Monday, June 14

Tag: Nigerian National Petroleum Corporation

We Are Not Broke, Says NNPC
News

We Are Not Broke, Says NNPC

PRESS RELEASE Revenue Projection in Letter to AGF Not Reflection of Corporation’s Financial Standing, @NNPCgroup Clarifies …Pledges to Optimize Cost, Boost Remittance to #FAAC 1. The Nigerian National Petroleum Corporation (#NNPC) has clarified that the revenue projection contained in the letter to the Accountant General of the Federation being cited in the media pertains only to the Federation revenue stream being managed by the Corporation and not a reflection of the overall financial performance of the Corporation. 2. A press release by the Corporation’s spokesman, Dr. Kennie Obateru, stated that the clarification became necessary in the light of media reports insinuating that the Corporation was in financial straits. 3. #NNPC maintains that it is conscious of its rol...
NNPC Records 37.21% Drop In Oil Pipeline Vandalism In January
News

NNPC Records 37.21% Drop In Oil Pipeline Vandalism In January

The Nigerian National Petroleum Corporation (NNPC) has announced a 37.21 % decrease in cases of pipeline vandalism across the country in the month of January 2021. This is contained in the January 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a press release by the Group General Manager, Group Public Affairs Division of the Corporation, Dr. Kennie Obateru. The report indicates that a total of 27 pipeline points were vandalized in January 2021 down from the 43 points recorded in December 2020. The Mosimi Area accounted for 74% of the vandalized points while Kaduna Area and Port Harcourt accounted for the remaining 22% and 4% respectively. However, NNPC is continuously working in collaboration with the local communities and other stakehold...
NNPC To Construct Africa’s Largest Gas-Powered Plant In Maiduguri – Mele Kyari
News

NNPC To Construct Africa’s Largest Gas-Powered Plant In Maiduguri – Mele Kyari

The Nigerian National Petroleum Corporation (NNPC) has said it will build a gas-powered plant in Maiduguri, Borno State to address challenges in electricity supply to the area caused by incessant Boko Haram attacks NNPC Group Managing Director (GMD), Mr. Mele Kyari disclosed this on Friday during a courtesy visit to the Borno governor at the Maiduguri Government House. Mele who led other officials of the corporation, said such project was in line with the president’s cardinal principle to deepen gas consumption in the country. “Mr. President has declared this year a decade of gas. This means for the next 10 years, there will be significant gas entry into the north..So as a result of the challenges of power supply, in the state we saw the opportunity of supporting Borno State,”...
NNPC Signs $1.5 Billion Contract For Rehabilitation Of PH Refinery
Politics

NNPC Signs $1.5 Billion Contract For Rehabilitation Of PH Refinery

The drive by the Management of the Nigerian National Petroleum Corporation (NNPC) to boost in-country refining capacity was bolstered on Tuesday with the signing of the Engineering, Procurement, Construction, Installation and Commissioning (EPCIC) contract for the rehabilitation of the 210,000 barrels per day capacity Port Harcourt Refinery in Alesa-Eleme, Rivers State. The rehabilitation project which has a completion timeline of between 18 and 44 months under a three-phase arrangement was awarded to Milan based Tecnimont SpA at a lump sum contract price of US$1.5 billion, inclusive of VAT and other statutory payments. An elated Group Managing Director of the NNPC, Mallam Mele Kyari, described the PHRC rehabilitation project as a dream come true, noting that the project was in l...
Petrol Price Hike Only After Negotiation With Labour — NNPC
Politics

Petrol Price Hike Only After Negotiation With Labour — NNPC

The Nigerian National Petroleum Corporation on Friday said it would maintain its current ex-depot price of Premium Motor Spirit otherwise called petrol until the conclusion of ongoing engagement with the organised labour and other stakeholders. NNPC had maintained an ex-depot price of N148/litre since February despite the hike in the actual cost of the commodity, hence incurring subsidy of about N120bn monthly. The corporation’s Group General Manager, Group Public Affairs Division, Kennie Obateru, told journalists in Abuja that at the moment, NNPC was bearing the burden of importing refined petroleum products. This, he said, was because the oil firm was the supplier of last resort with the task of guaranteeing energy security for the nation. Shedding more light on the recen...
Outrage As FG Admits Paying Fuel Subsidy After Removal
Politics

Outrage As FG Admits Paying Fuel Subsidy After Removal

Outrage on Thursday greeted fresh revelations on how the Fed­eral Government has been secretly running a subsidy regime re­garding petroleum products when the Group Managing Director of Nigerian Na­tional Petroleum Corpora­tion (NNPC), Mele Kyari, disclosed that the adminis­tration currently subsidises the cost of premium motor spirit (PMS), also known as fuel, with about N120 billion ($263,248 million) monthly. Kyari stated this during the weekly media briefing organised by the Presiden­tial Communication Team at the State House, Abuja. It would be recalled that Minister of Finance, Bud­get and National Planning, Zainab Ahmed, had on Jan­uary 12 during a virtual public presentation of the breakdown and highlights of 2021 Appropriation Act in Abuja said, “We are not bringing back...
New Refinery Will Cost About $12 Billion – NNPC
Politics

