to do so will lead to indefinite suspension of our services in all depots and filling stations across the northern parts of the country Musa warned NewsSourceCredit NAN
    Petroleum products marketers begin warning strike in Borno
     Members of the Borno branch of the Independent Petroleum Marketers Association of Nigeria IPMAN began a three day warning strike on Monday to protest non payment of members outstanding haulage claims IPMAN s spokesman in the state Alhaji Abdulkadir Musa said the warning strike was in compliance with a resolution reached by IPMAN branches in nine states in the north Members in the affected states were being owed more than N70 billion since 2019 he said He added that members would meet on Wednesday at the expiration of the warning strike to take a decision on the next line of action We members of IPMAN have decided to embark on a three day withdrawal of services at depots as warning action For years we have been following and lobbying the management of the Nigerian Midstream and Downstream Petroleum Regulatory Authority NMDPRA regarding our unsettled haulage claims to no avail Note that since our agitation began only less than 5 per cent of our claims have been settled No payment has been made with regards to claims submitted between 2019 and 2021 Musa said He added that payment for haulage of petroleum products must henceforth be made within one month Failure to do so will lead to indefinite suspension of our services in all depots and filling stations across the northern parts of the country Musa warned NewsSourceCredit NAN
    Petroleum products marketers begin warning strike in Borno
    Economy3 weeks ago

    Petroleum products marketers begin warning strike in Borno

    Members of the Borno branch of the Independent Petroleum Marketers Association of Nigeria (IPMAN) began a three-day warning strike on Monday to protest non-payment of members’ outstanding haulage claims.

    IPMAN’s spokesman in the state, Alhaji Abdulkadir Musa, said the warning strike was in compliance with a resolution reached by IPMAN branches in nine states in the north.

    Members in the affected states were being owed more than N70 billion since 2019, he said.

    He added that members would meet on Wednesday at the expiration of the warning strike to take a decision on the next line of action.

    “We members of IPMAN have decided to embark on a three-day withdrawal of services at depots as warning action.

    “For years, we have been following and lobbying the management of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) regarding our unsettled haulage claims to no avail.

    “Note that since our agitation began only less than 5 per cent of our claims have been settled.

    No payment has been made with regards to claims submitted between 2019 and 2021,’’ Musa said.

    He added that payment for haulage of petroleum products must henceforth be made within one month.

    “Failure to do so will lead to indefinite suspension of our services in all depots and filling stations across the northern parts of the country,’’ Musa warned.


