#Nigerian National Petroleum Corporation (NNPC)
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NNPC to sack 500 workers
NNPC to sack 500 workers
NNPC to sack 500 workers (more…)
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NNPC and CBN Establish Revenue Management Limits for Oil Firms
The Nigerian National Petroleum Company (NNPC) Limited and the Central Bank of Nigeria (CBN) have jointly set limits for the management of revenue generated by oil firms.
This decision was reached during a meeting between Mele Kyari, NNPC's Group Chief Executive Officer, and Olayemi Cardoso, Governor of the CBN, held in Abuja.
The initiative follows a statement by Cardoso on January 24, 2024, during the launch of the Nigerian Economic Summit Group (NESG) macroeconomic outlook report.
Cardoso announced that the NNPC and the Ministry of Finance had agreed to remit their foreign exchange inflows to the CBN to bolster the nation's external reserves.
According to Olufemi Soneye, NNPC's Chief Corporate Communications Officer, both Kyari and Cardoso deliberated on the decision to transfer revenue to the apex bank.
They also aimed to reinforce the relationship between CBN and NNPC to ensure smooth commercial operations.
Soneye highlighted the benefits of the decision, emphasizing the improved platform it provides NNPC for managing its cash-holding obligor limits in commercial banks as set by the board of directors.
He further noted that the CBN has introduced enhanced digital platforms and specific limits to oversee NNPC transactions.
The collaboration between NNPC and CBN has garnered mixed reactions across the country with Atiku criticising the move.
The decision marks a significant step in enhancing transparency and efficiency in managing oil firm revenues, with both parties committed to further collaboration for seamless operations.
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By • Olalekan Fagbade
Residents panic as fire guts NNPC filling station
Residents of Iseyin in Oyo State are currently gripped by palpable fear due to a fire outbreak at one of the stations of the Nigerian National Petroleum Corporation (NNPC).
It was gathered that the petroleum station, located at Agip area of Iseyin, caught fire around 2 p.m., causing panic among the residents.
Efforts to quench the fire are currently ongoing, with local youths in the town assisting firefighters to extinguish the raging inferno.
The Daily Post reported that some houses close to the station have already been affected, intensifying the anxiety among the residents.
More to come…
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Nigéria : la raffinerie pétrolière Dangote entre en phase de test en décembre prochain.
Une étape majeure pour l’industrie pétrolière africaine! Bien que l’inauguration ait déjà eue lieu, la raffinerie de Dangote se prépare pour un test critique de ses capacités opérationnelles. Selon les informations de la Nigerian National Petroleum Corporation (NNPC), de l’or noir sera bientôt acheminé vers l’impressionnante infrastructure pétrolière inaugurée en mai dernier. Cet afflux d’or…
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Chevron Nigeria Limited (CNL) For NMA Postgraduate Interns
Chevron Nigeria Limited (CNL) is one of the largest oil producers in Nigeria and one of its largest investors. In Nigeria, we operate under a joint-venture arrangement with the Nigerian National Petroleum Corporation (NNPC) for the onshore and offshore assets in the Niger Delta region.
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Chevron Nigeria Limited (CNL) For NMA Postgraduate Interns
Chevron Nigeria Limited (CNL) is one of the largest oil producers in Nigeria and one of its largest investors. In Nigeria, we operate under a joint-venture arrangement with the Nigerian National Petroleum Corporation (NNPC) for the onshore and offshore assets in the Niger Delta region.
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Kaduna refinery will begin Operations in 2024 – FG
Kaduna refinery will begin Operations in 2024. The Federal Government declared on Saturday that the Kaduna Refinery and Petrochemicals Company Limited will resume operations by the end of 2024. Senator Heineken Lokpobiri, the minister of state for petroleum resources (oil), revealed this information while evaluating the status of work on the ongoing quick-fix project of the Kaduna refinery during an inspection tour of the facility and petrochemicals. Given the "significant level of progress" he saw during the tour, Lokpobiri expressed confidence that the refinery will be re-streamed by the end of 2024 in a statement released by the Nigerian National Petroleum Company Limited on X (previously Twitter). The minister said he would continue to hold key players involved in the rehabilitation process of the nation’s refineries accountable and pledged the Federal Government’s support in ensuring the timely delivery of the project. In order to ensure the country's economic growth and energy security—two factors that are critical to sustainable development—he said it was imperative to restart the refinery.
