Monday, November 30

Tag: Nigerian National Petroleum Corporation

FG Cuts N2 From New Pump Price, Petrol To Sell At N170.17
News

FG Cuts N2 From New Pump Price, Petrol To Sell At N170.17

The Nigerian National Petroleum Corporation (NNPC) has cut N2 from N155.17 ex-depot price of petrol earlier announced on Friday. With this new price, a litre of petrol will now sell at between N166.17 and N170.17 across the country. The state oil company announced the reduction in a statement on Friday night. “NNPC is aware of a document widely circulating in the media purporting an increase in the PPMC Ex-Coastal Price and Ex-Depot Price (with collection) to N130 and N155.17 respectively and wishes to clarify that although there was a slight increase in the price based on the prevailing realities of market forces of demand and supply, the correct prices, as can be seen on PPMC’s “Customer Express” platform (online portal for procurement of petroleum products) are: Ex-Coastal ...
NNPC Raises Petrol Depot Price, Marketers To Sell At ₦168 – ₦170 Per Litre
News

NNPC Raises Petrol Depot Price, Marketers To Sell At ₦168 – ₦170 Per Litre

The Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation, has increased the ex-depot price of Premium Motor Spirit, also known as petrol, to N155.17 per litre from N147.67 per litre. The PPMC disclosed this in an internal memo with reference number PPMC/C/MK/003, dated November 11, 2020, and signed by Tijjani Ali. The memo, a copy of which was seen by our correspondent, said the new ex-depot price would take effect from Friday. The ex-depot price is the price at which the product is sold by the PPMC to marketers at the depots. In its PMS price proposal for November, the PPMC put the landing cost of petrol at N128.89 per litre, up from N119.77 per litre in September/October. It said the estimated minimum pump price of the pro...
Members of a cabal were enriching themselves with susbidy payments – NNPC GMD, Mele Kyari
Politics

Members of a cabal were enriching themselves with susbidy payments – NNPC GMD, Mele Kyari

Mele Kyari, Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) has alleged that members of a cabal were enriching themselves with susbidy payments before it was removed by the federal government.   Kyari who said this in an Hausa programme on Liberty FM, Kaduna, insisted that fuel subsidy was not beneficial to the masses and was removed because it was characterised by fraudulent activities.   The NNPC GMD also disclosed that the money from subsidy payment will now be channeled into projects that will have a direct impact on the masses.   Kyari said;   “The crude oil is a global commodity and its price is not hidden, everyone can calculate and know how much is the cost of every final product from the crude at the inter...
78 Firms Bid To Rehabilitate Pipelines, Depots – NNPC
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78 Firms Bid To Rehabilitate Pipelines, Depots – NNPC

The Nigerian National Petroleum Corporation on Sunday announced that 78 companies submitted virtual bids to rehabilitate its downstream pipelines, associated depots and terminal infrastructure through the finance, build, operate and transfer model. NNPC’s Group Managing Director, Mele Kyari, said the exercise was in fulfilment of the corporation’s commitment to transparency and accountability as an Extractive Industries Transparency Initiative partner company. Kyari disclosed this in a statement issued in Abuja by the spokesperson of the oil firm, Kennie Obateru. He said the finance, build, operate and transfer model became imperative in the corporation’s journey to rehabilitate its downstream infrastructure which over time had become vulnerable, lost value and integrity due t...
Petrol Price Now N151.56 Per Litre ― PPMC
News

Petrol Price Now N151.56 Per Litre ― PPMC

THE price of petrol has been increased to N151.56 per litre, according to Pipelines and Product Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation, NNPC. In a statement obtained by Vanguard, D.O Abalaka of the PPMC, stated: “Please be informed that a new product price adjustment has been effected on our payment platform. “To this end, the price of Premium Motor Spirit (PMS) is now one hundred and fifty-one naira, fifty-six kobo (N151.56k) per litre.” He added: “This takes effect from September 2, 2020.”
NNPC Is Constructing N21bn Infectious Disease Hospital In Katsina – GMD
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NNPC Is Constructing N21bn Infectious Disease Hospital In Katsina – GMD

The Group Managing Director (GMD), Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, yesterday laid the foundation for the construction of a 200-bed Emergency and Infectious Disease Hospital in Kaita, Katsina State. The hospital, being built at the cost of N21 billion, would provide services to patients in the OM North West zone. It is one of the 12 hospitals being constructed by the NNPC across the six geo-political zones of the country. Kyari explained that the project being executed by the NNPC, Total and other oil and Gas companies operating in the country would be completed in 18 months. The GMD explained that the N21 billon to be expended on the project would be for construction of the hospital, provision of medical facilities, logistics and support to pati...
Oil Production: $4 Per Barrel In Saudi Arabia, $3 In Russia, $21.2 In Nigeria
Politics