    NewsSourceCredit: NAN

  •  The Nigerian National Petroleum Company Limited NNPC Ltd has offered to submit itself for forensic audit of fuel supply and subsidy management insisting that daily fuel supply is 68 million litres The NNPC made this known on Sunday in a statement signed by Malam Garba Muhammad Group General Manager Group Public Affairs Division NNPC Muhammad said between January and August 2022 the total volume of Premium Motor Spirit PMS imported into the country was 16 46 billion litres which translated to an average supply of 68 million litres per day Similarly he said that import in the year 2021 was 22 35 billion litres which translated to an average supply of 61 million litres per day The average daily evacuation depot truck out from January to August 2022 stands at 67 million litres per day as reported by the Nigerian Midstream and Downstream Petroleum Regulatory Authority NMDPRA While daily evacuation depot load outs records of the NMDPRA do carry daily oscillation ranging from as low as four million litres to as high as 100 million litres per day he said He said that rising crude oil prices and PMS supply costs above PPPRA now NMDPRA cap had caused oil marketing companies withdrawal from PMS import since the fourth quarter of 2017 In the light of these challenges he said that NNPC had remained the supplier of last resort and continued to transparently report the monthly PMS cost under recoveries to the relevant authorities On cost he said the average international market determined landing cost in quarter two 2022 was 1 283 dollars per Metric Tonnes and N46 per litre approved marketing and distribution cost The combination of these cost elements translates to retail pump price of N462 an average subsidy of N297 and an annual estimate of N6 5 trillion on the assumption of 60 million litres daily PMS supply The NNPC promised to ensure compliance with existing governance framework that requires participation of relevant government agencies in all PMS discharge operations The agencies include the Nigerian Ports Authority NMDPRA Nigerian Navy Nigeria Customs Service NIMASA and all others Muhammad said He acknowledged the possibilities of criminal activities in the PMS supply and distribution value chain Muhammad however pledged that as a responsible business entity NNPC would continue to work with relevant agencies to curtail smuggling of PMS and contain other criminal activities He also pledged that the company would deliver on its mandate of ensuring energy security for the country with integrity and transparency NewsSourceCredit NAN
    NNPC ready for forensic audit of fuel supply
     The Nigerian National Petroleum Company Limited NNPC Ltd has offered to submit itself for forensic audit of fuel supply and subsidy management insisting that daily fuel supply is 68 million litres The NNPC made this known on Sunday in a statement signed by Malam Garba Muhammad Group General Manager Group Public Affairs Division NNPC Muhammad said between January and August 2022 the total volume of Premium Motor Spirit PMS imported into the country was 16 46 billion litres which translated to an average supply of 68 million litres per day Similarly he said that import in the year 2021 was 22 35 billion litres which translated to an average supply of 61 million litres per day The average daily evacuation depot truck out from January to August 2022 stands at 67 million litres per day as reported by the Nigerian Midstream and Downstream Petroleum Regulatory Authority NMDPRA While daily evacuation depot load outs records of the NMDPRA do carry daily oscillation ranging from as low as four million litres to as high as 100 million litres per day he said He said that rising crude oil prices and PMS supply costs above PPPRA now NMDPRA cap had caused oil marketing companies withdrawal from PMS import since the fourth quarter of 2017 In the light of these challenges he said that NNPC had remained the supplier of last resort and continued to transparently report the monthly PMS cost under recoveries to the relevant authorities On cost he said the average international market determined landing cost in quarter two 2022 was 1 283 dollars per Metric Tonnes and N46 per litre approved marketing and distribution cost The combination of these cost elements translates to retail pump price of N462 an average subsidy of N297 and an annual estimate of N6 5 trillion on the assumption of 60 million litres daily PMS supply The NNPC promised to ensure compliance with existing governance framework that requires participation of relevant government agencies in all PMS discharge operations The agencies include the Nigerian Ports Authority NMDPRA Nigerian Navy Nigeria Customs Service NIMASA and all others Muhammad said He acknowledged the possibilities of criminal activities in the PMS supply and distribution value chain Muhammad however pledged that as a responsible business entity NNPC would continue to work with relevant agencies to curtail smuggling of PMS and contain other criminal activities He also pledged that the company would deliver on its mandate of ensuring energy security for the country with integrity and transparency NewsSourceCredit NAN
    NNPC ready for forensic audit of fuel supply
    General news3 weeks ago

    NNPC ready for forensic audit of fuel supply

    The Nigerian National Petroleum Company Limited (NNPC Ltd) has offered to submit itself for forensic audit of fuel supply and subsidy management, insisting that daily fuel supply is 68 million litres.

    The NNPC made this known on Sunday in a statement signed by Malam Garba Muhammad, Group General Manager, Group Public Affairs Division, NNPC.

    Muhammad said between January and August 2022, the total volume of Premium Motor Spirit (PMS) imported into the country was 16.46 billion litres, which translated to an average supply of 68 million litres per day.

    Similarly, he said that import in the year 2021 was 22.35 billion litres, which translated to an average supply of 61 million litres per day.

    “The average daily evacuation (depot truck out) from January to August 2022 stands at 67 million litres per day as reported by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

    “While daily evacuation (depot load outs) records of the NMDPRA do carry daily oscillation ranging from as low as four million litres to as high as 100 million litres per day,” he said.

    He said that rising crude oil prices and PMS supply costs above PPPRA (now NMDPRA) cap had caused oil marketing companies’ withdrawal from PMS import since the fourth quarter of 2017. In the light of these challenges, he said that NNPC had remained the supplier of last resort and continued to transparently report the monthly PMS cost under-recoveries to the relevant authorities.

    On cost, he said the average international market determined landing cost, in quarter two, 2022 was 1,283 dollars per Metric Tonnes and N46 per litre approved marketing and distribution cost.

    “The combination of these cost elements translates to retail pump price of N462, an average subsidy of N297 and an annual estimate of N6.5 trillion on the assumption of 60 million litres daily PMS supply.

    The NNPC promised to ensure compliance with existing governance framework that requires participation of relevant government agencies in all PMS discharge operations.

    “The agencies include the Nigerian Ports Authority, NMDPRA, Nigerian Navy, Nigeria Customs Service, NIMASA and all others,” Muhammad said.

    He acknowledged the possibilities of criminal activities in the PMS supply and distribution value chain.

    Muhammad, however, pledged that as a responsible business entity, NNPC would continue to work with relevant agencies to curtail smuggling of PMS and contain other criminal activities.

    He also pledged that the company would deliver on its mandate of ensuring energy security for the country, with integrity and transparency.


