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Nigeria’s Oil Industry Needs More Privatization to Flourish

NNPC Reports Explosion in OML 40 Facility

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The Nigerian Petroleum Development Company (NPDC), an upstream subsidiary of the Nigerian National Petroleum Corporation, has reported an explosion at a production facility in...
NNPC Sells $120.49m Worth of Crude Oil, Gas in September

NNPC Drills 39 Wells, Including 2 Exploratory Wells

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The Nigerian National Petroleum Corporation (NNPC) has disclosed that the volume of oil deposits Nigeria holds declined by 2.16% barrels (bbls). While the country’s oil...
NNPC Sells $120.49m Worth of Crude Oil, Gas in September

NNPC records ₦20.36bn trading surplus in July — report

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The Nigerian National Petroleum Corporation (NNPC) said it recorded increased trading surplus of ₦20.36billion in July, compared to the ₦2.12billion surplus in June 2020...
The Nigerian National Petroleum Corporation, NNPC, has launched a tender process for fuel supplies in the country. It stated that this falls under the NNPC’s direct sale-direct purchase (DSDP) mechanism. Under this system, NNPC will provide monthly crude oil free on board (FOB) cargoes to suppliers, who shall provide petroleum products in return. In the process, companies must register interest by December 22 at 12 noon for the 2020-21 DSDP process. Documents should be submitted by January 21 and NNPC will open these bids online. The products will be on a delivered at place (DAP) basis, to designated ports in Nigeria. The fuel shall be equivalent in value to the crude oil received from NNPC. Under the ongoing process, three different types of company can participate, and they are Foreign refinery owners capable of processing Nigerian crudes, with a Nigerian affiliate or subsidiary. Also, Globally established traders, with Nigerian affiliates or subsidiaries and indigenous companies working in the downstream with trading expertise are qualified to bid. The DSDP contract will run for 12 months, starting at a yet to be revealed time. Bidders must demonstrate they meet various standards, such as audited accounts and minimum turnover thresholds. They must also meet Nigerian content requirements. The NNPC began the DSDP process in 2016 and expects to continue this until 2023. The Corporation awarded the last round of DSDP contracts in August 2019 and was due to expire in September 2020. However, these 2019-20 DSDP awards were extended by six months. Around 130 companies submitted bids in 2019, with 15 winning bids accepted. These included BP, Vitol, Gunvor and Trafigura, in addition to some local companies such as Sahara Energy and MRS Oil and Gas. NNPC included its own Duke Oil unit in the list of 15.

NNPC Receives $1bn Upstream Funding for NPDC Tax Obligations

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The Nigerian National Petroleum Corporation (NNPC) has reportedly received funding to the tune of $1 billion for upstream operations for its subsidiary, Nigerian Petroleum...

Nigeria Records N16.46bn Fall in IOC Taxes

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The Nigerian National Petroleum Corporation (NNPC) has said that the tax revenue accruing to the federal government from Production Sharing Contracts (PSC) with international...
Why Seplat Petroleum Signals Litigation Against Access Bank

Seplat Expresses Concern Over OPEC Oil Cuts

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The Chief Executive Officer of Nigeria’s biggest independent energy company, Austin Avuru, has said that the country’s decision to comply strictly with OPEC+ oil...
Birth of A New Order: NNPC’s Gas Handling Facility Sells Gas in Naira

NPDC Seeks Police, DSS Partnership On Oil Assets Protection

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The Nigerian Petroleum Development Company (NPDC) - the Upstream subsidiary of the Nigerian National Petroleum Corporation (NNPC) - has sought the collaboration of the...
Why Seplat Petroleum Signals Litigation Against Access Bank

Seplat Scholarship!

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Accounting, Agricultural Engineering, Agricultural Science, Architecture, Business Administration, Chemical Engineering, Civil Engineering, Computer Engineering, Computer Science, Economics, Electrical/Electronic Engineering, Geology, Geophysics, Human Medicine, Journalism,...

NPDC, Eland Commence 5-Well Drilling Campaign of OML 40

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Nigerian Petroleum Development Company (NPDC) and Eland Oil & Gas, an upstream oil and natural gas exploration company, are set to commence a five-well...

NNPC, others yet to remit $22.06bn, N481.75bn to Federation Account

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The Nigerian National Petroleum Corporation (NNPC) and its subsidiary, Nigerian Petroleum Development Company (NPDC) and other companies in the oil and gas sector have...

Baru commends NPDC on 100% local content on gas facility

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The Nigerian National Petroleum Corporation (NNPC) has commended the Nigerian Petroleum Development Company (NPDC), for achieving 100 per cent local content input in the...

NNPC records trade surplus in May

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Oge Obi. The Nigerian National Petroleum Corporation (NNPC) has disclosed that it recorded a trade surplus of N18.12 billion in the month of May, a...

Seplat Claws Back $150M “Cash Call” From NPDC

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Seplat has, in the space of nine months, received about 150Million, amounting to a third of the money owed it by NPDC, its government-owned...

Senate constitutes Committee to probe non-remittance of N1tn by NNPC

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The Senate wednesday constituted an ad hoc committee to probe the allegation by the National Extractive Industries and Transparency Initiative (NEITI) that Nigerian National...

New militant group threatens to blow up Utorogu gas plant

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A secessionist group, Utorogun Liberation Movement, ULM, surfaced, Thursday, in Delta State, vowing to destroy the Utorogu Gas Plant, Ughelli, which supplies gas to...