Oil Production: $4 Per Barrel In Saudi Arabia, $3 In Russia, $21.2 In Nigeria

The leadership of the Nigerian National Petroleum Corporation (NNPC), yesterday, came under fire in Senate, over high cost of oil production, resulting in a marginal profit of just $3 per barrel for the country. This is coming amidst protests from senators against the $3 marginal profit being made on a barrel by the Corporation, rhey called on the Federal Government to get the nation’s economy diversified as quickly as possible. Information on the high cost of oil production which is $21.2 per barrel , almost equaling $25 per barrel oil price benchmark fixed for the N10.509 trillion 2020 revised budget , came to the fore when officials of the Corporation appeared before the Senate Committee on Finance. Trouble started when its Chief Operating Officer (Upstream), Yemi Adetunji ...
N4.5tr Budget Deficit May Trigger Fresh Recession – Finance Minister, Zainab Ahmed Warns
Politics

N4.5tr Budget Deficit May Trigger Fresh Recession – Finance Minister, Zainab Ahmed Warns

With the deficit financing of the revised N10.509 trillion 2020 budget rising from N1.847 trillion to N4.563 trillion, the economy might be heading for another recession, the Minister of Finance, Budget and National Planning, Zainab Ahmed, has warned. She expressed the fear yesterday in Abuja during a session with the Senate Committee on Finance where heads of revenue-generating agencies made presentations on the revised 2020-2022 Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP). The minister noted that projected revenues from the agencies had been drastically slashed. According to her, 77 per cent of the new financial expectations from sources like the Nigerian National Petroleum Corporation (NNPC), the Federal Inland Revenue Service (FIRS) and the...
Nigerians Condemn Appointments Of ‘Only Northerners’, NNPC Reacts
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Nigerians Condemn Appointments Of ‘Only Northerners’, NNPC Reacts

The Nigerian National Petroleum Corporation (NNPC) says its appointments always adhere to the principle of transparency and accountability. Kennie Obateru, NNPC said this in a statement Sunday. The corporation in March disengaged some of its staff and appointed new top management officials. This triggered criticisms from Nigerians, Niger Delta leaders and groups. But the corporation is insisting that federal character was also a factor in the progression of the newly appointees. It said many top management officers of the corporation were moved to new positions, while some were promoted based on their verifiable track records of performance. Obateru said some “Chief Operating Officers, Group General Managers and Managing Directors of subsidiaries were affected in what...
₦5.548 Trillion Available To Fund 2020 Budget – Zainab Ahmed
Politics

₦5.548 Trillion Available To Fund 2020 Budget – Zainab Ahmed

While briefing the leadership of the National Assembly on Thursday, the Minister of Finance, Zainab Ahmed, reveal that the amount available for funding the 2020 Budget is now estimated at N5.548 trillion. The minister also spoke on the plan by the federal government to amend the N10.59 trillion 2020 budget passed by the National Assembly in December last year. She said the budget is down from N8.419 trillion, a revised revenue estimate which is 34 percent (N2.87 trillion) lower than what was initially approved, adding that the crude oil benchmark price is reduced from US$57 per barrel to US$25 per barrel. The Minister said; The federal government also adjusted the budget exchange rate to N360/US$1; and reduced the upfront fiscal deductions by the Nigerian National Petroleum C...
Petrol Price Reduction Won’t Be Immediate, Says Marketers
News

Petrol Price Reduction Won’t Be Immediate, Says Marketers

The latest reduction in the ex- depot price of petrol to N108 per litre will not translate to an immediate drop in the pump price of the commodity at filling stations , oil marketers stated on Thursday. On Wednesday, the Nigerian National Petroleum Corporation announced a reduction in the ex- depot price of petrol from N 113. 28 per litre to N 108 per litre. Reacting to the development , oil marketers told our correspondent that the reduction was welcomed but added that it would not immediately reflect on the current pump price of petrol . The Vice President, Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, said marketers would have to sell their old stock at the current N125 per litre price before effecting any reduction. He also noted that the Petrol...
Nigeria May Stop Oil Production If Price Crash Persists – NNPC
News

Nigeria May Stop Oil Production If Price Crash Persists – NNPC

The Nigerian National Petroleum Corporation (NNPC) has said the country might have to halt the production of oil if the prices of oil continued to fall consistently. Brent, the benchmark against which Nigeria’s oil grades are priced, plunged by $6.34 to $19.23 per barrel on Tuesday amidst falling demand and an unprecedented glut in the global market that is causing storage to fill up quickly. Kennie Obateru, the Group General Manager, Group Public Affairs Department, NNPC said Wednesday that even though Nigeria had not stopped oil production, there was a possibility it could. “If the situation persists, it is something that is bound to happen definitely. “We can’t keep producing if there is no market to sell to. And it is not something that is peculiar to Nigeria. It is a globa...
60 Nigerian Oil Cargoes Unsold Despite Price Cut
News

60 Nigerian Oil Cargoes Unsold Despite Price Cut

A total of 60 Nigerian crude oil cargoes have not been sold despite the reduction of the official selling prices by the Nigerian National Petroleum Corporation. A glut of Nigerian and Angolan crude weighed on the market on Tuesday with demand from China slower than in the last few weeks, Reuters reports. “It’s a buyer’s market right now,” one trader was quoted as saying, adding that nothing was shifting. According to Reuters, the glut of unsold Nigerian oil was around 60 cargoes for April and May, and cargoes of Qua Iboe and Bonny Light crude continued to be offered at around dated Brent minus $3. The Nigerian National Petroleum Corporation was reported in March to have cut its April official selling prices for Bonny Light and Qua Iboe, two of the nation’s major grades, by ...
FG Will Divert ₦457 Billion Petrol Subsidy To Other Sectors – Kyari
Politics

