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Federation Account: Stakeholders Move to Stop NNPC from Collecting, Remitting Oil Royalty

Federation Account: Stakeholders Move to Stop NNPC from Collecting, Remitting Oil Royalty

FAAC to probe N90bn underpayment by FIRS To check the controversy associated with the Nigerian National Petroleum Corporation (NNPC) remittances into the Federation Account, stakeholders in the Federation Account Allocation Committee (FAAC) are moving to stop the state oil company ...

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NLNG Shops for $7bn to Build Train 7

NLNG Shops for $7bn to Build Train 7

 Repays $5.45bn loan used to build six trains Buhari lauds NNPC, NLNG, Shell, Total, Agip for MoU on gas production Omololu Ogunmade in Abuja and Chineme Okafor in London The Nigeria Liquefied Natural Gas Limited (NLNG) Wednesday said it was ...

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Reps probe N100bn underpayment by NNPC

Reps probe N100bn underpayment by NNPC

The House of Representatives has ordered an investigation into the alleged underpayment of over N100bn to the Federation Account by the Nigerian National Petroleum Corporation. On account of the non-remittance from crude oil sale proceeds, the monthly Federation Account Allocation ...

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Debt: FG may cut power supply to Benin, Niger, Togo

Debt: FG may cut power supply to Benin, Niger, Togo

President Muhammadu Buhari has joined operators in the power sector to call on international customers who receive electricity from Nigeria to either pay their bills or be disconnected. Nigeria sells power to the Republics of Togo, Niger and Benin, and ...

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Seplat Petroleum CEO Assures Stakeholders of Improved Returns

Seplat Petroleum CEO Assures Stakeholders of Improved Returns

The Chief Executive Officer of Seplat Petroleum Development Company Plc, Mr. Austin Avuru on Tuesday assured stakeholders that the company has been positioned to deliver superior returns. Seplat, which posted a loss in 2016 bounced back into profitability in 2017 ...

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With Strike in Norway, Libyan Disruption, Crude Oil Price Rises to $79

With Strike in Norway, Libyan Disruption, Crude Oil Price Rises to $79

•NNPC records N11.72bn surplus after long streak of losses •House probes alleged N100bn under-remittance by corporation •N’Assembly transmits PIGB to Buhari for assent Crude oil prices rose by over one per cent towards $79 per barrel Tuesday due to growing ...

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Nigeria’s Oil and Gas Reserves Stagnate as Oil Majors Reduce Investment

Nigeria’s Oil and Gas Reserves Stagnate as Oil Majors Reduce Investment

NNPC’s subsidiary records N6.11bn profit Oil and gas industry experts have expressed deep concern over the drop in investment in oil and gas projects to lowest level in recent years, leading to the stagnation of the country’s oil and gas ...

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NNPC may take final decision on NLNG Train seven this year

NNPC may take final decision on NLNG Train seven this year

 OPEC says more investment needed in oil, gas sector The Group Managing Director of the Nigerian National Petroleum Corporation, (NNPC) Maikanti Baru, has said a Final Investment Decision (FID) on the additional eight Million Tonnes Per Annum Nigeria LNG Train ...

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NEC Directs NNPC, Finance Ministry to Audit Daily Petrol Usage

NEC Directs NNPC, Finance Ministry to Audit Daily Petrol Usage

IOCs: Investment confidence back with payment of JV cash call debts The National Executive Council (NEC) has directed the Nigerian National Petroleum Corporation (NNPC) and Ministry of Finance to undertake an audit exercise to determine the actual volume of petrol ...

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Boosting power generation by using Azura IPP model

Boosting power generation by using Azura IPP model

Initially estimated to cost $1 billion, Siemens Nigeria was able to complete the construction of the Azura Power Plant at $900 billion, which is under budget.This, the Project Manager (Onshore), Siemens, Okechukwu Nwabuzor, said was possible with the right term, ...