    NewsSourceCredit: NAN

  •  The Federal Government on Tuesday inaugurated the Governing Council of the Midstream and Downstream Gas Infrastructure Fund MDGIF Chief Timipre Sylva Minister of State Petroleum Resources inaugurated the nine member council in Abuja to fix the critical missing link in government s effort to develop the gas sector He charged members to work seriously to mobilise funds for the provision of critical infrastructure for the gas industry Sylva according to a statement by his Special Adviser on Media and Communications Horatious Egua said the inauguration showed President Muhammadu Buhari s commitment to reposition the energy sector It will drive economic development and prosperity for our people our nation and value to our partners in accordance with the Petroleum Industry Act 2021 PIA he added In March 2021 President Buhari declared Jan 1 2021 to Dec 31 2030 as The Decade of Gas Development for Nigeria primarily to set the road map towards a gas powered economy by 2030 Sylva said that the Federal Government had put in place several programmes towards achieving the decade of gas initiatives and developing huge gas potentials of Nigeria He however said that the missing link was the absence of the basic gas infrastructure to help realise the objectives The minister said a key cause of poor gas production gas flaring and low domestic gas utilisation was the gas infrastructure deficit in the country It is estimated that more than 20 billion dollars yearly will be required over the next ten years to bridge these gaps he said According to him the fund established under Section 52 of the PIA resides as a Directorate in the Nigerian Midstream and Downstream Petroleum Regulatory Authority NMDPRA As a Directorate within the Authority the minister said the fund would be expected to benefit from its internal reporting operational and organisational processes He added that in accordance with the PIA 2021 the council would supervise and make investment decisions for the fund Section 52 3 of the PIA provides for the Governing Council to supervise and make investment decisions for the Fund Sylva urged the members of the Council to take urgent steps to bring gas infrastructure closer to the people to enable them benefit from government policy in this regard There is an urgent need to focus on the major strategic plans and key initiatives to enable government set a clear trajectory to achieving the noble objectives of establishing the fund he said Terms of reference for the Council include identifying critical and relevant stakeholders that can increase domestic utilisation of natural gas LPG and Auto gas They also include developing a roadmap for transforming gas to a value addition product in Nigeria The Council has the Minister of State Petroleum Resources as Chairman and the Executive Director MDGIF as chief executive officer Other members of the Council include Dr Scholastica Nnaji representing the Central Bank of Nigeria CBN Mr Victor Omata representing Federal Ministry of Finance and Farouk Ahmed Chief Executive NMDPRA NewsSourceCredit NAN
    Sylva inaugurates gas infrastructure fund council
     The Federal Government on Tuesday inaugurated the Governing Council of the Midstream and Downstream Gas Infrastructure Fund MDGIF Chief Timipre Sylva Minister of State Petroleum Resources inaugurated the nine member council in Abuja to fix the critical missing link in government s effort to develop the gas sector He charged members to work seriously to mobilise funds for the provision of critical infrastructure for the gas industry Sylva according to a statement by his Special Adviser on Media and Communications Horatious Egua said the inauguration showed President Muhammadu Buhari s commitment to reposition the energy sector It will drive economic development and prosperity for our people our nation and value to our partners in accordance with the Petroleum Industry Act 2021 PIA he added In March 2021 President Buhari declared Jan 1 2021 to Dec 31 2030 as The Decade of Gas Development for Nigeria primarily to set the road map towards a gas powered economy by 2030 Sylva said that the Federal Government had put in place several programmes towards achieving the decade of gas initiatives and developing huge gas potentials of Nigeria He however said that the missing link was the absence of the basic gas infrastructure to help realise the objectives The minister said a key cause of poor gas production gas flaring and low domestic gas utilisation was the gas infrastructure deficit in the country It is estimated that more than 20 billion dollars yearly will be required over the next ten years to bridge these gaps he said According to him the fund established under Section 52 of the PIA resides as a Directorate in the Nigerian Midstream and Downstream Petroleum Regulatory Authority NMDPRA As a Directorate within the Authority the minister said the fund would be expected to benefit from its internal reporting operational and organisational processes He added that in accordance with the PIA 2021 the council would supervise and make investment decisions for the fund Section 52 3 of the PIA provides for the Governing Council to supervise and make investment decisions for the Fund Sylva urged the members of the Council to take urgent steps to bring gas infrastructure closer to the people to enable them benefit from government policy in this regard There is an urgent need to focus on the major strategic plans and key initiatives to enable government set a clear trajectory to achieving the noble objectives of establishing the fund he said Terms of reference for the Council include identifying critical and relevant stakeholders that can increase domestic utilisation of natural gas LPG and Auto gas They also include developing a roadmap for transforming gas to a value addition product in Nigeria The Council has the Minister of State Petroleum Resources as Chairman and the Executive Director MDGIF as chief executive officer Other members of the Council include Dr Scholastica Nnaji representing the Central Bank of Nigeria CBN Mr Victor Omata representing Federal Ministry of Finance and Farouk Ahmed Chief Executive NMDPRA NewsSourceCredit NAN
    Sylva inaugurates gas infrastructure fund council
    General news4 weeks ago

