For the second time in less than 90 days, alleged discrepancies in the Nigerian National Petroleum Corporation’s (NNPC’s) revenue report stalled the Federation Account Allocation Committee (FAAC) meeting yesterday in Abuja. Following the deadlock at the meeting, the state commissioners of Finance left Abuja without any decision on the revenue receipts submitted by NNPC, making […]
Oil & Gas
Oil Firms Fleecing Nigeria On Taxes, Royalties -NEITI
The Nigeria Extractive Industries Transparency Initiative (NEITI) on Sunday accused oil and gas companies of fleecing Nigeria of taxes, royalties and other accruable revenues following government’s failure to review the Production Sharing Contracts (PSC) agreements with them. NEITI, in a statement in Abuja, disclosed that in the early years after the signing of the PSCs, […]
NNPC Signs $3bn Oil, Gas Development Pact
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, today disclosed that the corporation had signed over $3 billion oil and gas development pact to grow the nation’s hydrocarbon resources industry. He gave this hint while speaking on investment in Nigeria’s oil and gas industry at the ongoing 7th Organisation […]
Kachikwu Orders NNPC, Shell To Open Tenders For Bonga Project
The Minister of State for Petroleum, Dr. Ibe Kachikwu, has directed the Nigerian National Petroleum Corporation (NNPC) and Shell Nigeria Exploration and Production Company (SNEPCo) to commence today the tendering process for the execution of the $10 billion Bonga South West/Aparo (BSWA) deepwater project. The minister’s directive followed the April 17, 2018 meeting between President […]
NNPC Unveils New Policy on Environment
The Nigerian National Petroleum Corporation (NNPC) has announced a new environment policy aimed at enhancing its waste management practice and reducing pollution across its areas of operations. The Group Managing Director of the Corporation, Dr. Maikanti Baru, made the disclosure at this year’s World Environment Day celebration held at the NNPC Towers in Abuja. Represented […]
NLNG To Deliver Over 300 Cargoes Yearly To Global Market
Nigeria LNG Limited has unveiled plans to safely deliver yearly over 300 cargoes of its products to gas consumers globally from its six-train 22mtpa LNG nameplate production capacity and 5mtpa NGLs production capacity. The company’s Managing Director, Mr. Tony Attah, was quoted in a statement issued by the company’s Manager, Communications and Public Affairs, Andy Odeh, […]
Bonga Field Yields SNEPCo 763M Barrels Of Oil In 13 Years
Shell Nigeria Exploration and Production Company (SNEPCo) delivered a total of 763 million barrels of oil from the Bonga field between first production in 2005 and 2017. Encouraged by its successful Exploration and Production (E&P) operations on the field, the company expanded the field with further drilling of wells in Bonga Phases 2 and […]
Shell Nigeria Gives N472bn Loan To Local Contractors, Others
Shell Nigeria has granted loans worth N472 billion to 290 local contractors, vendors and suppliers under its Shell Contractor Support Fund. The oil company, while giving this hint today at the launching the 2018 Shell Nigeria Briefing Notes in Lagos, stated that the initiative aligned with the objective of the SCSP scheme. The SCSP was […]
Nigeria Targets $25bn Investment, Zero Emission In Gas Sector
The Nigerian National Petroleum Corporation (NNPC) has projected that over $25 billion investments would be attracted to the nation’s gas sector just as gas flare rate would be cut to the barest minimum within the next few years. The corporation’s Group Managing Director Corporation, Maikanti Baru, made these projections at the ongoing 50th Offshore Technology […]
NNPC Puts Daily Subsidy On Petrol At N774m
The Nigerian National Petroleum Corporation (NNPC) yesterday disclosed that it was spending N774 million daily as subsidy on the 50 million litres of Premium Motor Spirit (PMS) consumption nationwide. The corporation, which described the expenditure as under-recovery, attributed the daily cost to the proliferation of filling stations in communities located around land and coastal borders. […]