New Refinery Will Cost About $12 Billion – NNPC

The Nigerian National Petroleum Corporation (NNPC) yesterday vigorously defended the approval of a whopping $1.5 billion for the rehabilitation of the Port Harcourt refinery, maintaining that apart from following due process, building a new refinery in the class of the one in Rivers will cost the federal government between $7 billion and $12 billion. Group Managing Director of the corporation, Mallam Mele Kyari, who spoke in Abuja, stated that the decision to revamp the old facility was further taken because constructing a new refinery will take a period of four years, during which Nigeria must continue to import products. The NNPC helmsman argued that there was no basis for comparison between the Port Harcourt refinery and the one sold by Shell in America for $1.2 billion in terms o...
PH Refinery: We’re Doing Rehabilitation, Not Turnaround Maintenance – NNPC
News

PH Refinery: We’re Doing Rehabilitation, Not Turnaround Maintenance – NNPC

The Nigerian National Petroleum Corporation (NNPC) said on Monday that the $1.5 billion approved for the Port Harcourt refinery was for complete rehabilitation and not turnaround maintenance. The Group Managing Director (GMD), NNPC, Mele Kyari, said this in Abuja on Monday, while reacting to controversies and unverified claims by some Nigerians on the funds meant for the project. Kyari said that the refinery would work in optimal capacity at the completion of rehabilitation programme. “We are not doing turnaround maintenance, we are doing rehabilitation of the refinery, and it is very different; it means that we are replacing certain major components.
Nigeria Loses ₦151.78 Billion In Crude Oil Monthly – NNPC
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Nigeria Loses ₦151.78 Billion In Crude Oil Monthly – NNPC

Nigeria is currently losing an average of 200,000 barrels of crude oil daily, the Nigerian National Petroleum Corporation stated on Wednesday. Brent, the oil against which Nigeria’s crude is priced, was $66.75 per barrel on Wednesday, while the official exchange rate of the dollar stood at 379/$. From the above figures, it showed that the country was losing about N151.79bn in 30 days, going by the 200,000 barrels of crude oil being lost daily, as revealed by NNPC. Group Managing Director, NNPC, Mele Kyari, disclosed the volume of crude oil lost daily in Nigeria while speaking at a meeting with the Chief of Defence Staff, Major General Lucky Irabor. The NNPC boss was quoted in a statement issued in Abuja by the corporation’s spokesperson, Kennie Obateru, as saying, “We have ...
Buhari, Governors To Discuss Fuel Pricing On Thursday
Politics

Buhari, Governors To Discuss Fuel Pricing On Thursday

The President, Major-General Muhammadu Buhari (retd.), and the state governors will discuss the issue of fuel pricing Thursday. The Minister of Labour and Employment, Senator Chris Ngige, disclosed this Sunday night after a bipartite meeting of the Federal Government and the organised labour at the Banquet Hall of the Presidential Villa, Abuja. Briefing journalists on their resolutions, Ngige said the labour had investigated the report of the Technical Committee on Premium Motor Spirit Pricing Framework as agreed at the last meeting and made their submissions alongside the Nigerian National Petroleum Corporation. The minister said, “The labour side saw that they were making some points and like I said, it is work in progress. Governors are going to discuss this on Thursday. ...
New Petrol Price Imminent As Landing Cost Hits ₦180 Per Litre
News

New Petrol Price Imminent As Landing Cost Hits ₦180 Per Litre

THERE were indications, Monday, that stakeholders would soon emerge with a new price of petrol as the landing cost of the product rose from N151 to N180 per litre, due mainly to rising price of crude oil in the international market. The rise of crude oil price from $58 to more than $63 per barrel, yesterday, culminated in refiners incurring additional cost in the process of procuring, refining and supplying petrol to consumers, thus causing marketers to also incur additional cost, especially as a bulk of the product is currently imported into the nation. Nevertheless, it was gathered that the pump price could rise from N162 to about N190 per litre when the marketers’ margins and other considerations are added. However, the Nigerian National Petroleum Corporation, NNPC has summon...
NNPC Records N13.43 Billion In Trading Surplus
Business

NNPC Records N13.43 Billion In Trading Surplus

The Nigerian National Petroleum Corporation (NNPC) has announced a trading surplus of ₦13.43billion for the month of November 2020 up by 54% when compared to the ₦8.71billion surplus recorded in October 2020. This is contained in the November 2020 edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a press release by the Group General Manager, Group Public Affairs Division of the Corporation, Dr. Kennie Obateru. The trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue in the period under review. The report indicated that in November 2020, NNPC Group’s operating revenue as compared to October 2020, decreased slightly by 0.02% or ₦0.09billion to stand at ₦423.08 billion. Similarly, expenditure f...
FG Cuts N2 From New Pump Price, Petrol To Sell At N170.17
News

