Tag: NNPCL

Petrol scarcity looms, as NNPC incurs $6bn payment backlogs

Aminu Imam
Fuel queues

Long queues have returned to petrol stations across Nigeria, raising concerns about fuel shortages as the Nigerian National Petroleum Company Ltd, (NNPCL), grapples with a $6 billion petrol payment backlog. According to reports, NNPCL owes approximately $6 billion to international traders for imported petrol. Traders have stated that NNPCL is taking more days to make payments, exceeding the usual 90-day period. Reuters indicated that NNPCLs mounting debt includes overdue payments of $4 billion to $5 billion for January imports, causing several international petrol suppliers to cease participating in recent tenders.…

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NNPCL declares ‘state of emergency’ on crude oil production

Aminu Imam
NNPCL declares

In a move towards increasing Nigerias crude oil production and growing its reserves, the Nigeria National Petroleum Corporation, (NNPC has declared a state of emergency on production in Nigerias oil and gas industry. Its Group Chief Executive Officer, (GCEO) Mele Kyari, disclosed this in a keynote address at the opening ceremony of the 23rd edition of the Nigeria Oil & Gas Conference and Exhibition (NOG Energy Week) in Abuja, yesterday. He said, We have decided to stop the debate. We have declared war on the challenges affecting our crude oil…

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‘Nigeria under-declaring crude oil figures’ – Investigation

Aminu Imam
Crude oil figures

…As OPEC, oil traders dispute NNPCLs figures Nigerias actual crude oil production figures are far above the official figures declared monthly by the supervising ministry and the two agencies saddled with the task of overseeing the nations upstream oil and gas sector, Business Hallmark findings have revealed. Month after month, the trio of Ministry of Petroleum Resources, Nigerian National Petroleum Company Limited (NNPCL) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) have officially supplied Nigerias daily and monthly crude oil production figures to the Organisation of Petroleum Exporting Countries (OPEC)…

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Nigeria loses N636bn oil revenue, as production dips

Aminu Imam
Oil rig

The repeated slump in Nigerias monthly oil outputs since January 2024 has resulted in a revenue loss of about N636.3bn, findings have revealed. Oil production data obtained from a Federal Government agency indicated that Nigeria produced 1.43 million barrels of crude oil (excluding condensates) in January this year, but this nosedived to 1.25mbpd in May. Figures obtained from the Nigerian Upstream Petroleum Regulatory Commission showed that while the total volume of crude produced in January was 44.22 million barrels, it dropped to 38.8 million barrels in May. This represents a…

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FG begins N2.7tr subsidy debt probe; enlists Auditor-General

Aminu Imam
FG subsidy probe

The Federal Government has begun the proposed audit of the N2.7trillion fuel subsidy claim by the Nigerian National Petroleum Company Limited, (NNPCL). It was gathered that an audit firm, KPMG had conducted an initial audit reducing the claims from N6tn to N2.7tn. However, in the new audit, the government said it had approved the engagement of the Office of the Auditor-General of the Federation to verify the claims made by the Corporation regarding the amount the Federal Government owes the oil firm. This process was confirmed by the Director, Home…

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I spent N4,100 instead of N28,000 on fuel Nigerians excited, as NNPCLs CNG station begins operation

Aminu Imam

Nigerians are excited about the cost-effectiveness of Compress Natural Gas (CNG) as the Nigerian National Petroleum Company Gas Marketing Ltd begins dispensing autogas in Lagos. We are pleased to announce that Compressed Natural Gas (CNG) is now available for purchase at our location, catering to both cars and trucks, the companys Chief Corporate Communications Officer, Femi Soneye, said, while announcing the opening of the CNG filling station on Thursday. Since the removal of fuel subsidies by President Bola Ahmed Tinubu in May 2023, NNPC Limited has been spearheading the nations…

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NNPC to start oil exploration in Ogun – Govt.

Aminu Imam
Ogun Govt

Ogun State Government has disclosed  that the Nigerian National Petroleum Company Limited (NNPCL) is set to begin oil and gas exploration in the State. In an issued statement on Friday, the State government said the development would make its quest to become an oil-producing State materialise soon. The statement noted that stakeholders in the oil and gas industry were received at the office of  Ogun State Governor, Dapo Abiodun, and his Deputy, Noimot Salako-Oyedele, to discuss the prospect. Speaking at the meeting, Minister of State for Petroleum Resources (Oil),  Heineken…

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FG toconduct fresh audit of NNPCLs N2.8tr fuel subsidy claim

Aminu Imam
NNPCL

The Federal Government says it plans to commence a fresh audit of the N2.8 trillion fuel subsidy claim by the Nigerian National Petroleum Company Limited, (NNPCL). This plan was disclosed during the Federal Account Allocation Committee (FAAC) meeting held in March 2024, a copy recently released to newsmen revealed. The development comes after an audit firm, KPMG, conducted an initial audit which slashed the claims from N6 trillion to N2.7 trillion. To achieve this, the Government is considering either engaging an external audit firm or directing the Office of the…

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Fuel: NNPC again cautions motorists, others against panic-buying

Aminu Imam
NNPCL

The Nigerian National Petroleum Company, (NNPC), Limited has warned motorists and the public against panic buying of Premium Motor Spirit (PMS), commonly referred to as petrol. In an issued statement, signed by the  NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, yesterday, said the corporation emphasised that the supply and distribution of petrol across the nation have witnessed significant improvements. According to Soneye, NNPC officials have conducted thorough monitoring of filling stations in various States, including Lagos and the Federal Capital Territory (FCT), where he said the queues have notably decreased.…

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Missing $2.04bn, N164bn oil revenues: SERAP sues NNPCL

Aminu Imam
SERAP sues

Socio-Economic Rights and Accountability Project, (SERAP), has sued the Nigerian National Petroleum Company, NNPC Limited, over the failure to account for and explain the whereabouts of the alleged missing USD$2.04 billion and N164 billion oil revenues. This is amid the allegations documented in the recently published 2020 audited report by the Auditor-General of the Federation that the NNPC failed to remit the money into the Federation Account, saying that it may have been diverted. In the suit, filed last Friday at the Federal High Court in Abuja, on behalf of…

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