The Nigerian National Petroleum Company Limited (NNPC) on Thursday said that it plans to replace almost all the over 5,000 pipelines network scattered across the country in the next three years.
Nigeria currently transports a large portion of its fuels through tankers and other inefficient means, considerably raising the cost of production and by extension the pricing of products.
Speaking at the 2024 edition of the Society of Petroleum Engineers Oloibiri Lecture Series and Energy Forum (SPE OLEF) held in Abuja, the NNPC Group Chief Executive Officer, Mr Mele Kyari, explained that pipelines remain the most efficient and cost-effective way of transporting petroleum products.… Read the rest
NNPCL was reacting to reports suggesting a drop in pump prices for Premium Motor Spirit and Automotive Gas Oil as reported in some sections of the media (not PUNCH Online).
The Chief Communications Officer, NNPCL, Olufemi Soneye, dispelled the speculations in a statement made available to journalists.… Read the rest
President Bola Tinubu has executed Policy Directives to improve the investment climate and position Nigeria as the preferred investment destination for the oil & gas sector in Africa.
A statement by presidential spokesman, Ajuri Ngelale on Wednesday, said this is in keeping with the President’s dedicated efforts to remove obstacles to investments in Nigeria, harness the nation’s resources and diversify the economy for the benefit of all Nigerians.… Read the rest
The Minister of State for Environment, Dr Iziaq Salako, has said the ministry through the National Oil Spill Detection and Response Agency will be commencing periodic review of the plans of international and indigenous oil companies to ensure they stay on course to end routine gas flaring by 2030.
Salako said this in Abuja on Tuesday at the national stakeholders engagement meeting on methane mitigation and reduction in Nigeria’s oil and gas sector.… Read the rest
The torrential fall of the Naira which has turned the petroleum supply chain into a quagmire is fast eroding the projected gains after the federal government finally removed the petrol subsidy regime.
Oil marketers and government officials also appear not to be on the same page when it comes to the actual landing cost of Petroleum Motor Spirit and the impact that Nigeria’s fluctuating currency has had on the importation of the product.… Read the rest
The Nigerian National Petroleum Company Limited (NNPC) has said that Nigeria would need between $10 billion and $15 billion in the next two to three years to ramp up its existing gas infrastructure.
The Group Chief Executive Officer of the NNPC, Mele Kyari, gave the estimate at the 2024 edition of CERAWeek, a global oil and gas event in Houston, the United States, organised by S&P Global.… Read the rest
The group chief executive officer of the Nigerian National Petroleum Company Ltd (NNPCL), Mele Kyari, has said that the Port Harcourt Refinery has received 450,000 barrels of crude for processing following the mechanical completion of the plant in December last year.
He said this during a session with the Senate Ad-hoc Committee on Investigation of Turn Around Maintenance (TAM) of the nation’s refineries.… Read the rest
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Mele Kyari, on Wednesday said that the anticipated public listing of the company’s shares at the stock market as provided for in the Petroleum Industry Act (PIA) will start soon.
Kyari told international oil and gas players participating at the ongoing 2024 CERAWEEK in Houston, United States that NNPC would become a quoted company in line with the PIA, adding that at maturity, some of the national oil company’s shares would be divested.… Read the rest
Standard Chartered, one of the leading financial institutions, has projected that global oil demand is poised to reach an all-time high in May, according to their latest analysis. This forecast comes amidst ongoing geopolitical tensions and supply constraints in the energy markets.
The bank’s analysts have revised their previous estimates, anticipating a surge in oil consumption to unprecedented levels during May.… Read the rest
THE Group Chief Executive Officer, Nigerian National Petroleum Company Limited (NNPC) Ltd., Mr. Mele Kyari, has proposed a differentiated approach to attaining energy transition for the African continent.
Kyari, who also said the Final Investment Decision (FID) on the Nigeria Morocco Gas Pipeline (NMGP) Project will be taken in December 2024, made the call while speaking during a Leadership Dialogue Session at the ongoing CERAWeek Conference in Houston, United States, on Tuesday.… Read the rest