Nigerian Governors fault proposed ownership structure for NNPC

The Nigeria Governors’ Forum (NGF) has faulted the ownership structure of the Nigeria National Petroleum Corporation proposed in the Petroleum Industry Bill (PIB). The NGF which said that it supports the unbundling and commercialisation of the Nigerian National Petroleum Corporation (NNPC) as prescribed in the Petroleum Industry Bill (PIB), faulted part of the legislation that places its ownership on… Continue reading Nigerian Governors fault proposed ownership structure for NNPC

Petrol Subsidy: NNPC under pressure as Bonny Light rises by 150% to $65/b

There are indications that the Federal Government through the Nigerian National Petroleum Corporation, NNPC would be under more pressure to fund Nigeria’s petrol under-recovery or subsidy as the price of Bonny Light rises to $65 per barrel in May 2021. This showed an increase of 150 per cent when juxtaposed against $26 per barrel recorded… Continue reading Petrol Subsidy: NNPC under pressure as Bonny Light rises by 150% to $65/b

NNPC insists no increase in ex-depot price of PMS in March

The Nigeria National Petroleum Corporation NNPC is insisting that there will be no increase in petrol price the month. A tweet from the Corporation on Friday morning, March 12 reads; “JUST IN: #NNPC Insists No Increase in Ex-Depot Price of PMS in March” The tweet came amidst reports that the Petroleum Products Pricing Regulatory Agency,… Continue reading NNPC insists no increase in ex-depot price of PMS in March

Don’t create artificial petrol scarcity – NNPC warns marketers

The Nigerian National Petroleum Corporation (NNPC) has warned petrol marketers against creating artificial scarcity of Premium Motor Spirit (petrol). Group General Manager, Group Public Affairs Division of NNPC, Dr. Kennie Obateru in a statement released on Thursday February 18, assured consumers that in spite of the rise in the price of crude oil in the… Continue reading Don’t create artificial petrol scarcity – NNPC warns marketers

Be ready to take pains of high petrol cost, NNPC can’t continue – Sylva tells Nigerians

Timipre Sylva, the Minister of State for Petroleum Resources, has urged Nigerians to be ready to take the pains of increased petrol pump price as crude oil price goes up above $60 per barrel. Sylva explained that with no provision of subsidy in the 2021 budget, the Nigerian National Petroleum Corporation (NNPC) couldn’t continue to… Continue reading Be ready to take pains of high petrol cost, NNPC can’t continue – Sylva tells Nigerians

NNPC fires 850 workers

The COVID-19 pandemic and crash in the price of oil has left the NNPC in a tough position. Mr Mele Kyari, Group Managing Director, Nigerian National Petroleum Corporation (in suit). [Twitter/@NNPCgroup] The Nigerian National Petroleum Corporation (NNPC) has fired 850 employees. According to Lumumba Okugbawa, General Secretary of the Petroleum and Natural Gas Senior Staff Association of… Continue reading NNPC fires 850 workers

NNPC increases gas supply to power sector by 19%

The Nigerian National Petroleum Corporation (NNPC) has announced an increase of 19.14 per cent in the average daily natural gas supply to power plants in April 2020. The Corporation disclosed this on its Monthly Financial and Operations Report (MFOR) for April released in Abuja on Thursday. It said the increase translated to 788 million standard… Continue reading NNPC increases gas supply to power sector by 19%

Seven oil workers killed in an expolosion at the Benin River Basin

The Nigerian National Petroleum Corporation (NNPC) has confirmed the death of seven oil workers killed in an explosion that occurred at Gbetiokun, OML 40, operated by the Nigerian Petroleum Development Company (NPDC), on behalf of the NPDC/Elcrest Joint Venture. A statement from the corporation said the incident occurred on Wednesday, July 8 during the installation of a… Continue reading Seven oil workers killed in an expolosion at the Benin River Basin

FIDELITY BANK LAUDS NNPC, OILSERV, PLEDGES SUPPORT FOR THE $2.8BN AKK GAS PROJECT

Top Nigerian lender, Fidelity Bank Plc, Tuesday commended the Nigerian National Petroleum Corporation (NNPC) and Oilserv, contractors to the $2.8bn Ajaokuta – Kaduna – Kano (AKK) Gas Pipeline Project, which was flagged off Tuesday, June 30, 2020, with the ground breaking ceremony at Ajaokuta, Kogi State. Designed in line with the key objectives of the… Continue reading FIDELITY BANK LAUDS NNPC, OILSERV, PLEDGES SUPPORT FOR THE $2.8BN AKK GAS PROJECT

Oil marketers lament loss of over N154bn by Nigeria’s refineries

The Major Oil Marketers Association of Nigeria (MOMAN) has expressed concern over the N154 billion loss recorded by Nigeria’s three refineries in the 2018 audited accounts published by the Nigerian National Petroleum Corporation (NNPC). One of Nigeria’s refineries managed by NNPC Mr Tunji Oyebanji, Chairman, MOMAN, told the News Agency of Nigeria (NAN) in Lagos… Continue reading Oil marketers lament loss of over N154bn by Nigeria’s refineries