Oil & Gas
NNPC Ltd and challenges in the oil sector: Banire misconceives the facts, promotes biased views
By Olufemi Soneye In the face of the challenges in the oil sector, particularly the current tightness in the supply of petrol, it has become fashionable to blame the national oil company, the Nigerian National Petroleum Company Ltd (NNPC Ltd), for everything. Last week, it was Prof. Pat Utomi who…
Read More »NNPC Ltd, Chevron JV Concludes Conversion of Assets into PIA Terms
In line with the Petroleum Industry Act (PIA) 2021 provisions of transiting assets from the Petroleum Profit Tax (PPT) into PIA terms, the NNPC Ltd and its Joint Venture (JV) partner, Chevron Nigeria Ltd (CNL), have concluded the conversion of five of its JV assets into the PIA terms. Under…
Read More »CORAN congratulates Dangote Refinery on its landmark Milestone
The Crude Oil Refinery-owners Association of Nigeria (CORAN) has extended its heartfelt congratulations to Mr. Aliko Dangote and his team at Dangote Refinery on the remarkable achievement of commencing the production of Premium Motor Spirit (PMS). The group said that this significant milestone is not only a testament to the…
Read More »Minister says no directive for NNPCL to increase petrol price to N1,000
Sen. Heineken Lokpobiri, Minister of State Petroleum Resources (Oil), has said that no directive was issued to the Nigerian National Petroleum Company Limited (NNPC Ltd.) to increase petroleum prices to N1,000. Lokpobiri in a statement on Tuesday issued by his Special Adviser, Media and Communication, Nnemaka Okafor said he did…
Read More »At last Dangote Refinery rolls out petrol
For the first time, Nigerians will gain a clear understanding of the country’s actual fuel consumption, according to Aliko Dangote, President of Dangote Group. This announcement comes as Dangote officially confirmed the rollout of Premium Motor Spirit (PMS), commonly known as petrol, from the world’s largest single-train refinery with a…
Read More »NNPC Ltd admits financial strain due to fuel supply costs
NNPC Ltd has acknowledged recent reports in national newspapers regarding the company’s significant debt to petrol suppliers. A statement by Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd said “this financial strain has placed considerable pressure on the Company and poses a threat to the sustainability of fuel supply.” The statement…
Read More »NNPC Ltd Expands Global Market Footprint to Japan, China with LNG Supply on Delivered Ex-Ship Basis
In line with its strategic vision to be a dynamic and reliable global energy supplier of choice, the Nigerian National Petroleum Company Limited (NNPC Ltd) has commenced shipment of Liquefied Natural Gas (LNG) cargoes to Japan and China on Delivered Ex-Ship (DES) basis. NNPC Ltd achieved the milestone through the…
Read More »NNPCL speaks on OVH acquisition, dismisses Atiku’s allegation of criminal hijack of by corporate cabals
The management of the NNPC Ltd has responded to a press release signed by Mr. Paul Ibe, a Media Adviser to the former Vice President, Alhaji Atiku Abubakar where the former Vice President was quoted to have lamented “the criminal hijack of the NNPC by corporate cabals around the current…
Read More »NNPC Ltd Posts N3.3trn Net Profit, Declares N2.1trn Dividend
The NNPC Limited has released its 2023 Audited Financial Statement (AFS), declaring a net profit of N3.297 trillion at the close of the financial year which ended in December 2023, an increase of over N700billion (28%) when compared to the 2022 profit of N2.548trillion. In a world press conference held…
Read More »NNPC Ltd denies owing $6.8b
Story by: Abiodun Folarin Nigerian National Petroleum Company Limited (NNPC Ltd.) has reacted to report that it is indebted to international oil traders to the tune of $6.8 billion and that it has not remitted revenues to the Federation Account since January, among other allegations, saying they were not…
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