Nigeria’s oil production value surges to $2.7bn

Nigeria’s oil production value surges to $2.7bn

Nigeria’s oil production value surged to $2.7 billion as output hit 2.49 million barrels per day at the peak of COVID-19 in April, 2020. The last time the country’s output reached this level was 15 years ago. Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, who gave this hint in Abuja, noted that the commitment of the Corporation to transparency and accountability made the high production possible. With the crude price averaging $35 per barrel, the 2.49 million daily barrel amounted to $7.15 million while…

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Nigeria loses N1.06trn oil revenue target to COVID-19 – NNPC

The Nigeria National Petroleum Corporation (NNPC) says  the country’s oil revenue target declined by N1.06 trillion due to COVID-19 and low crude oil price. Nigeria loses N1.06trn oil revenue target to COVID-19 – NNPC The NNPC’s Group Managing Director, Malam Mele Kyari, made the disclosure on Tuesday during a Nigerian Stock Exchange (NSE) oil and gas webinar with  theme as: “Perspectives of Operations and Industry Experts Post- COVID-19”. According to Kyari, the country’s N2.64 trillion oil revenue target declined by 40 per cent as a result of twin shocks of…

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Concerns mount as NNPC Group’s liabilities surpass assets by N4.4trn

The liabilities of the Nigerian National Petroleum Corporation (NNPC) Group has exceeded the assets of the oil firm by N4.4 trillion in 2019, the just released audited financial statements of the firm for 2019 showed. In the same vein, the report further revealed that the oil firm’s liabilities as a corporation also exceeded its assets by N1.1 trillion. The auditors expressed significant doubt on the continued existence of NNPC as a going concern considering the level of liability being shouldered by the oil firm. The auditors include PriceWaterhouseCoopers (PwC), SIAO…

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PIB Delay: Kyari says foreign investors losing confidence

FG mulls selling majority stakes in its 4 refineries, to be privately managed

The Group Managing Director of the Nigerian National Petroleum Corporation, Mallam Mele Kyari, has said there is a need for Nigeria to act fast and address the loss of foreign investors’ confidence in the country’s oil and gas industry. Kyari noted that the uncertainty in the industry created by the long delay in the passage of the Petroleum Industry Bill had led to a number of divestments from the country in the recent past. He said the absence of a stable fiscal environment was inhibiting the growth of the industry,…

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Pipelines Rehabilitation Bidding: NNPC rejects over 222 proposals; shortlists 78 companies

Nigeria’s oil production value surges to $2.7bn

The Nigerian National Petroleum Corporation (NNPC) has shortlisted 78 companies to bid for the rehabilitation of oil pipelines and depot infrastructure across the country. Over 300 companies applied through the official portal published in the national dailies on August 7 and only 78 companies met the expiration time of noon on September 18. The Group Managing Director of NNPC, Malam Mele Kyari, at the virtual public bid opening for the rehabilitation of the NNPC group downstream critical pipelines and associated depots/terminal infrastructure in Abuja yesterday, said the corporation was committed…

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NNPC lost N5.3bn as under-recovery in June

NNPC spends N966bn on pipeline repairs

Latest figures from the Nigerian National Petroleum Corporation (NNPC) have shown that the government-owned oil firm made an under-recovery of N5.348 billion in June this year. Under-recovery is the losses incurred by the oil firm due to the difference between the subsidised price at which the corporation sells petrol and the price which it should have received to meet its production cost. The Federal Government through the Petroleum Products Pricing Regulatory Agency (PPPRA) officially commenced a petrol pricing regime on March 19, 2020 that saw to the halt in petrol…

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Shake-up in NNPC as FG redeploys, appoints top management staff

NNPC spends N966bn on pipeline repairs

The Federal Government has reshuffled the top management of the Nigerian National Petroleum Corporation (NNPC) through deployments and new appointments. Announcing the changes at the corporation in a statement issued on Sunday by Kennie Obateru, the Group General Manager, Group Public Affairs Division, NNPC, the oil firm said the move would reposition the corporation for greater efficiency. It said that Adokiye Tombomieye, the Group General Manager, Crude Oil Marketing Division, was appointed the new Chief Operating Officer, Upstream. Also, Mohammed Abdulkabir Ahmed, the Managing Director Nigerian Gas Marketing Company, was…

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