Energy

By PR The Nigerian National Petroleum Company Limited (NNPC Ltd) has stated that foreign exchange (forex) illiquidity has been a significant factor influencing the fluctuation in prices of Premium Motor Spirit (PMS), which are governed by unrestricted free market forces, as provided for in the Petroleum Industry Act (PIA). Speaking on TVC News' “Journalists' Hangout” show on Thursday, the Executive Vice President of Downstream, NNPC Ltd, Mr. Adedapo Segun explained that the current fuel scarcity was expected to “subside in a few days as more stations re-calibrate and begin selling PMS.” He said Section 205 of the PIA, which established NNPC Ltd, stipulated that petroleum prices were determined by unrestricted free market forces. According to him, “The market has been deregulate...

By PR The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe, on Wednesday at the Nigerian Content Tower (NCT), Swali, Yenagoa, donated 52 wheelchairs to the Joint National Association of Persons with Disabilities, Bayelsa State Chapter. Addressing the Association Executives at a brief ceremony, Engr. Ogbe said the donation was in fulfilment of a pledge made last March at a meeting between the Management of the Board and leaders of the Association. “We are not turning our eyes away from your needs,” he assured the Association, adding, “We have to aid your mobility.”   He urged members of the Association to eschew any tendency toward antagonism when seeking the attention of public agencies on any issue, stating that ...

By Ali Elias NNPC Ltd has responded to recent reports highlighting the company’s substantial debt to petrol suppliers, a situation that has raised concerns about the sustainability of the nation’s fuel supply. As financial pressures mount, NNPC Ltd reassures the public of its ongoing commitment to fulfilling its mandate under the Petroleum Industry Act (PIA) as the supplier of last resort, ensuring the stability of Nigeria's energy supply. The Statement, signed by Olufemi Soneye, the company’s Chief Corporate Communications Officer, reads: “NNPC Ltd has acknowledged recent reports in national newspapers regarding the company's significant debt to petrol suppliers. This financial strain has placed considerable pressure on the Company and poses a threat to the sustainability of fuel su...

By Ono Yima The Nigerian National Petroleum Company (NNPC) Limited invites reputable and credible Operations & Maintenance (O&M) companies to submit Expressions of Interest (EOI) for the provision of O&M services for its Warri Refining and Petrochemical Company (WRPC) and Kaduna Refining and Petrochemical Company (KRPC). This combined tender aims to ensure the reliability and sustainability of these critical refineries, which are essential for meeting Nigeria's fuel supply and energy security needs. The tender process will be conducted in three stages—EOI, Technical, and Commercial—focusing on optimizing costs and efficiency in operations. Those interested should click here for full detail

By PR The NNPC Ltd has flagged off the third edition of the Vision First Programme, as part of comprehensive community-focused healthcare outreach targeted at the Ilaje community and its environs in Bariga, Lagos State.   The Vision First programme is a continuation of NNPC Ltd/ SNEPCo Production Sharing Contract (PSC) commitment to advancing health and well-being within its host communities. Through this initiative, over 1,000 individuals will receive free eye care services, alongside a range of general healthcare provisions. The services include cardiovascular screening, BMI assessments, laboratory services, consultations, treatment of mild and chronic diseases, and distribution of insecticide-treated nets.  Since its inception, the Vision First programme has made a si...

By Els William Geometric Power, Nigeria's leading integrated electricity group, has raised concerns over the severe shortage of natural gas affecting its 188-megawatt plant in the Osisioma Industrial Estate, Aba, Abia State, citing its impact on the state's economic growth. Ugo Opiegbe, Managing Director of Aba Power, Geometric Power’s embedded electricity distribution company, stated, "Due to the grave shortage of gas, we have been forced to import 25 megawatts from the Niger Delta Power Holding Company (NDPHC) at a significant cost, just to ensure our customers receive power, regardless of the financial burden on us." Opiegbe further explained, "It is a supreme irony that, although we are capable of generating 141MW from our three General Electric (GE) turbines and providing uni...

By Ali Elias NNPC Ltd has responded to a statement by Paul Ibe, Media Adviser to former Vice President Atiku Abubakar, which accused the company of being controlled by "corporate cabals" linked to President Bola Ahmed Tinubu. The statement also alleged that NNPC's recent acquisition of OVH was part of a plan to integrate the President's personal business interests into public enterprises. In its response, NNPC Ltd refuted these claims, emphasizing that its decisions are based purely on commercial viability and national interest, and clarified that neither President Tinubu nor Mr. Wale Tinubu has any stake in the OVH acquisition. The statement, signed by Femi Soneye, the Chief Corporate Communications Officer of the company, reads: The attention of NNPC Ltd has been drawn to a press r...

…Targets 2mbpd Crude Oil Production By Dec 2024 By PR The NNPC Limited has released its 2023 Audited Financial Statement (AFS), declaring a net profit of N3.297 trillion at the close of the financial year which ended in December 2023, an increase of over N700billion (28%) when compared to the 2022 profit of N2.548trillion. In a world press conference held at the NNPC Towers in Abuja on Monday, the Chief Financial Officer of the Company, Mr. Umar Ajiya said the release of the AFS is a testament to the Company’s commitment to transparency and accountability.  “Our fiscal performance reflects both strategic foresight and operational resilience. Despite inherent challenges of our operational and economic environment, we have improved...

2nd Right: Esueme Dan Kikile Esq. By PR The Nigerian Oil and Gas Industry Content Development (NOGICD) Act, 2010 and its astonishing success in resetting oil and gas industry spending and in-country capacity development was the fulcrum of a presentation by the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe, in Windhoek, Namibia, on Wednesday. Speaking on the theme “Local Content and Sustainable Inclusive Economic Growth” at the 2024Namibia Oil and Gas Conference, Engr. Ogbe noted that recent discoveries of hydrocarbon deposits have increased the oil and gas reserves of the continent to about 126 billion barrels of oil and about 614 trillion cubic feet of gas. He pointed out that the adopti...

THE Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, the Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, and Alhaji Aliko Dangote, President/Chairman of the Dangote Refinery, have formally endorsed the inaugural Nigerian Crude Oil Refining Summit set to take place on October 7th and 8th, 2024, at the prestigious Eko Hotel & Suites in Lagos. These distinguished leaders have not only endorsed the event but have also confirmed their attendance and participation as keynote speakers. Their involvement was officially confirmed during courtesy visits by the Crude Oil Refinery-owners Association of Nigeria (CORAN) led by its Chairman, Mr. Momoh Jimah Oyarekhua, at their respective offices in Lagos and Abuja. “The endorsement and participatio...