By TOM CHIAHEMEN, Lagos – It has been revealed that prior to the adoption of local content by the Obasanjo Administration, the Nigerian Oil and Gas industry was characterized by massive capital flights of over $380 Billion and an estimated two million job losses over a 50-year period. Also,...
NNPC
The Petroleum Tanker Drivers arm of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and the Nigerian Association of Road Transport Owners (NARTO) have shelved their planned strike. The groups had threatened to go on strike over claims of diversion of the N621bn road fund provided by...
Residents of Kaduna groaned on Wednesday as black marketers sell Premium Motor Spirit, popularly known as petrol for N1,000 per litre in parts of the state. This comes amid the fuel scarcity that hit the country recently and has yet to abate. Channels TV observed that motorists continue to...
…As NNPC CEO assures fuel queues will vanish in few days By EZEKIEL OBI, Abuja – The Chairman, House of Representatives Committee on Petroleum (Downstream), Hon. Abdullahi Mahmud Gaya has assured Nigerians that his Committee will handle companies who imported methanol-blended Premium Motor Spirit (PMS) into the country. The...
By SADIQ ABUBAKAR, Maiduguri – On Wednesday morning in Maiduguri, the capital of Borno State, most filling stations within the metropolis were shut down as a result of fuel scarcity. The long queues which started in some parts of the metropolis last week have persisted up until Wednesday. The...
By EZEKIEL OBI, Abuja – The Nigerian National Petroleum Company (NNPC) Ltd. says it has started 24-hour operations in NNPC depots and retail outlets, to restore normal supply and distribution of Premium Motor Spirit (PMS) across the country. The NNPC Garba Deen Muhammad, who disclosed this in a statement...
The Federal High Court in Yenagoa on Monday adjourned until March 22, hearing in a N 700 billion oil spill compensation suit filed by members of Aghoro I community in Bayelsa. The people of Aghoro I in Ekeremor Local Government Area (LGA) in Bayelsa sued Shell Petroleum Development Company...
The Federal Government says the N621 billion Nigerian National Petroleum Corporation (NNPC) tax intervention for road construction, is ensuring speedy realisation of the completion of the Suleja-Bida and Lambata -Bida roads. The Director, Highways Construction and Rehabilitation, Mr Folorunso Esan, said this at the inspection of the Dualisation of...
By MBAFAN ADE, Abuja – The Emadeb/Hyde/Ay Maikifi/Brittania-U Consortium has given an insight into the controversial importation of adulterated petrol into the Nigerian market, insisting that the said importation of the contaminated PMS was executed by a member of the consortium, to wit: Brittania-U. The Lead Consortium, Emadeb Energy...
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has confirmed the sale of adulterated Premium Motor Spirit, otherwise called petrol, in some service outlets in the South-East. The Chairman of IPMAN, Enugu Depot Community, Mr Chinedu Anyaso, said this in an interview with the News Agency of Nigeria (NAN)...
By JOY ADARA, Abuja – The Nigerian National Petroleum Company (NNPC) Limited posted a total of $224.29million receipt from crude oil and gas export in August 2021 as against $191.26million in July 2021. A breakdown of the figures captured in the August 2021 NNPC Monthly Financial and Operations Report...
The Nigeria National Petroleum Company (NNPC) Limited had a busy week following the award of honourary doctorate degree on its Group Managing Director (GMD) and Chief Executive Officer (CEO), Malam Mele Kyari. The award was bestowed on the awardee by Federal University of Technology (FUT), Minna. Other prominent Nigerians...
The House of Representatives’ Ad-hoc Committee to ascertain total inventory, assets, interests and liabilities of the Nigeria National Petroleum Company Ltd says it will meet with the Chief Executive Officer (CEO) of the company. This is sequel to the Petroleum Industry Act (PIA) assented to by President Muhammadu Buhari....
…Pledges support for frontier exploration By JOY ADARA, Abuja – The Senate Committee on Petroleum Resources (Upstream) has commended the Nigerian National Petroleum Company Limited (NNPC Ltd) for repositioning the Nigerian oil and gas industry into a competitive business environment. The Chairman of the Committee, Senator Bassey Albert Akpan,...
The Nigerian National Petroleum Company (NNPC) Limited started its week with the securing of a 5 billion dollars corporate finance commitment from the African Export Import Bank (Afreximbank) to fund major investments in Nigeria’s upstream sector. For NNPC, securing the facility is a milestone achievement, especially in its bid...
The Nigerian National Petroleum Corporation (NNPC) Ltd has requested the sum of three trillion naira (N3,000,000,000,000) as fuel subsidy for 2022. Minister of Finance, Budget, and National Planning, Mrs. Zainab Ahmed, disclosed this to State House correspondents after the Federal Executive Council meeting which was chaired by President Muhammadu...
Former Head of State Abdulsalami Abubakar on Thursday raised concerns over the removal of fuel subsidy. General Abdulsalami, who was speaking at the 19th Daily Trust Summit in Abuja, said the country is facing challenges on multiple fronts and a fuel subsidy removal will only compound the situation. The...
By JOY ADARA, Abuja – As the Federal Government commenced full implementation of the Petroleum Industry Act (PIA) in earnest, the new legislation has been tipped to provide business opportunities that will enable the Nigerian National Petroleum Company Limited (NNPC) earn more revenue for the country. Chief Executive Officer (CEO) of...
President Muhammadu Buhari has urged the Board of the newly incorporated Nigerian National Petroleum Company (NNPC) Limited to ensure strict compliance with Corporate Governance principles that place premium on doing business with the highest ethical standards, integrity, and transparency. Inaugurating the Board chaired by Sen. Margery Chuba Okadigbo, the...
A total of $3.53bn has been paid by the Federal Government to five international oil companies as cash call arrears repayment to the IOCs, leaving an outstanding balance of $1.15bn. Latest status report on the Pre-2016 Cash Call Arrears Repayment to the IOCs as at October 31, 2021, seen...