NETCO posts N3.37bn profit, declares N400m dividend for 2020
The National Engineering and Technical Company (NETCO), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), has reported a profit before tax of N3.37 billion for the year ended Dec. 31, 2020. The News Agency of Nigeria (NAN) reports that Mr Adeyemi Adetunji, Chairman, Board of Directors, NETCO, made the disclosure on Thursday at the […]
Petrol Subsidy: NNPC under pressure as Bonny Light rises by 150% to $65 per barrel
…As investors, others call for complete deregulation By Udeme Akpan THERE are indications that the Federal Government through the Nigerian National Petroleum Corporation, NNPC would be under more pressure to fund Nigeria’s petrol under-recovery or a subsidy as the price of Bonny Light rises to $65 per barrel in May 2021. This showed an increase […]
NNPC makes U-turn, says FAAC remittance will be boosted
By Obas Esiedesa The Nigerian National Petroleum Corporation, NNPC, on Friday reversed its decision to make zero contribution to the Federation Account Allocation Committee, in the month of May, due to high cost of petrol subsidy. The Corporation in a statement by its Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru explained that […]
Sanwo-Olu lauds Total/NNPC and Partners over Medical Oxygen Plant
By Sebastine Obasi Residents of Lagos, Nigeria will no longer grapple with the dearth of medical oxygen in the wake of the COVID-19 pandemic, as Total/NNPC and their partners, Sapetro, CNOOC, and Prime 130 have built a medical oxygen plant for the State. Commissioning the facility at the Gbagada General Hospital, Gbagada, Lagos, Governor Babajide […]
Petrol: No remittance to FAAC in May after N111bn subsidy deduction – NNPC
By Obas Esiedesa The Nigerian National Petroleum Corporation has warned that it would not make any remittance to the Federation Account Allocation Committee in the month of May after spending N111.966 billion to subsidy petrol consumption in March. NNPC’s Chief Financial Officer, Umar Isa in a letter to the Accountant General of the Federation explained […]
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 […]
