NNPC asks Tecnimont SPA to fast track rehabilitation of Port Harcourt Refinery

The Nigerian National Petroleum Corporation (NNPC)  has tasked the Contractor Marie Tecnimont SPA  rehabilitating the Port Harcourt Refineries Companies (PHRC) to ensure completion of the project at the estimated time frame. The Group Managing Director, Mele Kyari disclosed this at the kick-off meeting of the Rehabilitation of PHRC, in Port Harcourt, on Thursday. The... Read More

Fuel subsidy won’t Stop obligations to federation account, says NNPC

Nigerian National Petroleum Corporation (NNPC), a state-owned energy company has assured that it will continue to meet its financial obligations to the government despite indicating the cost of gasoline subsidies may make it impossible to contribute to the national purse next month. In a statement, the corporation said; “is conscious of its role and... Read More

Nigeria fuel import bill declined 37% in 2020 to $1.32 due to Covid-19 lockdown

Nigeria fuel import bills fell 37.14 percent to $1.32 billion in 2020,  from $2.10 billion in the previous year, data from the Central Bank of Nigeria (CBN) has shown. Analysts said Nigeria consumed less fuel last year due to the lockdown and restriction imposed by the government on some parts of the country to... Read More

President Buhari overrules DPR on Addax assets revocation, returns oil licenses to NNPC

By Oludare Mayowa Four weeks after the Department of Petroleum Resources (DPR) revoked the four oil mining licenses issued to Addax Petroleum Company, President Mohammadu Buhari has reversed the revocation and ordered the return of the licenses. A statement issued by presidential spokesman, Garba Shehu on Friday said the president has approved the restoration... Read More

NNPC signs production pact with partner to boost gas output by 1.2 trln cubic feet

The Nigerian National Petroleum Corporation (NNPC) said it plans to boost the country’s gas production capacity with 1.2 trillion cubic feet with the signing of a gas development agreement with a production partner. According to a statement by the corporation, the NNPC on Thursday signed a production agreement with Sterling Oil Exploration and Production... Read More

Nigeria suspends full deregulations of petroleum downstream sector, retain fuel subsidy

… NNPC says no timeline for subsidy removal yet By Samuel Bankole Faced with stiff opposition from the labour union, the Nigerian government has suspended its deregulation policy on the country’s downstream oil sector, which was introduced last year in the wake of the sharp drop in global oil price. Global crude oil prices... Read More

NNPC commits to renewable energy projects with Kebbi

The Nigerian National Petroleum Corporation (NNPC) has reiterated its commitment to its partnership with the Government of Kebbi on renewable energy projects. The corporation’s Group Managing Director, Mele Kyari noted that the corporation remained committed with the partnership for the production of biofuels. In a statement on Thursday, the corporation’s Spokesman, Kennie Obateru, said... Read More

Nigeria’s Oil Curse Could Become an Opportunity

By David Fickling     Oil can be both a blessing and a curse. In Nigeria, it has mostly been the latter. Just a decade after crude was first discovered in 1957, it was already tearing apart the young country in civil war. Production has never far exceeded the 2.3 million barrels a day... Read More

Nigeria’s oil firm, NNPC pays $3.12 bln cash calls to JV partners in Jan

Nigeria state-oil firm has made the payment of $3.12 billion in cash call to its major joint venture production partners so far, cutting back on its indebtedness to the JVC, according to document from the Nigerian National Petroleum Corporation (NNPC). The data showed that with the payment, the corporation now owes only $1.57 billion... Read More

Nigeria’s state-oil firm generates N2.2 trln revenue from fuel sales in 1-year

The Nigerian National Petroleum Corporation (NNPC) generated a total of N2.197 trillion revenue from the sale of petrol between December 2019 to December 2020. In a statement by the corporation’s spokesman, Kennie Obateru, a total of N2.217 trillion was made from the sales of white products in the period. “Total revenues generated from the sales... Read More