What appears a blessing to the federal government, may turn out to be a burden of consumers of petrol, analysts have said. As at close of last week Brent crude price has risen to $66.28/b, about 65 per cent of 2021 budget benchmark. This is expected to boost actual revenue performance from the recovery of excess crude account. On the Read More
Seplat Petroleum Development Company Plc, leading indigenous energy company, has identified its fast-growing gas business as a strong catalyst for sustainable development in Nigeria. Chief Executive Officer, SEPLAT, Mr. Roger Brown, described this drive as a revolution, indicating that the direction is laudable and highly rewarding to the Nigerian people and the economy at large. Brown said this at the Read More
A group, Centre for Social Justice, Equity and Transparency (CESJET), has filed a suit against Economic and Financial Crimes Commission (EFCC). In the suit filed on Friday, the group is seeking the immediate arrest and prosecution of Mr. Benedict Peters. Peters is currently the Chairman, Aiteo Group of Companies. In the suit marked FHC/ABJ/CS/239/2021 and filed at the Federal High Read More
The Nigerian National Petroleum Corporation, NNPC, has made a startling revelation showing that huge crude theft is still thriving in the nations oil industry. The NNPC also said the industry is equally experiencing vandalism of key facilities by third party infringement. The Group Managing Director of the Corporation, Mele Kyari revealed that the nation records daily loss of about 200,000 Read More
The Senate Tuesday through its Committee on Public Account gave the Office of the Accountant General of the Federation (OAGF) twenty four hours to provide information on N528 billion differential in Nigerian National Petroleum Corporation (NNPC) financial statement. The directive given by the committee to the representative of the Accountant General of the Federation , Sylva Okolieaboh , was sequel Read More
The federal government and Organised Labour have jointly adopted for implementation, the report of the Technical Committee on Electricity Tariff. Minister for Labour and Employment Dr Chris Ngige disclosed this at the end of a bipartite meeting between the two parties, convened to review the reports of the Technical Committees on Electricity Tariff and Premium Motor Spirit (PMS). Ngige said Read More
The organised Labour has called on the federal government to review the current template of the petroleum motor spirit (PMS) due to the fact that the current Import Pricing method used by the federal government to fix the price of petroleum products in the country is not sustainable. Speaking in Abuja after a bipartite meeting between the federal government and Read More
Fuel marketers in Lagos and Ogun states have started adjusting their petrol pump prices to N170 per litre from N162 per litre amid supply shortage facing private depots in Apapa. Some of the stations were Capital Oil and Gas, Fatgbems and Amo Oil, all along the Lagos-Ibadan Expressway. Another station, Enyo Retail, adjusted its pump price to N165 per litre Read More
The House of Representatives has moved in support of government’s determination to end gas flaring in Nigeria. Speaking on Monday during a joint public hearing by relevant committees of the House, Speaker Femi Gbajabiamila said the 9th House was ready to change the narratives about gas flaring. Minister of State for Petroleum Resources, Chief Timipre Silva at the hearing also Read More
Nigeria’s federal government is smiling broadly with one side of the mouth but grimacing grievously with the other. The reason is obvious. The price of crude oil in the international market leisurely crossed the $60-mark last week. That is a cool $20 above the 2021 budget oil reference price of $40 per barrel. If the current trend in the oil Read More
A new report released Tuesday has identified that huge economic loss may be encountered by the Nigerian National Petroleum Corporation, NNPC, if ongoing global energy transition moves rapidly. The report titled: ‘Risky Bet: National Oil Companies in the Energy Transition”, the Natural Resource Governance Institute (NRGI), expressed worry that about half of NNPC’s investments in upcoming oil projects may turn Read More
The Nigerian National Petroleum Corporation (NNPC) Sunday announced a trading surplus of ₦13.43 billion for the month of November 2020. The figure is up by 54 per cent when compared to the ₦8.71 billion surplus recorded in October 2020. In its November 2020 edition of the NNPC Monthly Financial and Operations Report (MFOR), November 2020, NNPC Group’s operating revenue as Read More
The 300MMscfd capacity ANOH plant, located on OML 53 in Imo State, is being built by AGPC, which is an IJV owned equally between Seplat and the Nigerian Gas Company (“NGC”), a wholly owned subsidiary of Nigerian National Petroleum Corporation (“NNPC”). Seplat and NGC have previously provided a combined US$420m in equity funding and the project is now fully funded. Read More
The $3.5 billion methanol production plant Brass project is expected to provide employment for at least 35,000 jobs when completed. the project is being promoted by Nigerian Content Development and Monitoring Board (NCDMB), the Nigerian National Petroleum Corporation (NNPC) and DSV Engineering. According to the financing plan, the project is estimated to cost about US$3.5 billion and aside the equity Read More
The Nigerian National Petroleum Corporation (NNPC) has announced that its downstream subsidiary, the Petroleum Products Marketing Company (PPMC), recorded a total of ₦158.04 billion from the sales of white products in the month of October 2020 representing 92 per cent increase over the ₦80.15 billion sales in September 2020. According to the October 2020 edition of the NNPC Monthly Financial Read More
The Nigerian National Petroleum Corporation (NNPC) on Thursday announced its downstream subsidiary, the Petroleum Products Marketing Company (PPMC), recorded a total of ₦158.04 billion from sales of white products in the month of October 2020 representing a 92% increase over the ₦80.15 billion sales in September 2020. Details loading….
