NNPC not broke, despite huge debts – Kachikwu

The Nigerian National Petroleum Corporation, NNPC, said, weekend, that despite losing N230billion annually from marketing and refining operations, the Corporation was not broke. It also disclosed that it owes over $6billion in cash call arrears.
 
NNPC insisted that there was no way the Corporation can be broke, given its assets base and equity holding in the petroleum industry.

Read more @ Vanguard Online

HOST COMMUNITY OPPOSES SALE OF OML 29

The host community to the Oil Mining Lease (OML) 29 has opposed the intention of the federal government to sell the oil block to interested buyers.

Anglo Dutch oil giant, Shell, has been offering several of its onshore oil assets for sale to interested buyers as part of global divestment strategy

Read more @ Thisday Live

ASSETS SALE: SHELL’S CONTRACTORS, STAFF FRET OVER JOB LOSS

Contractors in the oil acreages, Oil Mining Licences (OML) 18, 24, 25, 29, as well as a major pipeline, the Nembe Creek Trunk Line operated by the Royal Dutch Shell in Nigeria are worried over loss of their jobs.

This came as checks revealed that the statutory minister of petroleum resources consent for the final transfer of Shell’s stakes to new owners in the lucrative assets is likely to be signed next month.

Read more @ New Telegraph

FG URGED TO PASS PIB TO REDUCE PRESSURE ON NAIRA

The Institute of International Finance,IIF, has urged Federal Government to pass the Petroleum Industry Bill, PIB, to reduce pressure on the Naira. The currency has come under pressure over the past two months from falling global oil prices and reduced appetite for assets. Though, the Central Bank of Nigeria has been intervening since the beginning of this year to prop up its value, but the Naira has lost 7.2 per cent since January 2

Read more @ National Mirror

NNPC SEEKS GREATER COLLABORATION WITH ARMY, POLICE ON ASSET SECURITY

The Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Dr. Joseph Thlama Dawha, has expressed the desire of the corporation to enhance the existing cordial relationship between the NNPC and the Nigerian Army as well as the Nigeria Police Force towards the achievement of efficient protection of vital oil and gas assets.

Speaking during two separate courtesy visits to the Chief of Army Staff, Lt. General Kenneth Minimah, at the Army Headquarters and the acting Inspector General of Police, Suleiman Abba, at the Force Headquarters, Dawha expressed gratitude to the security chiefs for their roles in providing the much needed cover for the smooth operations of the NNPC despite mounting security challenges.

Read more @ Thisday Live