OIL

The Nigerian National Petroleum Company Limited (NNPCL) has acquired all 380 Oando retail outlets, aviation and gas brands nationwide from OVH Energy. Speaking at the unveiling of one of the new NNPC Limited stations formerly Oando in Abuja on Saturday, the Group Chief Executive Officer NNPC Limited, Mallam Mele Kyari, said: “The acquisition will bring over 380 additional filling stations ...

The Major Oil Marketers Association of Nigeria (MOMAN) has reiterated its support to Nigeria’s energy transition and efforts of the Federal Government to actualise net zero carbon emission target by 2060. MOMAN also said it had within the last one year organised several trainings for its members to improve efficiency and safety in the petroleum downstream sector operations. Mr Olumide ...

The Senate Adhoc Committee on Petroleum Resources Upstream has said the Nigerian Navy and other security operatives have questions to answer about the massive oil theft going on in the Niger Delta. The Chairman of the Committee Senator Bassey Albert Akpan (OBA) said this at the end of his committee’s week-long visit to oil producing facilities in the upstream, midstream ...

With Nigeria’s petrol subsidy bill skyrocketing in 2022, the estimates for the whole year would exceed the total expenditure by all the states of the federation in 2021, which was $9.8 billion, a new report by a member of President Muhammadu Buhari’s Economic Advisory Council and Chief Executive Officer of Financial Derivatives Company Limited (FDC), Mr. Bismarck Rewane, has indicated. ...

Nigeria has lost its position as Africa’s top oil producer to Angola, industry insiders say, and could soon become third after Libya. Nigeria’s production struggle is coming at the worst time, as oil prices have jumped, partly because of Russia’s invasion of Ukraine. According to Nigeria Upstream Petroleum Regulation Commission ( NUPRC) the country’s oil production during August dropped to ...

Nigerian National Petroleum Company Limited said it lost 470,000 bpd to crude oil theft, especially those perpetrated in the oil-rich Niger Delta region. The loss, it said, has hindered it from reaching its production quotas set by the Organisation of Petroleum Exporting Countries. This accrues to $700m lost monthly between March and September 2022 However, the company said it has ...

…….Nigeria slipped behind Angola as Africa’s largest exporter in July, according to OPEC figures…….. Nigeria’s crude oil production fell below 1 million barrels per day (bpd) in August, figures from its regulator show, as the nation grappled with rampant theft from its pipelines. The country’s total oil and condensates output dropped to an annual low of 1.18 million bpd in ...

The Chief Executive Officer of the Nigerian National Petroleum Company Limited, NNPC, Mele Kyari, said yesterday that high placed Nigerians, including religious, community leaders and government officials,  were fully involved in crude oil theft. He also said the entire network of pipelines for petroleum products distribution in the country had been deliberately shut down as a result of the activities ...

The Nigeria National Petroleum Corporation Limited will have the first right of refusal to supply the Dangote refinery with about 300,000 barrels of crude oil per day for the next 20 years. The Group Chief Executive Officer, NNPC Ltd, Mele Kyari, disclosed this to journalists when he appeared at the 49th Session of the State House Ministerial Briefing organised by ...

There is a significant miscalculation in determining how much Nigeria is losing in terms of oil theft because oil losses due to other factors are often lumped together as theft.  Meaning that the figures given by Nigerian Upstream Regulatory Commission (NUPRC) and the Nigerian National Petroleum Company (NNPC) Limited  may not be correct. The Chief of the Naval Staff, Vice ...