By Ella Anokam

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says five petroleum industry regulations have been gazetted while six others have been finalised and ready for gazetting.

Mr Gbenga Komolafe, Commission Chief Executive, NUPRC, disclosed this on Monday in Abuja at the third Phase of its Consultation with Stakeholders on Draft Regulations Development as mandated by Section 216 of the Petroleum Industry Act (PIA).

Komolafe listed the regulations gazetted as, the Nigeria Upstream Petroleum Host Community Development Trust regulations; Royalty Regulations; Domestic Gas Delivery Obligation Regulations; Nigeria Conversion and Renewal {Licence and Lease} Regulations and Petroleum Licensing Round Regulations.

The CCE, represented by an Executive Commissioner, NUPRC Mr Habib Nuhu, recalled that thirteen draft regulations were presented for discussion during its first and second phase of consultations with stakeholders in 2022.

He said the inputs of the stakeholders from the engagement were incorporated, where necessary, in the draft regulations.

“Thereafter, the regulations were forwarded to the Honourable Attorney General of the Federation and Minister of Justice for vetting, legislative standardisation, and approval.

“I am happy to inform you that five of the regulations have been gazetted while the remaining six have been finalised and ready for gazetting,” he said.

In furtherance of the above and in compliance with Section 216(4)(g) of the PIA 2021, he said the commission organised yet another Stakeholder Consultation prior to finalising more draft regulations.

He listed them as the Upstream Petroleum Measurement Regulations; Advance Cargo Declaration Regulations; Significant Discovery Regulations; Gas Flaring, Venting and Methane Emissions (Prevention of waste and Pollutions) Regulations and Domestic Crude Oil Supply Obligation Regulations.

The CCE reiterated that the process of formulating the above regulations has been a rigorous and strenuous exercise.

“They are products of critical thinking and evaluation, and hard work by the Commission’s Regulation development Team and the Presidential Implementation Committee on PIA.

“In spite of this however, the process is not complete until the stakeholders’ critical inputs are obtained, discussed, and incorporated, where necessary, in the Regulations,” he added.

He called for a healthy, robust, and intellectual discussion on the regulations during the syndicate sessions to come out with robust regulations with best international best standard.

He said it would ensure that regulations and key policies necessitated by the PIA were developed and gazetted timely so that the industry operators could align their operations with the PIA provisions as quickly as possible.

Mr Kelechi Ofoegbu, Executive Commissioner, Economic Regulation and Strategy Planning, NUPRC, while providing insight into the regulations explained that the measurement regulations would give the regulator the capability of knowing exactly what was produced by different upstream oil operators.

He said, it became necessary to understand the regulation because through the years of production in Nigeria, there has been the quest to know how much we produce and how much we consume, from upstream to midstream to downstream.

“If you ask 10 people in the industry what are your production and consumption numbers, you will get 10 different responses. So nobody takes us seriously, whether is on gas flaring, or whatever. I think that is enough already,” he said.

The engagement had in attendance the Oil Producers Trade Section, Independent Petroleum Producers Association, IOCs, Indigenous Operators among others. (NAN)(www.nannews.ng)

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Edited by Isaac Aregbesola

By Emmanuella Anokam

The Federal Government says it is focused on ensuring that the Premium Motor Spirit (PMS) scarcity and queues are normalised.

Chief Timipre Sylva, Minister of State, Petroleum Resources, made this known on Friday while speaking with newsmen shortly after inspecting some filling stations in the Federal Capital Territory (FCT), including Conoil and TotalEnergies filling stations in Central Area.

“Mr President directed that we must ensure that the fuel supply situation is normalised quickly. And that is why I have to ensure that we sort out this problem.

“A lot of things have been done. All hands have been on deck, the NNPC Limited, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and stakeholders in the supply chain have come together to ensure that the problem is resolved.

“This is not the time for us to aportion blames as the most important thing is that the problem has been resolved and you can see now the queues are no longer there, at least in the FCT we are going around to ensure they have disappeared,” he said.

