NNPC spent N112.079 billion on fuel subsidy in 2017

The Nigerian National Petroleum Corporation (NNPC) spent N112.079 billion on fuel subsidy in the first 10 months of 2017, between January and October 2017, Vanguard reports. Contrary to claims by oil marketers that subsidy re-emerged in October, making it unprofitable for them to continue fuel import, financial documents from the NNPC revealed that fuel subsidy officially returned […]

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Why Nigeria is low on crude oil

Nigeria, Africa’s biggest oil producer and a member of OPEC, has suffered fuel shortages over the past few weeks. They complicated transport and hurt economic activity and, in the words of President Muhammadu Buhari, ensured that for many Nigerians the Christmas holidays were “anything but merry and happy.” His administration says it’s working overtime to end the […]

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NNPC achieves 98% automation in transactions

The Nigerian National Petroleum Corporation (NNPC) has achieved 98 per cent automation of all transactions involving the supply, marketing and sale of the various grades and blends of Nigeria’s crude oil across the world. Group General Manager, Crude Oil Marketing Division of the Corporation, Malam Mele Kyari, stated yesterday in an interview with Oil & […]

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Nigeria seek to raise crude oil revenue

Nigeria is seeking to amend a law on deep offshore oil exploration and drilling, aiming to increase government revenue from crude sales when prices exceed $20 a barrel, the country’s oil minister said on Wednesday. Nigeria’s government relies on oil for around two-thirds of its revenue and Africa’s largest economy is still largely dependent on […]

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SEC braces up to audit OANDO

Nigeria’s Securities and Exchange Commission (SEC) plans to go ahead with a forensic audit of oil company Oando Plc, it said in a statement late on Tuesday, despite the suspension of the commission’s director. The finance minister suspended SEC Director General Mounir Gwarzo last week over allegations of financial impropriety, a month after Gwarzo started […]

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OPEC oil output for November lowest since March 2017

    <link href=”https://af.reuters.com/article/algeriaNews/idAFL8N1O4345″ rel=”canonical” /> OPEC oil output fell in November by 300,000 barrels per day (bpd) to its lowest since May, a Reuters survey found, pressured by a drop in Angolan and Iraqi exports, strong compliance with a supply cut deal and involunary declines. OPEC’s adherence to pledged supply curbs rose to 112 […]

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OPEC postpones oil cut to end 2018

OPEC and non-OPEC oil producers look poised to agree on Thursday to extend output cuts until the end of 2018 to finish clearing a global glut of crude while signalling they could exit the deal earlier if the market overheats. Non-OPEC Russia, which this year reduced production significantly with OPEC for the first time, has […]

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NNPC secures $3.7bn financing in 3 years

The Nigerian National Petroleum Corporation has secured a total of $3.7bn in Alternative Financing Agreement in the last three years, Group Managing Director of the Corporation, Dr. Maikanti Baru has said. Dr. Baru, who made this known while speaking at the 35th Annual Conference of the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos on […]

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NNPC requests tender for 2018

Nigerian state oil company NNPC on Friday published the invitation to tender for its 2018 crude oil contracts. Bids must be submitted by noon on Jan. 9, 2018. * Qua Iboe was offered at dated Brent plus $1.30, steady from an offer level reported on Nov. 2. Several cargoes are available. * Mercuria sold a […]

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Gas flare rate drop to 12% in Nigeria

The Gas flare rate in Nigeria stands at 12.00 per cent, the Nigerian National Petroleum Corporation (NNPC) Monthly Financial and Operations Report for August has revealed. The monthly report which was released today in Abuja said that the 12.00 per cent gas flare rate which translates to 919.73mmscfd was at August 2017 compared to 10.03 […]

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NNPC to begins oil exploration in Nasarawa

Oil search in the nation’s inland basins received a fresh impetus following the commencement of exploration activities in the Benue Trough by the Nigerian National Petroleum Corporation (NNPC). Group Managing Director of the Corporation, Dr. Maikanti Baru, announced this development during a visit to the Governor of Nasarawa State, Alh. Umaru Tanko Almakura in Lafia […]

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OANDO’s response to SEC’s findings

* ‍OANDO PLC‘S POSITION ON SECURITIES AND EXCHANGE COMMISSION‘S ALLEGED FINDINGS​ * ‍SEC COMMISSION FINDS THAT GCEO RESPONSIBLE FOR FIXING REMUNERATION OF OTHER EXECUTIVE DIRECTORS IS IN VIOLATION OF PART B, 14.3 OF SEC CODE * “OANDO IS OF THE VIEW THAT THE SEC’S DIRECTIVES ARE ILLEGAL, INVALID AND CALCULATED TO PREJUDICE THE BUSINESS OF […]

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Oando’s share price frozen pending regulatory audit

Shares in Nigerian oil firm Oando Plc have been frozen at 5.99 naira until further notice, the stock exchange said on Monday after the regulator ordered a forensic audit into the company. The Securities and Exchange Commission (SEC) had suspended trading in the stock for 48 hours last week, saying it was investigating complaints about […]

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