Author Archives: steph

NNPC Loses N546 Bn to Failure of Reforms in Three Years

   Failure by the President Muhammadu Buhari-led administration to reform the oil and gas sector has pushed the Nigerian National Petroleum Corporation (NNPC)’s revenue loss to over N546 billion. The trend does not only represent the loss of potential revenue for government but also constitutes a major challenge for the 2018 budget expectations and implementation. […]

FG Stops Seplat’s Project over Alleged Violation of Nigerian Content Law

  The federal government through the Nigerian Content Development and Monitoring Board (NCDMB) has directed Seplat Petroleum Development Company Plc to suspend work on its ANOH Gas Plant project in Oil Mining Lease (OML) 53 over alleged violation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act of 2010 by using a UAE […]

NNPC earns N1.554 trillion from oil exports btw Jan 2017 and Jan 2018

  Nigeria’s oil and gas sector recorded total revenue of $4.29billion (N1.554trillion) from exports between January 2017 and January 2018.On a monthly basis, total export sale of $439.60million was recorded in January 2018, representing 1.79 per cent lower than the previous month. The Nigerian National Petroleum Corporation (NNPC), which made this known in its January […]

Kachikwu Seeks Speedy Approval of Oilfield Development Plans

  The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has urged oil and gas industry operators to collaborate with the industry regulators to ensure speedy approvals of Field Development Plans (FDPs) to attract investments to the oil and gas sector.   In his keynote address at a ‘Technical symposium on Field Development Plan […]

Nigeria’s state oil company still can’t make money

  It’s meant to be a cash cow, but the state oil company of Africa’s biggest producer is bleeding money.   Nigerian National Petroleum Corp (NNPC), the Abuja-based behemoth that dominates the Opec member’s energy industry, has made losses for at least the last three years, statements on its website show. It will probably register […]

Funds meant for TAM of Nigeria’s refineries allegedly diverted by top oil industry officials

  Oil industry sources have made startling disclosures of how top industry officials ruined Nigeria’s four refineries by diverting huge funds earmarked for their routine comprehensive turnaround maintenance (TAM), THISDAY reports.   The four refineries located in Port Harcourt (two), Warri and Kaduna have a combined installed capacity to refine 445,000 barrels of crude per […]