The Nigerian National Petroleum Company Ltd. (NNPC Ltd.) and its partners in Oil Mining Leases (OMLs) on Friday signed renewed Production Sharing Contracts (PSCs) agreements to produce 10 billion barrels of oil cumulatively. The development finalised negotiations on renewed PSC, in line with the new provisions of the Petroleum Industry Act (PIA) Section 311. The […]
By Tom Okpe Group Managing Director of the Nigeria National Petroleum Company, (NNPC) Mele Kyari, has revealed that ongoing rehabilitation of the Port Harcourt refinery will be completed by March, 2023. Kyari said this at the resumed Investigative Hearing into the state of refineries in the country by the House of Representatives Ad-hoc Committee, chaired […]
*Doubts, anxiety persist as Corporation keeps mum *Come clean, publish details of all dividends received, stakeholders urge organisation Doosuur Iwambe, Abuja About four months after the Nigerian National Petroleum Corporation (NNPC) announced that the corporation recorded N287 billion profit in 2020, Nigerians are still awaiting details of the audited report. This is just as key […]
The Federal Executive Council (FEC) has given the Nigerian National Petroleum Corporation (NNPC) the approval to deploy some of its tax liabilities to 21 road projects across the six-geo-political zones. Babatunde Fashola, Minister of Works and Housing, briefed State House correspondents after a virtual FEC meeting presided over by Vice President Yemi Osinbajo on Wednesday […]
Philip Clement Abuja The Financial Reporting Council, (FRC) is currently undertaking review of the financial statement of the Nigerian National Petroleum Corporation, NNPC, Banks, Pension Fund Administrators and Custodians to ensure compliance with the Financial Reporting Council Act. The Executive Secretary, Financial Reporting Council (FRC), Ambassador, Shuaibu Ahmed disclosed this in an interview in Abuja, […]
In consonance with Section 53(1) of the Petroleum Industry Act 2021, which requires the Minister of Petroleum Resources to cause for the incorporation of the NNPC Limited within six months of the enactment of the Petroleum Industry Act (PIA) in consultation with the Minister of Finance on the nominal shares of the Company, President Muhammadu […]
*Says Q2 GDP growth reflects Nigeria’s economic rebound In fulfillment of an earlier pledge by the Federal Government to publicly announce the financial position of the Nigerian National Petroleum Corporation (NNPC), President Muhammadu Buhari has disclosed a Net Profit of N287 billion, first time in the 44-year history of the establishment. The President, who doubles […]
The Management of the Nigerian National Petroleum Corporation (NNPC) has announced the promotion and redeployment of some staff to fill key vacant positions in the corporation. The corporation made this known in a statement by its spokesperson, Dr Kennie Obateru, in Abuja on Monday. It stated that the appointments and redeployments were to strengthen and […]
The Nigerian government has given the state-owned Nigerian National Petroleum Corporation (NNPC) permission to buy a 20% share in the Dangote refinery for $2.76 billion. In the Lekki Free Zone near Lagos, a 650,000bpd integrated refinery project is now under development. The refinery, which is anticipated to cost $18 billion when completed, will be Africa’s […]
ANDREW OROLUA, ABUJA. A Federal High Court in Abuja on Monday awarded a cumulative damages of N81.9 billion against oil giant Mobil Producing Nigeria Unlimited and its Joint venture partner the Nigerian National Petroleum Corporation (NNPC). The judgment debt, the court ordered must be paid within 14 days failing which 8 percent interest will begins […]
ANDREW OROLUA, ABUJA. A Federal High Court sitting in Abuja has barred the Economic and Financial Crimes Commission (EFCC) from amending the criminal charge it filed against a former Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Andrew Yakubu. Trial Judge, Justice Ahmed Mohammed gave the order, Thursday, in a ruling on […]
*Say Buhari’s ego not enough to suspend Twitter *Insist APC will go with President in 2023 Tunde Opalana, Abuja and ISAAC JOB, UYO The Peoples Democratic Party (PDP) Governors’ Forum rose from a meeting in Uyo, Akwa Ibom State, on Monday, urging the Federal Government to rein in its agencies which have been allegedly operating […]
The Nigerian National Petroleum Corporation (NNPC) and the Egbin Power Plc have pledged to deepen collaboration to ensure the success of the Federal Government’s gas-to-power programme. The Chief Operating Officer, Gas, NNPC, Mr Yusuf Usman and Chairman, Board of Directors, Egbin Power Plc, Mr Temitope Sonubi, made the pledge during a facility visit of the […]
Doosuur Iwambe, Abuja The Nigerian National Petroleum Corporation (NNPC) says it remains committed to the promotion of a sustainable environment across its operations, stressing that its energy transition programme and support for carbon neutral projects are proof of that commitment. The Group Managing Director of the Corporation, Mallam Mele Kyari, stated this at an event […]
Doosuur Iwambe, Abuja Federal, state and local governments face rougher times from next month as allocations into the Federation Account are expected to drop. This development is as a result of the huge payment by the Nigerian National Petroleum Corporation (NNPC) on fuel subsidy. A recent NNPC report had revealed its plans to deduct at […]
Doosuur Iwambe, Abuja Nigerian National Petroleum Corporation (NNPC) has revealed that it was currently considering equity participation in a number of private refineries in the country in line with a Federal Government policy directive. The NNPC explained that the directive stipulates mandatory participation of the Corporation in any privately-owned refinery that exceeds 50,000 barrels per […]
Doosuur Iwambe, Abuja Nigerian National Petroleum Corporation (NNPC) has announced a ₦39.85billion trading surplus for the month of February 2021 representing a massive 314.24% leap from the ₦9.62billion surplus it recorded in January 2021. This is contained in the February 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a press […]
*SEC to downsize workforce Tom Okpe, Abuja The House of Representatives committee on finance has said that the Nigeria National Petroleum Corporation (NNPC) should submit evidences of revenue remittances into Consolidated Federation Account from 2014 to 2019. The lawmakers particularly asked the NNPC to furnish it with details of the revenue it calls ‘Advance Consideration’ […]
*Say deal will yield about $780 million in Immediate revenues to government Doosuur Iwambe, Abuja Nigerian National Petroleum Corporation (NNPC) and its Production Sharing Contract (PSC) partners – Shell Nigeria Exploration and Production Company (SNEPCo), Total Exploration and Production Nigeria Limited (TEPNG), Esso Exploration and Production Nigeria Limited (EEPNL) and Nigerian Agip Exploration (NAE) – […]
Doosuur Iwambe, Abuja Nigerian National Petroleum Corporation has invited applications from companies qualified to operate and maintain three state-run oil refineries. The NNPC in a publication over the weekend revealed that it is seeking to engage reputable and credible operations and maintenance companies to operate and maintain the Port Harcourt, Warri, and Kaduna Refineries to […]