President Bola Tinubu has appointed the board and management team of the Nigerian National Petroleum Company Limited.
This was disclosed by the Special Adviser to the President, Media and Publicity, Ajuri Ngelale, via a tweet by the Special Assistant to the President on Social Media, Dada Olusegun, on Monday.
The statement read, “In compliance with Section 59 (2) of the Petroleum Industry Act, 2021, President Bola Tinubu has approved the appointment of a new Board and Management team for the Nigerian National Petroleum Company Limited (NNPCL) with effect from December 1, 2023.”… Read the rest
The Minister of State, Petroleum Resources (Gas), Ekperikpe Ekpo, says the construction of the Nigeria-Morocco Gas Pipeline Project which aims to link European market is expected to begin in 2024.
Under this project, Gas is expected to be transported through the participating countries, including Nigeria, Benin, Togo, Ghana, Côte d’Ivoire, Liberia, Sierra Leone, Guinea, Guinea-Bissau, The Gambia, Senegal, Mauritania, and Morocco.… Read the rest
The price of crude oil fell on Monday as investors awaited the Organization of the Petroleum Exporting Countries (OPEC) meeting later in the week for an agreement to curb supplies into next year.
Brent crude futures fell 39 cents, or 0.5 percent, to $80.19 a barrel by 0728 GMT, while U.S. West Texas Intermediate crude futures were at $75.10 a barrel, down 44 cents, or 0.6 percent.… Read the rest
The National Oil Spills Detection and Response Agency (NOSDRA) has said that 3000 barrels of oil lost at Egina FPSO was due to export hose failure.
On Sunday, November 26, Mr. Idris Musa, the Director-General/Chief Executive Officer of NOSDRA spoke with the News Agency of Nigeria and provided an update on the 3000 barrels of oil spill that occurred at Egina. … Read the rest
Executive Director of Policy Alert, Tijah Bolton, has lamented that the Petroleum Industry Act, which promised respite for oil host communities has worsened the frustration of communities in the Niger Delta.
Bolton stated this in Port Harcourt at the weekend during a workshop organised by Budgit Foundation on the ‘Cost of Corruption in the Extractive Industry’.
He said: “Most of what we see is environmental degradation, we see a lot of poverty, and conflict in these communities as a result of the invasion of their communities by oil and gas multinationals.… Read the rest
Africa’s most populated country is set to draw the battle line with OPEC+ and its allies as Africa’s largest oil producer aims for higher oil output, despite Crude prices falling in the past month as hopes of more supply cuts by the oil cartel were largely offset by a delay in the meeting.
Brent crude prices fell to $80 a barrel in the early hours of Monday despite a weaker reading in the dollar index, while U.S.… Read the rest
The Nigerian National Petroleum Company (NNPC) Limited is planning to grow its revenue to N4.5 trillion as it plans to end the importation of premium motor spirit (PMS), otherwise known as petrol, by December 2024.
The chief executive of the company, Mr Mele Kyari, while speaking on Thursday, said the nation would not need to rely on fuel from outside the country because its refineries would have been fully operational.
The Maritime Workers Union of Nigeria, MWUN, has rejected plans by the Federal Government to re-float the Nigeria National Shipping Line, NNSL, 28 years after its liquidation by the government of Olusegun Obasanjo.
The Union argued that, besides not carrying organized Labour along, the benefits of disengaged and other former employees of the defunct NNSL are yet to be paid by the same government that liquidated the national carrier 28 years ago.… Read the rest
The Nigerian National Petroleum Company Limited has expressed its capacity to supply petroleum products to last beyond this year’s months and the New Year.
The NNPCL said the supply of petroleum products, especially the Premium Motor Spirit, known as petrol, would last beyond the Yuletide and New Year.
The Group Chief Executive Officer, NNPCL, Mallam Mele Kyari, said this when he led a delegation on a courtesy visit to the President of the Senate, Senator Godswill Akpabio, on Wednesday in Abuja.… Read the rest
For the first time since payment of subsidies became a nightmare, the Nigerian National Petroleum Company (NNPC) Limited has announced it has started paying dividends to shareholders, starting in July 2023.
Mele Kyari, NNPC Group Chief Executive Officer (GCEO), made this known when he led an NNPC delegation on a courtesy visit to Godswill Akpabio, the Senate President, at the National Assembly in Abuja, on Wednesday.… Read the rest