NNPC cries out over Federal Government debt of N170.6 Billion The Nigerian National Petroleum Corporation (NNPC) Monday in Abuja revealed that the Nigerian Federation was indebted to the corporation to the tune of N170.6 billion outstanding subsidy payments due from January 2006 to December, 2015. Leading a team of Top Management of the NNPC to the ongoing Investigative hearing on N5 trillion subsidy payments from 2006 to 2016, the Group Managing Director of the Corporation, Dr. Maikanti Baru, said the figure was arrived at after deduction of N4.950.80 trillion received as payments from the N5.121.40 trillion approved subsidy claims of the corporation from January 2006 to December … [Read more...]

NNPC export sales record hits $239.10Million The Nigerian National Petroleum Corporation, NNPC posted a total crude oil and gas export sale of $239.10Million in the month of November, 2017. Details of the transactions contained in the recently released November 2017 edition of the Monthly NNPC Operations and Financial Report also indicated that the figure is 25.68 percent lower than the previous month performance. The breakdown also showed that Crude oil export sales contributed $113.97 Million (or 47.7%) of the dollar transactions compared with $227.83 Million contribution in the previous month. Also the export Gas sales amounted to $125.13 Million during the period.  A broader … [Read more...]

Maintenance kicks off, after Fresh Explosion in Excravos The Nigerian National Petroleum Corporation (NNPC) Group Managing Director, Dr. Maikanti Baru, has directed that repair works should be executed immediately on the Escarvos to Lagos Pipeline (ELP) ruptured by an explosion today along Egbokodo-Omadino, in Warri South Local Government Area of Delta State to restore supplies from Escravos. Dr. Baru further directed that gas supply from other sources like Oben, Oredo, Sapele, Ughelli and Utorogu be stepped up to augment any shortfalls as repair works have commenced on the pipeline. The Escravos pipeline supplies gas to power plants, in addition to feeding the West Africa Gas … [Read more...]

Foreign and Indigenious companies bid for Federal Govt equity crude For the third consecutive year, the gale of transparency and innovation in the marketing and management of Nigeria’s crude oil grades was sustained on Wednesday as a total of 254 indigenous and foreign owned entities submitted bids for the sale and purchase of the Federal Government equity crude under the 2018/2019 crude oil term contracts. The exercise which was beamed live on a national television network was also witnessed by officials of the Department of Petroleum Resources (DPR), Nigeria Extractive Industries Transparency Initiative (NEITI), Nigerian Content Development and Monitoring Board (NCDMB), as well as … [Read more...]