The minister was informed by Mele Kyari, Group Chief Executive Officer of NNPC Ltd., that the fuel plant at the refinery will be delivered by the end of 2024. All hands were on deck to restart the refinery, according to Kyari, who emphasized that the contractor had already mobilized to the location and that the necessary equipment was on hand for the urgent repairs. "We have great confidence in our ability to secure the necessary funding to see this through to completion and, in the end, resume providing value to Nigerians." Our objective is to quickly restore the plant to produce 60,000 barrels per day so that we can start making money from it and continue to expand the refinery to reach its full potential. "In order to have a dependable pipeline delivery infrastructure, this will also align with the completion of the Build, Operate, and Transfer on the pipeline," the GCEO said. The 14th Refineries Rehabilitation Steering Committee Meeting preceded the inspection tour, and NNPC Ltd.'s Executive Vice President, Downstream, Adedapo Segun; Executive Vice President, Upstream, Oritsemeyiwa Eyesan; managing directors of the three refineries; and a host of other members of the committee. In a related development, the Federal Government, on Saturday, announced that more domestic refineries had issued a notice to commence the production of refined petroleum products.
Additionally, it declared that it was prepared to uphold the requirement for domestic crude oil supply, which would guarantee that local refiners could obtain the crude. The Nigerian Upstream Petroleum Regulatory Commission released a statement in Abuja on behalf of the government revealing this. Olaide Shonola, Head of NUPRC's Corporate Communications and Public Affairs, signed the statement. The statement said, "The NUPRC is taking all necessary steps within the prescriptions of the Petroleum Industry Act (2021) to ensure adequate and consistent supply of feedstock to operators, as more private refineries indicate readiness to commence production soon in Nigeria." It issued a warning, stating that undermining the procedure would have negative effects. With the exception of the Dangote Refinery in Lagos, which has not yet started operations, Nigeria currently has only four modular refineries that produce extremely little fuel. It stated that the preventive measures were being implemented because operators of local refineries in one of the world's major crude oil-producing nations would be sending inappropriate and disrespectful signals to the international business community if they began importing feedstock for their operations. "In an effort to guarantee that domestic refineries do not go without the crude oil supply they require to operate, Section 109 of the PIA introduced the Domestic Crude Supply Obligation to Nigeria's oil industry," the commission said.
The NUPRC declared that it would take additional necessary actions to prevent domestic refineries from receiving an insufficient supply of crude oil and that it would not think twice about enforcing the specified penalties for infractions and non-compliance with the Act's requirements. The regulator for the upstream oil sector further announced that all 52 exploration and production companies have been called to a meeting on November 1, 2023, in accordance with its mandate, which is to ensure the supply of crude oil to licensed refineries in Nigeria, as stated in Section 109 (4) of the PIA. According to the statement, the purpose of the meeting is to coordinate the execution of the domestic crude oil supply obligation, as well as the operator's reaction and compliance status. 11 of the operators have responded by October 27; the responses from the other 42 operators are still pending.
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ALSO READ: FG plans talks with looters amid the Forex Crisis
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UTM Offshore: Platinum Sponsor for African Energy Week 2023
UTM Offshore Limited and African Energy Week
The African Energy Chamber reveals exciting news about UTM Offshore Limited, a wholly-owned Nigerian services conglomerate, becoming a platinum sponsor at the highly anticipated African Energy Week (AEW) 2023 conference.
They have scheduled the event to take place in Cape Town, South Africa, from October 16 to 20.
UTM Offshore Limited's participation as a sponsor underscores the company's dedication to providing top-notch marine logistics and supply chain services, vital for supporting Nigeria's offshore oil exploration and production activities.
UTM Offshore Limited's Expertise and Contributions
With a remarkable background in developing, deploying, and managing solutions for Nigeria and West Africa's maritime and oil services sectors, UTM Offshore Limited has earned a reputation for expertise in capacity enhancement, development, and empowerment initiatives.