FG Cuts N2 From New Pump Price, Petrol To Sell At N170.17

The Nigerian National Petroleum Corporation (NNPC) has cut N2 from N155.17 ex-depot price of petrol earlier announced on Friday. With this new price, a litre of petrol will now sell at between N166.17 and N170.17 across the country. The state oil company announced the reduction in a statement on Friday night. “NNPC is aware of a document widely circulating in the media purporting an increase in the PPMC Ex-Coastal Price and Ex-Depot Price (with collection) to N130 and N155.17 respectively and wishes to clarify that although there was a slight increase in the price based on the prevailing realities of market forces of demand and supply, the correct prices, as can be seen on PPMC’s “Customer Express” platform (online portal for procurement of petroleum products) are: Ex-Coastal ...
NNPC Raises Petrol Depot Price, Marketers To Sell At ₦168 – ₦170 Per Litre
News

NNPC Raises Petrol Depot Price, Marketers To Sell At ₦168 – ₦170 Per Litre

The Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation, has increased the ex-depot price of Premium Motor Spirit, also known as petrol, to N155.17 per litre from N147.67 per litre. The PPMC disclosed this in an internal memo with reference number PPMC/C/MK/003, dated November 11, 2020, and signed by Tijjani Ali. The memo, a copy of which was seen by our correspondent, said the new ex-depot price would take effect from Friday. The ex-depot price is the price at which the product is sold by the PPMC to marketers at the depots. In its PMS price proposal for November, the PPMC put the landing cost of petrol at N128.89 per litre, up from N119.77 per litre in September/October. It said the estimated minimum pump price of the pro...
Members of a cabal were enriching themselves with susbidy payments – NNPC GMD, Mele Kyari
Politics

Members of a cabal were enriching themselves with susbidy payments – NNPC GMD, Mele Kyari

Mele Kyari, Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) has alleged that members of a cabal were enriching themselves with susbidy payments before it was removed by the federal government.   Kyari who said this in an Hausa programme on Liberty FM, Kaduna, insisted that fuel subsidy was not beneficial to the masses and was removed because it was characterised by fraudulent activities.   The NNPC GMD also disclosed that the money from subsidy payment will now be channeled into projects that will have a direct impact on the masses.   Kyari said;   “The crude oil is a global commodity and its price is not hidden, everyone can calculate and know how much is the cost of every final product from the crude at the inter...
78 Firms Bid To Rehabilitate Pipelines, Depots – NNPC
News

78 Firms Bid To Rehabilitate Pipelines, Depots – NNPC

The Nigerian National Petroleum Corporation on Sunday announced that 78 companies submitted virtual bids to rehabilitate its downstream pipelines, associated depots and terminal infrastructure through the finance, build, operate and transfer model. NNPC’s Group Managing Director, Mele Kyari, said the exercise was in fulfilment of the corporation’s commitment to transparency and accountability as an Extractive Industries Transparency Initiative partner company. Kyari disclosed this in a statement issued in Abuja by the spokesperson of the oil firm, Kennie Obateru. He said the finance, build, operate and transfer model became imperative in the corporation’s journey to rehabilitate its downstream infrastructure which over time had become vulnerable, lost value and integrity due t...
Petrol Price Now N151.56 Per Litre ― PPMC
News

Petrol Price Now N151.56 Per Litre ― PPMC

THE price of petrol has been increased to N151.56 per litre, according to Pipelines and Product Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation, NNPC. In a statement obtained by Vanguard, D.O Abalaka of the PPMC, stated: “Please be informed that a new product price adjustment has been effected on our payment platform. “To this end, the price of Premium Motor Spirit (PMS) is now one hundred and fifty-one naira, fifty-six kobo (N151.56k) per litre.” He added: “This takes effect from September 2, 2020.”
NNPC Is Constructing N21bn Infectious Disease Hospital In Katsina – GMD
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NNPC Is Constructing N21bn Infectious Disease Hospital In Katsina – GMD

The Group Managing Director (GMD), Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, yesterday laid the foundation for the construction of a 200-bed Emergency and Infectious Disease Hospital in Kaita, Katsina State. The hospital, being built at the cost of N21 billion, would provide services to patients in the OM North West zone. It is one of the 12 hospitals being constructed by the NNPC across the six geo-political zones of the country. Kyari explained that the project being executed by the NNPC, Total and other oil and Gas companies operating in the country would be completed in 18 months. The GMD explained that the N21 billon to be expended on the project would be for construction of the hospital, provision of medical facilities, logistics and support to pati...
Oil Production: $4 Per Barrel In Saudi Arabia, $3 In Russia, $21.2 In Nigeria
Politics

Oil Production: $4 Per Barrel In Saudi Arabia, $3 In Russia, $21.2 In Nigeria

The leadership of the Nigerian National Petroleum Corporation (NNPC), yesterday, came under fire in Senate, over high cost of oil production, resulting in a marginal profit of just $3 per barrel for the country. This is coming amidst protests from senators against the $3 marginal profit being made on a barrel by the Corporation, rhey called on the Federal Government to get the nation’s economy diversified as quickly as possible. Information on the high cost of oil production which is $21.2 per barrel , almost equaling $25 per barrel oil price benchmark fixed for the N10.509 trillion 2020 revised budget , came to the fore when officials of the Corporation appeared before the Senate Committee on Finance. Trouble started when its Chief Operating Officer (Upstream), Yemi Adetunji ...
N4.5tr Budget Deficit May Trigger Fresh Recession – Finance Minister, Zainab Ahmed Warns
Politics

