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Tag Archives: Nigerian National Petroleum Corporation (NNPC)

NNPC mulls inland basin exploration with Neftex solution from Halliburton

NNPC Headquarters.

The Nigerian National Petroleum Corporation (NNPC) has concluded fresh plans to partner with Halliburton Corporation to deepen search for commercial hydrocarbon in the inland sedimentary basins. The deal stemmed from the success so far recorded by the US group using the innovative Neftex solution designed to provide exactitude in drilling for oil. Group General Manager, R&D Division, NNPC, Dr. Bola ...

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Ex-NNPC GED, Yusuf, now AUN Prof, Dean of Business School

AUN Main Gate

The American University of Nigeria (AUN) has appointed a new Dean of the School of Business & Entrepreneurship (SBE). A former Group Executive Director with the Nigerian National Petroleum Corporation (NNPC), Dr. Attahir Yusuf, now heads one of AUN’s five schools and host of the University’s prestigious business and entrepreneurship programs taught by an experienced global faculty. Welcoming Dean Yusuf, ...

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NNPC claims recovery of N2 bn out of N11bn products diverted by Capital Oil

Ifeanyi Ubah

A fresh twist on Wednesday emerged on the alleged missing of petroleum products belonging to the Nigerian National Petroleum Corporation (NNPC), domiciled in the tank farm belonging to Capital Oil facility as the agency claimed it has recovered the sum of N2 billion from Capital oil and Gas. The sum, according to the NNPC formed part of the ‘missing’ N11 ...

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Paucity of fund hits FG as it can’t pay IOCs $1bn in JV cash call since April

nnpc

Just as the Federal Government is yet to release the celebrated N350bn, it has not still offset a total of $1.07bn in cash call required for the development of joint venture (JV) assets for the first four months of the year. The apex government had on presentation of the 2017 budget breakdown told Nigerians that it will release the amount ...

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NNPC claims drop in diesel price to N155/litre nationwide, but market survey differ

nnpc truck near nnpc hqs

Whereas the Nigerian National Petroleum Corporation (NNPC) has claimed that the price of Automotive Gas Oil, also known as diesel, has dropped further from between N175 and N200 per litre since June 18, 2017 to between N155 and N160 per litre in many filling stations across the country, findings by Business Hilights show otherwise. Random checks across some petrol stations ...

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FG silent on revoking licences as Indonesian firm indicates interest to build refinery

refinery

More than two months after the federal government warned that it will soon begin the revocation of private oil refinery licenses issued by previous administration to about 14 companies, nothing has been heard. However, an Indonesian firm, PT Intim Perkasa Nigeria Limited, a subsidiary of PT Intim Perkasa, on Thursday in Abuja, signaled interest to build a refinery in Nigeria. ...

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After ‘No Case’ submission by DSS, Capital Oil boss, Ubah freed

Ifeanyi Ubah

…Lawyers may persuade him to sue for unlawful detention After weeks in detention, the managing director of Capital Oil and Gas Limited, Dr. Ifeanyi Ubah, has been released by the Department of State Security (DSS). Whereas earlier speculation by the agency was that his offences were punishable by death, indication n later emerged that the Anambra born oil magnate was ...

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Adeosun frustrating Osinbajo’s order to offset subsidy arrears to marketers, banks

oil-ship

A showdown coming from banks and independent marketers may be underway if the Minister of Finance, Mrs. Kemi Adeosun continues to delay the payment of over N800bn that accrued to petroleum marketers between 2014 and 2017. This is coming on the heels of observed delay by the minister considering the time the Acting president had issued the payment directive. Already, ...

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New rule on cleaner fuel by July may spark off pump price hike soon—Survey

NNPC Headquarters

The chances of the Nigerian National Petroleum Corporation (NNPC) to begin to import less sulphur content come July, the agreed terminal date for end of dirty fuel are looking very slim considering paucity of fund which may force it to revert to old order. Otherwise, indications are rife that NNPC, the current sole importer of PMS may keep buying cheaper, ...

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N264bn spent in ‘maintaining’ 4 refineries in 16 years, but nothing to show for it—Report

refinery

New report released in Abuja has revealed that contrary to earlier claims that the four refineries were not maintained within the 16 years of former ruling party, about N264 billion was expended on them but they suffered epilepsy due to corruption. Otherwise, documents sourced from the Nigerian National Petroleum Corporation (NNPC) indicated that N264 billion were expended for maintenance and ...

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