On marketers who are selling above approved price, especially in other states, he said it was a regulatory issue and within the purview of the NMDPRA to sanction those marketers.

Sylva added that the authority would tackle the issue.

Speaking on the conflicting ex-depot price, he described it as commercial details under the purview of the NNPC Ltd., saying he would ensure that all those conflicting problems were resolved.

The News Agency of Nigeria (NAN) reports that President Muhammadu Buhari recently approved constitution of a 14-man Steering Committee on Petroleum Products Supply and Distribution management to find lasting solution to the disruptions in distribution of petroleum products.

The minister said the committee, which was also part of the solution mechanism, would be inaugurated next week to ensure that the situation normalise totally.

“If you look at the fuel situation in Nigeria, it has a lot of ramifications. The importation of the petroleum product is a problem because a lot of people cannot access the foreign exchange.

“The fuel situation also has nothing to do with politics. Anything, including natural disasters like flood can trigger the fuel distribution hindrance because they are natural factors we are not in control of.

“A lot of the problems that caused fuel scarcity and queues are not within our control there are also all kinds of people who are ready to take advantage of situations and caused problems by seeking for opportunity to make money, hoard and smuggle the product.

“These require intervention of the security agencies and the recent engagement with them definitely helped,” he said.

He expressed sadness about the situation which had subjected Nigerians to pain and frustration, adding the President, was also pained that the citizens were passing through the hardship.

In the bid to further ensure energy sufficiency, Sylva said the refineries across the country were being rehabilitated and modular refineries being enabled while the government was doing everything to ensure scarcity did not reoccur again.

“We had to take 20 per cent stake in Dangote Refinery, these are all efforts by the government to ensure the problem is solved permanently,” he said.

Mr Francis Sule, Manager, Conoil Filling Station, confirmed that the queues had reduced.

Sule added that one of the problem the station encountered was associated with Point of Sale (PoS) machine transactions.

Majority of the motorists also confirmed to NAN that the queues had reduced and appealed to the government to sustain the effort and measures put in place.

NAN reports that the NNPC Limited had also engaged with the oil marketers and security agencies to find ways of addressing the lingering fuel crisis in the country. (NAN)(www.nannews.ng)

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Edited by Chinyere Joel-Nwokeoma

By Emmanuella Anokam

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has shortlisted 139 firms that applied for Nigerian Gas Flare Commercialisation Programme (NGFCP).

About 300 companies applied to the gas buying and trading scheme to end gas flaring from 48 oil production sites in the country.

The Chief Executive Officer (CEO) of NUPRC, Gbenga Komolafe said this at the NGFCP bidders’ conference and investors’ forum, on Thursday in Abuja.

He said the forum was being organised to intimate qualified applicants, partners, sponsors and technology providers on the structure of the “Request for Proposal (RFP)”.

Komolafe said it was also an opportunity to provide further guidance on upcoming programme of activities while listening and collating feedback from all participants towards optimising the RFP phase.

He said that the programme received about 300 applications during the Statement of Qualification (SOQ) phase of this bid process before the emergence of the 139 successful applicants in line with the RFQ published criteria.

“Therefore, for all qualified applicants, your success on the SOQ stage is no mean feat, however, that was only a start of the journey as the real deal is in making a robust and competitive proposal.

“This proposal must be with demonstrable evidence for capacity to deliver on the flare monetisation projects, in line with the terms of the RFP would be your desired destination.

“Apart from forestalling the deleterious impacts of gas flaring on the environment, the programme also ends the wanton wastage of our premium economic resource.

“In today’s carbon constrained world, where fossil fuel is becoming less popular, in view of issues of climate change, natural gas has assumed a stature of significant importance as the bridging fuel for many oil and gas producing nations.

“For us here in Nigeria, gas has been adopted as our transition fuel to drive the industrialisation of the Nation’s economy in line with the expectations of the Decade of Gas initiatives launched by the Government,” Komolafe said.

The NUPRC boss further said that the NGFCP scheme also targeted at creating investment and employment opportunities as well as encouraging increased capital inflow to the Nigerian Oil and Gas sector.

