NIGERIA’S OIL EARNINGS DROP TO $460M PER MONTH, LOSES $3.9B OF CRUDE TO THEFT, 133TCF OF GAS UNLOCKED

The sliding crude oil prices at the international market have pushed the nation’s crude export earnings further down to about $460 per month.

Former Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Joseph Dawha, who disclosed this at the Nigerian Annual International Conference and Exhibition of the Society of Petroleum Engineers (SPE) in Lagos yesterday, said the price decline has seriously impacted the national purse, thereby constraining it to meet certain financial obligations.

Read more @ The Guardian

NNPC: REFINERIES TO OPERATE AT 90% CAPACITY AFTER TAM

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.

 

Read more @ Thisdaylive

KACHIKWU TAKES OVER AS GMD NNPC

After weeks of bated breath, President Muhammadu Buhari finally approved the appointment of Dr. Emmanuel Ibe Kachikwu as the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC).

He formally took over from Dr. Joseph Dawha, who was appointed by former President Goodluck Jonathan last year, at NNPC’s head office in Abuja on Tuesday.

 

 Read more @ Thisdaylive

NNPC SLAMMED FOR FAILING TO RECOVER FULL VALUE FOR OIL

The Nigerian National Petroleum Corporation,(NNPC) has come under a fresh barrage of criticism for failing to recover full value for oil sold on behalf of the country over many years.

 

The Natural Resource Governance Institute (NRGI), a US based independent non profit organisation, in a report released yesterday, said the NNPC’s failure stems from poorly structured deals and unaccountable spending.

 

Read more @ Businessday online

BUHARI TO APPOINT EXXONMOBIL VICE CHAIRMAN, KACHIKWU AS GMD NNPC

Barring any last minute changes, President Muhammadu Buhari will appoint Dr. Emmanuel Ibe Kachikwu, the Executive Vice Chairman of ExxonMobil Africa as the new Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC).

Unamed sources revelaed that President Buhari met with Dr. Kachikwu on Monday night to finalise talks on his vision for the state owned corporation, which has been enmeshed in allegations of corruption and dubious accounting practices.

 Read more @ The Will

WE’VE FOUND BANKS WITH STOLEN OIL MONEY – BUHARI

President Muhammadu Buhari, yesterday, in Abuja said that his administration has identified banks, financial institutions and countries in which payments for stolen Nigerian crude oil have been deposited.

Speaking at an audience with visiting United States Congressmen, President Buhari acknowledged the support and cooperation his administration was getting from the international community in gathering required intelligence for tracing and recovering stolen national resources.

Read more @ Vanguard

GOVT MAY PRIVATISE FOUR REFINERIES

There are indications that the Federal Government is planning to privatise the nation’s refineries to mitigate the challenge of fuel scarcity in the country.

Nigerian National Petroleum Corporation (NNPC) has four refineries, two in Port Harcourt (PHRC), and one each in Kaduna (KRPC) and Warri (WRPC). The refineries have a combined installed capacity of 445,000 bpd.

Read more @ Guardian