NNPC Cuts Petrol Depot Price to ₦108
The Nigerian National Petroleum Corporation has again lowered the ex-depot price of petrol. The latest reduction, announced on Wednesday, will see PMS sold to marketers at ₦108 per liter, down from ₦113.28 per liter. Final consumers can now expect a similar cut to the price of the product at petrol stations. In March, the ex-depot […]
NNPC and US Agency Sign $1.16 Million Deal for New Power Plant in Abuja
Nigeria’s state-owned energy company, the Nigerian National Petroleum Corporation (NNPC), has signed a deal with the United States Trade and Development Agency (USTDA) to build a new 1,350 megawatts (MW) power plant in Abuja. The agreement should see the USTDA come up with a $1.16 million grant to finance the project. The deal was signed […]
ThrowBack Thursday: Oloibiri Oil Discovery (1959)
A very major bulk of Nigeria’s wealth since the 1950’s has been from oil; and quite a majority of this oil have been explored in the Niger Delta region of Nigeria. Until oil was discovered, agriculture was the primary contributor to the entire Gross Domestic Product (GDP), and everyone went to sleep since then, except […]
Social Media Roundup
Nigerian Elections Postponed Last week, the Nigerian elections which were scheduled for February 16 were unexpectedly canceled at the last minute. The postponement of the elections proved quite overwhelming for many Nigerians who took to social media to express their sentiments about the turnout of events. The elections have however now been scheduled for February […]
Nigeria Today: Top 5 News Stories, Tuesday, Nov 15th 2016
1. With respect to the draft policy document which was released last week by the Ministry of Petroleum Resources, indicating that parts of the stocks of the Nigerian National Petroleum Corporation (NNPC) would be listed for trading on the NSE or other exchanges after its restructuring and corporation, the federal government is yet to […]
Nigeria Today: Top 5 News Stories, Tuesday, Nov 1st 2016
1. General Electric has carried out the repair of one of Dangote’s gas turbines and says it is committed to investing $2 billion in Africa. 2. The Minister of Transportation, Rotimi Amaechi has said that the Warri-Ajaokuta-Obaro-Abuja central rail project is expected to attract an investment worth $30 billion dollars. 3. The Group Managing Director of NNPC, Dr […]
Nigeria Today: Top 5 News Stories, Wednesday, Oct 26, 2016
1. NNPC has urged Nigerians not to panic, as there are no plans to increase in fuel price. 2. The House of Representatives has opposed the plans by the Federal Executive Council to concede rail lines to General Electric. 3. President Buhari has approached the National Assembly for ₦180 billion naira virement from the Special Intervention Programme, of […]
Nigeria Today: Top 5 News Stories, Friday, Oct 21, 2016
To regain its share in the global oil market, NNPC offers discounts on crude oil. President Buhari has released names of 46 ambassadorial nominees to the Senate. The militant group, Niger Delta Avengers, have pulled out of dialogue proposed by the Federal Government. The House of Representatives investigates PHCN on electricity bills and sale of non-core […]
Bionas’ $2.5 Billion Investment Could Bring Nigeria’s Bio-Fuel Industry to Life
Today, the streets of Lagos, Abuja, Port Harcourt and Kano are traversed by vehicles that guzzle fossil fuels and belch greenhouse gases. Nigeria doesn’t emit as much environmentally unfriendly gas as the world’s biggest polluters, but its growing population, with its urbanizing tendencies and adherence to the western industrialization model, could make it one in […]
Mohammed Barkindo Emerges Secretary-General of OPEC
Former Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mohammed Barkindo, has been confirmed the next Secretary-General of the Organisation of Petroleum Exporting Countries (OPEC). Mr Barkindo, who was the NNPC GMD from 2009 to 2010 also had been the acting Secretary-General of OPEC in 2006. Effective from August 1, 2016, he will […]
FG to Raise Investment Funds for Petroleum JVC
According to The Nation, the Federal Government is set to to raise funds from international investors and the private sector next year in an effort to fund the Joint Venture Cash (JVC) call between the Nigerian National Petroleum Corporation (NNPC) and multinational oil companies operating in Nigeria. The Minister of State for Petroleum Resources, Dr. […]
NNPC to Deploy Drones to Curb Oil Theft
The Nigerian National Petroleum Corporation (NNPC) has announced that it will deploy drones across the territorial waters of Africa’s largest oil producer in order to help curb rampant oil theft. In an official statement, Managing Director Ibe Kachikwu said, “The corporation is launching an armada of approaches aimed at ending theft within eight months. The measures […]
What Nigerians Think About ‘Killing’ NNPC
Kaduna State Governor, Nasir El-Rufai has said that Nigeria needs to “kill” its oil company, the Nigerian National Petroleum Corporation, NNPC, which he considers corrupt, in order for the country to survive and progress, Premium Times reports. This was stated publicly on Monday, at the 7th Wole Soyinka Centre Media Lecture Series in Abuja, where he […]
Nigeria Today: Top Ten News Stories You Shouldn’t Miss
1. Crude oil prices sank to new four-year lows on Thursday on the back of the announcement that the Organisation of Petroleum Exporting Countries (OPEC) has decided to maintain its oil output ceiling at 30 million barrels, preferring, as a strategy, to wait for the market to stabilise instead of cutting production quotas. OPEC’s decision […]
President Goodluck Jonathan Appoints Dr. Joseph Thlama Dawha as GMD of NNPC
Nigeria’s President, Goodluck Jonathan, has appointed Dr. Joseph Thlama Dawha as the new Group Managing Director, NNPC, replacing Andrew Yakubu, who was sacked last night. The new Group Managing Director of the NNPC, Dr. Dawha hails from Borno State. He has served previously as the Group Executive Director, Exploration and Production, NNPC and Managing Director […]
Transcorp, NNPC Sign Production Sharing Contract
Transnational Corporation of Nigeria (Transcorp) and the Nigerian National Petroleum Corporation (NNPC) signed a production sharing contract (PSC) last Friday for the exploration and production of Oil Prospecting Lease (OPL) 281. Transcorp has committed itself to a work programme to prove and develop an estimated 104 million barrels of oil reserves, an additional […]