FG Will Divert ₦457 Billion Petrol Subsidy To Other Sectors – Kyari

The Federal Government will divert N 457bn provided for petrol subsidy in the budget to other sectors of the economy , the Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari , has said . He also disclosed that the corporation would not be involved in running refineries after they must have been rehabilitated. Kyari, who spoke in a live television programme monitored in Abuja , noted that Nigeria was subsidising fuel consumption in other West African countries. For this , he added, fuel subsidy must go for ever . He said , “ And above all, you have a huge economic distortion where people don ’ t pay for what they consume . “ That means that you have the cross - border issues , which is because you are selling fuel at a lower price than the market price a...
NNPC To Stop Running Refineries – Mele. Kyari
Politics

NNPC To Stop Running Refineries – Mele. Kyari

The Nigerian National Petroleum Corporation (NNPC) will no longer be involved in the management of the nation’s refineries after their rehabilitation. Its Group Managing Director (GMD ) Mallam Mele Kyari, disclosed this in an interview on Arise TV breakfast programme, The Morning Show on Wednesday. He said that upon completion of the ongoing rehabilitation exercise, the services of a company world be procured to manage the plants on an Operations and Maintenance (O&M) basis. Kyari revealed: “We are going to get an O&M contract, NNPC won’t run it. We are going to get a firm that will guarantee that this plant would run for some time. “We want to try a different model of getting this refinery to run. And we are going to apply this process for the running of the other two re...
Politics

No More Payment Of Oil Subsidy Going Forward – NNPC

Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, Monday, hinted of a possible deregulation of the Nigerian downstream petroleum sector, stating that the Federal Government has eliminated subsidy and under recovery in the industry. Speaking in an interview monitored on a television programme in Abuja, Kyari said, “There is no subsidy and it is zero forever. Going forward there would be no resort to either subsidy or under recovery of any nature. NNPC will play in the marketplace, it will just be another marketer in the space. But we will be there for the country to sustain security of supply at market price.” Kyari further disclosed that Nigeria’s crude oil and condensates output has risen to 2.3 million barrels per day. He...
NNPC Confirms COVID-19 Case In Its Abuja Estate, Dismisses Claims Of Mass Outbreak
Health

NNPC Confirms COVID-19 Case In Its Abuja Estate, Dismisses Claims Of Mass Outbreak

The Nigerian National Petroleum Corporation (NNPC) has confirmed a case of COVID-19 that was recorded in an apartment at the Corporation’s estate in the Garki Area of Abuja, the Federal Capital Territory (FCT). In a statement released April 4, the corporation dismissed insinuation of mass outbreak of Coronavirus infection in the facility. The corporation explained that the said case, involving a non-member of staff of the corporation, had to do with an individual who had just returned from the United Kingdom and developed symptoms of the decease. ”His case was said to have been confirmed positive by the NCDC after undergoing a laboratory test and in line with NCDC approved protocol, all residents of the affected apartment were moved out and placed in Isolation, while officials of...
Court Convicts Ex-NNPC Official Over N6bn Fraud In Kaduna
News

Court Convicts Ex-NNPC Official Over N6bn Fraud In Kaduna

The Kaduna Zonal Office of the Economic and Financial Crimes Commission (EFCC), has secured the conviction of a former Sales Assistant of the Nigerian National Petroleum Corporation (NNPC), Abdulkadir Mohammed Salihu. According to the EFCC, he was convicted before Justice Z. B Abubakar of the Federal High Court in Kaduna State, over fraudulent activities that summed up to the tune of N6 billion. The anti-graft agency revealed this in a tweet saying: The EFCC, Kaduna Zonal Office has secured the conviction of one Abdulkadir Mohammed Salihu, a former Sales Assistant of the Nigerian National Petroleum Corporation, NNPC, Kaduna Depot.He was arraigned on three count charge bordering on fraud to the tune of N6 billion, before Justice Z. B Abubakar of the Federal High Court in Kaduna Sta...
$750m Oil Stolen In 2019 – NNPC
Politics

$750m Oil Stolen In 2019 – NNPC

The Nigerian National Petroleum Corporation has said the nation lost about $750m to crude oil theft in 2019. The Group Managing Director, NNPC, Mallam Mele Kyari, who disclosed this on Tuesday, decried the growing activities of oil thieves and pirates which he described as a threat to the operations of the corporation. Kyari spoke to members of the Executive Intelligence Management Course 13 of the National Institute for Security Studies who visited the NNPC Towers, Abuja, on a study tour. He said any threat to the corporation’s operations was a direct threat to the very survival of Nigeria because of the strategic role of the corporation as an enabler of the economy. According to Kyari, other security challenges facing the corporation include vandalism of oil and gas infra...
NNPC Concludes 2019 Recruitment, Releases Final List For Graduate Trainees
News

