By Joke Kujenya NIGERIA’s OIL and gas industry is seeing significant changes as the Nigerian National Petroleum Company Limited Ltd (NNPCL), and Chevron Nigeria Ltd (CNL), completed the conversion of five joint venture assets under the Petroleum Industry Act (PIA) 2021. The move transitions these assets from the Petroleum Profit Tax (PPT) fram...
By Jemimah Wellington, JKNewsMedia Reporter THE NIGERIAN Presidency has refuted allegations of reintroducing fuel subsidies, a claim circulating in various reports following the Nigerian National Petroleum Company (NNPC) Limited’s disclosure of a $6 billion debt to suppliers. Bayo Onanuga, the Special Adviser to the President on Informat...
By Joke Kujenya THE NIGERIAN National Petroleum Company Limited (NNPC Ltd) has raised alarms over its worsening financial situation, which could jeopardize the continued supply of petrol nationwide. The company recently confirmed that it faces a significant debt burden to petrol suppliers, reportedly amounting to $6 billion. This debt has exac...
By Jemimah Wellington, JKNewsMedia Reporter THE NIGERIAN National Petroleum Company Limited (NNPC Ltd) has expanded its Liquefied Natural Gas (LNG) shipments to Japan and China. This marks a significant step in its ambition to become a global energy leader. NNPC Ltd achieved this milestone by delivering its first LNG cargo to Futtsu, Japan, on...
By Joke Kujenya THE NIGERIAN National Petroleum Corporation (NNPC) has refuted recent statements by Mr. Paul Ibe, Media Adviser to former Vice President Alhaji Atiku Abubakar. The company notes that the statements have prompted its response. The press release, issued on August 22, 2024, accuses NNPC of being influenced by corporate cabals and ...
By Jemimah Wellington, JKNewsMedia Reporter THE NIGERIAN National Petroleum Company Limited (NNPC) has announced a record net profit of N3.297 trillion for the financial year ending December 2023. This represents a 28% increase from the N2.548 trillion profit reported in 2022, marking the highest profit in the company’s 46-year history. ...
By Joke Kujenya THE NIGERIAN National Petroleum Company Limited (NNPC Ltd.) has addressed claims circulating in the media regarding a supposed debt of $6.8 billion owed to international oil traders. The company categorically denies this allegation, stating that it does not owe such an amount to any international traders. NNPC Ltd. clarified th...
By Joke Kujenya THE NIGERIAN National Petroleum Company Limited (NNPC Ltd.) has urged the military to intensify its fight against crude oil theft and pipeline vandalism. This call came from the Group Chief Executive Officer (GCEO) of NNPC Ltd., Mr. Mele Kyari, during a meeting with the Chief of Defence Staff, General Christopher Musa, and [&he...
By Joke Kujenya NIGERIAN NATIONAL Petroleum Corporation (NNPC) has clarified that the explosion reported at a Mobil Filling Station in Ikeja, Lagos. The company said it is unrelated to the recently commissioned NNPC Gas Marketing Limited (NGML) Compressed Natural Gas (CNG) stations, which remain safe and fully operational. The company assured ...
By Joke Kujenya CLAIMS OF economic sabotage in Nigeria’s petroleum industry have sparked intense scrutiny. Nigerian National Petroleum Corporation (NNPC) Limited, under investigation by the Senate Ad-Hoc Committee, faces allegations of legal breaches and importing sub-standard products. NNPC’s Group Chief Executive Officer, Mele Kyari, s...
