The group managing director of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru, has thrown some light on the modular refineries the Federal Government is planning for the Niger Delta. Mr. Maikanti, at the 53rd International Conference and Exhibition of the Nigerian Mining and Geosciences Society (NMGS) in Abuja, said the government would organise the […]
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In his 2017 budget defense at the House of Representatives, the Chief of Naval Staff, Vice Admiral Ibok-Ete Ibas, while presenting the operational scorecard for his service for 2016 disclosed that the Nigerian Navy confiscated crude oil and diesel worth about N420 billion from oil thieves and illegal refinery operators. According to him, the “specific […]
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The inability of petroleum marketers to pay or service banks loans in the last two years is threatening further importation and could worsen the financial position of banks. The marketers under the aegis of the Independent Petroleum Products Importers (IPPIs) said in a communiqué yesterday that members owe some banks as much as N305 billion […]
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Shell Companies in Nigeria, supported by the Nigerian National Petroleum Corporation (NNPC) has signed Memoranda of Understanding (MoUs) with eight Nigerian banks under the refreshed Shell Contractors’ Support Fund, the latest milestone in efforts to improve access to finance for Nigerian vendors and suppliers in the oil and gas industry. Under the MoUs signed in […]
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The Federal Government has revealed it will exit all cash call arrangement it has with oil and gas companies including International Oil Companies (IOCs), Indigenous Oil Companies all other stakeholders in the sector. Cash call arrangement is an investment policy where all parties contribute to funding oil exploration and production operations in the proportion […]
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The cash call arrears owed oil companies by the Federal Government have swollen to over $8.5bn (N2.6tn), a development that has seen the government making moves to exit the Joint Venture cash call system. The Group Managing Director, Nigerian National Petroleum Corporation, Dr. Maikanti Baru, disclosed this on Tuesday at the Nigerian Association of Petroleum […]
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The long awaited Petroleum Industry Bill(PIB), seeking unbundling of the Nigerian National Petroleum Corporation into two entities, made progress at the Senate after it scaled second reading. The bill sponsored by Tayo Alasoadura (APC-Ondo) seeks splitting of the NNPC into Nigerian Petroleum Assets Management and the National Oil Company. The PIB was first introduced in […]
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The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, said corruption in the oil and gas industry was overblown. Kachikwu said this in Abuja on Thursday at a news briefing shortly after the launch of the new roadmap tagged “The 7 Big Wins”. “I think sometimes the corruption indices in Nigerian National Petroleum Corporation […]
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The 36 states got N143.6bn from the federation account in September as their share of distributable revenue generated for the month. The breakdown shows in a report obtained by the News Agency of Nigeria, NAN, from a source at the office of the Accountant-General of the Federation in Abuja yesterday. The funds are usually shared […]
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Four Security officials of the NNPC along with some workers of the Warri Refinery and Petrochemical Company, WRPC, in Delta state have been arrested by the police for vandalizing oil pipes and oil theft. The four NNPC security personnel arrested at the crime scene, include, Kingsley Papper, Enekabor Mitaire, Abor Theophilus and Amagre Ernest. “The […]
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