NNPC Concludes 2019 Recruitment, Releases Final List For Graduate Trainees

The Nigerian National Petroleum Corporation (NNPC) has finally concluded the recruitment of Graduate Trainees for its 2019/2020 employment exercise which began nearly a year ago, and this is also the first time the national oil company concluded a publicly advertised recruitment exercise since 2012. Mycelebrityandi gathered that, NNPC hired 1,050 graduate trainees as contained in a statement on Friday, by the Group General Manager, Group Public Affairs, Samson Makoji. It quoted the Group Managing Director, Mele Kyari, as saying that the Human Resources Division of the NNPC has since commenced the issuance of provisional offers of employment to the 1,050 fresh employees. While describing the recruitment as a very important assignment for the corporation, Kyari stated that the o...
Senate Probes NNPC Over $396 Million Refineries’ Maintenance
Politics

Senate Probes NNPC Over $396 Million Refineries’ Maintenance

The Senate resolved to investigate the Nigerian National Petroleum Corporation over the $396m spent on Turn-Around Maintenance of refineries between 2013 and 2015. This followed the adoption of a motion titled “The Moribund Refineries in the Country” by Senator Yusuf A. Yusuf (APC, Taraba Central). The Senate mandated its Committees on Petroleum Downstream, Upstream and Gas to investigate the expenditures. It also asked the committees to probe the current state of the refineries as well as convoke a stakeholders’ conference with the aim of finding ways to revamp them. Senator Yusuf recalled that Nigeria, through NNPC, had in the past 25 years spent billions of dollars in Turn-Around Maintenance of the refineries, the latest being over $396m spent between 2013 and 2015 without meanin...
FG To Stop Importation Of Petrol By 2023
News

FG To Stop Importation Of Petrol By 2023

The Federal Government has set a 2023 deadline to stop the importation of petrol into the country. Nigeria, an oil-producing country has been heavily dependent on the importation of petroleum products since its four major oil refineries have been under-utilized. According to the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, while signing the Condensate refinery strategy programme Front End Engineering Design, the strategy is expected to deliver 20 million litres of Petrol when it’s completed. Mr Kyari explained that President Muhammadu Buhari is concerned that as an oil-producing country, Nigeria is one of the highest importers of petrol in the world. In 2017, the Federal Government planned to stop the importation of fuel by 2019...
News

Why CBN, NNPC Are Not On Our Platform – IPPIS

The Integrated Personnel Payroll Integrated System says the Central Bank of Nigeria, Nigerian National Petroleum Corporation, Federal Inland Revenue Service and a few other agencies are not on their platform because they are revenue-generating entities. IPPIS further stated that these agencies do not draw their funding from the consolidated revenue account but may be enrolled in the platform later. The Director of IPPIS, Olufehinti Olusegun, said this on Channels Television’s Sunrise Daily programme on Wednesday. Olusegun said this while reacting to complaints by the Academic Staff Union of Universities that the Federal Government was partial in its implementation of the IPPIS initiative by exempting the CBN, NNPC and other government agencies. ASUU, which has rejected the initia...
Buhari Vows To Tackle 77% Rise In Crude Oil Theft
Politics

Buhari Vows To Tackle 77% Rise In Crude Oil Theft

President Muhammadu Buhari, has vowed to bring crude oil theft to its kneels by looking at practical solutions to the menace. The President gave the assurance at the ongoing 24th World Energy Congress (WEC) in Abu Dhabi, United Arab Emirates on Tuesday. Buhari’s pledge may not be unconnected with the 77 per cent rise in oil pipeline vandalism as contained in the June monthly report of the Nigerian National Petroleum Corporation (NNPC) with 106 pipeline breaches in June, up from just 60 in May. Represented by the Minister of State for Petroleum Resources, Chief Timipreye Sylva, Buhari said the Federal Government would deliver Final Investment Decisions (FIDs) on at least four key projects within the nation’s oil and gas industry by the end of last quarter this year. He said his vision w...
Refineries Lost N77.15bn In Six Months – NNPC
News

Refineries Lost N77.15bn In Six Months – NNPC

Federal Government-owned refineries located in Port Harcourt, Kaduna and Warri lost N77.15bn in the first six months of the year, the Nigerian National Petroleum Corporation has said. The refineries posted a loss of N68.10bn in the same period in 2018, according to the NNPC data obtained by our correspondent on Monday. The Port Harcourt Refining Company has two refineries, while the Warri Refining and Petrochemical Company and the Kaduna Refining and Petrochemical Company have one each. The refineries have a combined installed capacity of 445,000 barrels per day but have continued to operate far below the installed capacity for many years. They lost N8.362bn in January; N10.26bn in February; N16.04bn in March; N11.44bn in April; N13.63bn in May, and N17.42bn in June. Kad...
Don’t Drag NNPC To Politics Under Freedom Of Information Law, Kyari Warns
Politics