He noted that the value derivable was multifaceted as it aligned with the focus areas of the country’s sustainable development goals.

“The NGFCP 2022 is first among series of competitive auctions whereby Flare Gas that would otherwise have been directed to flare will be put on sale by the Commission to interested entities as prospective title holders of the flare gas.

“In this programme, prospective bidders are expected to submit bid proposals in line with the requirements and terms of the RFP, covering such areas as technical, commercial, financial, and other relevant information regarding the project that the qualified applicant intends to develop.

“Such projects may include a plan to use the gas as fuel or feedstock or both for products to be disposed of in either the domestic or international markets.

“All Proposals from bidders will be judged strictly on their merits according to the criteria published in RFP document which has since been uploaded on the NGFCP portal,” he said.

He said that applicants for the second phase of the programme would have access to the data room for data prying and leasing, including suite of commercial agreements, for the 48 gas flare sites on offer in the NGFCP 2022.

According to Komolafe, the precise flare sites, volumes and compositions of gas offer would be accessed in the data room available to the applicants via the NGFCP 2022 portal upon payment of relevant fees as prescribed in the RFP.

“The Data room sessions will be held virtually to provide flexibility and comfort to all participants.”

He assured that the commission would ensure an open, transparent, competitive, and non-discriminatory bidding process in line with the provisions of Section 74 of Petroleum Industry Act.

Also speaking, the Manager, Legal Unit of NUPRC, Austin Okwah said the bidding companies were expected to submit their proposals online and physical and must contain details of their mandatory consortium information.

Okwah said the proposals must also contain bid bonds issued by reputable banks or insurance companies.

He listed three agreements that underpinned the programme to include Milestone Agreement which defined programme conceptualisation (agreement between the commission and flare gas buyer).

Others are Gas Sales Agreement which had quantity limitation and guarantee as well as Connection Agreement which required taking the gas from the flare harder to the project site and operation procedures. (NAN)(www.nannews.ng)

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Edited by Rabiu Sani-Ali

By Emmanuella Anokam

The Nigerian National Petroleum Company Limited (NNPCL) and Daewoo Engineering Construction Nigeria Limited have signed a maintenance service contract for the quick-fix repairs of the Kaduna Refining and Petrochemical Company Limited (KRPC).

Group Chief Executive Officer, NNPCL, Malam Mele Kyari and CEO of Daewoo E&C Nigeria, Mr Jung Taewon, signed the contract on behalf of their respective organisations.

The News Agency of Nigeria (NAN) reports that the proposed quick-fix initiative on KRPC is expected gulp 740.6 million dollars and will restore the refinery to a minimum of 60 per cent of its nameplate capacity by fourth quarter of 2024.

Kyari said restoring local refining capacity would guarantee energy sufficiency, being one of the key things Nigeria required for economic growth.

“There is no way a developing country will talk about energy transition without talking about petroleum products. We understand engagements and conversation around energy transition but we need the liquids of today.

“The only way we can guarantee that is to have local refining capacity restored. We are conscious of the fact that our four refineries in three locations are down now, undergoing rehabilitation process.

“Port Harcourt is on course, Warri is also on schedule and we are committing this Kaduna refinery. Ultimately our 18 million litres per day gasoline production capacity will be restored.

“This will also complement the production start off of Dangote refinery which we have 20 per cent equity, we are hopeful that Nigeria will be self-sufficient in the supply of petroleum products, particularly gasoline in 2023,” Kyari said.

While expressing hope for the project to be delivered on schedule, Kyari assured the company of safety and security, adding that there would be no risk to its personnel in the course of carrying out their duties.

Earlier, Mr Yemi Adetunji, Executive Vice President, Downstream, NNPCL said the development marked a milestone in the history of KRPC considering that the last Turn Around Maintenance (TAM) on the refinery occurred about 15 years ago.