N4.5tr Budget Deficit May Trigger Fresh Recession – Finance Minister, Zainab Ahmed Warns

With the deficit financing of the revised N10.509 trillion 2020 budget rising from N1.847 trillion to N4.563 trillion, the economy might be heading for another recession, the Minister of Finance, Budget and National Planning, Zainab Ahmed, has warned. She expressed the fear yesterday in Abuja during a session with the Senate Committee on Finance where heads of revenue-generating agencies made presentations on the revised 2020-2022 Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP). The minister noted that projected revenues from the agencies had been drastically slashed. According to her, 77 per cent of the new financial expectations from sources like the Nigerian National Petroleum Corporation (NNPC), the Federal Inland Revenue Service (FIRS) and the...
Nigerians Condemn Appointments Of ‘Only Northerners’, NNPC Reacts
News

Nigerians Condemn Appointments Of ‘Only Northerners’, NNPC Reacts

The Nigerian National Petroleum Corporation (NNPC) says its appointments always adhere to the principle of transparency and accountability. Kennie Obateru, NNPC said this in a statement Sunday. The corporation in March disengaged some of its staff and appointed new top management officials. This triggered criticisms from Nigerians, Niger Delta leaders and groups. But the corporation is insisting that federal character was also a factor in the progression of the newly appointees. It said many top management officers of the corporation were moved to new positions, while some were promoted based on their verifiable track records of performance. Obateru said some “Chief Operating Officers, Group General Managers and Managing Directors of subsidiaries were affected in what...
₦5.548 Trillion Available To Fund 2020 Budget – Zainab Ahmed
Politics

₦5.548 Trillion Available To Fund 2020 Budget – Zainab Ahmed

While briefing the leadership of the National Assembly on Thursday, the Minister of Finance, Zainab Ahmed, reveal that the amount available for funding the 2020 Budget is now estimated at N5.548 trillion. The minister also spoke on the plan by the federal government to amend the N10.59 trillion 2020 budget passed by the National Assembly in December last year. She said the budget is down from N8.419 trillion, a revised revenue estimate which is 34 percent (N2.87 trillion) lower than what was initially approved, adding that the crude oil benchmark price is reduced from US$57 per barrel to US$25 per barrel. The Minister said; The federal government also adjusted the budget exchange rate to N360/US$1; and reduced the upfront fiscal deductions by the Nigerian National Petroleum C...
Petrol Price Reduction Won’t Be Immediate, Says Marketers
News

Petrol Price Reduction Won’t Be Immediate, Says Marketers

The latest reduction in the ex- depot price of petrol to N108 per litre will not translate to an immediate drop in the pump price of the commodity at filling stations , oil marketers stated on Thursday. On Wednesday, the Nigerian National Petroleum Corporation announced a reduction in the ex- depot price of petrol from N 113. 28 per litre to N 108 per litre. Reacting to the development , oil marketers told our correspondent that the reduction was welcomed but added that it would not immediately reflect on the current pump price of petrol . The Vice President, Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, said marketers would have to sell their old stock at the current N125 per litre price before effecting any reduction. He also noted that the Petrol...
Nigeria May Stop Oil Production If Price Crash Persists – NNPC
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Nigeria May Stop Oil Production If Price Crash Persists – NNPC

The Nigerian National Petroleum Corporation (NNPC) has said the country might have to halt the production of oil if the prices of oil continued to fall consistently. Brent, the benchmark against which Nigeria’s oil grades are priced, plunged by $6.34 to $19.23 per barrel on Tuesday amidst falling demand and an unprecedented glut in the global market that is causing storage to fill up quickly. Kennie Obateru, the Group General Manager, Group Public Affairs Department, NNPC said Wednesday that even though Nigeria had not stopped oil production, there was a possibility it could. “If the situation persists, it is something that is bound to happen definitely. “We can’t keep producing if there is no market to sell to. And it is not something that is peculiar to Nigeria. It is a globa...
60 Nigerian Oil Cargoes Unsold Despite Price Cut
News

60 Nigerian Oil Cargoes Unsold Despite Price Cut

A total of 60 Nigerian crude oil cargoes have not been sold despite the reduction of the official selling prices by the Nigerian National Petroleum Corporation. A glut of Nigerian and Angolan crude weighed on the market on Tuesday with demand from China slower than in the last few weeks, Reuters reports. “It’s a buyer’s market right now,” one trader was quoted as saying, adding that nothing was shifting. According to Reuters, the glut of unsold Nigerian oil was around 60 cargoes for April and May, and cargoes of Qua Iboe and Bonny Light crude continued to be offered at around dated Brent minus $3. The Nigerian National Petroleum Corporation was reported in March to have cut its April official selling prices for Bonny Light and Qua Iboe, two of the nation’s major grades, by ...
FG Will Divert ₦457 Billion Petrol Subsidy To Other Sectors – Kyari
Politics