Don’t Drag NNPC To Politics Under Freedom Of Information Law, Kyari Warns

The Nigerian National Petroleum Corporation (NNPC) has urged the public to be wary of attempts to drag the corporation into politics in the guise of requests for information under the Freedom of Information law. The Group Managing Director of the Corporation disclosed this in a statement signed by Ndu Ughamadu, the spokesman for the corporation, in Abuja on Tuesday. Kyari made the call during a courtesy visit by the Executive Secretary of the Nigeria Extractive Industries Transparency Initiative, Waziri Adio, to the NNPC Towers. He said that though the corporation was committed to transparency and accountability to the Nigerian people, a line must be drawn between genuine requests for information and malicious attempts to drag it into politics. He said: “As you are aware, s...
NNPC To Supply 10% Of India’s Crude Demand
News

NNPC To Supply 10% Of India’s Crude Demand

The Nigerian National Petroleum Corporation (NNPC) on Thursday expressed its readiness to maintain the supply of 10 per cent of India’s crude oil demand in the face of competing demand for the product from other countries. The Group Managing Director of the NNPC, Mele Kyari made the disclosure during a visit by the Indian High Commissioner to Nigeria, His Excellency Abhay Thakur. The GMD stated that Nigeria, through the Corporation, would continue to support India’s energy security, adding that the recent Memorandum of Understanding in the area of energy between Nigeria and India would be consummated to further strengthen the bilateral relations between the two countries. Mallam Kyari stated that NNPC was desirous of growing the energy cooperation with India and that it was ti...
Disregard Rumour Of Impending Hike In Petrol Price – NNPC
News

Disregard Rumour Of Impending Hike In Petrol Price – NNPC

The Nigerian National Petroleum Corporation on Thursday advised motorists and other petroleum product consumers to disregard the trending rumour of a planned hike in the pump price of Premium Motor Spirit, popularly known as petrol. It explained that the statement of the corporation’s Group Managing Director, Mele Kyari, at the National Assembly on Wednesday did not suggest any plan to increase the price of the white product. NNPC Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, clarified that what the NNPC GMD stated during his engagement with the Senate President, Senator Ahmed Lawan, was that the price of petrol was abysmally low in Nigeria compared to what obtained in neighbouring West African countries. Ughamadu noted that Kyari had observed at the even...
NNPC Hints Of Fuel Pump Price Rise, Says N145 Cheapest In West Africa
News

NNPC Hints Of Fuel Pump Price Rise, Says N145 Cheapest In West Africa

Nigerian National Petroleum Corporation (NNPC) has hinted that pump price of premium motor spirit (PMS) may be increased soon, as it described the N145 pump price as the cheapest in West Africa. The new Group Managing Director (GMD), Mele Kyari, stated this yesterday during a visit to Senate President Ahmed Lawan at the National Assembly complex, Abuja. Kyari spoke while making submissions on revenue generation before the leadership of the senate. He identified cheap fuel price and smuggling as the two key factors hampering revenue generation by the agency. “The N145 per litre fuel price regime in Nigeria runs against the N350 per litre most of the other West African countries operate, encouraging smuggling. “It is even very difficult for us to make the product available...
Oil Marketers Get $3.6bn To Import Fuel – NNPC
News

Oil Marketers Get $3.6bn To Import Fuel – NNPC

The Nigerian National Petroleum Corporation (NNPC) said the Central Bank of Nigeria (CBN) provided about $3.6 billion foreign exchange (FX) to oil marketers to import petroleum products into the country contrary to claims by the marketers that they had no access to FX for imports. The Chief Operating Officer, Downstream of the NNPC, Mr. Henry Ikem-Obih, said this yesterday at a panel session at the Nigerian Oil and Gas Conference and Exhibition in Abuja. He said the claims by the marketers that their inability to import petroleum product was due to problems related to access to foreign exchange was not true. Although he did not mention the period the FX interventions were made, Obih said, “The truth is that the forex intervention scheme which was rolled out by CBN and co-managed by ...
Over 60,000 Candidates Sit For NNPC Test
News

Over 60,000 Candidates Sit For NNPC Test

No fewer than 60,000 candidates sat Nigerian National Petroleum Corporation, NNPC test which held today across the country. The Chief Operating Officer Corporate Services, Mr Isaiah Inuwa, disclosed this to newsmen while monitoring some of the CBT centres in Abuja. He said that the exam was ongoing in about 94 centers in 22 states. “This is fantastic, you can see everything is going on well. We have two centres here and you see the orderly way people are being screened for accreditation. “What you see here is on going in about 94 centres in 22 states across the federation. “This is another way the corporation is showing transparency in carrying out its activities and this has also given Nigerians the opportunity to hold their leaders accountable. “All the candidates a...
NLNG Organizes List Of 120 Workers To Be Sacked
News

