The minister of petroleum, that is Muhammadu Buhari, at the beginning of the week ordered the incorporation of the new Nigerian National Petroleum Company, Limited as envisaged by the new Petroleum Industry Act, PIA. Given his background as a petroleum minister under General Olusegun Obasanjo in the seventies, Buhari’s seeming speed in driving the reforms […]

By Udeme Akpan With the prolonged coronavirus, COVID-19, pandemic, many analysts did not expect much from operators in the oil and gas industry globally for some reasons. First, the pandemic culminated in lockdown and low demand for oil and gas, especially in China and India, which constitute Nigeria’s major buyers. Second, it also impacted negatively […]

 The Nigerian National Petroleum Corporation, NNPC, has disclosed that consumers paid N2.153 trillion for premium motor spirit (petrol) in 12 months from June 2020 to May 2021.

By Obas Esiedesa – Abuja President Muhammadu Buhari has named Senator Ifeanyi Ararume as NNPC Limited Board Chairman with Mele Kolo Kyari and Umar I. Ajiya as Chief Executive Officer, and Chief Financial Officer, respectively. The president ordered the incorporation of NNPC Limited in line with the provision of the Petroleum Industry Act (PIA). A […]

By Obas Esiedesa – Abuja Despite declaring a profit in its operations for the 2020 financial year, published audited financial statement of the Nigerian National Petroleum Corporation, NNPC, has shown that its revenue fell by 19.76 per cent in 2020 to N3.718 trillion from N4.634 trillion declared in 2019. The Corporation had last week declared […]