Established in July 2012 as a privately held Nigerian conglomerate, the company engages in a diverse range of services, including subsea engineering, dredging, equipment leasing, rental, procurement, marine support, and logistics services for both public and private oil and gas companies.
The company is led and operated by a team of highly experienced maritime and oil service specialists, who bring to the table a competitive and extensive array of customized products and services.
Additionally, UTM Offshore Limited plays an active role in exploration and production campaigns in Nigeria and the broader West African region.
Moreover, one of its significant partnerships involves working closely with Nigeria's National Oil Company, the Nigerian National Petroleum Corporation (NNPC) Ltd., facilitating the direct sales and purchase of Nigerian crude oil.
Pioneering Nigeria's Floating Liquefied Natural Gas Project
In July 2023, UTM Offshore Limited achieved a significant milestone by signing a Heads of Terms Agreement with the NNPC to develop Nigeria's first Floating Liquefied Natural Gas (FLNG) project.
To finance this ambitious project, the company secured an initial sum of $2 billion in collaboration with the African Export-Import Bank, with an additional commitment of $3 billion earmarked for its second phase.
The FLNG project aims to reduce gas flaring in Nigeria significantly while aligning with the government's carbon emissions reduction goals, tapping into the country's abundant natural resources.
Moreover, the project is poised to create up to 7,000 job opportunities, thereby contributing to Nigeria's socioeconomic growth and development.
Upon completion, the FLNG plant will have a production capacity of 1.2 million tons per year and will feature cutting-edge facilities, including a turret and mooring system, gas pre-treatment modules, Liquefied Natural Gas (LNG) production modules, living quarters, self-contained power generation and utilities, as well as capacities for LNG storage and offloading.
Feedstock for the vessel will be treated, liquefied, and stored at an existing offshore facility before deployment to LNG carriers.
Nigeria's Energy Potential and UTM Offshore Limited's Role
Nigeria proudly possesses an astonishing 200 trillion cubic feet of proven natural gas reserves, and experts anticipate that ongoing exploration campaigns will triple this figure in the near future. With such abundant resources, the country ranks among the top five exporters of LNG in Africa.
Additionally, Nigeria's Offshore Oil holds an estimated 37.1 billion barrels of crude oil reserves, making it one of the continent's largest oil producers, with an average daily production of approximately 1.49 million barrels per day. This thriving upstream market accounts for around 6.63% of the country's total GDP.
Driving Sustainable Socioeconomic Development in Africa
"The promotion and development of gas resources in Africa will be critical for driving sustainable socioeconomic development and for making energy poverty history across the continent,"
said AEC Executive Chairman, NJ Ayuk.
Moreover, he went on to further emphasize that UTM Offshore Limited's pivotal role in harnessing Nigeria's immense resources uniquely positions the company to play a major and influential role in providing affordable, accessible, reliable, and clean energy to the wider West African region.
As an African energy firm, UTM Offshore Limited serves as a testament to the vital role such companies play in shaping Africa's energy future.
UTM Offshore Limited: A Driving Force in Sustainable Energy Development
With its unwavering commitment to becoming the go-to solution for offshore support equipment and marine transportation logistics services in Nigeria, UTM Offshore Limited's impressive track record in the country's oil industry showcases Africa as a driving force in sustainable energy development and value addition.
Furthermore, as the platinum sponsor for African Energy Week 2023, the company's significant presence further reinforces its dedication to supporting Nigeria's offshore oil sector and boldly highlights the continent's immense potential in leading the way toward a sustainable energy future.
Sources: THX News & African Energy Chamber.
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#AfricanEnergyFuture#AfricanEnergyWeek#FloatingLiquefiedNaturalGas#MarineLogisticsServices#Nigeria'sEnergyPotential#Nigeria'sNaturalGasReserves#Nigeria'sOffshoreOil#SustainableEnergyDevelopment#UTMOffshoreLimited#WestAfricanOilProduction
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Nigeria's President Urged to Sell Oil Assets and Refineries
According to a presidential advisory committee report, a sale of the Nigerian National Petroleum Corporation (NNPC) ‘s assets would help President Bola Tinubu meet an ambitious campaign pledge to nearly triple oil production to 4 million barrels a day by 2030.