NLNG Organizes List Of 120 Workers To Be Sacked

In spite of denying plans to set out on mass conservation of its laborers, the top administration of the Nigerian Liquefied Natural Gas organization has met to approve the rundown of no less than 120 representatives to be backed out of the organization soon. In particular, the Talent Council of the gas organization made up of the Managing Director, Mr. Tony Attah; his agent and the general chiefs, met on Thursday to confirm the sack list purportedly gathered by the Organizational Manager, Nath Obioha. A dependable source in the organization, who talked with our journalist on Saturday, said regardless of the strident forswearing of the administration of designs to sack a portion of the laborers, the board saddled with the undertaking kept on gathering to close the plans. NLNG is ...
FG, NNPC, Industry Players Intensify Efforts To Increase Domestic Gas Supply
Uncategorized

FG, NNPC, Industry Players Intensify Efforts To Increase Domestic Gas Supply

The Federal Government of Nigeria, Nigerian National Petroleum Corporation (NNPC), and industry players in the Nigerian Gas sector has made a substantial commitment to increase the domestic gas supply across the country. In a statement made known to Oil and Gas Republic at the Nigeria Gas Association Business Forum 2019 recently held in Lagos, NNPC alongside with the Ministry of Petroleum Resources has established some key initiatives to make gas production, distribution and utilization attainable in the country. Part of the initiatives include; the Seven Critical Gas Development Projects signed by NNPC in July 2018 with the aim of closing demand-supply gap in the domestic gas market. Engr. Emeka Okwuosa, Group CEO, Oilserv Limited, commended the FG government and NNPC on the initiat...
Nigeria Requires $200b To Bridge Energy Gap – Shell
News

Nigeria Requires $200b To Bridge Energy Gap – Shell

Shell Nigeria Exploration & Production Co (SNEPCo) Managing Director (MD) Bayo Ojulari has said between $40 billion and $200 billion Nigeria needs to bridge its energy gap. He said a nation without a secured energy system could not claim to have power. In his presentation titled: “Nigeria’s energy security and sustainable development in Nigeria: The way forward”, at the Society of Petroleum Engineers (SPE) Oloibiri Lecture Series and Energy Forum 2019 in Abuja, Ojulari lamented that 70 per cent of the country’s installed electricity capacity is lost without reaching consumers. According to him, because of aging equipment and vandalism, 70 per cent of the populace has less than four hours electricity daily. He said: “Energy is not standing alone, it is about its impact o...
Fuel Will Continue To Sell For N145 Per Litre – NNPC
Politics

Fuel Will Continue To Sell For N145 Per Litre – NNPC

Despite increased landing cost of petroleum products, Premium Motor Spirit will continue to sell at N145 per litre, the Nigerian National Petroleum Corporation has said. In a telephone interview with our correspondent in Abuja on Wednesday, NNPC Group General Manager, Public Affairs, Mr Ndu Ughamadu, said that the corporation would continue to bear the cost of under-recovery of petrol through other sources. Ughamadu said, “The Federal Government has made it clear; petrol will continue to sell at N145 per litre. NNPC is not operating subsidy. What we have done is under-recovery of which we make up from other sources. “Yes, the under-recovery will continue. The corporation plays many roles in the country. We are an importer of the last resort where others refuse to import. “W...
No Plans To Increase Petrol Price From N145 Per Litre.
News

No Plans To Increase Petrol Price From N145 Per Litre.

The Nigerian National Petroleum Corporation (NNPC) says the ex-depot price of Premium Motor Spirit (PMS) also known as petrol remains N133.28 per litre. Ndu Ughamadu, the NNPC Group Spokesman, disclosed this in an interview with the News Agency of Nigeria (NAN), in Abuja on Tuesday. He said Nigerians should ignore any speculations that pump price will soon increase. “The ex-depot price of PMS remains N133.28 per litre as at today and this is according to the Petroleum Products Pricing Regulatory Agency (PPPRA) template. “NNPC remains the sole importer of the product and we have not increased the price we sell to marketer. “There is no plan to increase pump price, Nigerians should know that,” he said. He said the corporation had robust stock pile of products that would...
NNPC Recruitment Criteria Exclude Graduates From Poor Homes, Says NANS
News

NNPC Recruitment Criteria Exclude Graduates From Poor Homes, Says NANS

The national leadership of National Association of Nigerian Students has rejected what it calls “anti-poor and anti-masses” recruitment requirements of the Nigerian National Petroleum Corporation. NANS National Public Relations Officer, Mr. Adeyemi Azeez, made the position of the student body known in a statement on Sunday in Abuja. NANS alleged that it was a deliberate and well structured resolve to play out many graduates, especially those from the poor background. According to him, it is no longer news, that regular occurrences of incessant strikes have long marred the education sector of the country. “Therefore, ordinarily an undergraduate that applied for a four or five year programme will eventually end up staying nine or 10 years on campus pursuing a bachelor degree. “NANS will ...
NNPC Begins Rehabilitation Of Port Harcourt Refinery
Uncategorized

