Damilola Shittu – Abuja Nigeria’s refineries under the management of the Nigerian National Petroleum Corporation (NNPC) made a cumulative loss of N123.25bn from January to October 2019, latest figures released on Wednesday showed. An analysis of data in the October 2019 oil and gas report of the NNPC showed that all three entities recorded losses…
Jumoke Adelabu – Abuja The Nigerian National Petroleum Corporation (NNPC) and its joint venture partners in the Nigeria Liquefied Natural Gas Limited on Friday took the Final Investment Decision on the commencement of the $10bn NLNG Train-7 project. Shareholders of the company took the FID on the Train-7 project in Abuja after about 12 years…
The Minister of State for Petroleum Resources, Chief Timipre Sylva said the Federal Government would continue to support effort to ensure the take off of Waltersmith modular refinery by May 2020. Sylva gave the assurance during his inspection visit to the Walthersmith Modular Refinery construction site located in Ohaji/Egbema Local Government Area, Imo State. The…
Damilola Shittu – Lagos Ten governors on the platform of the Nigerian Governors Forum (NGF) Friday visited the Dangote Refinery and Petrochemicals at Ibeju-Lekki in Lagos, stating that it is a pride to Nigeria and Africa. The governors, led by the Forum’s chairman, who is the Governor of Ekiti State, Dr. Kayode Fayemi, described the…
Government claims it’s owed money as price of crude has risen Justice minister says possible settlement isn’t ‘out of sight’ The Federal Government of Nigeria began preliminary talks with international oil companies to settle a dispute over revenue. The government, citing a 2018 Supreme Court ruling, says it’s entitled to $62 billion from the companies…
By Oke Peter The Nigerian National Petroleum Corporation (NNPC) on Friday said it has discovered hydrocarbon deposits (crude oil) in the Kolmani River II Well on the Upper Benue Trough, Gongola Basin, in the North-Eastern part of the country. Recall that drilling of the Kolmani River II Well was flagged-off by President Muhammadu Buhari on…
By Oke Peter The Nigerian National Petroleum Corporation (NNPC) with its joint venture partners, Shell Production Development Company (SPDC) and Belema Oil, have resolved the dispute on the operation of Oil Mining Lease 25. The feuding group at the signing of the dispute closure agreement in Abuja on Tuesday agreed that operations at the oil…
The expansion of LNG Train-7 plant, a Nigerian Liquefied Natural Gas project, is anticipated to attract $10 billion in foreign direct investment in the next five years. After a 12-year delay, the Nigerian Liquefied Natural Gas (NLNG) Limited will now go ahead with the expansion of its LNG capacity by an additional eight metric tonnes…
Oluwadamilola Shittu – Abuja The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari, has solicited the support of the Department of State Services (DSS) to assist the corporation in its effort to recover outstanding debts as well as curb pipeline vandalism. Kyari made the plea when he led the management…
The commodity trading subsidiary of the Nigerian National Petroleum Corporation, NNPC, Duke Oil Services, has closed down its operations in London. This is probably as a result of the $9.6 billion judgement claim instituted against Nigeria by Process and Industrial Development, P&ID, Limited. P&ID had secured an order from a British court to seize Nigeria’s…
