Tag: NNPC

No FAAC remittance for May – NNPC warns

Aminu Imam

The Nigerian National Petroleum Corporation, (NNPC), has served a notice that it will not be able to remit any funds to the Federation Account in April for distribution in May. In a letter by the corporation to the Accountant-General of the Federation, (AGF), signed by the corporation’s Chief Financial Officer, Umar Ajiya, and dated April 26, 2021,the NNPC, which is being made to bear the cost for the price differential between the market price and pump price of petrol on behalf of the federation,said it posted a value shortfall of…

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NNPC, SEEPCO sign gas deal for domestic market

Aminu Imam

The Nigerian National Petroleum Corporation, (NNPC) and Sterling Exploration and Energy Production Company (SEEPCO), both partners in the Oil Mining Lease (OML) 143, have signed a Gas Development Agreement, (GDA). The agreement between both parties was signed at NNPC Towers on Thursday. The deal was said to be part of a commitment by the NNPC to facilitating the country’s transformation into a gas-powered economy and reduce gas flaring. The agreement was signed by Mele Kyari, the group managing director of NNPC, and Tony Chukwueke, chairman of SEEPCO. In a tweet,…

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Buhari restores ownership of 4 oil blocks to NNPC

Aminu Imam

…Overrules DPR President Muhammadu Buhari yesterday approved the restoration of the leases on Oil Mining Licences (OMLs) 123, 124, 126 and 137 to the Nigeria National Petroleum Corporation (NNPC). However, the directive by the president includes a production sharing contract with Addax Petroleum. Before now, Addax Petroleum, owned by the Government of the People’s Republic of China, had been awarded operational licenses of the OMLs 123, 124, 126 and 137. The four licenses held by Addax Petroleum were revoked on March 30 by the Department of Petroleum Resources (DPR). A…

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‘No plan to increase petrol price in May’, NNPC assures

Aminu Imam

…Says fuel queues will disappear soon There is no plan to increase the pump price of Premium Motor Spirit (PMS), popularly known as petrol, for the month of May, according to the Nigerian National Petroleum Corporation (NNPC). The Group Managing Director, Malam Mele Kyari, disclosed this at the end of a closed-door meeting with Petroleum Transport Drivers (PTD), National Association of Road Transporters Owners (NARTO), and oil marketers on Monday in Abuja, the nation’s capital. The meeting, convened by the NNPC boss, was held amid the industrial action by the…

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NNPC to resume oil exploration in Sokoto Basin – GMD, Mele Kyari

Aminu Imam

Plans to resume active exploration for crude in Sokoto Basin have been announced by the Nigerian National Petroleum Corporation (NNPC). This announcement was made by the group managing director (GMD) of NNPC, Mele Kyari, while receiving the Kebbi State governor, Atiku Bagudu, at the Corporation’s Head Office in Abuja on Thursday. A statement issued in Abuja on Thursday by NNPC spokesperson, Kennie Obateru, said the corporation’s Group Managing Director, Mele Kyari, said exploration for crude would resume in the Sokoto Basin. The statement read in part: “Kyari also hinted of…

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NNPC signs $1.5m contract for Port-Harcourt refinery rehabilitation

Aminu Imam

The Nigerian National Petroleum Corporation, (NNPC), has signed a contract with an international company, Maire Tecnimont SpA, for the rehabilitation of the Port Harcourt Refinery Company. The contract signing comes amid opposition to the proposed repair by experts, who argued that it is a waste of scarce resources. The Federal Executive Council (FEC) recently approved the sum of $1.5 billion for the project. Speaking during the Engineering, Procurement and Construction (EPC) contract signing ceremony yesterday, the Group Managing Director of NNPC, Mallam Mele Kyari, said: “Mr. President promised Nigerians he…

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‘Nigerians may pay more than N200 per litre for petrol in April’ – NNPC

Aminu Imam

The Nigerian National Petroleum Corporation, (NNPC), has lamented the burden placed on it by the ongoing subsidisation of the cost of petrol also known as Premium Motor Spirit (PMS) in the country, saying that sooner or later Nigerians have to pay the actual cost for the commodity. This was disclosed yesterday by the Group General Manager (GMD) of the National Petroleum Corporation (NNPC), Mele Kyari, while reacting to a question about the status of petrol’s pump price in the country, during the weekly presidential ministerial media briefing held at the…

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‘No increase in fuel price in March’ – NNPC

Aminu Imam

Ø  As oil marketers say petrol will sell for N230 per litre  Contrary to speculations of imminent increase in the price of Premium Motor Spirit (petrol) in the country, the Nigerian National Petroleum Corporation (NNPC) has ruled out any increment in the ex-depot price of Petroleum Motor Spirit, also known as petrol, this March. According to a press release issued by the NNPC’s Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, stated that the Corporation was not contemplating any raise in the price of petrol in March in…

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Oil marketers say petrol will sell for N230 per litre in March

Aminu Imam

Oil marketers, yesterday, said that Premium Motor Spirit (PMS) otherwise known as petrol is to sell for as much as N230 per litre in March. This is coming against the background of insistence by the Nigerian National Petroleum Corporation, (NNPC), that it has no plans to increase the price of petrol in March. There has been a reported re-appearance of queues at filling stations in some parts of Lagos and Abuja as panic buying and petrol hoarding occurs in some filling stations. According to reports, the National Operations Controller, Independent…

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‘No increase in fuel price in March’ – NNPC

Aminu Imam

Contrary to speculations of imminent increase in the price of Premium Motor Spirit (petrol) in the country, the Nigerian National Petroleum Corporation (NNPC) has ruled out any increment in the ex-depot price of petrol in March, 2021. According to a press release issued by the NNPC’s Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, stated that the Corporation was not contemplating any raise in the price of petrol in March in order not to jeopardize ongoing engagements with organized labour and other stakeholders on an acceptable framework that…

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