Oil and Gas

NNPC raises alarm over cross-border petrol smuggling syndicates

…Baru says NNPC can’t guarantee effective fuel distribution under porous borders
The Nigerian National Petroleum Corporation (NNPC) on Wednesday raised alarm over the sustained nefarious activities of some cross-border fuel smuggling syndicates and hoarders which have so far impeded efforts by the Corporation to sanitize the fuel supply and distribution matrix across the country.

Higher oil prices boost hopes of stronger naira

The recent rally in crude oil prices to about $70 per barrel has sparked speculation in industry circles that an appreciation of the naira could be imminent, findings by New Telegraph have shown.
In separate interviews last weekend, analysts told this newspaper that with the Central Bank of Nigeria (CBN) having essentially achieved its objective of rates convergence, it is not inconceivable that the soaring price of oil will eventually lead to the apex bank introducing forex measures that would be primarily aimed at further strengthening the naira.

Senate probes NNPC over $141m in private account

THE Senate, on Tuesday, resolved to investigate the Nigeria National Petroleum Corporation (NNPC), to know how Brass Liquefied Natural Gas, LNG, account worth $141 million allegedly ended in a private account domiciled with Keystone Bank.

The decision of the Senate was sequel to a Point of Order by Senator Dino Melaye, who begged that the Senate should as a matter of urgency, confirm the veracity of the alleged ‘monumental corruption’ in NNPC.

NNPC board to decide on refinery investors this month

The Nigerian National Petroleum Corporation’s (NNPC) board will decide on the investors for its three major refineries this month, the Managing Director of the corporation, Dr. Maikanti Baru said on Tuesday.
NNPC launched a bidding process in 2016 to find partners to overhaul ailing refineries that produce very little petrol because of decades of mismanagement, leaving OPEC member, Nigeria, reliant on imported oil products.

ExxonMobil named 2017 Explorer of the Year

ExxonMobil has been named 2017 Explorer of the Year by the World Oil and Gas Council in recognition of excellence and innovation in the global energy industry.
“This award is recognition of ExxonMobil’s successful efforts to strengthen our portfolio by accessing and discovering the highest quality resources,” said Steve Greenlee, president of ExxonMobil Exploration Company. “This recognition would not be possible without the dedication of our employees and their daily commitment to safety and operational excellence at every stage of exploration.”

PIGB - NEITI commends National Assembly

The Nigeria Extractive Industries Transparency Initiative (NEITI) has welcomed with excitement, the bold step by both chambers of the National Assembly to pass the Petroleum Industry Governance Bill (PIGB).
The decision of the Senate and the House of Representatives to consider the Bill as priority resulting in its eventual passage is bold, courageous and progressive. This is given the challenges the bill has passed through in its legislative journey for over ten years.

NEITI accuses NNPC, DPR, oil firms of manipulating data

THE Nigeria Extractive Industries Transparency Initiative (NEITI), has berated the Nigerian National Petroleum Corporation (NNPC), Department of Petroleum Resources (DPR) and oil and gas companies operating in the country, for inconsistencies in Nigeria’s crude oil production and lifting data.

This has confirmed claims by stakeholders and transparency watchdogs that the Federal Government does not know the actual volume of crude oil produced in the country, giving room for massive corruption in the industry.

LPG: Stakeholders move to end recurring gas plant explosions

Stakeholders in the Liquefied Petroleum Gas sector (LPG) sector, under the aegis of the Nigerian Liquefied Petroleum Gas Association (NLPGA) have unveiled measures to end the recurring gas plant explosions in the country.
This is coming as the Department of Petroleum Resources (DPR) has commenced investigation into the recent fire incident in a gas plant in Magodo area of Lagos, which claimed two lives.