    Sylva inaugurates gas infrastructure fund council

    The Federal Government on Tuesday inaugurated the Governing Council of the Midstream and Downstream Gas Infrastructure Fund (MDGIF).

    Chief Timipre Sylva, Minister of State, Petroleum Resources, inaugurated the nine-member council, in Abuja, to fix the critical missing link in government’s effort to develop the gas sector He charged members to work seriously to mobilise funds for the provision of critical infrastructure for the gas industry.

    Sylva, according to a statement by his Special Adviser on Media and Communications, Horatious Egua, said the inauguration showed President Muhammadu Buhari’s commitment to reposition the energy sector.

    “It will drive economic development and prosperity for our people, our nation and value to our partners, in accordance with the Petroleum Industry Act 2021 (PIA),” he added.

    In March 2021, President Buhari declared Jan. 1, 2021 to Dec. 31, 2030 as “The Decade of Gas Development for Nigeria”, primarily to set the road map towards a gas-powered economy by 2030. Sylva said that the Federal Government had put in place several programmes towards achieving the decade of gas initiatives and developing huge gas potentials of Nigeria He, however, said that the missing link was the absence of the basic gas infrastructure to help realise the objectives.

    The minister said a key cause of poor gas production, gas flaring and low domestic gas utilisation was the gas infrastructure deficit in the country.

    “It is estimated that more than 20 billion dollars yearly will be required over the next ten years to bridge these gaps,” he said.

    According to him, the fund, established under Section 52 of the PIA, resides as a Directorate in the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

    As a Directorate within the Authority, the minister said the fund would be expected to benefit from its internal reporting, operational and organisational processes.

    He added that in accordance with the PIA, 2021, the council would supervise and make investment decisions for the fund.

    Section 52 (3) of the PIA provides for the Governing Council to supervise and make investment decisions for the Fund. Sylva urged the members of the Council to take urgent steps to bring gas infrastructure closer to the people to enable them benefit from government policy in this regard.

    “There is an urgent need to focus on the major strategic plans and key initiatives to enable government set a clear trajectory to achieving the noble objectives of establishing the fund,” he said.

    Terms of reference for the Council include identifying critical and relevant stakeholders that can increase domestic utilisation of natural gas, LPG and Auto gas.

    They also include developing a roadmap for transforming gas to a value addition product in Nigeria.

    The Council has the Minister of State Petroleum Resources as Chairman and the Executive Director MDGIF as chief executive officer.

    Other members of the Council include Dr Scholastica Nnaji representing the Central Bank of Nigeria (CBN); Mr Victor Omata representing Federal Ministry of Finance; and Farouk Ahmed, Chief Executive, NMDPRA.


