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Tag Archives: NNPC

After Memo: Buhari agrees to meet angry Kachikwu

After his caustic Memo that was leaked to the media where he stated that he had tried unsuccessfully to meet President Muhammadu Buhari, sources in the Presidency have confirmed that the Minister of State for Petroleum, Dr. Emmanuel Ibe Kachikwu will tomorrow meet with his boss. According to Sahara Reporters, the memo which has shaken the Presidency elicited a reaction ... Read More »

Kachikwu orders free distribution of hoarded fuel

The Minister of State for Petroleum, Dr Ibe Kachikwu, has directed the Department of Petroleum Resources, DPR not to seal off any petrol station but instead to auction petroleum products of any marketer found to be hoarding petroleum products at this time. Dr Kachikwu, who took a monitoring tour of petrol stations in the federal capital, said that the NNPC ... Read More »

Hurray! Nigeria strikes oil in Lake Chad

Nigeria is “on the verge of a significant oil find” in the Lake Chad area of the northeast, NNPC Group Managing Director Ibe Kachikwu was quoted as saying in a statement issued by Corporation  on Sunday, November 8, 2015. Kachikwu, who is to be sworn in to President Muhammadu Buhari’s cabinet on Wednesday and is widely expected to become junior ... Read More »

“NNPC needs $500m to fix refineries”-Ibe Kachikwu

  The Nigerian National Petroleum Corporation (NNPC)  may not be able to realise its dream to fix its refineries as the Corporations Group Managing Director and Minister-designate, Dr. Ibe Kachikwu has revealed that about $500m will be needed to get the job done. Speaking yesterday in Lagos as a guest speaker at a luncheon organised by The Petroleum Club Lagos. ... Read More »

Scarcity:FG approves N413billion to pay oil marketers

The Federal Government on Wednesday approved the immediate payment of N413 billion to oil marketers as outstanding payment for subsidy claims. This was contained in a statement on Wednesday in Abuja by Mr Ohi Alegbe, Group General Manager, Group Public Affairs Division, Nigerian National Petroleum Corporation (NNPC). It stated that the initiative was to ensure that zero fuel queues bolstered. ... Read More »

NNPC to save N41billion on OPA cancellation

  The decision to jettison the Offshore Processing Agreements (OPA) opting to buy and sell directly would save the country a whopping N41 billion naira experts have revealed. The new decision which has sent shockwaves around the industry but hailed by many means that the party is over for those companies who have been feeding fat on our collective resources ... Read More »

NNPC made N36billion from local sale of fuel in September

In continuation of its determination to be more efficient and transparent, the Nigerian National Petroleum Corporation (NNPC) has revealed that it made over N36 billion from the sale of petroleum products in the downstream sector but made a loss of N8.8billion. A report released this weekend by the Corporation covering September put the combined production capacities of the nation’s four ... Read More »

Transparency: 278 companies join NNPC’s open bid for purchase of crude oil

In its continued bid to show its has now inculcated the culture of change and transparency, The Nigerian National Petroleum Corporation (NNPC) on Tuesday at its Abuja Headquarters conducted the public opening of bids tendered by 278 Nigerian and international companies for the purchase of Nigeria’s crude oil grade. Apart from Italian oil giant Eni and India’s flagship national oil company, ... Read More »

Forte Oil, 100 others bid for NNPC’s new $multi-million oil swap deals

In a rare expression of transparency and probably an indication that some change has indeed arrived at the Nigeria National Petroleum Corporation (NNPC) when its subsidiary, Pipeline and Products Marketing Company (PPMC) conducted an open bid where a total of 101 Nigerian and multinational companies including Forte Oil are seeking Offshore Processing Arrangements. The OPA deal is such that the ... Read More »

Change: NNPC remits N723.82 billion, $607m to FG

The Nigerian National Petroleum Corporation (NNPC) has stopped the culture of secrecy that has been the norm in the Corporations operations over the years with the decision of the new Group Managing Director, Dr. Ibe Kachikwu, to begin a monthly publication of NNPC’s financial and operational reports. The development follows his earlier pledge to open up the books of the ... Read More »