The Nigerian National Petroleum Corporation

Refineries Damaged Beyond Turnaround Maintenance – NNPC

October 30, 2020 3:59 pm

The Nigerian National Petroleum Corporation (NNPC) yesterday attributed the prolonged neglect of overhauling the refineries in the country to the delay in making them functional.

It declared the refineries as damaged beyond the usual Turnaround Maintenance (TAM).

However, to revamp them, the national oil is embarking upon total rehabilitation of the plants, which despite currently being non-functional, gulp about N10 billion monthly in payment of salaries and other in-built costs.

Speaking yesterday on the third day of the virtual Oil Trading and Logistics (OTL) Africa Downstream Expo 2020, on the theme “ Petroleum Refining Trends and Outlook for Tomorrow’s Energy …

NNPC Releases 2019 Audited Financial Statement

October 16, 2020 5:33 am

The Nigerian National Petroleum Corporation (NNPC) has released its 2019 Audited Financial Statement (AFS).

It shows 99.7 percent reduction in its loss profile from ₦803bn in 2018 to ₦1.7bn in 2019.

The publication comes five months after NNPC made its 2018 AFS public.

NNPC spokesman, Kennie Obateru, in a statement on Thursday quoted the Chief Financial Officer, Umar Ajiya, as saying that the 2019 statement will be published on the corporation’s website for transparency.

Read Also: NNPC Almost Out Of Red Zone, Cuts Losses By 99.7%

He said this was in line with the principles of the Extractive Industries Transparency …

NNPC Almost Out Of Red Zone, Cuts Losses By 99.7%

October 15, 2020 11:52 am

The Nigerian National Petroleum Corporation (NNPC) has released its 2019 Audited Financial Statement with a 99.7% reduction in its loss profile from ₦803bn in 2018 to ₦1.7bn in 2019.

The new report comes five months after the corporation published its 2018 Audited Financial Statement,

The NNPC Chief Financial Officer (CFO), Mr. Umar Ajiya, said that the 2019 Audited Financial Statement, will be published on the Corporation’s website for all to see in keeping with Management’s commitment to transparency and accountability.

Ajiya also said the release will be in consonance with the principles of the Extractive Industries Transparency Initiative (EITI) of …

OML 143: NNPC, SEEPCO Sign Gas Development Deal

September 26, 2020 2:14 pm

The Nigerian National Petroleum Corporation (NNPC) and Sterling Exploration and Energy Production Company (SEEPCO) have signed an agreement for the development and commercialisation of gas from the Oil Mining Lease (OML) 143 that could help reduce gas flaring in the country.

Speaking at the agreement-signing ceremony which held at the NNPC Towers, the Group Managing Director of NNPC, Malam Mele Kyari, described the execution of the deal as a great milestone as well as a testament to NNPC’s commitment to facilitating the nation’s transformation into a gas-powered economy.