NNPC Denies Owing International Oil Companies $6.8bn

NewsNigeriaOil & GasPoliticsNNPC Denies Owing International Oil Companies $6.8bn

Uzoamaka Ikezue (Staff Reporter)August 19, 2024

Nigerian National Petroleum Company Limited (NNPCL) has denied reports making the rounds that it owes the International Oil Companies (IOCs) $6.8bn. In a press statement on Sunday signed by Olufemi Soneye, the Chief Corporate Communications Officer, NNPCL, the National oil company also denied reports that it has not remitted revenues to the Federation Account since January, among other allegations. The statement reads, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been...

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Oil Companies face severe scrutiny from Anambra House of Assembly

NewsNigeriaOil & GasOil Companies face severe scrutiny from Anambra House of Assembly

PilotnewsAugust 15, 2024

Anambra Assembly Demands Explanation Over Destruction Of Livelihood in Ogbaru, Ihiala, Other Oil Producing Council Area Anambra State House of Assembly, has summoned the oil and gas exploration companies operating in the state to appear before the House in plenary on Tuesday, 3rd September, 2024 at 12.00 noon to provide a comprehensive briefing on their general business activities within the state. The Speaker, Right Honourable Somtochukwu Udeze, issued the summon during plenary session following a...

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Nigeria Secures Stable Oil Production Level of 1.5 BPD Per Day Till 2025

BusinessNewsNigeriaOil & GasNigeria Secures Stable Oil Production Level of 1.5 BPD Per Day Till 2025

By Ezinwanne Onwuka (Senior Reporter)June 3, 2024

The Organisation of the Petroleum Exporting Countries, OPEC, has granted Nigeria a reprieve on its oil production quota. At their recent ministerial meeting, OPEC announced the extension of Nigeria’s production allowance of 1.5 million barrels of crude oil per day (bpd) throughout 2025. This decision comes after OPEC increased Nigeria’s production limit to 1.5 million bpd for 2024 in November 2023. The extension signifies OPEC’s confidence in Nigeria’s production capacity and stability within the oil...

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Dangote Refinery Cuts Diesel, Jet Fuel Prices Again 

NewsNigeriaOil & GasDangote Refinery Cuts Diesel, Jet Fuel Prices Again 

By Ezinwanne Onwuka (Senior Reporter)April 24, 2024

In a move expected to bring relief to businesses and travellers, Dangote Petroleum Refinery has announced another significant reduction in the prices of diesel and aviation fuel. Effective immediately, diesel will be sold at N940 per litre, while aviation fuel will cost N980 per litre. This comes just two weeks after the refinery’s initial price reduction, which brought down the price of diesel from N1,650 to N1,200 per litre and a further reduction to N1,000...

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Sen. Ubah Leads Senate Adhoc Committee on Oversight Visit at Warri Refinery

NewsNigeriaOil & GasSen. Ubah Leads Senate Adhoc Committee on Oversight Visit at Warri Refinery

Ebuka Onyekwelu (Staff Writer)April 19, 2024

The Senate Adhoc Committee Chairman on Turn Around Maintenance (TAM) of Nigerian Refineries, Sen. Ifeanyi Ubah, has led the Senate on an oversight visit to the Warri Refinery, Delta State. A few months ago, President Bola Tinubu announced his government’s plan to revive Nigeria’s refineries as part of efforts to make the country less dependent on imported petroleum products. During the visit on Thursday by the senate committee, they commenced the oversight with a courtesy...

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Tinubu orders reduction of oil and gas contract timelines

NewsNigeriaOil & GasTinubu orders reduction of oil and gas contract timelines

Uzoamaka Ikezue (Staff Reporter)March 10, 2024

Special Adviser says contract period has been trimmed from 36 to six months. The Special Adviser to the President on Energy, Mrs. Olu Verheijen, has stated that the administration of President Bola Tinubu opted for fiscal incentives in the Oil and Gas sector to attract investments. Verheijen, who stated this yesterday, also noted that President Bola Tinubu has ordered the reduction of oil/gas contract timelines from 36 to six months. She stressed that the government was seeking...

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Taxation: IPMAN Enugu Depot May Down Tool

NewsNigeriaOil & GasTaxation: IPMAN Enugu Depot May Down Tool

Hassan Umar Shallpella (Regional Correspondent)February 17, 2024

The over-taxation by the Anambra state government on members of the Independent Petroleum Marketers Association, IPMAN, and Enugu Depot may lead to the shutdown of fuel stations in the state in the coming weeks. Mr. Chinedu Anyaso, Chairman of the Association, stated this shortly after he was re-elected to pilot the Affairs of the body. He explained that over-taxation is highly prevalent in Anambra State. “The Association had an agreement with the state government, yet...

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NNPC, Total Energies joint venture has achieved zero gas flare – Soneye

NewsNigeriaOil & GasNNPC, Total Energies joint venture has achieved zero gas flare – Soneye

Uzoamaka Ikezue (Staff Reporter)February 15, 2024

The NNPC Ltd and Total Energies Joint Venture has achieved zero routine gas flare in all its assets in pursuit of meeting the targets of 20% (unconditional) and 47% (conditional) greenhouse gas emission reduction as contained in the Nationally Determined Contribution under the Paris Accord signed by the President Bola Ahmed Tinubu administration. The fresh achievement is contained in a statement made available to journalists on Thursday by Olufemi  Soneye,  the Chief Corporate Communications Officer...

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US oil company, Dangote Refinery broker 2m barrel of crude deal

NewsNigeriaOil & GasUS oil company, Dangote Refinery broker 2m barrel of crude deal

By Ezinwanne Onwuka (Senior Reporter)January 30, 2024

Africa’s giant refinery in Lagos State, Dangote Refinery is preparing to import crude from the U.S. in the coming weeks, as the refinery valued at $20 billion intensifies its move to hit the market with refined oil products. Dangote Refinery, named after its owner Aliko Dangote, began operations on 12 January to end Nigeria’s years-long reliance on refined petroleum products since its launch in May 2023. Bloomberg, quoting individuals about the business deal, reported on...

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Rivers Govt tasks IOCs on adherence to safety during oil exploration

NewsNigeriaOil & GasRivers Govt tasks IOCs on adherence to safety during oil exploration

By Uzoamaka Ikezue (Staff Reporter)January 24, 2024

To curb environmental pollution, the Rivers State Ministry of Energy and Natural Resources has asked International Oil Companies (IOCs) operating in the state to ensure strict compliance with standards. Uche Nwafor, the state Commissioner of Energy and Natural Resources made the call when he visited the location of the gas pipeline explosion at Obagi Community in Ogba/Egbema/Ndoni council of the state. Nwafor, who frowned at activities of gas flaring within the area told journalists that no...

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