Nigeria to see increased production from assets exited by Addax, says Kyari
Innocent ObasiNovember 4, 2022
By Innocent Obasi …as 4 oil mining blocks revert to NNPC Sinopec’s Addax Petroleum Development (Nigeria) Limited is exiting its four major oil mining blocks in the country after it signed a transfer, settlement and exit agreement with the Nigerian National Petroleum Company (NNPC) Limited. The agreement was signed by Umar Ajiya, chief financial officer […]
NNPC, others partner to construct offshore base in Niger Delta
Olivia NnoromOctober 31, 2022
By Olivia Nnorom The Nigerian National Petroleum Company Limited (NNPC) has partnered Akwa Ibom State government and Solutions Hub Limited to establish a fully integrated, deepwater logistics shore base in the Niger Delta state that will offer offshore construction and logistics services to the eastern flank of Nigeria, the West and Central African region. […]
NNPC, Daewoo sign MoU on Kaduna Refinery rehabilitation
Innocent ObasiOctober 28, 2022
By Innocent Obasi The Nigerian National Petroleum Company (NNPC) Ltd has signed a Memorandum of Understanding (MoU) with Daewoo Group, a South Korean conglomerate and automobile manufacturer, for the rehabilitation of the refinery in Kaduna. Both parties signed the agreement on Thursday during the 2022 World Bio Summit in Seoul, South Korea. A statement by Femi […]
Nigeria’s first offshore petroleum terminal ready for commissioning
Innocent ObasiOctober 19, 2022
By Innocent Obasi The first offshore subsea petroleum products terminal in Nigeria, constructed by Pinnacle Oil and Gas Limited, is ready and will be commissioned by President Muhammadu Buhari on Saturday, 22 October. Peter Mbah, CEO, Pinnacle Oil and Gas Limited, an indigenous oil and gas company active across the entire downstream value chain, disclosed this on Tuesday […]
AEC, Afreximbank sign MoU to boost private-sector investments in Africa’s oil & gas
Onome AmugeOctober 18, 2022
By Onome Amuge The African Energy Chamber (AEC) and the African Export-Import Bank (Afreximbank) have signed a Memorandum of Understanding (MoU) to enhance private sector investments across Africa’s oil and gas industry. The MoU was signed by NJ Ayuk, the executive chairman of the AEC, and Benedict Oramah, president, Afreximbank, during the first […]
Nigeria to see increased oil production as Shell resumes export at 400,000-bpd Forcados Terminal
Innocent ObasiOctober 14, 2022
By Innocent Obasi Nigeria is expected to see an increase in its oil production as Shell Petroleum Development Company Limited (SPDC) hinted in a statement on Wednesday that its 400,000 barrels per day (bpd) Forcados Oil Terminal would resume export operations by the end of this month. This is coming after months of underproduction […]
Nigeria, Morocco to endorse $25bn gas pipeline funding agreement in 2023
Innocent ObasiOctober 14, 2022
By Innocent Obasi Nigeria and Morocco are expected to endorse an agreement on the funding of the $25 billion gas pipeline that would run from Nigeria to Morocco next year, reports said quoting Mele Kyari, group CEO of Nigeria National Petroleum Company Limited (NNPCL). The huge infrastructure is expected to supply gas to Europe, […]
NNPCL signals capacity to guarantee Nigeria’s energy security
Innocent ObasiOctober 11, 2022
By Innocent Obasi Three months after it transitioned from a state-owned behemoth to a private company regulated by the provisions of the Companies and Allied Matters Act, the Nigerian National Petroleum Company Limited (NNPCL) seems to be signalling its readiness to utilize its mandate to guarantee Nigeria‘s national energy security. These signals come by way of the bold moves made by the national oil […]
NUPRC relaunches commercial gas flare programme, opens renewed bids
Innocent ObasiOctober 5, 2022
By Innocent Obasi The Nigerian Upstream Petroleum Regulatory Commission (NURPC) has announced the formal relaunch of the Nigerian Gas Flare Commercialisation Programme (NGFCP 2022). Gbenga Komolafe, the commission’s chief executive, who disclosed this in a statement, recalled that the programme, which was conceived in 2016, “is one of the strategic initiatives of the […]
NNPCL’s profit up 134% to N674bn as total assets reach N16.27trn
Innocent ObasiOctober 5, 2022
By Innocent Obasi The Nigerian National Petroleum Company Limited (NNPCL) has reported a profit after tax of N674 billion for the 2021 financial year, an increase of 134.8 percent compared to N287 billion reported for the 2020 financial year. The firm’s overall assets also increased from N15.86 trillion in 2020 to N16.27 trillion in […]