OML 18 has a production capacity of over 50,000 barrels of oil per day (bpd). It also has significant gas reserves, contributing to Nigeria’s domestic gas supply and export markets. The senate has called on the National Oil Spill Detection and Response Agency (NOSDRA) to immediately investigate the cause of the fire outbreak and oil spill from Manifold Well 8/ BUG 008 in Oil Mining Lease (OML) 18, Bukuma (Agum) in Rivers State. This is...
The national assembly also increased the NPA’s target to N1.75 trillion, citing untapped opportunities across its 56 revenue streams. The Nigerian National Petroleum Company Limited (NNPCL) has declared itself the only company in Nigeria that publishes 100 percent of its account statements annually. The Group CEO, Mele Kyari, who revealed this on Wednesday while presenting the company’s budget defence at the national assembly, stressed that they remitted N10 trillion to the federation account by September...
While some agencies have defended their partnership agreements as necessary for attracting investment, the national assembly says the country is being cheated. Nigeria has long grappled with the challenge of revenue mobilisation, a critical factor for achieving fiscal sustainability. Reports have it that critical agencies such as the Nigerian National Petroleum Company Limited (NNPCL), Nigerian Liquefied Natural Gas (NLNG), and Nigerian Immigration Services (NIS) engage in Public-Private-Partnerships (PPPs) and Joint Venture Agreements (JVAs) that disproportionately...
The House of Representatives has called on government to direct NNPCL to allow Independent Marketers access to Dangote refinery The House of Representatives has called on the Federal Government to direct the Nigerian National Petroleum Corporation Limited (NNPCL) and Dangote Refinery to allow independent marketers to lift Premium Motor Spirit (PMS) from the newly operational Dangote Refinery. It also mandated the NNPCL to reveal the price it sells crude oil to Dangote refinery and Dangote...
Heads of NNPCL, FIRS, Police and 12 others agencies have been warned by the senate over refusal to respond to queries raised against them in the 2019 audit report The Senate, through its Public Accounts Committee (PAC), has expressed strong disapproval of the incessant refusal several government agencies, including the Nigerian National Petroleum Company Limited (NNPCL), the Federal Inland Revenue Service (FIRS), and the Nigeria Police Force, to respond to audit queries. The committee’s chairman,...
The House of Representatives has announced new committee members to investigate economic sabotage within the petroleum sector The Speaker of the House of Representatives, Rep. Tajudeen Abbas, has appointed Rep. Julius Ihonvbere (APC Edo), the majority leader of the House, and six other members to the joint Senate/House committee tasked with investigating alleged economic sabotage within Nigeria’s petroleum industry. The appointment was announced in a statement released on Friday by the House’s Spokesperson, Rep. Akin...
With lawmakers splitting into various groups and factions over NNPCL and NMDPRA investigation, the House decision to disband the ad-hoc committee may not be unconnected to the controversies surrounding the probe The House of Representatives has announced the dissolution of the current ad-hoc joint downstream and midstream committee. A groups of members of House of Representatives under the aegis of ‘1 Agenda’ had published a support for the Group Chief Executive Officer (GCEO) of the...
The House of Representatives has a sharp division driven down its ranks over calls for the removal of NNPCL CEO All is not well in the House of Representatives as two groups have emerged over calls for the removal of the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Ltd (NNPCL), Mele Kyari, and the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed. A group...
NNPCL has assured that the economy would be recovered from the woods in no time. The Nigerian National Petroleum Company Limited (NNPCL) and the Central Bank of Nigeria (CBN) have disclosed that the ailing economy is getting revitalised based on emerging indicators. This was revealed on Monday at an interactive session of the national assembly joint committee on finance chaired by Senator Sani Musa (APC, Niger East). Critical stakeholders including the ministers of finance, Wale...
What exactly is responsible for the recurrent fuel queues? Nigerians are Tired. Why hasn’t a lasting solution been found, 68 years later? Despite technological advancements and periodic promises of solutions by the government, the sight of long lines at petrol stations remains a regular occurrence, leaving many to wonder why this problem still plagues the nation. Nigeria National Petroleum Corporation Limited (NNPCL), the country’s profit-inclined state oil company, assures the public that it has rectified...
