December 16, 2017

Cancelled: Sahara, Aiteo, Duke Oil, Ocean Marine Contracts, Says NNPC, Articles | THISDAY LIVE

Ohi-Alegbe-011315

The Nigerian National Petroleum Corporation (NNPC) wednesday confirmed the cancellation of the Offshore Processing Agreements (OPAs) between the corporation and Sahara Energy Resources (Nig.) Ltd. founded by the trio of Mr. Tope Sonubi, Mr. Tonye Cole and Mr. Ade Odunsi; Aiteo Energy Resources Limited founded by Mr. Benedict Peters; and Duke Oil Company Inc., a subsidiary of NNPC. It also announced the cancellation of the contract for the delivery of crude oil to the Port Harcourt, Warri and Kaduna refineries awarded to Ocean Marine Tankers (OMT) Limited, a company founded by the Skye Bank Chairman, Mr. Tunde Ayeni, Edo State…

We’ll re-draft Petroleum Industry Bill within a year – NNPC boss – Premium Times Nigeria

  The Group Managing Director of the Nigerian National Petroleum Corporation, Ibe Kachikwu, on Tuesday said it would take a minimum of one year to fine-tune the Petroleum Industry Bill and produce a new draft that could be presented to the National Assembly for approval. Mr. Kachikwu said this in Abuja and described the proposed law as a serious piece of legislation for the oil and gas industry which the country could not afford to delay its passage into law. Mr. Kachikwu, who was speaking at the on-going 55th Annual General Conference of the Nigerian Bar Association in Abuja, explained…

NEWS  |  Nigeria’s NNPC to Review Production-Sharing Contracts, Joint Ventures  |  Rigzone

635751701514370768-ThinkstockPhotos-152955115-1-

ABUJA, Aug 16 (Reuters) – The new head of the Nigerian National Petroleum Corp (NNPC) said on Sunday he will review all production-sharing contracts and joint venture agreements with its partners “to reflect current day realities in the global oil and gas industry”. Emmanuel Kachikwu, who was appointed two weeks ago to head the state oil company, which has been accused of corruption and mismanagement, said he would remit all crude oil proceeds due to the Nigerian government and plug all revenue leaks throughout the oil sector. “The mandate … is to turn around the entire commercial processes and procedures…

The Move to Reposition NNPC, Articles | THISDAY LIVE

As local and foreign investors await the fate of the Petroleum Industry Bill (PIB) under the administration of President Muhammadu Buhari, the new regime has embarked on the restructuring of the corruption-ridden Nigerian National Petroleum Corporation (NNPC) in what is regarded as the biggest shake-up of the state-run firm in 25 years. Ejiofor Alike reports Before the Federal Government came up with the idea of setting up a national oil company in 1971, the only benefit derived by the government from crude oil production was through tax collection from Shell, Chevron, Agip, Mobil and other international oil companies (IOCs) as…

In Hunt for Missing Billions, Buhari Targets Nigeria Company – Bloomberg Business

1200x-1-6

As oil minister during military rule in the 1970s, Muhammadu Buhari oversaw the birth of the Nigerian National Petroleum Corp. Now, as democratically elected president, he intends to break up the opaque bureaucracy, which manages the oil assets of Africa’s biggest crude producer, to ensure taxpayers get their fair share. History isn’t on his side. “No Nigerian leader, including Buhari himself from the 1980s, has managed to sanitize the oil sector,” said Philippe de Pontet, head of the Africa practice at the Eurasia Group in New York. “Buhari’s challenge is not only to depoliticize NNPC but to disentangle its vested…

NNPC: Refineries to Operate at 90% Capacity after TAM| THISDAY LIVE

  The General Manager, Services, of the Nigerian National Petroleum Corporation (NNPC), Mr. Abubakar Muhammed,  has said the nation’s four refineries would operate at 90 per cent capacity on completion of the ongoing Turn Around Maintenance (TAM). Muhammed gave the assurance at the ongoing four-day international conference of the Society of Petroleum Engineers (SPE) and exhibitions on Tuesday in Lagos. The 38th edition of the conference has the theme: ‘Natural Gas Development and Exploitation in an Emerging Economy Strategies, Infrastructure and Policy Framework.’ The NNPC director said out of the 90 per cent production capacity of the country’s output of…

Buhari Appoints Exxon-Mobil Africa Executive To Head Nigerian National Petroleum Corporation

Exxon-Mobil Africa’s executive vice chairman Emmanuel Ibe Kachikwu has been chosen to head Nigeria’s state-owned oil company. Nigerian President Muhammadu Buhari approved the high-level appointment, and Kachiku is expected to take over at Nigerian National Petroleum Corporation headquarters Tuesday, according to local newspaper the Premium Times. Kachiku, a trained attorney from Nigeria’s oil-rich Delta state, will replace Joseph Dawha as the group managing director of the Nigerian National Petroleum Corporation. One month after taking office, Buhari sacked Dawha, who was appointed by former President Goodluck Jonathan, and disbanded the company’s entire board in June amid allegations of large-scale theft. In 2014, former central…

Nigeria lost over N6.4 trillion to corruption-ridden NNPC oil sales – NRGI Report – Premium Times Nigeria

Nigeria would have been buoyant enough to finance its 2015 budget of N4.36 trillion and still pay off its external debts of N2.03 trillion if it had not lost more than that amount — $32 billion (N6.4 trillion at N200/$1) — to massive corruption that characterized oil sales by the Nigerian National Petroleum Corporation during the last administration, a new report has said. An independent investigative analysis by the Natural Resource Governance Institute (NRGI) has revealed that over $32 billion oil revenue was lost to NNPC’s mismanagement of Domestic Crude Allocation (DCA), opaque revenue retention practices and corruption-ridden oil-for-product swap…

Nigeria lawmakers probe NNPC’s crude swap contracts – TV360 Nigeria

NNPC-432x330

The House of Representatives on Wednesday ordered a fresh probe of the Refined Product Exchange Agreement contracts between the Nigerian National Petroleum Corporation and various trading companies. The reps resolved to investigate alleged scams in the Refined Product Exchange Agreement, commonly called crude oil swaps contracts, involving the NNPC and some companies. The programme involves the exchange of crude oil for refined petroleum products in which the corporation gave out 445,000 barrels of crude per day. A House resolution passed indicated that nine companies benefited from the contracts through the Pipelines Product Marketing Company, a subsidiary of the NNPC. On…

NNPC Drills Workforce on Regulatory Compliance| THISDAY LIVE

19360544553963

By Chineme Okafor in Abuja The Nigerian National Petroleum Corporation (NNPC) has opted to drill its workforce on how to comply with regulatory principles. NNPC, in a statement from the International Institute for Petroleum, Energy Law and Policy (IIPELP), a think-tank with expertise and interest in Africa’s energy sector in Abuja has enlisted IIPELP to train top management staff in its Regulatory and Policy Compliance Division on standard regulatory practices and compliance procedures. The training exercise is expected to last for two weeks and will provide NNPC managers the opportunity to garner sound understanding of regulatory and compliance standards in…