Explosions in oil tankers and petroleum products distribution tankers have become rampant. Hence, the Federal Government plans to adopt new technology to stem the tide.
Major oil companies in Nigeria spent N3.68bn on transportation and freight of costs of oil products in 2020, in contrast to the N5.13bn the oil firms spent for the same purpose in 2019.
Algeria has again joined the league of other net exporters of gasoline, the most in-demand product of the distillation of crude oil.
The Federal Government is looking to transport petroleum products to various part of the country through the rail system, the Operation Controller, Department of Petroleum Resources (DPR), Benin field office, Ebi Ogiowo, has said.
The Nigerian National Petroleum Corporation spent almost N50bn to repair and manage pipelines in 10 months due to the lingering challenge of pipeline vandalism in the country.
The long-awaited Petroleum Industry Bill might be passed in March or April this year. Minister of State for Petroleum Resources, Chief Timipre Sylva disclosed yesterday that the Federal Government is expecting the passage in a month or two months’ time.
An Austrian Firm, ScanTECH Isoplus has said that it is set to build one of the largest intrusion detection pipelines systems in the country.
A total export receipt for crude oil valued at $120.49m for the month of September has been announced by the Nigerian National Petroleum Corporation.
No fewer than 96 firms are have shown interest in undertaking the rehabilitation of the Nigerian National Petroleum Corporation’s downstream infrastructure.
The Federal Government has continued its consultation towards the passage of the Petroleum Industry Bill, PIB.