NNPC Begins Rehabilitation Of Port Harcourt Refinery

The Nigerian National Petroleum Corporation on Thursday announced the formal commencement of the first phase of the rehabilitation of the 210,000 barrels per day capacity Port Harcourt refinery. Port Harcourt refinery complex also houses the 60,000 barrels per day old refinery that was built in 1965 and the 150,000 barrels per day new refinery, inaugurated in 1989. The Group Managing Director, NNPC, Maikanti Baru, flagged-off the formal commencement of the rehabilitation work on the facility at the premises of the refinery in Port Harcourt on Thursday, 19 years after the last Turn Around Maintenance exercise of the nation’s premier refining plant. NNPC Group General Manager, Group Public Affairs Division, Ndu Ughamadu, in a statement issued in Abuja, said the project would be ...
FG Hits Foreign Oil Firms With $20bn Taxes Owed To States And Government
News

FG Hits Foreign Oil Firms With $20bn Taxes Owed To States And Government

As Nigeria continues to clamp down on tax defaulters, it has ordered some foreign oil and gas companies to pay nearly $20 billion in taxes owed to states, industries and government. A letter sent to the companies earlier this year via a debt-collection arm of the government, Nigerian National Petroleum Corporation (NNPC), cited what it called outstanding royalties and taxes for oil and gas production. Specifically, Royal Dutch Shell, Chevron, Exxon Mobil, Eni, Total and Equinor were each asked to pay the federal government between $2.5 billion and $5 billion, said the sources. Norway’s Equinor, which produced around 45,000 barrels per day (bpd) of oil in Nigeria in 2017, confirmed the request. “Several operators have received similar claims in a case between the authorities in Nig...
Atiku Insists On Selling NNPC, Says ‘It Has Failed To Serve Its Purpose’
Politics

Atiku Insists On Selling NNPC, Says ‘It Has Failed To Serve Its Purpose’

Alhaji Atiku Abubakar, presidential candidate of the Peoples Democratic Party on Wednesday in Kaduna reiterated his plan to privatise the Nigerian National Petroleum Corporation (NNPC), if elected president on Feb 23. Abubakar spoke at a town hall meeting with ward, local government and state party leaders in the state at the Kaduna Trade Fair Complex. He said that the NNPC had failed to serve the purpose for which it was established in 1977. According to him, selling-off the Corporation and all the three refineries is the best option for the country, likening it to the sale of Nigerian Telecommunication Limited (NITEL). Abubakar said Nigeria is among the biggest producers of crude, but lamented that the country still imports refined products for local consumption at exorbitant...
Don’t Drag Us Into Politics, NNPC Warns Politicians
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Don’t Drag Us Into Politics, NNPC Warns Politicians

The Nigerian National Petroleum Corporation (NNPC) said yesterday that the ongoing attempts by politicians to drag its name into partisan politics was a potent danger to the corporation’s business interests, contract deals, and MoUs which should ordinarily be insulated from politics. The corporation, therefore, called on politicians and those canvassing for votes for the impending general elections, to refrain from using NNPC or its top management as cannon fodders for their electioneering strategies. NNPC spokesman, Mr. Ndu Ughamadu, in a statement in Abuja, said using the corporation as a launchpad for political attacks against opponents was not only a disservice to the overall national interest but also inimical to the national economy, given NNPC’s pivotal role as the cash co...
NNPC Speaks On Mass Retrenchment Plans
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NNPC Speaks On Mass Retrenchment Plans

The Nigerian National Petroleum Corporation (NNPC), on Wednesday reiterated that there was no mass retrenchment plans in the establishment. Group Managing Director of the Corporation, Dr. Maikanti Baru, gave the assurance at a programme tagged ‘CS Connect’, organised by the Corporate Services Autonomous Business Units (ABU). In a keynote address at the event, Baru charged NNPC’s management and staff, to go about their duties and continue to give their best to the corporation and ignore the rumors of sack. The GMD explained that the recent retrenchment of some staff following the last management promotion exercise, was restricted to those who had been performing below par, stressing that “they were a disincentive to those remaining in the system and it was only appropriate to d...
NNPC To Raise Petrol Stock Levels To 50 Days Supply Sufficiency
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NNPC To Raise Petrol Stock Levels To 50 Days Supply Sufficiency

The Nigerian National Petroleum Corporation (NNPC) wednesday said it would raise the level of current petrol stock from 45 to 50 days, stating that this should provide adequate supply buffer for the country going into the impending Christmas and New Year season. The NNPC also urged, through its subsidiary, Petroleum Products Marketing Company (PPMC), oil marketers under the aegis of Major Marketers Association of Nigeria (MOMAN), to regulate the volumes of petroleum products they send to their members’ affiliate stations close to Nigeria’s borders with other African countries The move is to stem the smuggling of the country’s cheap petroleum products to other countries. A statement from the Group General Manager Public Affairs of the NNPC, Mr. Ndu Ughamadu, quoted the Managing...
NNPC Denies Funding Buhari’s Re-Election Campaign
Politics

NNPC Denies Funding Buhari’s Re-Election Campaign

The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has denied reports of releasing funds from the oil corporation's account to fund the re-election campaign of President Buhari.   Reports were rife online this week with claims that the corporation released a large amount to the spokesperson of the campaign organization, Festus Keyamo, for the execution of the president's campaign. Keyamo in a statement released on Thursday October 25th, denied the claims.   Reacting to an allegation on the matter, NNPC’s General Manager, Group Public Affairs Division, Ndu Ughamadu, said the allegation was politically-motivated. Ughumadu in a statement released, said “The allegation was not only false, but runs against the prevailing ga...
Nigeria: $12b Trans-Saharan Gas Project to Miss 2018 Deadline
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Nigeria: $12b Trans-Saharan Gas Project to Miss 2018 Deadline