FG Will Divert ₦457 Billion Petrol Subsidy To Other Sectors – Kyari

The Federal Government will divert N 457bn provided for petrol subsidy in the budget to other sectors of the economy , the Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari , has said . He also disclosed that the corporation would not be involved in running refineries after they must have been rehabilitated. Kyari, who spoke in a live television programme monitored in Abuja , noted that Nigeria was subsidising fuel consumption in other West African countries. For this , he added, fuel subsidy must go for ever . He said , “ And above all, you have a huge economic distortion where people don ’ t pay for what they consume . “ That means that you have the cross - border issues , which is because you are selling fuel at a lower price than the market price a...
NNPC To Stop Running Refineries – Mele. Kyari
Politics

NNPC To Stop Running Refineries – Mele. Kyari

The Nigerian National Petroleum Corporation (NNPC) will no longer be involved in the management of the nation’s refineries after their rehabilitation. Its Group Managing Director (GMD ) Mallam Mele Kyari, disclosed this in an interview on Arise TV breakfast programme, The Morning Show on Wednesday. He said that upon completion of the ongoing rehabilitation exercise, the services of a company world be procured to manage the plants on an Operations and Maintenance (O&M) basis. Kyari revealed: “We are going to get an O&M contract, NNPC won’t run it. We are going to get a firm that will guarantee that this plant would run for some time. “We want to try a different model of getting this refinery to run. And we are going to apply this process for the running of the other two re...
Politics

No More Payment Of Oil Subsidy Going Forward – NNPC

Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, Monday, hinted of a possible deregulation of the Nigerian downstream petroleum sector, stating that the Federal Government has eliminated subsidy and under recovery in the industry. Speaking in an interview monitored on a television programme in Abuja, Kyari said, “There is no subsidy and it is zero forever. Going forward there would be no resort to either subsidy or under recovery of any nature. NNPC will play in the marketplace, it will just be another marketer in the space. But we will be there for the country to sustain security of supply at market price.” Kyari further disclosed that Nigeria’s crude oil and condensates output has risen to 2.3 million barrels per day. He...
NNPC Confirms COVID-19 Case In Its Abuja Estate, Dismisses Claims Of Mass Outbreak
Health

NNPC Confirms COVID-19 Case In Its Abuja Estate, Dismisses Claims Of Mass Outbreak

The Nigerian National Petroleum Corporation (NNPC) has confirmed a case of COVID-19 that was recorded in an apartment at the Corporation’s estate in the Garki Area of Abuja, the Federal Capital Territory (FCT). In a statement released April 4, the corporation dismissed insinuation of mass outbreak of Coronavirus infection in the facility. The corporation explained that the said case, involving a non-member of staff of the corporation, had to do with an individual who had just returned from the United Kingdom and developed symptoms of the decease. ”His case was said to have been confirmed positive by the NCDC after undergoing a laboratory test and in line with NCDC approved protocol, all residents of the affected apartment were moved out and placed in Isolation, while officials of...
Court Convicts Ex-NNPC Official Over N6bn Fraud In Kaduna
News

Court Convicts Ex-NNPC Official Over N6bn Fraud In Kaduna

The Kaduna Zonal Office of the Economic and Financial Crimes Commission (EFCC), has secured the conviction of a former Sales Assistant of the Nigerian National Petroleum Corporation (NNPC), Abdulkadir Mohammed Salihu. According to the EFCC, he was convicted before Justice Z. B Abubakar of the Federal High Court in Kaduna State, over fraudulent activities that summed up to the tune of N6 billion. The anti-graft agency revealed this in a tweet saying: The EFCC, Kaduna Zonal Office has secured the conviction of one Abdulkadir Mohammed Salihu, a former Sales Assistant of the Nigerian National Petroleum Corporation, NNPC, Kaduna Depot.He was arraigned on three count charge bordering on fraud to the tune of N6 billion, before Justice Z. B Abubakar of the Federal High Court in Kaduna Sta...
$750m Oil Stolen In 2019 – NNPC
Politics

$750m Oil Stolen In 2019 – NNPC

The Nigerian National Petroleum Corporation has said the nation lost about $750m to crude oil theft in 2019. The Group Managing Director, NNPC, Mallam Mele Kyari, who disclosed this on Tuesday, decried the growing activities of oil thieves and pirates which he described as a threat to the operations of the corporation. Kyari spoke to members of the Executive Intelligence Management Course 13 of the National Institute for Security Studies who visited the NNPC Towers, Abuja, on a study tour. He said any threat to the corporation’s operations was a direct threat to the very survival of Nigeria because of the strategic role of the corporation as an enabler of the economy. According to Kyari, other security challenges facing the corporation include vandalism of oil and gas infra...
NNPC Concludes 2019 Recruitment, Releases Final List For Graduate Trainees
News

