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Tag Archives: NNPC

What ‘Ag. President’ approved for NNPC were not Contracts

Our attention has been drawn to some misleading reports suggesting that the Vice President approved certain procurement contracts for the Nigerian National Petroleum Corporation (NNPC). This is totally false, as the approvals referred to were actually for financing arrangements in replacement of the traditional Joint Venture Cash Call obligations. In …

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NNPC: 55 Top Executives Affected In Major Re-shuffle

NNPC

The Nigeria National Petroleum Corporation (NNPC) says it has reshuffled the management staff of some units of the corporation. In a statement released on Tuesday, Ndu Ughamadu, NNPC spokesman, said 55 management staff were affected in the exercise.  Ughamadu said before the announcement was made public, Maikanti Baru, group managing director …

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Diezani Loses N7.6B Loot

Diezani

The Federal High Court in Lagos yesterday ordered the final forfeiture of N7.6billion allegedly stolen and hidden by Mrs Diezani Alison-Madueke, former Minister of Petroleum Resources. This came as Charles Oputa, popularly known as Charly Boy, on Monday led a protest to the headquarters of the Economic and Financial Crimes …

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Shell Embarks On Gas Production In Niger Delta

Shell

Royal Dutch Shell, British-Dutch oil and gas company, says it has started gas production from the second phase of the Gbaran-Ubie project in the Niger Delta. According to a statement released by the company on Wednesday, the project is an expansion of the Gbaran-Ubie development project that started in June …

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NNPC Reduces Oil Production Cost By 70.5%

NNPC, Maikanti Baru

The Nigerian National Petroleum Corporation (NNPC) says it has successfully reduced the cost of producing one barrel crude oil to $23 from $78 as at August 2015. According to a statement signed by Ndu Ughamadu, the corporation’s spokesman, this fact was disclosed at the inauguration of the anti-corruption committee by …

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Fraudsters Issuing Crude Oil Contracts On Paper……..NNPC Reveals

Crude Oil, NNPC, Fraudsters, Contract

In a statement signed by Ndu Ughamadu, its spokesperson, the corporation said the suspects specialize in circulating letters of crude oil allocation with the intent of defrauding unsuspecting would-be buyers or members of the public.At the presentation of commendation letters of commendation to 12 staff of the crude oil marketing division, Maikanti …

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NNPC cuts oil prices ‘by at least $1′ to boost sales

NNPC

The Nigeria National Petroleum Corporation (NNPC) has cut the price of every variant of its crude oil by at least $1 a barrel in a bid to boost sales and regain market share. According to Bloomberg, the country has been recording a huge glut of cargoes, and traders had been …

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Nigeria running out of oil and gas reserves — NNPC

NNPC

The Nigerian National Petroleum Corporation, NNPC, yesterday, painted a gloomy outlook for Nigeria’s economic fortunes, as it disclosed that the country’s crude oil and gas reserves were fast depleting. The NNPC in a statement in Abuja, therefore, begged oil and gas exploration companies, professionals and other stakeholders to focus on …

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NNPC opens fuel storage tanks at Mosimi depot

NNPC

The Nigerian National Petroleum Corporation (NNPC) on Tuesday inaugurated four petrol storage tanks at Monsinmi depot in Ogun state to ease product distribution and operational constraints. Inaugurating the project, Maikanti Baru, NNPC’s group managing director, said the dismantling and reconstruction of the tanks were relevant to restore strategic oil and …

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