The $12 billion Trans-Saharan Gas Pipeline Project (TSGP), expected to help Nigeria achieve zero gas flaring by 2020, remains an illusion, 17 years after it was conceived. The project should have been completed this year. Nigeria signed a treaty with Niger and Algeria in 2009 to build the pipeline, which should begin from Calabar and pass through Kano to the border. The estimated length is about 4,400 km, with over 1,037 km in Nigeria, 853 km in Niger, 2,310 km in Algeria, and 220 km connecting Algeria to Spain. In 2013, the Federal Government approved a budget of $400 million for commencement. But some national and international companies that showed interest, including Total and Gazprom, grew pessimistic on security along the pipeline route. They also worried about increasing costs. ...
NNPC: We Reduced Cost Of Oil Production To $20 Per Barrel
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NNPC: We Reduced Cost Of Oil Production To $20 Per Barrel

The Nigerian National Petroleum Corporation (NNPC) on Monday said that it had been able to reduce the cost of producing a barrel of crude oil to $20. A statement issued by the corporation said “additional measures have been put in place to further reduce the cost to $15 per barrel.” The corporation also announced that it had signed four Memoranda of Understanding (MOU) with state governments for the production of biofuel to complement the volume of petrol being supplied across the country. According to the statement, the Group Managing Director, NNPC, Maikanti Baru, made this known during the ongoing Science Fair holding in Abuja. Represented by the NNPC’s Chief Operating Officer, Gas and Power, Mohammed Seidu, Mr. Baru noted that the reduction in crude production cost would le...
Transparency International’s Report Has Exposed Buhari’s Govt As Overtly Corrupt – PDP
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Transparency International’s Report Has Exposed Buhari’s Govt As Overtly Corrupt – PDP

The Peoples Democratic Party (PDP) on Thursday said the latest report by Transparency International (TI) has shown that corruption has worsened under the administration of President Muhammadu Buhari.   It stressed that the report has vindicated its stand that the current APC-led government is inherently and overtly corrupt.     The party said, by TI’s report, the African Union (AU) must have “realized its error in naming President Buhari as the African Union (AU) anti-corruption champion and should immediately withdraw the conferment”.   PDP’s National Publicity Secretary, Kola Ologbondiyan, stated this in a statement he signed.   Ologbondiyan said the TI report has exposed the fact that those “parading daily as champions of anti-corruption ar...
NNPC Advocates Closer Ties Among African Countries In Oil Sector
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NNPC Advocates Closer Ties Among African Countries In Oil Sector

The Nigerian National Petroleum Corporation (NNPC) has called for closer collaboration among African nations not only in oil and gas but across all sectors to leapfrog the economies in the continent. Group Managing Director of the NNPC, Dr. Maikanti Baru, made this submission during his goodwill message today at the opening ceremony of the ongoing Nigeria International Petroleum Summit (NIPS) at the International Conference Center in Abuja. The theme of this year’s conference is: “Leading Africa’s Response to Global Oil and Gas Challenges.” Dr. Baru challenged the participants to come up with practicable solutions to effectively develop Africa’s hydrocarbon resources, saying that discussions and interests alike would stir up strategies and actionable items that would crystalize in...
Why Fuel Scarcity Will Persist – IPMAN
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Why Fuel Scarcity Will Persist – IPMAN

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said that scarcity of fuel would persist unless government breaks the Nigerian National Petroleum Corporation (NNPC)’s monopoly of importation and distribution of petroleum products. Western Zonal Chairman of IPMAN, Debo Ahmed, stated this yesterday at a press conference in Ilorin, the Kwara State capital, adding that breaking NNPC’s monopoly remained the most urgent step to end the scarcity. Ahmed said: “The fuel scarcity will persist for sometime because the NNPC, as sole importer, distributor and retailer, has no capacity to meet the country’s demand for petrol. That is a very dangerous monopoly that could destroy the economy.” He noted that the quantity of the Premium Motor Spirit (PMS) being imported into ...
Kachikwu Directs NNPC To Clear Fuel Queues Before Sunday
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Kachikwu Directs NNPC To Clear Fuel Queues Before Sunday

The Minister of State for Petroleum Resources, Ibe Kachikwu, on Thursday directed the Nigerian National Petroleum Corporation (NNPC) to ensure that petrol queues were cleared in Abuja before Sunday.   Mr. Kachikwu gave the directive at a world news conference to intimate journalists on the upcoming international oil and gas conference and exhibition tagged the Nigerian International Petroleum Summit (NIPS).   According to him, the queues have been persistent because logistics and policy issues that could end the scarcity are largely unaddressed.   “I can tell you behind the scenes, a lot of meetings are taking place because the fuel queue issue is both logistics and policy issues.   “We will need to address fundamental policy issues to enable it go...