Oil & Energy
Senate Summons Kachikwu Over $115bn Oil Deal
The Nigerian Senate has summoned the Minister of State for Petroleum Resources, Ibe Kachikwu over a proposed Memorandum of Understanding involving about $115 billion, which the ministry seeks to enter with Indian government and Chinese Firms .
The Minister is to appear before the Senate Committees on Petroleum Upstream and Gas, to give a detailed account of the MoU.
The summons formed part of the prayers of a motion titled “the need for detailed explanation of the MoU with Indian Government and over $80 billion MoU signed by Minister of Petroleum Resources with Chinese Firms”. moved by Senator Clifford Ordia.
Leading debate on the motion, Senator Ordia gave the breakdown of the oil deal as including: a $15 billion investment with India, where the Indian government would make an upfront payment to Nigeria for crude oil purchases as negotiated by the Minister of State for Petroleum.
The next MoU is worth $80 billion to be spent on investments in oil and gas infrastructure, pipelines, refineries, power, facility refurbishments and upstream financing spanning five years which the minister also signed with Chinese companies.
Ordia in the motion also revealed that aside these MoUs, the two largest oil companies in China, Sinopec and CNOOC, also signed investment MoUs worth $20 billion with the Minister of State for Petroleum Resources.
The senate therefore summoned the minister to appear before its joint committee to explain how the China and India deals will benefit the Nigerian economy, particularly now the country is in recession.
The Senator had told the Senate that the two countries have agreed to sign the MoUs to facilitate investments by India in the Nigerian oil and gas sector and specifically in areas such as refining, oil and gas marketing, upstream ventures, development of gas infrastructure and the training of oil and gas personnel in the country.
Nneka Amaechi-Nnadi, Abuja
Oil & Energy
Reps C’mitee Moves To Resolve Dangote, NUPENG Dispute

Oil & Energy
Increased Oil and Gas: Stakeholders Urge Expansion Of PINL Scope

Oil & Energy
Digital Technology Key To Nigeria’s Oil, Gas Future

Experts in the oil and gas industry have said that the adoption of digital technologies would tackle inefficiencies and drive sustainable growth in the energy sector.
With the theme of the symposium as ‘Transforming Energy: The Digital Evolution of Oil and Gas’, he gathering drew top industry players, media leaders, traditional rulers, students, and security officials for a wide-ranging dialogue on the future of Nigeria’s most vital industry.
Chairman of the Petroleum Technology Association of Nigeria (PETAN), Wole Ogunsanya, highlighted the role of digital solutions across exploration, drilling, production, and other oil services.
Represented by the Vice Chairman, Obi Uzu, Ogunsanya noted that Nigeria’s oil production had risen to about 1.7 million barrels per day and was expected to reach two million barrels soon.
Ogunsanya emphasised that increased production would strengthen the naira and fund key infrastructure projects, such as railway networks connecting Lagos to northern, eastern, and southern Nigeria, without excessive borrowing.
He stressed the importance of using oil revenue to sustain national development rather than relying heavily on loans, which undermine financial independence.
Comparing Nigeria to Norway, Ogunsanya explained how the Nordic country had prudently saved and invested oil earnings into education, infrastructure, and long-term development, in contrast to the nation’s monthly revenue distribution system.
Chief Executive Officer (CEO) and Executive Secretary of the Major Energies Marketers Association of Nigeria (MEMAN), Clement Using, represented by the Secretary of the Association, Ms Ogechi Nkwoji, highlighted the urgent need for stakeholders and regulators in the sector to embrace digital technologies.
According to him, digital evolution can boost operational efficiency, reduce costs, enhance safety, and align with sustainability goals.
Isong pointed out that the downstream energy sector forms the backbone of Nigeria’s economy saying “When the downstream system functions well, commerce thrives, hospitals operate, and markets stay open. When it fails, chaos and hardship follow immediately,” he said.
He identified challenges such as price volatility, equipment failures, fuel losses, fraud, and environmental risks, linking them to aging infrastructure, poor record-keeping, and skill gaps.
According to Isong, the solution lies in integrated digital tools such as sensors, automation, analytics, and secure transaction systems to monitor refining, storage, distribution, and retail activities.
He highlighted key technologies including IoT forecourt automation for real-time pump activity and sales tracking, remote pricing and reconciliation systems at retail fuel stations, AI-powered pipeline leak detection, terminal automation for depot operations, digital tank gauging, and predictive maintenance.
-
Sports9 hours ago
Ezeji Urge NFF To Investigate Igenewari George’s death
-
Niger Delta9 hours ago
D’Gov Hails Amananaowei-Elect, Ogboloma Chiefs Council …Wants Accountability, Transparency In Traditional Administration
-
Sports9 hours ago
Group Plan To Discover Africa next football stars
-
News9 hours ago
Make in Nigeria conferences and Exhibitions; PHCCIMA, others laud organisers for boosting SMES
-
Oil & Energy9 hours ago
“PENGASSAN Orders Halt Of Gas Supply To Dangote Refinery
-
Education9 hours ago
Students Eulogises PGSA Leadership Role in RSU dev
-
News9 hours ago
Nigeria At 65: RSG Holds Special Church Service …Cleric Calls For Peace
-
Niger Delta9 hours ago
Delta, Tantita Security Services Inaugurate Classrooms for Inmate Education