Adetunji said the project was framed after extensive engagement with Daewoo on the Quick-Fix strategy to repair and re-stream KRPC and operate it on a sustainable basis at a minimum capacity utilisation of 60 per cent.

“This project shall be executed in three work packages as a maintenance services contract by Daewoo E&C Nigeria Limited at an estimated maximum cost ceiling of $740.6m with a duration of 21 months.

“The Quick-Fix strategy guarantees the fastest route to restreaming WRPC and KRPC for in-country production of refined petroleum products. Restoring WRPC and KRPC back to operation will guarantee energy security for the country.

`It will reduce dependence on imported petroleum products in view of near total dependence on supply of imported petroleum products and the impact the ongoing Russia-Ukraine war is having on global supply,” he said.

He also said that it would generate revenue, reduce demand for FOREX, supply raw materials to industries, create employment for Nigerians and ensure technology transfer, amongst other benefits.

He said the NNPC Limited was using a combination of internally generated revenue and third party financing to execute the repairs of the Refineries.

“Post rehabilitation of the three Refineries, globally reputable Operations and Maintenance (O&M) contractors shall be engaged to run the refinery Safely, Reliably, Sustainably and Profitably.

“I wish to implore total commitment from all staff in ensuring that this project is successfully executed as over 200 million Nigerians are looking up to NNPC Limited to deliver on this mandate.

“The Board and Management of NNPC limited are fully committed to providing all the required support to ensure that the refineries are repaired and back in operation on cost and schedule,” he said.

Meanwhile, he said the rehabilitation of PHRC had progressed considerably, adding that the old refinery had currently attained 64 per cent completion and the plant was expected back in operation in Q2 2023 while the entire PHRC Rehabilitation Project stood at about 59 per cent.

On the other hand, he said WRPC Quick-fix Project had achieved 28 per cent completion and was expected to be restreamed by the end of 2023.

Adetunji, while expressing gratitude said it would be looking forward to celebrating project milestones on KRPC Quick-fix and commissioning of the plant in 2024.

Speaking, the Korean Ambassador to Nigeria, Kim Young Chae said it was a new beginning from its Embassy’s point of view though its main focus was in the coastal area like Port Harcourt, Bayelsa and Delta States.

Young Chae, while calling for a continuous cooperation and support on execution of the project, said there would be a great potential in the economic cooperation because the development would benefit many people in the Northern part of Nigeria.

`I understand the dedication by the NNPCL to start the project as soon as possible to reduce foreign exchange on imports by producing refined oil for domestic consumption,” he said.

Also speaking, the CEO of Daewoo E&C Nigeria, Mr Choi Jungwon, while thanking the NNPCL for the opportunity given to the company to serve pledge to deliver the project as expected and scheduled in terms of quality.

The Chairman of the company, Mr Joseph Penawou, also thanked the NNPCL for trust and confidence reposed on the company and promised to deliver the project timely. (NAN)(www.nannews.ng)

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Edited by Isaac Aregbesola

By Emmanuel Oloniruha

The Nigerian National Petroleum Company Limited (NNPCL) has assured of adequate fuel supply for successful conduct of the 2023 general election.

Mele Kyari, Group Chief Executive Officer, NNPC Limited, said this when he received management team of Independent National Electoral Commission (INEC) led by its Chairman, Prof. Mahmood Yakubu at NNPCL Tower in Abuja on Tuesday.

Kyari said the company had put in place measures to address the current fuel distribution challenges, as well ensure there was enough fuel nationwide for success of the election.

“I assure you just as you have indicated, we have taken very extreme measures to see that we can contain the current distribution challenges that we have.

“We believe that within the next one week there will be significant relief, if not elimination of the current situation that we are facing.

“In respect of that we will make arrangements to make sure the products are made available to your vehicles during the election period or as a buildup to the election.

“Our team will engage your team so that they sort out what best mechanism to be in place, so and to take it up from there,” he said.

Kyari said that the NNPC knew that logistic was a major component of organising election and had always supported INEC in making sure that fuel was available for hitch-free delivery of electoral materials and officials.

