Oil marketers demand payment of N800bn subsidy debt

Major Oil Marketers Association of Nigeria (MOMAN) and Depot and Petroleum Products Marketers Association (DAPPMA), at the weekend appealed to the Federal Government for immediate payment of over N800 billion outstanding subsidy debt owed them to enable them sustain their operations. The marketers made the appeal during an interactive session with journalists in Lagos lamented […]

Saudi’s energy minister seeks 1Mn B/PD cut in producers’ output

Saudi Arabia’s Energy Minister, Khalid al-Falih, on Monday advised oil producing countries to cut output by one million barrels per day to re-balance the market as crude prices continue to sag in the market Falih, who spoke a joint OPEC non-OPEC ministerial monitoring committee meeting in Abu Dhabi, said that “the technical analysis we reviewed […]

NNPC records $470m oil, gas export sales in August

The Nigerian National Petroleum Corporation (NNPC) on Wednesday disclosed that its crude oil and gas export sale in August 2018 generated $470 million, indicating an increase of about $78 million when compared to the $391.91million it raked in July. The corporation’s Monthly Financial and Operations Report for August 2018 published by the corporation’s Group General […]

Shell, ExxonMobil seek crude swap deals with Nigeria

The , Nigerian National Petroleum Corporation’s (NNPC’s) Chief Operating Officer for Upstream Sector, Bello Rabiu on Monday hinted that Shell Petroleum Development Company (SPDC) and ExxonMobil could sign crude-for-product deals with the corporation if ongoing discussions on deal were finalized. The two exploration and production (E & P) companies had exited Nigeria’s downstream sector a […]

Natural gas production up 8.8% in July

A total of 230.35 Billion Cubic Feet (BCF) of natural gas was produced in the country in July 2018, averaging a daily production of 7,678.17 Million Standard Cubic Feet (mmscfd), NNPC Monthly Financial and Operations report for July 2018 has stated. The volume represents 8.81 per cent increase compared to the previous month of June […]

NNPC, BP seal PMS supply agreement

The Nigerian National Petroleum Corporation (NNPC) on Thursday signed a six-month Direct Sale-Direct Purchase (DSDP) agreement with the British Petroleum’s (BP) trading arm, BP Oil International Ltd, for the supply of Premium Motor Spirit (petrol). This latest agreement will represent 20 percent of NNPC’s total PMS supply under the DSDP arrangement, which basically allows the […]

NPDC achieves 100% local content in Oredo gas facility project

The Nigerian Petroleum Development Company (NPDC), an upstream subsidiary of the Nigerian National Petroleum Corporation (NNPC), has achieved a 100 percent local content input in the development of Oredo Integrated Gas Handling Facility. NNPC’s Group Managing Director, Dr. Maikanti Baru, gave this hint Wednesday during a tour of the NPDC’s Oredo Flow Station, Oredo Gas-to-Pan-Ocean […]

NNPC refutes negligence insinuations over Abia pipeline explosion

The Nigerian National Petroleum Corporation (NNPC) has refuted the allegation that negligence on its part caused the oil pipeline fire incident on Friday last week in Umuaduru and Umuimo communities in Osisioma Ngwa Local Government Area of Abia State. A statement by the NNPC Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, in […]

Supreme Court orders FG to recover excess profit from oil firms

The Supreme Court on Wednesday ordered Federal Government to immediately commence steps to recover all revenues lost to the international oil companies (IOCs) and other Exploration and Production (E&P) companies due to wrong profit under the Production Sharing Contracts since August 2003. A seven-man panel of the apex court led by the Chief Justice of […]

FG mulls execution of NLNG Train 7 EPC works by local firms

The Executive Secretary of Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Wabote, has hinted that government was taking necessary steps to ensure that the engineering, procurement and construction (EPC) works for the multi-billion dollar Nigeria Liquefied Natural Gas (NLNG) Limited Train 7 project are executed mostly by indigenous companies. Wabote, who gave this […]