    NewsSourceCredit: NAN

  •  The Nigerian Midstream and Downstream Petroleum Regulatory Authority NMDPRA has been commended for its unprecedented consultation with stakeholders towards the successful implementation of the Petroleum Industry Act PIA 2021 Mr Olumide Adeosun Chairman Major Oil Marketers Association of Nigeria MOMAN made the commendation in a statement on Monday in Lagos The News Agency of Nigeria reports that President Muhammadu Buhari had on Aug 16 2021 signed the PIA into law and thereafter set up an implementation committee The law provides opportunity for purposeful investment into the development of oil and gas resources by providing clear and simple fiscal terms that would guarantee reasonable investors margin Adeosun said the PIA was an excellent piece of legislation which was extremely well thought through According to him the PIA has given the petroleum downstream industry a regulator the NMDPRA also known as the Authority The Authority had taken a while to rebuild and restructure being the outcome of the defunct merged organisations Department of Petroleum Resources Petroleum Products Pricing Regulatory Agency and the Petroleum Equalisation Fund which were institutions with various and different expertise The Authority has looked inward these organisations for experts in the various fields but has also gone external to work with experts and consultants Importantly we now have an era of consultation with the industry that is unprecedented he said Adeosun noted that the implementation of the PIA was taking a bit longer than expected but was not necessarily a bad thing The president postponed the implementation of free market pricing which has caused a slowdown with respect to benefits expected from free competitive open market pricing such as new investments and subsidy removal he said Recall that Mr Farouk Ahmed the Authority Chief Executive NMDPRA had recently assured industry stakeholders of efforts being made in the implementation of the PIA Ahmed said it was being done collectively by the Authority and other key industry players through collaboration consultations consistency compliance and enforcement He said it was aimed at achieving a robust competitive transparent predictable and profitable oil and gas industry NewsSourceCredit NAN
    PIA: MOMAN commends regulatory body on consultation with stakeholders
     The Nigerian Midstream and Downstream Petroleum Regulatory Authority NMDPRA has been commended for its unprecedented consultation with stakeholders towards the successful implementation of the Petroleum Industry Act PIA 2021 Mr Olumide Adeosun Chairman Major Oil Marketers Association of Nigeria MOMAN made the commendation in a statement on Monday in Lagos The News Agency of Nigeria reports that President Muhammadu Buhari had on Aug 16 2021 signed the PIA into law and thereafter set up an implementation committee The law provides opportunity for purposeful investment into the development of oil and gas resources by providing clear and simple fiscal terms that would guarantee reasonable investors margin Adeosun said the PIA was an excellent piece of legislation which was extremely well thought through According to him the PIA has given the petroleum downstream industry a regulator the NMDPRA also known as the Authority The Authority had taken a while to rebuild and restructure being the outcome of the defunct merged organisations Department of Petroleum Resources Petroleum Products Pricing Regulatory Agency and the Petroleum Equalisation Fund which were institutions with various and different expertise The Authority has looked inward these organisations for experts in the various fields but has also gone external to work with experts and consultants Importantly we now have an era of consultation with the industry that is unprecedented he said Adeosun noted that the implementation of the PIA was taking a bit longer than expected but was not necessarily a bad thing The president postponed the implementation of free market pricing which has caused a slowdown with respect to benefits expected from free competitive open market pricing such as new investments and subsidy removal he said Recall that Mr Farouk Ahmed the Authority Chief Executive NMDPRA had recently assured industry stakeholders of efforts being made in the implementation of the PIA Ahmed said it was being done collectively by the Authority and other key industry players through collaboration consultations consistency compliance and enforcement He said it was aimed at achieving a robust competitive transparent predictable and profitable oil and gas industry NewsSourceCredit NAN
    PIA: MOMAN commends regulatory body on consultation with stakeholders
    General news4 weeks ago

    PIA: MOMAN commends regulatory body on consultation with stakeholders

    The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has been commended for its unprecedented consultation with stakeholders towards the successful implementation of the Petroleum Industry Act (PIA) 2021.Mr Olumide Adeosun, Chairman,  Major Oil Marketers Association of Nigeria (MOMAN), made the commendation in a statement on Monday in Lagos.

    The News Agency of Nigeria reports that President Muhammadu Buhari had on Aug. 16, 2021 signed the PIA into law and thereafter set up an implementation committee.

    The law provides opportunity for purposeful investment into the development of oil and gas resources  by providing clear and simple fiscal terms that would guarantee reasonable investors margin. 

    Adeosun said the PIA was an excellent piece of legislation which was extremely well thought through.

    According to him, the PIA has given the petroleum downstream industry a regulator, the NMDPRA, also known as the Authority. 

    “The Authority had taken a while to rebuild and restructure, being the outcome of the defunct merged organisations (Department of Petroleum Resources, Petroleum Products Pricing Regulatory Agency and the Petroleum Equalisation Fund}, which were institutions with various and different expertise.

    “The Authority has looked inward these organisations for experts in the various fields but has also gone external to work with experts and consultants.

    ” Importantly, we now have an era of consultation with the industry that is unprecedented,” he said.

    Adeosun noted that the implementation of the PIA was taking a bit longer than expected but was not necessarily a bad thing.

    “The president postponed the implementation of free market pricing, which has caused a slowdown with respect to benefits expected from free competitive open market pricing, such as new investments and subsidy removal,” he said.

    Recall that Mr Farouk Ahmed, the Authority Chief Executive, NMDPRA, had recently assured industry stakeholders of  efforts being made in the implementation of the PIA.

    Ahmed said it was being done collectively by the Authority and other key industry players through collaboration, consultations, consistency, compliance and enforcement.

    He said it was aimed at achieving a robust, competitive, transparent, predictable and profitable oil and gas industry.


    NewsSourceCredit: NAN