“All the same, we are always conscious of the necessity to provide support to INEC whenever election takes place,” he said.

He said that NNPCL considered INEC request as a honour and challenge to do everything possible in making sure that Nigeria had a stable political system.

He said that NNPC as the largest downstream company with presence in most locations across the country, would work with other commercial companies to make the product available in locations where NNPCL was not present.

“We will work with your logistic team to identify those areas where we may not have presence, so that we can bring in other marketing companies into the conversation so that the products are made available to all the 100,000 vehicles that you have indicated.

“There will be no difficulty doing this, we have present everywhere.

“But where we are not, we will provide commercial conversation between the commission and other marketing companies so that when you need this product, you will have it.

“In addition to this Mr chairman, we are the only company that has floating mega stations in the country.

“We will also look at this and see how we can make it available for the purpose of the marine operations in the riverine areas of our country,” Kyari said.

Speaking, Yakubu said the visit was to seek for partnership with the company to ensure adequate supply of petrol for effective logistics delivery during the 2023 general election.

Hesaid that Nigerian election was huge and complex, describing it as the biggest logistical operation that the country undertook every four years.

He said the election was complex with 93,469,008 registered voters expected to elect a President, 28 State Governors and 1,462 legislators (109 Senators, 360 members of House of Representatives and 993 members of State Houses of Assembly).

“The Commission is mobilising about 100,000 vehicles and 4,000 boats for the deployment of personnel and materials to 176,846 polling units spread across 8,809 Registration Areas (or electoral Wards) in 774 Local Government Areas nationwide,” he said.

He said that INEC was working with the National Union of Road Transport Workers (NURTW) as well as the Marine Workers Union of Nigeria (MWUN) to mobilise vehicles and boats needed for the massive land and riverine movement of men and materials for the election.

“We are determined to overcome the perennial challenge of late commencement of polls on grounds of logistics.

“However, this objective cannot be fully accomplished without the guaranteed supply of petroleum products to facilitate the movement of vehicles and boats.

“Hence, in our effort to mobilise every national institution to give Nigerians a pleasant experience on election day, the Commission believes that the NNPC, as our national oil company, is one of the critical institutions that can facilitate the attainment of our objective,” he said.

Yakubu said that while INEC was aware of the efforts of the NNPC to ease the current situation in earnest, at the same time, it would like to appeal to the company to consider the following proposals:

“The use of the NNPC land and floating mega stations nationwide to service our election duty vehicles and boats. We will bear the cost of the products. By doing so, there will be guaranteed supply for elections;

“A special arrangement with other marketers in locations where the NNPC may not have dedicated stations and consider other options to support our seamless operations on Election Day,” Yakubu said.

The News Agency of Nigeria (NAN) reports that the company later set up a committee to work out the modality for the implementation of partnership with INEC toward a hitch-free election. (NAN)(www.nannews.ng)

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Edited by Ali Baba-Inuwa

By Emmanuella Anokam

The Nigerian National Petroleum Company Limited (NNPC Limited) on Tuesday engaged with the oil marketers and security agencies to find ways of addressing the lingering fuel crisis in the country.

The engagement, held in Abuja at the instance of the NNPC Limited had in attendance the Chief of Defence Staff, Gen. Lucky Irabor, Inspector-General of Police, Usman Baba and Comptroller General, Nigeria Customs Service, retired Col. Hameed Ali.

Others in attendance were Authority Chief Executive, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed and leadership of oil marketers including Major Oil Marketers Association of Nigeria (MOMAN).

Also at the meeting were the leadership of Depots and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Independent Petroleum Marketers Association of Nigeria (IPMAN) and Nigerian Union of Petroleum and Natural Gas Workers (NUPENG), among others.

Malam Mele Kyari, Group Chief Executive Officer (GCEO), NNPC Ltd. said the fuel distribution crisis was of a monumental proportion which had resulted in a number of issues and taken a different dimension.

Kyari decried the fact that Nigerian fuel was being smuggled to other countries and could only be done either by the people in the industry or those connected or buying from the operators including in marine containers.