NNPC Concludes 2019 Recruitment, Releases Final List For Graduate Trainees

The Nigerian National Petroleum Corporation (NNPC) has finally concluded the recruitment of Graduate Trainees for its 2019/2020 employment exercise which began nearly a year ago, and this is also the first time the national oil company concluded a publicly advertised recruitment exercise since 2012. Mycelebrityandi gathered that, NNPC hired 1,050 graduate trainees as contained in a statement on Friday, by the Group General Manager, Group Public Affairs, Samson Makoji. It quoted the Group Managing Director, Mele Kyari, as saying that the Human Resources Division of the NNPC has since commenced the issuance of provisional offers of employment to the 1,050 fresh employees. While describing the recruitment as a very important assignment for the corporation, Kyari stated that the o...
Senate Probes NNPC Over $396 Million Refineries’ Maintenance
Politics

Senate Probes NNPC Over $396 Million Refineries’ Maintenance

The Senate resolved to investigate the Nigerian National Petroleum Corporation over the $396m spent on Turn-Around Maintenance of refineries between 2013 and 2015. This followed the adoption of a motion titled “The Moribund Refineries in the Country” by Senator Yusuf A. Yusuf (APC, Taraba Central). The Senate mandated its Committees on Petroleum Downstream, Upstream and Gas to investigate the expenditures. It also asked the committees to probe the current state of the refineries as well as convoke a stakeholders’ conference with the aim of finding ways to revamp them. Senator Yusuf recalled that Nigeria, through NNPC, had in the past 25 years spent billions of dollars in Turn-Around Maintenance of the refineries, the latest being over $396m spent between 2013 and 2015 without meanin...
FG To Stop Importation Of Petrol By 2023
News

FG To Stop Importation Of Petrol By 2023

The Federal Government has set a 2023 deadline to stop the importation of petrol into the country. Nigeria, an oil-producing country has been heavily dependent on the importation of petroleum products since its four major oil refineries have been under-utilized. According to the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, while signing the Condensate refinery strategy programme Front End Engineering Design, the strategy is expected to deliver 20 million litres of Petrol when it’s completed. Mr Kyari explained that President Muhammadu Buhari is concerned that as an oil-producing country, Nigeria is one of the highest importers of petrol in the world. In 2017, the Federal Government planned to stop the importation of fuel by 2019...
News

Why CBN, NNPC Are Not On Our Platform – IPPIS

The Integrated Personnel Payroll Integrated System says the Central Bank of Nigeria, Nigerian National Petroleum Corporation, Federal Inland Revenue Service and a few other agencies are not on their platform because they are revenue-generating entities. IPPIS further stated that these agencies do not draw their funding from the consolidated revenue account but may be enrolled in the platform later. The Director of IPPIS, Olufehinti Olusegun, said this on Channels Television’s Sunrise Daily programme on Wednesday. Olusegun said this while reacting to complaints by the Academic Staff Union of Universities that the Federal Government was partial in its implementation of the IPPIS initiative by exempting the CBN, NNPC and other government agencies. ASUU, which has rejected the initia...
Buhari Vows To Tackle 77% Rise In Crude Oil Theft
Politics

Buhari Vows To Tackle 77% Rise In Crude Oil Theft

President Muhammadu Buhari, has vowed to bring crude oil theft to its kneels by looking at practical solutions to the menace. The President gave the assurance at the ongoing 24th World Energy Congress (WEC) in Abu Dhabi, United Arab Emirates on Tuesday. Buhari’s pledge may not be unconnected with the 77 per cent rise in oil pipeline vandalism as contained in the June monthly report of the Nigerian National Petroleum Corporation (NNPC) with 106 pipeline breaches in June, up from just 60 in May. Represented by the Minister of State for Petroleum Resources, Chief Timipreye Sylva, Buhari said the Federal Government would deliver Final Investment Decisions (FIDs) on at least four key projects within the nation’s oil and gas industry by the end of last quarter this year. He said his vision w...
Refineries Lost N77.15bn In Six Months – NNPC
News

Refineries Lost N77.15bn In Six Months – NNPC

Federal Government-owned refineries located in Port Harcourt, Kaduna and Warri lost N77.15bn in the first six months of the year, the Nigerian National Petroleum Corporation has said. The refineries posted a loss of N68.10bn in the same period in 2018, according to the NNPC data obtained by our correspondent on Monday. The Port Harcourt Refining Company has two refineries, while the Warri Refining and Petrochemical Company and the Kaduna Refining and Petrochemical Company have one each. The refineries have a combined installed capacity of 445,000 barrels per day but have continued to operate far below the installed capacity for many years. They lost N8.362bn in January; N10.26bn in February; N16.04bn in March; N11.44bn in April; N13.63bn in May, and N17.42bn in June. Kad...
Don’t Drag NNPC To Politics Under Freedom Of Information Law, Kyari Warns
Politics

Don’t Drag NNPC To Politics Under Freedom Of Information Law, Kyari Warns

The Nigerian National Petroleum Corporation (NNPC) has urged the public to be wary of attempts to drag the corporation into politics in the guise of requests for information under the Freedom of Information law. The Group Managing Director of the Corporation disclosed this in a statement signed by Ndu Ughamadu, the spokesman for the corporation, in Abuja on Tuesday. Kyari made the call during a courtesy visit by the Executive Secretary of the Nigeria Extractive Industries Transparency Initiative, Waziri Adio, to the NNPC Towers. He said that though the corporation was committed to transparency and accountability to the Nigerian people, a line must be drawn between genuine requests for information and malicious attempts to drag it into politics. He said: “As you are aware, s...
NNPC To Supply 10% Of India’s Crude Demand
News