A recent report recommends that Nigeria’s state energy company sell off assets, such as oil block stakes, to raise billions of dollars.…
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NNPC Confirms Upward Price Review As Fuel Hits N540 Per Litre
The Nigerian National Petroleum Corporation Limited (NNPCL) has confirmed an upward review of pump price of petrol.
Garba Deen Muhammad, Chief Corporate Communications Officer, NNPC Ltd, confirmed this in a statement on Wednesday afternoon.
“NNPC Limited wishes to inform our esteemed customers that we have adjusted our pump prices of PMS across our retail outlets, in line with current market…
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NNPC and CBN Establish Revenue Management Limits for Oil Firms
The Nigerian National Petroleum Company (NNPC) Limited and the Central Bank of Nigeria (CBN) have jointly set limits for the management of revenue generated by oil firms.
This decision was reached during a meeting between Mele Kyari, NNPC's Group Chief Executive Officer, and Olayemi Cardoso, Governor of the CBN, held in Abuja.
The initiative follows a statement by Cardoso on January 24, 2024, during the launch of the Nigerian Economic Summit Group (NESG) macroeconomic outlook report.
Cardoso announced that the NNPC and the Ministry of Finance had agreed to remit their foreign exchange inflows to the CBN to bolster the nation's external reserves.
According to Olufemi Soneye, NNPC's Chief Corporate Communications Officer, both Kyari and Cardoso deliberated on the decision to transfer revenue to the apex bank.
They also aimed to reinforce the relationship between CBN and NNPC to ensure smooth commercial operations.
Soneye highlighted the benefits of the decision, emphasizing the improved platform it provides NNPC for managing its cash-holding obligor limits in commercial banks as set by the board of directors.
He further noted that the CBN has introduced enhanced digital platforms and specific limits to oversee NNPC transactions.
The collaboration between NNPC and CBN has garnered mixed reactions across the country with Atiku criticising the move.
The decision marks a significant step in enhancing transparency and efficiency in managing oil firm revenues, with both parties committed to further collaboration for seamless operations.
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By • Olalekan Fagbade
BREAKING: Fed Govt gets $3bn loan to stabilise Naira
The Nigerian National Petroleum Corporation (NNPC) Limited said it had secured a $3 billion crude repayment loan to halt the further slump of Naira against the Dollar at the foreign exchange market.
The company disclosed this on Wednesday through its official X, former Twitter handle.
NNPC Limited and Afreximbank sealed the funding deal at the bank’s headquarters in Cairo.
“The NNPC Ltd and AfriEXIM Bank have jointly signed a commitment letter and Term Sheet for an emergency $3 billion crude oil repayment loan.
“The signing, which took place today at the bank’s headquarters in Cairo, Egypt, will provide some immediate disbursement that will enable the NNPC Ltd. to support the Federal Government in its ongoing fiscal and monetary policy reforms aimed at stabilizing the exchange rate market.”
CRIME CHANNELS recalls that Naira slightly appreciated against the Dollar after the Acting Central Bank Governor, Folasodun Sonubi, threatened to sanction forex speculators
#Breaking #dollar #FederalGovernment #Naira #NNPC
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Marketers Sell At N540 Litre In FCT, Nassarawa As NNPCL Confirms Increase In Fuel Pump Price
As marketers in the Federal Capital Territory (FCT) and Nassarawa State sell petrol at N540 litre, Nigerian National Petroleum Company Limited (NNPCL), has confirmed the full deregulation of the downstream sector of the Nigerian petroleum industry with petrol now selling at market price following the removal of subsidy by President Bola Ahmed Tinubu.
NNPC, in a statement by its Chief Corporate…
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BREAKING: NNPC Confirms upward price review as fuel hits N540 per litre
The Nigerian National Petroleum Corporation Limited (NNPCL) has confirmed an upward review of pump price of petrol.
Garba Deen Muhammad, Chief Corporate Communications Officer, NNPC Ltd, confirmed this in a statement on Wednesday afternoon.
“NNPC Limited wishes to inform our esteemed customers that we have adjusted our pump prices of PMS across our retail outlets, in line with current market…
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Former NNPC GMD sues EFCC, CBN, GTB over non-release of $9.8m
Former Group Managing Director, Nigerian National Petroleum Corporation, Andrew Yakubu, has sued the Economic and Financial Crimes Commission, the Central Bank of Nigeria and Guarantee Trust Bank over alleged refusal to release his $9.8 million after a court judgement.