“We have evidence that some of our customers are actually smuggling the vessels to other countries but we will get to the root of this and appropriate agency will deal with it.

“We are not dealing with a supply problem, as we speak we have 831 million litres in marine and in various depots we have 738 million litres that are documented in platforms of the industry regulators. We do not have AGO problem for truck movement.

“Any time the evacuation figure goes beyond 60 million litres in the country we have a problem. Early in 2022 due to the contamination fuel, evacuation came down to 56 million then we had a crisis, then we ramped up and achieved normalcy.

“In October 2022 when the flooding happened trucks could not go to destinations particularly south to north, so evacuation went beyond 60ml and since then we have done possible things to keep it above.

“Therefore, there is no shortage of fuel in the market, they may be in the wrong destination,” he said.

He said that there were change in some dynamics, transportation issues, logistics on vessels and handling charges which arrived at ex-depot price of Lagos -N172, Warri/Oghara – N183, Calabar – N185 and Port Harcourt – N180 but no one kept to this.

“Instead, we had a countered submission of N186, N192, N198 while some depots range from N172 to N260 as ex-depot price. There is simply no way independent marketers will buy and not sell at prices seen across the country.

“This is the reality we are dealing with and the end results are queues. if it is not handled at the depot level, it cannot be controlled at the station level,” he said.

He also decried the fees and levies imposed on the product that were not supposed to be which added up to overall pain of Nigerians.

The News Agency of Nigeria (NAN) reports that the GCEO said the issues on pricing were receiving attention to avoid Nigerians being exploited, while framework was being put in place to monitor products to get to actual destination.

“With the volume that we are pushing into the market and understanding we are reaching with the marketers not to sell with greed it will ease the situation, we regret the situation and apologise to Nigerians,” Kyari said.

In his remarks, Irabo said the involvement of the defence and security establishment and the resolution of the crises in the oil and gas were paramount.

“The challenge of availability of fuel across the country has risen to a proportion that it had become a concern for the defence and security of our country. The government is not handicapped and I need to indicate that there are alternatives and nobody is indispensable.

“I believe that the solution lies within the remit of the framework that you will be establishing and if there is no solution, I pray it did not get to a level where the alternative will be activated,” the CDS warned.

Also speaking, IGP Usman Baba describe the situation as an issue of being patriotic and increasing the monitoring process of the oil distribution which posed a major problem.

“And if the distribution process has loopholes to be exploited there is an alternative to increase the level of monitoring and supervision and to that effect it is our role to assist the NNPC in monitoring process for lead way,” Baba said.

In his remarks, Ahmed said NMDPRA had sanctioned seven erred depots two weeks ago to serve as a deterrent and also had the mandate to suspend any licence from operating without hesitation.

He urged the oil stakeholders; including IPMAN to collaborate with them to tackle the on-going constraint which bordered around pricing and logistics, thereby frowned at speculations that the authority was not sanctioning depots.

MOMAN President, Adetunji Oyebanjo who explained that the industry did not invest appropriately to things needed across the value chain for distribution, described the situation as a critical one which had allowed sharp practices.

DAPPMAN President, Dame Winifred Akpani, while pledging commitment expressed dissatisfaction over the distribution and supply chain, adding that it was needless giving product to marketers who exploit and would not get it to stations.

Akpani also appealed to the Federal Government to deregulate the product.

IPMAN President, Elder Chinedu Okoronkwo however urged the NNPCL to designate certain depots for its members to manage, monitor and load to ease the distribution problems. (NAN)(www.nannews.ng)

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Edited by Isaac Aregbesola

By Emmanuella Anokam

The Nigeria National Petroleum Company Limited (NNPCL) says it has taken over the operation of Production Sharing Contract (PSC) assets from Addax Petroleum Development Nigeria Limited.

The NNPCL Chief Corporate Communications Officer, Garba Deen Muhammad, said in a statement on Tuesday that all closing obligations had been concluded and the assets transferred to the Concessionaire, NNPC Ltd.