NNPC To Supply 10% Of India’s Crude Demand

The Nigerian National Petroleum Corporation (NNPC) on Thursday expressed its readiness to maintain the supply of 10 per cent of India’s crude oil demand in the face of competing demand for the product from other countries. The Group Managing Director of the NNPC, Mele Kyari made the disclosure during a visit by the Indian High Commissioner to Nigeria, His Excellency Abhay Thakur. The GMD stated that Nigeria, through the Corporation, would continue to support India’s energy security, adding that the recent Memorandum of Understanding in the area of energy between Nigeria and India would be consummated to further strengthen the bilateral relations between the two countries. Mallam Kyari stated that NNPC was desirous of growing the energy cooperation with India and that it was ti...
Disregard Rumour Of Impending Hike In Petrol Price – NNPC
News

Disregard Rumour Of Impending Hike In Petrol Price – NNPC

The Nigerian National Petroleum Corporation on Thursday advised motorists and other petroleum product consumers to disregard the trending rumour of a planned hike in the pump price of Premium Motor Spirit, popularly known as petrol. It explained that the statement of the corporation’s Group Managing Director, Mele Kyari, at the National Assembly on Wednesday did not suggest any plan to increase the price of the white product. NNPC Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, clarified that what the NNPC GMD stated during his engagement with the Senate President, Senator Ahmed Lawan, was that the price of petrol was abysmally low in Nigeria compared to what obtained in neighbouring West African countries. Ughamadu noted that Kyari had observed at the even...
NNPC Hints Of Fuel Pump Price Rise, Says N145 Cheapest In West Africa
News

NNPC Hints Of Fuel Pump Price Rise, Says N145 Cheapest In West Africa

Nigerian National Petroleum Corporation (NNPC) has hinted that pump price of premium motor spirit (PMS) may be increased soon, as it described the N145 pump price as the cheapest in West Africa. The new Group Managing Director (GMD), Mele Kyari, stated this yesterday during a visit to Senate President Ahmed Lawan at the National Assembly complex, Abuja. Kyari spoke while making submissions on revenue generation before the leadership of the senate. He identified cheap fuel price and smuggling as the two key factors hampering revenue generation by the agency. “The N145 per litre fuel price regime in Nigeria runs against the N350 per litre most of the other West African countries operate, encouraging smuggling. “It is even very difficult for us to make the product available...
Oil Marketers Get $3.6bn To Import Fuel – NNPC
News

Oil Marketers Get $3.6bn To Import Fuel – NNPC

The Nigerian National Petroleum Corporation (NNPC) said the Central Bank of Nigeria (CBN) provided about $3.6 billion foreign exchange (FX) to oil marketers to import petroleum products into the country contrary to claims by the marketers that they had no access to FX for imports. The Chief Operating Officer, Downstream of the NNPC, Mr. Henry Ikem-Obih, said this yesterday at a panel session at the Nigerian Oil and Gas Conference and Exhibition in Abuja. He said the claims by the marketers that their inability to import petroleum product was due to problems related to access to foreign exchange was not true. Although he did not mention the period the FX interventions were made, Obih said, “The truth is that the forex intervention scheme which was rolled out by CBN and co-managed by ...
Over 60,000 Candidates Sit For NNPC Test
News

Over 60,000 Candidates Sit For NNPC Test

No fewer than 60,000 candidates sat Nigerian National Petroleum Corporation, NNPC test which held today across the country. The Chief Operating Officer Corporate Services, Mr Isaiah Inuwa, disclosed this to newsmen while monitoring some of the CBT centres in Abuja. He said that the exam was ongoing in about 94 centers in 22 states. “This is fantastic, you can see everything is going on well. We have two centres here and you see the orderly way people are being screened for accreditation. “What you see here is on going in about 94 centres in 22 states across the federation. “This is another way the corporation is showing transparency in carrying out its activities and this has also given Nigerians the opportunity to hold their leaders accountable. “All the candidates a...
NLNG Organizes List Of 120 Workers To Be Sacked
News

NLNG Organizes List Of 120 Workers To Be Sacked

In spite of denying plans to set out on mass conservation of its laborers, the top administration of the Nigerian Liquefied Natural Gas organization has met to approve the rundown of no less than 120 representatives to be backed out of the organization soon. In particular, the Talent Council of the gas organization made up of the Managing Director, Mr. Tony Attah; his agent and the general chiefs, met on Thursday to confirm the sack list purportedly gathered by the Organizational Manager, Nath Obioha. A dependable source in the organization, who talked with our journalist on Saturday, said regardless of the strident forswearing of the administration of designs to sack a portion of the laborers, the board saddled with the undertaking kept on gathering to close the plans. NLNG is ...
FG, NNPC, Industry Players Intensify Efforts To Increase Domestic Gas Supply
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FG, NNPC, Industry Players Intensify Efforts To Increase Domestic Gas Supply