Conflict of interests from various stakeholders took the centre stage Monday at the public hearing held on provisions of the Petroleum Industry Bill 2020 by Senate Committees on Petroleum Downstream, Upstream and Gas. But the President of the Senate, Ahmad Lawan , who declared the session open, assured of speedy passage of the bill, precisely in April this year. First Read More
Total has completed the divestment of its 10 per cent interest in onshore Oil Mining Lease (OML) 17 to the Nigerian company TNOG Oil & Gas Limited, a related company of Heirs Holdings Limited and of Transnational Corporation of Nigeria Plc (Transcorp), for about $180 million. Of that amount, about $150 million was paid at completion of the transaction, while Read More
Shell Nigeria Gas (SNG) has signed a 20-year agreement with a subsidiary of the Nigerian National Petroleum Corporation (NNPC) for the domestic distribution of gas to industrial customers and manufacturing plants in Lagos and Ogun states. The company said in a statement that in the new deal with the Nigerian Gas Marketing Corporation, it would also extend its distribution network Read More
The Nigerian National Petroleum Corporation (NNPC) has announced a total export receipt for crude oil and gas valued at $120.49 million for the month of September 2020. The $120.49 million crude oil and gas export receipt is a 16.28 per cent improvement on the $100.88 million posted in the preceding month. The figure is contained in the September 2020 edition Read More
A year after shutting down all of its dilapidated refineries to figure out how to fix them, Nigeria is yet to say how much it will cost to do the work or where the money will come from. Nigerian National Petroleum Corporation said it has finished the appraisal of its largest facility, but hasn’t completed the process at two others. Read More
President Muhammadu Buhari’s remarks to the effect that the establishment of modular refineries in the country will make petroleum products available in the country and eliminate importation are quite reassuring and soothing. Coming on the heels of the incessant increase in the pump price of petrol, otherwise called the Premium Motor Spirit (PMS), the president’s statement could not have been Read More
Most of the issues listed against the Nigerian National Petroleum Corporation (NNPC) in past reports of the Nigeria Extractive Industries Transparency Initiative (NEITI) have been fully resolved or are being addressed, a joint committee of the two organisations has submitted. The NEITI-NNPC Joint Committee on Remediation and Mainstreaming was inaugurated on 21 November 2019 by the heads of the two Read More
In keeping with its resolve to deepen its compliance with the transparency standards dictated by the Extractive Industries Transparency Initiative (EITI) as a Supporting Company, the Nigerian National Petroleum Corporation (NNPC) has announced the appointment of Ms. Murjanatu Ibrahim Gamawa as EITI implementation programme manager to help drive speedy attainment of the EITI requirements across its operations. A press release Read More
The Nigerian National Petroleum Corporation (NNPC) has assured of safety around the scene of a gas pipeline rupture along the Lagos-Ibadan Expressway. A press release by the NNPC spokesperson, Dr. Kennie Obateru, stated that the pipeline break which was caused by a construction company carrying out excavation work in the area resulted in gas leakage which was promptly contained through Read More
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