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Crude Oil Production: NNPCL, NCDMB, IOCs Seal Pact On Contracting Cycle

The Nigerian National Petroleum Company Ltd (NNPCL) and the Nigerian Content Development and Monitoring Board (NCDMB) have signed a Memorandum of Understanding (MoU) with the International Oil Companies (IOCs) to reduce contracting cycle to an optimal level of not more than 180 working days. A statement issued by the NNPCL on the pact indicated that […]

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NNPCL Signs United Nations Global Compact Letter Of Commitment

…becomes first state-owned oil firm to sign Initiative  The Nigerian National Petroleum Company Limited (NNPCL) has signed the United Nations Global Compact Letter of Commitment as a participant at the ongoing 78th United Nations General Assembly (UNGA) in New York, United States. The company confirmed its signing for the  global initiative letter in a statement […]

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Tinubu Reiterates Nigeria’s Investment Opportunities At NASDAQ

President Bola Tinubu has advised foreign investors to explore for good returns the opportunities in the Nigerian economy through investments. Tinubu made the appeal on Wednesday in New York, when he rang the NASDAQ’s closing bell as part of the proceedings at the Executive Business Dialogue in the United States. Speaking at the event, the […]

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Denmark Assures New Investments In Nigeria’s Renewable Energy

The Ambassador of Denmark to Nigeria, Mr Sune Krogstrup, has expressed his country’s readiness to increase investment and provide support for Nigeria’s efforts in developing its renewable energy sector. The Ambassador, who made the promise during an interview with the News Agency of Nigeria (NAN) in Abuja, spoke on Denmark’s roles in the global renewable […]

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Petrol Price May Surge, As Nigeria’s Crude Oil Trades $100/Barrel

Indications are strong that the Nigerian National Petroleum Company Limited (NNPCL) and other oil marketers in the country may further adjust fuel pump prices before the year ends based on the spiking trend of crude oil prices in the international market. In the past two weeks, the Brent crude oil and other variants’ prices have […]

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NNPCL, Indorama Target $18bn Revenue From Gas Utilization Pact

The Nigerian National Petroleum Company Limited (NNPCL) weekend sealed an agreement with Indorama Petrochemicals Company Limited to deepen the implementation of Nigeria’s Nigasification strategy. According to the Group Chief Executive of the NNPCL, Mallam Mele Kyari, the initiative will help to unlock about $18bn revenue for Nigeria and also enable the parties to the deal […]

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Nigeria’s Public Debt Stock Surges 75.27%, Hits N87.38Trn In Q2

Nigeria’s public debt stock  has surged to N87.38 trillion (US$113.42 billion) in Q2 2023 from N49.85 trillion (US$ 108.30 billion) in Q1 2023, representing a 75.27% growth on a quarter-on-quarter basis. The National Bureau of Statistics (NBS), the national statistics coordinating agency in Nigeria, reported on Thursday, in its ‘Nigerian Domestic & Foreign Debt Q2 […]

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Soludo, IPMAN To Parley Over N900Mn Diesel Supply Claims

Governor of Anambra State, Chukwuma Soludo, has agreed to meet with the Independent Petroleum Marketers Association of Nigeria (IPMAN) next week with a view to reconciling the discrepancies and paying the N900 million debt owed fuel contractors who supplied diesel for streetlight generators in the state. The governor’s decision was conveyed in a letter by […]

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NUPRC Issues Award Letters To 42 Bidders For Gas Flare Programme

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has issued letters of award to 42 companies/entities that were successful in the bid for 49 Flare Sites enlisted during the 2022 Nigerian Gas Flare Commercialisation Programme (NGFCP) Auction process. The petroleum regulatory body confirmed the issuance of the letters of award  via a press statement issued on […]