The Federal Government of Nigeria, Nigerian National Petroleum Corporation (NNPC), and industry players in the Nigerian Gas sector has made a substantial commitment to increase the domestic gas supply across the country. In a statement made known to Oil and Gas Republic at the Nigeria Gas Association Business Forum 2019 recently held in Lagos, NNPC alongside with the Ministry of Petroleum Resources has established some key initiatives to make gas production, distribution and utilization attainable in the country. Part of the initiatives include; the Seven Critical Gas Development Projects signed by NNPC in July 2018 with the aim of closing demand-supply gap in the domestic gas market. Engr. Emeka Okwuosa, Group CEO, Oilserv Limited, commended the FG government and NNPC on the initiat...
Nigeria Requires $200b To Bridge Energy Gap – Shell
News

Nigeria Requires $200b To Bridge Energy Gap – Shell

Shell Nigeria Exploration & Production Co (SNEPCo) Managing Director (MD) Bayo Ojulari has said between $40 billion and $200 billion Nigeria needs to bridge its energy gap. He said a nation without a secured energy system could not claim to have power. In his presentation titled: “Nigeria’s energy security and sustainable development in Nigeria: The way forward”, at the Society of Petroleum Engineers (SPE) Oloibiri Lecture Series and Energy Forum 2019 in Abuja, Ojulari lamented that 70 per cent of the country’s installed electricity capacity is lost without reaching consumers. According to him, because of aging equipment and vandalism, 70 per cent of the populace has less than four hours electricity daily. He said: “Energy is not standing alone, it is about its impact o...
Fuel Will Continue To Sell For N145 Per Litre – NNPC
Politics

Fuel Will Continue To Sell For N145 Per Litre – NNPC

Despite increased landing cost of petroleum products, Premium Motor Spirit will continue to sell at N145 per litre, the Nigerian National Petroleum Corporation has said. In a telephone interview with our correspondent in Abuja on Wednesday, NNPC Group General Manager, Public Affairs, Mr Ndu Ughamadu, said that the corporation would continue to bear the cost of under-recovery of petrol through other sources. Ughamadu said, “The Federal Government has made it clear; petrol will continue to sell at N145 per litre. NNPC is not operating subsidy. What we have done is under-recovery of which we make up from other sources. “Yes, the under-recovery will continue. The corporation plays many roles in the country. We are an importer of the last resort where others refuse to import. “W...
No Plans To Increase Petrol Price From N145 Per Litre.
News

No Plans To Increase Petrol Price From N145 Per Litre.

The Nigerian National Petroleum Corporation (NNPC) says the ex-depot price of Premium Motor Spirit (PMS) also known as petrol remains N133.28 per litre. Ndu Ughamadu, the NNPC Group Spokesman, disclosed this in an interview with the News Agency of Nigeria (NAN), in Abuja on Tuesday. He said Nigerians should ignore any speculations that pump price will soon increase. “The ex-depot price of PMS remains N133.28 per litre as at today and this is according to the Petroleum Products Pricing Regulatory Agency (PPPRA) template. “NNPC remains the sole importer of the product and we have not increased the price we sell to marketer. “There is no plan to increase pump price, Nigerians should know that,” he said. He said the corporation had robust stock pile of products that would...
NNPC Recruitment Criteria Exclude Graduates From Poor Homes, Says NANS
News

NNPC Recruitment Criteria Exclude Graduates From Poor Homes, Says NANS

The national leadership of National Association of Nigerian Students has rejected what it calls “anti-poor and anti-masses” recruitment requirements of the Nigerian National Petroleum Corporation. NANS National Public Relations Officer, Mr. Adeyemi Azeez, made the position of the student body known in a statement on Sunday in Abuja. NANS alleged that it was a deliberate and well structured resolve to play out many graduates, especially those from the poor background. According to him, it is no longer news, that regular occurrences of incessant strikes have long marred the education sector of the country. “Therefore, ordinarily an undergraduate that applied for a four or five year programme will eventually end up staying nine or 10 years on campus pursuing a bachelor degree. “NANS will ...
NNPC Begins Rehabilitation Of Port Harcourt Refinery
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NNPC Begins Rehabilitation Of Port Harcourt Refinery

The Nigerian National Petroleum Corporation on Thursday announced the formal commencement of the first phase of the rehabilitation of the 210,000 barrels per day capacity Port Harcourt refinery. Port Harcourt refinery complex also houses the 60,000 barrels per day old refinery that was built in 1965 and the 150,000 barrels per day new refinery, inaugurated in 1989. The Group Managing Director, NNPC, Maikanti Baru, flagged-off the formal commencement of the rehabilitation work on the facility at the premises of the refinery in Port Harcourt on Thursday, 19 years after the last Turn Around Maintenance exercise of the nation’s premier refining plant. NNPC Group General Manager, Group Public Affairs Division, Ndu Ughamadu, in a statement issued in Abuja, said the project would be ...

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