Home / Tag Archives: NNPC

Tag Archives: NNPC

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 ...

Read More »

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

NEITI 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 ...

Read More »

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 ...

Read More »

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

NLNG

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, ...

Read More »

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 ...

Read More »

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 ...

Read More »

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 ...

Read More »

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 ...

Read More »

Boost for foreign reserve as Indonesia, more countries place order for Nigerian crude

NNPC Headquarters.

Chances of early exit from recession are getting brighter following news or more orders for Nigerian crude oil by new markets including Indonesia and others from Asian tigers. This week, Indonesian Ambassador to Nigeria, Mr Harry Purwanto, indicated his country’s interest to purchase more crude oil from Nigeria. Making the revelation during a recent visit to the Group Managing Director ...

Read More »

Why Senate halted surreptitious sale of Port Harcourt Refinery to ENI by Minister

Ibe Kachikwu

More revelations have emerged barely 24 hours after the Nigerian Senate halted unilateral moves by the Federal Ministry of Petroleum Resources and the Nigerian National Petroleum Corporation (NNPC) to concession the Port Harcourt Refinery to AGIP and OANDO. One of the key reasons considered by the lawmakers to raise objection include lack of due process by way of going through ...

Read More »