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Tag Archives: NNPC

Kachukwu clears air, says no plan to sell, concession or abandon any refinery, but…


After months of silence on what actually transpired between the Minister of State for Petroleum Resources and the ANI Agip group of Italy and Oando Nigeria, the Minister, Dr. Ibe kachukwu has come out to claim that “There has been no attempt, no approval to concession refineries or sell. What we have approval for is to bring financing mechanisms that ...

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Lost 25 million barrels of crude in March not linked to vandalism—NNPC


Contrary to trending news that loss in crude oil in the month of March were from oil installations vandalism, intelligence secured from credible sources at the Nigerian National Petroleum Corporation (NNPC) showed that they were caused essentially by challenges like force majeure, poor pipeline integrity, leaks or turn around maintenance. A force majeure is a standard clause that exempts the ...

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Osinbajo clears air on rumours of further rise in pump price, deregulation

Osinbajo signs

Acting President Yemi Osinbajo has apparently put to rest, rising speculations and mainly certain body language coming from the NNPC on further deregulation of the downstream sector, saying the Federal Government has no plan to deregulate the downstream sector of the petroleum industry or increase in pomp price. He maintained that any attempt to deregulate the sector would lead to ...

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Confusion as NEITI insists no evidence of remitting $15.8bn NLNG dividend by NNPC


Contrary to claims by the Nigerian National Petroleum Corporation (NNPC) that it has completed the remittance of $15.8bn dividend payment from Nigeria Liquefied Natural Gas (NLNG), the industry accounting watchdog, NEITI has refuted the claims, saying there is no evidence for such claims. Nigeria Extractive Industries Transparency Initiative (NEITI) on Thursday in Abuja said it had no evidence to show ...

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Vandalism in N/Delta forces NNPC to post N34bn loss in Q1, only PH refinery made profit

NNPC Headquarters.

Added to losses recorded in gas production and supplies within the period, latest report on the financial performance of the Nigerian National Petroleum Corporation (NNPC) in first quarter was in red with a total loss in third consecutive monthly income of N33.996bn. The monthly financial and operations report for March 2017 as presented showed further that crude oil production also ...

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Confusion as NLNG refute NEITI report, says no outstanding dividend to FG


Contrary to the earlier intelligence of the Nigerian Extractive Industries Transparency Initiative (NEITI) to the House of Representatives to probe the alleged loss of 15.9 billion dollars dividend accruing to the Federal Government from the Nigeria LNG Limited (NLNG), the company has refuted the clams, saying it has no outstanding dividend payments to Government. A statement issued by General Manager, ...

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Nigeria loses 27.3mb in Feb valued at N417 billion to production disruption

NNPC Headquarters.

A new report released by the Minister of State for Petroleum, Dr. Ibe Kachukwu has shown that the industry lost an accumulated 27.3 million barrels in the month of February to production disruptions arising from pipeline vandalism. Calculations based on current Brent crude oil price at $50 per barrel, further indicated that crude lost amounted to about $1.3 billion (N417 ...

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More confusion trial FG’s claims on progress of work on $1 billion Ogoni cleanup

Ogoni cleanup

The Nigerian Senate has joined the league of bodies trailing recent discovery that work may not have started on the publicized resumption of cleanup activities at polluted sites in Ogoniland, Rivers State. Speaking at plenary, the Senate mandated its committee on environment to investigate the implementation of the celebrated Ogoni cleanup exercise. The Federal Government launched the Ogoni cleanup project ...

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Sponsored Post: WED 2017: How Chevron is connecting people to nature in Nigeria

Chevron CMD

Today, June 5, is World Environment Day (WED). Its the biggest event to celebrate and promote environmental awareness and sustainability across the globe. Established by the United Nations (UN) General Assembly in 1972, WED aims to raise global awareness and mobilize humans to take positive environmental action to protect nature and the planet Earth. This global event is not only ...

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FG’s policy inconsistency may kill modular refinery initiative in N/Delta

Ibe Kachikwu

More details are still emerging on the reason why hostilities may reverberate in the currently stable oil rich Niger Delta as it is becoming clear that President Muhammadu Buhari may have been misled on award of OML to NPDC rather than Hi Rev Exploration and Production Company. Otherwise, the termination of the construction of a modular refinery in Akwa Ibom ...

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