*As FG denies promising to lower PMS pump price *Says it will no longer bear petrol subsidy burden The 57th edition of the monthly financial and operations report indicated that The Nigerian National Petroleum Corporation (NNPC), remitted the sum of N219.16 billion to the federation account in the month of April. According to the report, […]
…Says $3 gain per barrel miserable Tunde Opalana, Abuja The Senate on Monday resented the high cost of oil production and quiped the management of the Nigerian National Petroleum Corporation ( NNPC) over marginal profit of just $3 per barrel of oil produced by the country . This is as Senators consequently asked the federal […]
…Says it has no capacity to impact Nigeria’s oil production The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, has told Nigerians not to be apprehensive over the slump in the US crude oil below $0 per barrel. According to the NNPC boss, the development has no capacity to impact Nigeria’s […]
Motolani Oseni Due to the poor performance of Nigeria’s local refineries, not less than N11trillion has been paid for outstanding subsidy claims in the last six years. Chairman, Senate committee on petroleum downstream, Kabir Marafa, on Thursday disclosed that the Senate approved the payment of N129 billion as outstanding subsidy claims to 67 petroleum marketers. […]
…Say N774m under recovery daily The Nigerian National Petroleum Corporation (NNPC) and the Nigerian Customs Service(NCS) moves to partner to stop the spate of Petroleum Motor Spirit (PMS) diversion from Nigeria to broader countries. Also , the NNPC, has sounded the alarm on the proliferation of fuel stations in communities with international land and coastal […]
The Nigerian National Petroleum Corporation (NNPC) and the Kogi State Government have signed a Memorandum of Understanding (MoU) for the development of fuel-ethanol processing plant that would produce 84 million litres of bio-fuel per year. Speaking during the signing of the MoU today in Abuja, the Group Managing Director of the NNPC, Dr. Maikanti Baru, […]
An upstream subsidiary of the Nigerian National Petroleum Corporation NNPC, The Nigerian Petroleum Development Company (NPDC), says it is ready to increase its daily crude oil production to 500,000 barrels per day before 2022. This target was announced by the Group Managing Director of the NNPC, Dr. Maikanti Baru, during the inauguration of the board […]
Recent newspaper reports that the cumulative unremitted revenue from domestic crude oil sales by the Nigerian National Petroleum Corporation (NNPC) stood at about N3.878 trillion as at December 31, 2015, is shocking, depressing and disheartening. It calls to question the assumed high level of probity, integrity and accountability of top public sector officials and shows […]
The Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Dr Mikanti Baru, has called on Nigerians to stop panic buying as he insists that the corporation is doing everything within its reach to address the current scarcity leading the return of long fuel queues nationwide. Baru had on Tuesday cut short his trip […]
… . Targets 38bn revenue, 190,000bopd increased production The Nigerian National Petroleum Corporation, says it has secured a total of $3.7billion in Alternative Financing Agreement in the last three years, Group Managing Director of the Corporation, Dr. Maikanti Baru has said. Baru, who made this known while speaking at the 35th Annual Conference of the […]
The Senate ad hoc committee, has disclosed in a report that 25 government agencies have failed to remit N1.695 trillion revenue to the consolidated revenue fund. The committee also disclosed that the Nigerian National Petroleum Corporation (NNPC) was running on a deficit of about N3.115 trillion between 2012 and 2016. NAN reports that the committee […]
Mathew Dadiya, Abuja The Federal Government on Sunday made its position clear over the controversy at the Nigerian National Petroleum Corporation (NNPC) over the purported leaked memo of the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, who accused the NNPC Group Managing Director, Dr. Maikanti Baru, of insubordination and high-handedness in the management […]
The Nigerian National Petroleum Corporation (NNPC) and its upstream joint venture partner, are seeking new measures to expand existing operational portfolio with a view to increasing crude oil production and availability of gas for power generation. Speaking in Abuja after a meeting with a high-powered ExxonMobil delegation led by Mr. Jack Williams, Senior Vice-President of […]
Cumulative unremitted revenue from domestic crude oil sales by the Nigerian National Petroleum Corporation, NNPC, stood at about N3.878 trillion as at December 31, 2015, a report by the technical sub-committee of the Federation Accounts Allocation Committee, FAAC, has revealed. The report, which formed part of the submissions in the 2015 Annual Audit Report of […]
*Says petrol hovers between N145-143 per litre, 5KG cooking gas now N2,000 The Nigerian National Petroleum Corporation (NNPC), has declared a steady fall in the retail prices of PMS and cooking gas nationwide. The corporation said the gradual fall in the price template of these critical products was due to its sustained strategic intervention and […]
The ongoing restructuring of the Nigerian National Petroleum Corporation (NNPC) received fresh force Tuesday with the appointments and deployments of top executives across the value chain of its operations. Maikanti Baru, group managing director of the corporation, said the new appointments would not only help to position NNPC for the challenges ahead but would help […]
The Nigerian National Petroleum Corporation (NNPC) and Poland business community have concluded plans to establish a world class international hospital in Nigeria just as both countries are also working out synergy in Television and Information Communication Technology (ICT) development as well as host the Polish – Nigeria Business Investment summit. This was contained in statement […]
Nigerian National Petroleum Corporation (NNPC), said its subsidiary, Kaduna Refining and Petrochemical Company (KRPC), lost about N2.2 billion annually to illegal tapping on its raw water pipeline. The corporation said this in a statement in Abuja on Thursday by its Group General Manager, Group Public Affairs Division, Mr Ndu Ughamadu. According to Ughamadu, the raw […]
REPORT ON THE INVESTIGATIVE FORENSIC AUDIT INTO THE ALLEGATIONS OF UNREMITTED FUNDS INTO THE FEDERATION ACCOUNTS BY THE NNPC Per our engagement letter dated 5 June 2014, Price Water House Coopers Limited (“PwC”) has performed the investigative forensic audit into the alleged unremitted funds into the Federation Accounts by the Nigerian National Petroleum Corporation (“NNPC”) […]
Governor Seriake Dickson of Bayelsa State has vowed to deal with any person or group of persons who parades him/themselves as ex-militants or whatever name trying to form any parallel government under his leadership in the state. Governor Dickson read the riot act on Friday in the state capital Yenogoa during an interactive session with […]