The Lagos Chamber of Commerce and Industry (LCCI), one of the leading Organised private Sector (OPS) groups championing the cause of broad-based growth of Nigeria’s economy, has set a five-point implementation agenda for the Federal Government on the just published Petroleum Industry Act 2021 to achieve the broad objectives of the law. The OPS group, […]
The Nigerian National Petroleum Corporation (NNPC) has reported that its downstream subsidiary, the Petroleum Products Marketing Company (PPMC), generated N234.63 billion revenue from the sale of white products in the month of March 2021, representing a 24.7% increase from the N188.15billion revenue recorded from products’ sales in the previous month. The figures were contained in […]
The Nigerian National Petroleum Corporation (NNPC) on Tuesday said that its planned acquisition of 20 per cent stake in the $12 billion Dangote Refinery would be funded through borrowing The corporation’s Group Managing Director, Mallam Mele Kyari, who gave this hint during an interview with Channels Television, said that already negotiations were ongoing with some […]
The Nigeria Extractive Industries Transparency Initiative (NEITI) has reported that Nigeria’s earnings from oil and gas sector rose to $34.22 billion in 2019, representing 4.88 per cent higher than the $32.63 billion earned in the preceding year. The industry monitoring agency gave this hint in its 2019 report indicated that the report covered 98 entities, […]
The Nigerian National Petroleum Corporation (NNPC) has approved 26 foreign and Nigerian companies and 12 countries to lift the country’s crude oil within the next two years. The crude oil lifting term contracts which are expected to run from 2021 through 2023, would operate on a Government-to-Government (G2G) basis and allow selected companies and countries […]
President Muhammadu Buhari and the 36 states governors will on Thursday decide on a new petrol pump price at a meeting to be held at the Presidential Villa, Abuja. Minister of Labour and Employment, Senator Chris Ngige, who disclosed this on Sunday after a bipartite meeting at the Villa said the government had finished discussions […]
The Nigerian National Petroleum Corporation (NNPC), has reported that in August this year earnings from its Crude Oil & Gas export sales rose to $139.50 million, representing an increase of 64.84 per cent compared to the previous month’s earnings. The state-owned petroleum company, stated in its August 2020 NNPC Monthly Financial and Operations Report (MFOR) […]
The Nigerian National Petroleum Corporation (NNPC) on Thursday reported a trading surplus of N20.36bn in July 2020 compared to the N2.12bn surplus it recorded in the preceding month. The disclosure, which was contained in a statement issued by the corporation on its financial and operations report for month, indicated that its most functional and flagship […]
The Senate has advised the President Muhammadu Buhari-led government to initiate the process of computerising the nation’s oil sector in line with industry’s best practices globally. The upper chamber of the Legislature pointed out that computerization of the hydrocarbon resources industry would curb the multifaceted challenges associated with the oil and gas production, transportation and […]
Despite the prevailing air of uncertainty in the international oil market and its potential negative implications for oil exporting countries, the Nigerian National Petroleum Corporation (NNPC) has predicted that oil and gas would continue to contribute significantly to economic growth in countries worldwide in the years ahead. The corporation’s Operating Officer, Upstream, Mr. Roland Ewubare, […]