Nigerian oil firm NNPC seeks $1billion prepay to refurbish Port Harcourt refinery

Nigeria’s state oil firm NNPC is in talks to raise around $1 billion in a prepayment with trading firms to refurbish its largest refining complex at Port Harcourt, seven sources familiar with the discussions said. If the financing is concluded, the long overdue rehabilitation of the refinery should reduce Nigeria’s hefty fuel import bill. It… Read More Nigerian oil firm NNPC seeks $1billion prepay to refurbish Port Harcourt refinery

China willing to invest $3billion in Nigerian oil and gas operations

​China National Offshore Oil Corp (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja. During a visit to Nigeria’s state-owned NNPC, CNOOC Chief Executive Yuan Guangyu said the Beijing-based oil company… Read More China willing to invest $3billion in Nigerian oil and gas operations

DPR seal eight filling stations in Kano for selling above approved price, other offences

The Department of Petroleum Resources (DPR) Kano Field Office, has sanctioned eight filling stations in the state for committing various offences. The DPR Acting Operations Controller, Paul Jhezi, told newsmen of the development after inspection of some filling stations in Kano metropolis on Wednesday. According to him, some of the affected filling stations were sealed… Read More DPR seal eight filling stations in Kano for selling above approved price, other offences

NNPC discloses expectance of ships laden with over hundred million litres of petrol

The Nigerian National Petroleum Corporation (NNPC), on Tuesday, disclosed that it is expecting up to five ships loaded with 50 million litres each of petrol in the country within the next three days. This is in a bid to bridge the noticeable shortage in the volume of petrol available for supply and distribution across Nigeria,… Read More NNPC discloses expectance of ships laden with over hundred million litres of petrol

NNPC threatens to seal, distribute products of filling stations hoarding petroleum products

The Group Managing Director (GMD), Nigeria National Petroleum Corporation (NNPC), Dr. Maikanti Baru, Tuesday said the Federal Government would adopt what he termed aggressive measure to tackle the ongoing artificial scarcity of petroleum products across the country. According to him, part of the approach was the directive to the Department of Petroleum Resources (DPR) to… Read More NNPC threatens to seal, distribute products of filling stations hoarding petroleum products

NNPC retires executive directors over missing PMS scandal

The Nigerian National Petroleum Corporation (NNPC), on Thursday, announced the retirement of the chief executive officer and two other senior executive officers of its retail segment, NNPC Retail Limited. The NNPC, in a statement by its Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, said the retired executives are: Mrs. Esther Nnamdi-Ogbue, Managing… Read More NNPC retires executive directors over missing PMS scandal

Senate to conduct thorough investigation of N10trillion fraud in the petroleum industry

The Senate said it has uncovered an alleged fraud of N10 trillion carried out by staff of Nigerian National Petroleum Corporation (NNPC) in connivance with officials of some of the Independent Marketers and other key players in the Petroleum Industry for ten years between 2006 and 2016. Against this backdrop, the Senate joint committees on… Read More Senate to conduct thorough investigation of N10trillion fraud in the petroleum industry

CBN, others given a week ultimatum to account for $22.6billion oil blocs

The House of Representatives Ad-hoc Committee on Oil Prospecting Licences (OPLs) and Oil Mining Leases (OMLs), yesterday, gave the Central Bank of Nigeria (CBN) and others a week ultimatum to provide all relevant documents to ascertain the payments of about $22.6 billion oil blocs from application fees, royalties, signature bonuses and other fees by oil… Read More CBN, others given a week ultimatum to account for $22.6billion oil blocs