Addax OML Licence Revocation – What we must know
In 1998, the NNPC entered into a 20-year PSC (Production Sharing Contract) in respect of certain oil mining leases (OMLs) with Addax Petroleum, a company listed on the Toronto Stock Exchange (TSX). The PSC was subsequently extended for a further four years, until 2022. The assets were OMLs 123, 124, 126 and 137. Under the […]
NNPC records ₦24.19bn trading surplus in December – Report
The Nigerian National Petroleum Corporation (NNPC) says it recorded an increase of ₦24.19billion trading surplus in December 2020, compared to the ₦13.43billion surplus recorded in November of the same year. The Corporation disclosed this in its Monthly Financial and Operation Report (MFOR) for the Month of December 2020, released in Abuja, on Thursday. It said […]
NNPC justifies $1.5bn PH refinery rehabilitation cost
…says new refinery may cost $12bn By Obas Esiedesa The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, has moved to justify the $1.5 billion contract cost for the rehabilitation of the Port Harcourt refinery, saying a new one may cost up to $12 billion to build. A statement by […]
NNPC reiterates commitment to integrating women in oil sector
By Ediri Ejoh The Nigerian National Petroleum Corporation (NNPC) has reiterated its commitment to integrating more women into the oil and gas sector in a bid to bridge gender inequality. The Group Managing Director , NNPC, Mele Kyari made this known recently, at the international women in energy symposium co-hosted by Women in Energy Network (WIEN) […]
NNPC insists petrol depot price will not increase in March
The Nigerian National Petroleum Corporation has insisted that petrol depot price will remain unchanged in March. This is coming as a reaction to the Petroleum Products Pricing Regulatory Agency, PPPRA fixing the pump price of Premium Motor Spirit, PMS, also known as petrol, at N212.61 per litre, for the month of March on Thursday. [ALSO […]
Refineries’ rehab, oil search, pipeline, others gulp N21bn — NAPIMS
By Udeme Akpan The National Petroleum Investment Management Services, NAPIMS, a subsidiary of the Nigerian National Petroleum Corporation, NNPC, invested N21.47 billion to rehabilitate the nation’s refineries, the Nigeria-Morocco gas pipeline and oil search in the frontier basins, among others in January 2021. In its February 2020 presentation to the Federation Account Allocation Committee, FAAC, […]
Fiscal framework will enhance gas development — NNPC GMD
The Nigerian National Petroleum Corporation (NNPC) has called for a legislative framework with clear fiscal terms in order to tap the full potential of the gas resources in the nation’s deepwater acreages. The Group Managing Director of NNPC, Mallam Mele Kyari, made the call at a one-day public hearing on “Inclusion of Gas Terms in […]
Petrol queues: NNPC calls for calm, says no price hike in March
By Obas Esiedesa The Nigerian National Petroleum Corporation (NNPC) on Sunday night disclosed that there will be no increase in the pump price of petrol in the month of March. The Corporation’s new stand is contrary to expectation of possible price hike in the month following rise in the price of crude oil in the […]
PIB: Expert recommends priviatsation of NNPC for optimal efficiency
Mr Joe Nwakwue, an expert in the petroleum sector has recommended the priviatiosation of Nigerian National Petroleum Corporation (NNPC) to ensure efficiency and attain maximum profit of the oil sector. Nwakwue, former Chairman, Society of Petroleum Engineers (SPE) made the recommendation while addressing National Assembly reporters at a workshop on Petroleum Industry Bill (PIB) in […]
Nigeria still losing 200,000 barrel of crude oil daily to theft – NNPC
Nigeria crude oil production suffers another setback, as a fresh indication, shows that the nation was still losing 200,000 barrels of crude oil daily to theft and vandalism.
Nigeria losing 0.2m barrels of oil daily to theft, vandalism – NNPC
By Obas Esiedesa THE Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari has disclosed that Nigeria is presently losing about 200,000 barrels of crude oil daily to thieves and vandals. Kyari made this disclosure during a meeting with the Chief of Defence Staff, Major General Lucky Irabor, in Abuja on […]
