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Business Oil & Gas

Nigeria’s NNPC to supply 4 crude cargoes to Dangote Refinery as operations near commencement

Nigeria’s NNPC, the state oil company, is anticipated to provide four crude shipments from its February schedule to the Dangote refinery, set to begin operations following extensive construction delays, disclosed three sources familiar with the situation to Reuters. The highly-anticipated Dangote refinery, touted as Africa’s largest, is on the verge of commencing test runs and Read More…

Business Oil & Gas Top Story

NNPC to complete test runs at Port Harcourt refinery this month

Nigerian state-owned oil firm NNPC Ltd. has announced that it will complete test runs at the Port Harcourt refinery in the south this month, marking a major step towards resuming operations after five years of shutdown. According to NNPC spokesperson Femi Soneye, “Testing will conclude shortly, ensuring the refinery’s efficient operation. That phase will be Read More…

REUTERS/Francis Mascarenhas
Business Oil & Gas Top Story

NNPC denies impending fuel price hike, urges public disregard for rumours

The Nigerian National Petroleum Company (NNPC) Ltd. has refuted claims of an imminent rise in the cost of Premium Motor Spirit (PMS), also known as petrol, urging citizens to dismiss unfounded speculations regarding a potential fuel price hike. Mr. Olufemi Soneye, the Chief Corporate Communications Officer of NNPC Ltd., reaffirmed this stance in a statement Read More…

Disaster Metro Security

NSCDC averts potential pipeline explosion, safeguards Alimosho community in Lagos

The Nigeria Security and Civil Defence Corps (NSCDC) in Lagos State successfully prevented a potential oil pipeline explosion that could have caused massive devastation in Alimosho, Lagos. According to DSC Oluwaseun Abolurin, the Command’s Public Relations Officer, this incident aimed to vandalise the Nigerian National Petroleum Corporation’s (NNPC) oil pipelines in Liberty Estate and surrounding Read More…

Business Oil & Gas Top Story

Nigeria launches new crude grade “Nembe” to boost production amid challenges

The Nigerian National Petroleum Corporation (NNPC) Ltd announced on Tuesday the introduction of a new crude grade named Nembe as part of Nigeria’s efforts to increase crude oil production. Africa’s largest oil producer has been grappling with declining output due to issues like crude theft, pipeline attacks in the Niger Delta, and underinvestment, leading to Read More…

Business Oil & Gas Top Story

NNPC to supply crude to Dangote Refinery for testing in landmark deal

It has been revealed that Nigeria’s state oil corporation, NNPC Ltd, is set to provide the Dangote oil refinery with crude oil for testing purposes in a groundbreaking deal. This landmark agreement, exclusively reported by Reuters, marks a pivotal moment in the development of the 650,000 barrel-per-day Dangote oil refinery, funded by Africa’s wealthiest individual, Read More…

Business Oil & Gas Top Story

NNPC questions Eni’s onshore oil asset sale to Oando

Nigeria’s state oil corporation, NNPC Ltd., has raised concerns over Italy’s Eni subsidiary’s announcement of a deal to transfer onshore oil assets to local company Oando PLC. In a letter seen by Reuters, NNPC Ltd. contends that Eni’s subsidiary, Nigerian Agip Oil Company Ltd. (NAOC), failed to obtain NNPC’s consent before revealing the transaction. Such Read More…

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Business Oil & Gas

IPMAN appeals to members not to embark on strike

The Independent Petroleum Marketers Association of Nigeria (IPMAN) on Thursday stated its members would not embark on a nationwide strike as being predicted. In an interview with newsmen in Lagos, Mr. Mike Osatuyi, IPMAN’s National Operations Controller, provided the assurance. It was vital, according to Osatuyi, to refute the claim that lPMAN members intended to Read More…

Business Corruption Crime Oil & Gas Top Story

How mining company used private jet to move dollar bribe cash from Nigeria

Prosecutors said before a London court on Wednesday that employees and agents of a British unit of mining and trading company Glencore used private aircraft to transport money to pay bribes to oil authorities in West Africa. In June 2022, Glencore formally entered a guilty plea to seven charges of bribery related to oil activities Read More…

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Business Oil & Gas Top Story

NNPC: China’s Addax withdraws from four Nigerian oil blocks

Nigeria’s NNPC Ltd. announced on Tuesday that Sinopec’s Addax Petroleum Development (Nigeria) Ltd. has ceded its four main oil mining blocks in Nigeria to the state-owned oil corporation. By establishing Production Sharing Contracts (PSCs) with NNPC, Addax launched operations in Nigeria in 1998. “NNPC Ltd and Addax Petroleum Development (Nigeria) Ltd signed a Memorandum of Read More…