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NNPC says Nigeria will increase crude oil reserves by one billion barrels yearly

NNPC says Nigeria will increase crude oil reserves by one billion barrels yearly

The Nigerian National Petroleum Corporation (NNPC) has said that the country will increase crude oil reserves by one billion barrels yearly to meet 40 billion barrels target by 2020. Group Managing Director of the NNPC, Maikanti Baru, who spoke yesterday ...

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Firm to address power challenge with renewable energy

Firm to address power challenge with renewable energy

A China-based firm, Shenzhen Kang Ming Sheng Technology Industry Incorporation, has disclosed plans to deepen renewable energy penetration in Nigeria with a new manufacturing plant. Speaking at the Conference and Annual General Meeting of the Nigerian Optometry Association in Abuja, ...

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Outrageous Lies about Nigeria’s Refineries

Outrageous Lies about Nigeria’s Refineries

Recently, the media was awash with reports that Nigeria is the only member country in the Organisation of Petroleum Exporting Countries (OPEC) that still imports petrol. The country currently imports one million tonnes of premium motor spirit (PMS) every month, ...

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$3.3bn Total’s Egina FPSO Departs to Offshore Field in Few Weeks

$3.3bn Total’s Egina FPSO Departs to Offshore Field in Few Weeks

. Crude oil price drops as Saudi, Russian output rises • NCDMB audits remittances to $200m local content fund The $3.3 billion Floating Production Storage Offloading (FPSO) unit for the 200,000 barrels per day capacity Egina Deepwater oilfield, which arrived ...

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NNPC Has Questions to Answer over Remittances to FAAC, Says NEC

NNPC Has Questions to Answer over Remittances to FAAC, Says NEC

Backs FAAC’s rejection of May transfer Corporation blames governors for stalemate DPR indicates gas flare in Nigeria now down to 9% The National Economic Council (NEC) Thursday in Abuja threw its weight behind the Federation Account Allocation Committee’s (FAAC) decision to reject ...

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Better Power Supply Beckons as Thermal Stations Connect to New Gas Pipelines

Better Power Supply Beckons as Thermal Stations Connect to New Gas Pipelines

NNPC: Nigeria targets 10% of global LNG market share The Nigerian National Petroleum Corporation (NNPC) Wednesday declared that all the existing gas-based power generation plants in Nigeria had been connected to permanent gas supply lines through a 600-kilometre new gas ...

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Crude Oil Prices Rise over Uncertainty on Libyan Crude Exports

Crude Oil Prices Rise over Uncertainty on Libyan Crude Exports

Crude oil prices rose Tuesday on uncertainty over Libyan oil exports, although plans by the Organisation of Petroleum Exporting Countries (OPEC) to raise output continued to drag. The international benchmark crude oil, Brent increased by 0.3 per cent to $74.95 ...

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Oil prices fall as OPEC raises production target from July

Oil prices fall as OPEC raises production target from July

Nigeria’s Bonny Light maintain rising profile Crude oil prices fell yesterday after the decision by the Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC members to raise crude supplies to about one million barrels by starting from July 1. ...

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NNPC: $5bn JV Debt Repayment Restoring Investors’ Confidence in Nigeria

NNPC: $5bn JV Debt Repayment Restoring Investors’ Confidence in Nigeria

The Nigerian National Petroleum Corporation (NNPC) has said its repayment of the about $5 billion negotiated joint venture cash call debts owed to International Oil Companies (IOCs) over the years was now stirring the confidence of investors in Nigeria’s upstream ...

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Power Supply Remains at 3,278MW Despite Repairs of Gas Pipelines

Power Supply Remains at 3,278MW Despite Repairs of Gas Pipelines

Agip Pipeline . Sector’s 2018 financial losses now N227.793bn The total volume of electricity generated for transmission and distribution in Nigeria has remained low at 3,278 megawatts (MW) despite the completion of the repairs of gas pipelines ruptured last week, ...

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