Yakubu, through his counsel, Ahmed Raji, SAN, filed the suit before Justice Inyang Ekwo of a Federal High Court, Abuja.
The originating summons, marked: FHC/ABJ/CS/231/2023, was dated and filed on March 8, with EFCC, CBN and GTB listed as 1st to 3rd defendants respectively.
Justice Ahmed Mohammed had, on March 31, 2022, discharged and acquitted the ex-NNPC GMD of a money laundering charge.
The justice held that the EFCC failed to prove its case beyond reasonable doubt but the anti-corruption agency had appealed against the judgement.
Yakubu, in the suit, asked whether “the court did not become dominus litis of the respective sums of $9,773,200 and £74,000 belonging to” him when same was put in issue, and in evidence before the court in charge number: FHC/ABJ/CR/43/2017 between Federal Republic of Nigeria v. Engr Andrew Yakubu, and in respect of which judgement was delivered on the 31st of March, 2022.”
He said, if the question was answered in the affirmative, he would further ask whether the EFCC ought to still have in its custody his seized monies after a sister court gave an injuction in his favour on March 31, 2022
Yakubu, therefore, asked whether the monies ought not to be released to him forthwith, or paid into an account under the control of the registry of the court, pending the outcome of the appeal lodged by the EFCC against the said judgement.
He sought an order directing the defendants to immediately release the monies to him in view of the court judgement.
Alternatively, he sought an order directing them to immediately transfer the said monies into an account under the control of the FHC chief registrar or into an account to be operated by the chief registrar, the EFCC and him, pending the determination of the appeal.
But the EFCC, in a notice of preliminary objection, prayed the court to dismiss Yakubu’s application.
In the motion dated March 20 and filed on April 12 by Faruk Abdullah, the anti-graft agency argued that the suit constituted an abuse of the court process.
It said that the court lacked the jurisdiction to entertain the matter.
The commission said it also relied on the earlier processes filed before the court where it raised jurisdictional issues and urged the court to strike out the entire suit.
In the affidavit in support of the motion deposed to by Sambo Mayana, a detective with the commission, EFCC averred that most of Yakubu’s depositions did not reflect the correct position of the case
It said that an appeal had already been filed in appeal number: CA/ABJ/CR/653/2022.
Besides, it said that there were other appeals arising from the case pending at the Supreme Court with appeal number: SC/CR/241/2020, between the Federal Government and Yakubu, and appeal number: $C/CR/223/2020 between Yakubu and Federal Government.
The EFCC argued that while parties were awaiting a date for hearing of case: SC/CR/223/2020 at the Supreme Court, Yakubu brought an application before the apex court to direct the commission to deposit the monies in a bank account to be managed by the registry of the Supreme Court.
It said Yakubu, by this present suit, replicated his application at the Supreme Court and sought same to be determined by this count.
The EFCC urged the court to discountenance Yakubu’s application and uphold its preliminary objection in the interest of justice.
When the matter was mentioned on Thursday, A.A. Usman, who appeared for Yakubu, said they received counter-affidavits from the defendants and he would need time to respond.
GTB’s lawyer, Idaye Imbu, informed that a motion to regularise their processes had been filed and the court granted her prayer after it was not opposed by parties in the suit.
Justice Ekwo adjourned the matter until May 18 for hearing.
The anti-graft agency had, in 2017, raided the residence of the ex-NNPC boss in Kaduna and found $9, 772, 800 and £74, 000 pounds in a safe.
Yakubu was, however, arraigned on March 16, 2017, on six counts but the trial court struck out counts one and two.
The Court of Appeal also struck out counts five and six and ordered Yakubu to defend himself on counts three and four.
Counts three and four which bordered on failure to make full disclosure of assets, receiving cash without going through a financial institution and intent to avoid a lawful transaction in alleged violation of Section 1(1) of the Money Laundering Act, 2011 and punishable under Section 16(2)(b) of the Act.
He had pleaded not guilty to all the counts.
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