The Nigerian National Petroleum Company Limited (NNPCL) on Sunday described a report alleging that its managing director, Mele Kyari, quietly awarded the control of Nigeria’s pipelines to a Northern oil “cabal” as “fallacious”.

The oil company said this in a statement posted on its official handle on X platform Sunday night.

It described the report as “fallacious”, saying it was designed to bring its name into disrepute.… Read the rest

The Group Chief Executive Officer (CEO), of Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has said the company is 80 percent ready for an Initial Public Offer (IPO).

Kyari, who made the disclosure while addressing the Adipec Audience, said the company transitioned to a fully commercial model in 2021, insisting that it must perform better than its peers in the private sector.… Read the rest

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has confirmed the return of fuel subsidy under President Bola Tinubu.

President Bola Tinubu announced the removal of fuel subsidy on his first day in office, leading to an increase in fuel price from N197 to between N480 and N570, the pump price was subsequently reviewed upward to N620.

However, there were reports that the price would go up as a result of fluctuation in the global oil market.… Read the rest

The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Wabote, has raised the alarm that the divestment of onshore oil and gas assets by the International Oil Companies (IOCs) is depleting the federal government’s tax revenues due to the refusal of some of the indigenous players who acquired the assets to pay tax.

Wabote, who also enumerated the enormous gains of the ongoing divestment of assets by the multinational companies, noted that while the IOCs that operated the assets paid tax as at when due, some of the indigenous Nigerian companies that bought the assets have stopped paying tax.… Read the rest

As part of efforts to curb incessant oil theft in the country, the Nigerian Upstream Regulatory Commission (NUPRC) has introduced the Advanced Cargo Declaration regime in upstream petroleum operations to arrest oil robbery and curtail export of stolen crude oil.

The commission also disclosed plans to reactivate shut-in wells as part of initiatives to increase oil and gas production in the country.… Read the rest