Energy

Loading Resumes at Mosimi Depot after 12 Months

Products supply and distribution have received a major boost following the resumption of loading activities by the Nigerian National Petroleum Corporation (NNPC) at its Mosimi Area depot in Ogun State, over the weekend.

Group Managing Director of the Corporation, Dr. Maikanti Baru, who supervised the recommencement of loading operations at the area, said the development marked a major milestone in NNPC’s quest to ensure steady supply and distribution of white petroleum products across the entire nation.

UK Supreme Court Grants NNPC $100m Reprieve

The Supreme Court of the United Kingdom in a unanimous judgment has granted a reprieve to Nigerian National Petroleum Corporation, NNPC, over a $100million Bank guarantee in a case involving the Corporation and a service company, IPCO (Nigeria) Limited.

The reprieve was the latest in the protracted dispute arising from the contract between NNPC and IPCO for the construction of the Bonny Export Terminal (BET) Project in Port Harcourt, Nigeria. 

Gas Flaring: Nigeria Achieves 26% Reduction

As part of efforts to preserve the environment, the Nigerian National Petroleum Corporation (NNPC) says it has succeeded in reducing gas flaring in the Country by 26 percentage points in the last ten years from 36 per cent to 10 per cent, pushing Nigeria down from the second highest gas flaring nation in 2006 to the seventh position in 2016. 

NNPC to Transform into Integrated Energy Company

The ongoing reform of the Nigerian National Petroleum Corporation (NNPC) is geared towards transforming it from an oil and gas company into an integrated energy outfit with interest in power generation and transmission.

This was disclosed by the Group Managing Director of NNPC, Dr Maikanti Baru, at the 53rd International Conference and Exhibition of the Nigerian Mining and Geosciences Society (NMGS) in Abuja.

Crude Swap: AITEO Settles $202m Outstanding Obligations to NNPC

The Nigerian National Petroleum Corporation (NNPC) says it is pleased to confirm that it has now reached a final settlement with AITEO Group on its recovery efforts for crude swap under deliveries.

The NNPC in a statement said following extensive reconciliation between both parties across their business transactions and subsequent agreement by the parties therefrom, the Corporation wishes to state that AITEO Group has paid in full all its outstanding indebtedness to our downstream entities amounting to $202,344,838.62.

Recovery of $184m Crude Swap Under-Deliveries from Companies

The Nigerian National Petroleum Corporation (NNPC) is set to recover over $184 million in product under-deliveries recorded against three oil companies in the course of reconciliation of transactions executed during the defunct crude for product swap regime.

Group Managing Director of the Corporation, Dr. Maikanti Baru, told journalists in Abuja that the exercise is a product of ongoing extensive reconciliation process with the companies involved namely: AITEO Energy Resource Limited, Ontario Oil and Gas Limited, and Televaras Group of Companies.

Oil Production: Russia Topples Saudi as World’s Largest Producer

For the second month in a row, Russia has maintained its status as  the world’s largest oil producer, ousting Saudi Arabia, official figures  in December 2016 and January 2017 have confirmed.

Russia’s daily oil output averaged about 10.8 million barrels in January, slightly more than 10.5 million barrels in December, according to data released by the Russian Federal State Statistics Service (Rosstat).

Saudi Arabia trailed behind in these two months, with its daily output averaging 9.95 million barrels in January, the data showed.

Unpaid Wages, Sackings Stir New Tension in Nigeria's Oil Hub

The moment a group of Nigerian contractors met executives from Italian oil major Eni to discuss unpaid wages they started shouting, calling them fraudsters and liars until a police commander restored calm.

Wenenda Mpi, local manager of Eni unit Agip, blamed the payment delays on debts owed by the Nigerian National Petroleum Corporation (NNPC), a view shared by an Eni spokesman in Rome, and said the government had promised to sort the problem out.

NNPC’s $15.8b not in government coffers, says NEITI

The Nigeria Extractive Industries Transparency Initiative (NEITI) says Nigerian National Petroleum Corporation (NNPC) is yet to remit 15.8 billion dollars collected from Nigeria Liquefied Natural Gas (LNG) to the Federation account, in spite of the report submitted to the Federal Government.

Mr Peter Ogbobine, Director Legal, NEITI, told the News Agency of Nigeria in Abuja on Tuesday that the figure was the accumulation from 2000 to 2014.

Nigeria Could Triple Gas Reserves if NLNG Expansion Goes Ahead –CEO

Nigeria Liquefied Natural Gas Company (NLNG) could unlock three times as much gas as the country's proven reserves and create hundreds of thousands of jobs if it goes ahead with a proposed expansion plan, it said on Wednesday.

NLNG, often cited as a successful public private partnership, is a venture between state-owned Nigerian National Petroleum Corporation (NNPC), Royal Dutch Shell, Total and Eni to produce liquefied natural gas (LNG) for export.

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