Energy – Page 70 – City Business News

November 11, 2015 No Responses

NNPC advocates reduction in $30 production cost

Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu has described $30 currently spent by oil companies to produce one barrel of crude oil in Nigeria as too high. According to him, the amount should be reduced...

November 9, 2015 No Responses

‘Nigeria to find oil in Chad basin soon’

Nigeria is on the verge of discovering significant quantity of oil in the Lake Chad area, North-East Nigeria, the Nigerian National Petroleum Corporation (NNPC) has said. In a statement, NNPC explained that it was projecting the inflow of $20 billi...

November 5, 2015 No Responses

FG approves N413b for Oil Marketers

The Federal Government has approved the payment of N413 billion to petroleum products marketers being the outstanding payment for subsidy claims. In a statement, the Nigerian National Petroleum Corporation (NNPC) explained that it has also injected additional ...

November 4, 2015 No Responses

NSE may sanction Oando

The Nigerian Stock Exchange (NSE) may sanction Oando Plc over alleged delayed filing of its Audited Financial Statements (AFS) for the year ended December 31, 2014, its first quarter and half year. Already, Oando has been sanctioned for violations of...

November 3, 2015 No Responses

‘New Lifting Terms Will Abolish Hawking of Crude Oil’

THE management of Nigerian National Petroleum Corporation (NNPC) has explained that new measures put in place to select new off-takers of Nigeria’s crude oil grades will eliminate ‘hawking’. The Corporation, which received 278 bids from indigenou...

October 28, 2015 No Responses

NNPC opens bid for crude oil grade

NIGERIAN National Petroleum Corporation (NNPC) has conducted the public opening of bids tendered by Nigerian and international companies for the purchase of Nigeria’s crude oil grade. According to the News Agency of Nigeria (NAN) 278 local and internatio...

October 26, 2015 No Responses

Oando explains N183.9b loss in 2014

THE controversy surrounding Onado’s N183.9billion loss for the year 2014 continued at the weekend unabated. In its full-year ending 2014, the company last Friday declared loss after tax of N183.9billion compared to a profit after tax of N1.396billion in 2013...

October 23, 2015 No Responses

91 firms bid for NNPC coastal vessels contract

NOT less than 91 firms have indicated interest in the provision of coastal and bunkering vessel services for the operations of the Pipelines and Products Marketing Company (PPMC), a subsidiary of the Nigeria National Petroleum Corporation (NNPC). In a statem...

September 11, 2015 No Responses

NNPC lifts ban on 113 oil tankers

The Nigerian National Petroleum Corporation has lifted ban on 113 vessels from engaging in crude oil/gas loading activities. In a letter dated September 8, 2015 NNPC explained that President Muhammadu Buhari had approved the consideration of all incoming ships...

September 10, 2015 No Responses

NNPC unveils agenda for new refineries

The Nigerian National Petroleum Corporation (NNPC) has unveiled agenda for new refineries as part of measures to enhance performance in the oil sector. Speaking with Journalists in Kaduna after inspecting Kaduna Refining and Petrochemical Company, the Group Ma...

September 7, 2015 No Responses

NNPC to recover N1.5trillion over-deducted tax benefits from firms

THE Federal Government through the Nigerian National Petroleum Cooperation (NNPC) has announced plans to recover $7billion (N1.5trillion) in over-deducted tax benefits from joint venture partners on major capital projects. NNPC has also appointed an accounting...

September 4, 2015 No Responses

Warri refinery gets 90-day Ultimatum

THE Nigerian National Petroleum Corporation (NNPC) has challenged the management of Warri Refining and Petrochemicals Company (WRPC) to commenced full production within 90 days. Group Managing Director of NNPC, Dr. Ibe Kachikwu, who gave the ultimatum during ...

September 3, 2015 No Responses

NNPC refutes agenda to sell refineries

The Nigerian National Petroleum Corporation (NNPC) has denied any agenda to sell existing refineries. However, NNPC clarified that it may consider encouraging joint venture investments in the facilities. In a statement, the Group Managing Director of the...

September 2, 2015 No Responses

NNPC to tackle oil theft with drones

Nigeria National Petroleum Corporation (NNPC) has announced plans to deploy drones to monitor the movement of oil bearing vessels across the nation’s waterways. The Group Managing Director of NNPC, Dr. Ibe Kachikwu, explained that from June 2014 to June 20...