The takeover comes three months after the execution of the Addax Transfer, Settlement, and Exit Agreement (ATSEA) for the PSC Oil blocks, OMLs 123/124 & 126/137, operated by Addax Petroleum Ltd.

“Consequently, NNPC has taken necessary steps to takeover the assets and oversee a clean, amicable, and speedy exit for Addax Petroleum Ltd., operate the asset on interim basis as a first step and subsequently appoint a competent replacement PSC contractor.

“This happened while NNPC Limited continues to remain the concessionaire of the assets in line with extant laws and regulations.

“Exit negotiations and formalities have been concluded and NNPC Ltd. in collaboration with the Office of the Attorney General of the Federation, NUPRC, NMDPRA, FIRS, EFCC, and the FCCPC have agreed on the clean and amicable exit for Addax.

“Agreement was reached by resolving all the PSC contractual issues, including litigations that culminated in the execution of a Transfer, Settlement, and Exit Agreement (TSEA) on Nov. 1, 2022”.

According to Muhammad, with fulfilment of the closing obligations by the parties and effective Jan. 31, 2023, Addax transfers the operatorship of OMLs 123/124 and 126/137 to Antan Producing Limited on interim basis.

He said the transfer would last through the transition period pending the emplacement of a substantive replacement PSC in compliance with the directive of President Muhammadu Buhari.

Muhammad said the NNPC Ltd had already announced the appointment of the Transition Team Lead, Mr Sagiru Jajere, as the Managing Director of Antan Producing Limited.

Before his appointment, Jajere was the Head of PSC Investment Management at the NNPC Upstream Investment Management Services (NUIMS).

The spokesman said that Jajere would be supported by a team of highly competent personnel with in-depth knowledge of the peculiarities of the Addax Assets.

“As the Addax Assets return to NNPC Ltd, it is expected that the much needed investments will be deployed to the assets while prudently conducting petroleum activities and creating value for the PSC, government and other stakeholders.” (NAN)(www.nannews.ng)

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Edited by Rabiu Sani-Ali

By Ella Anokam

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), has urged the Federal Government to revoke licences of oil marketers selling above approved pump price of Premium Motor Spirit (PMS).

PENGASSAN said the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) should immediately mobilise its staff in various locations nationwide to monitor compliance and anyone found wanting, should have their licences revoked to serve as a deterrent.

PENGASSAN, in a statement on Monday by its National President, Mr Festus Osifo, said the call for the revocation of licences became urgent, following persistent scarcity of PMS in the last six months.

“Should this collusion go on unchecked, we will not hesitate to partner with other stakeholders in ensuring that Nigerians are not further exploited. A stitch in time saves nine,” he said.

Osifo, while empathising with Nigerians on the hardship currently faced with the scarcity and drastic hike in PMS price, decried that one litre of PMS is being sold between N185 to N650, depending on the location and outlet.

“While we understand that the parameters imputed into the old PPPRA and now NMDPRA template has since changed because of some economic vagaries such as exchange rate fluctuation, vessel hiring cost and cost of Automotive Gas Oil (AGO) amongst others.

“There is no sufficient justification for PMS to be selling for such highly inflated price, thereby subjecting the masses to further difficulties.

“Even though we have some good marketers who tend to play by the rules, others who are overbearing have deployed methods of creating artificial scarcities to hike the price of the product uncontrollably.

“From data available to us from our members, there is over 30 days PMS sufficiency in the country; hence there is no basis for the current scarcity and hardship that Nigerians are being subjected to,” he said.

He said the national leadership of PENGASSAN had been following up with its members in NNPC Trading Limited who were responsible for assigning the products to marketers.

He said it has been following its teaming members from NMDPRA in various depots and terminals across the country on the need to carry out their functions expeditiously.

He said these members were responsible for issuing cargo clearance, monitoring compliance, routing inspection, metering calibration/maintenance, accurate delivery to trucks and record keeping, among others. (NAN) (www.nannews.ng)

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Edited by Joan Nwagwu/Vincent Obi