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…
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…
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…
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…
Oil and gas downstream enterprises have expressed worry about the role of lawmakers in policing private corporations. They bemoaned the time wasted attending to the MPs’ summonses and criticised the oversight role played by politicians over private enterprises that were being monitored and regulated by government authorities. The operators voiced their objections on Tuesday in Read More…
The Nigerian National Petroleum Company (NNPC) has made assurances that the country will not suffer petrol scarcity in December and beyond, as it claims to have made adequate arrangements for supply. Umar Ajia, the Chief Financial Officer of NNPC Ltd, said this in Abuja on Monday standing before an ad hoc committee of the House Read More…
The Federal government said on Wednesday that it was depending on Dangote and state-owned refineries to end massive petrol importation in Nigeria. The Dangote plant and the government have the capacity to refine 650,000 and 445,000 barrels per day, respectively. Mele Kyari, the Group Chief Executive Officer, Nigerian National Petroleum Company Limited, NNPCL, speaking in Read More…
THE latest episode in the Nigerian drama of governance is the importation of at least 100 million litres of contaminated PMS which knocked car engines. As with such cases of governance, nobody, official or organisation is willing or honest enough to take responsibility. The Nigerian National Petroleum Company, NNPC, which claimed to have discovered the Read More…
Going by the directive by President Muhammadu Buhari to incorporate a Nigerian National Petroleum Company Limited, the implementation of the Petroleum Industry Act 2021 has begun. A statement from Aso Rock signed by Special Adviser on Media and Publicity, Femi Adesina, said that this was in consonance with Section 53(1) of the Petroleum Industry Act Read More…
National oil companies (NOCs) risk squandering $400 billion on expensive oil and gas projects over the next decade that may only break even if the world fails to meet the Paris climate goals, a non-governmental organisation said on Tuesday. In a new report called Risky Bet, the Natural Resource Governance Institute (NRGI) estimated that NOCs Read More…
