FOR FIRST TIME IN 15 YEARS, NNPC REPORTS MONTHLY PROFIT OF N274M

After ten months under the stewardship of Dr. Ibe Kachikwu as the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), the state-run oil firm finally turned the corner, reporting an operating profit of N273.74 million for the month of May and reversing the losses of N35 billion made by NNPC over the last 15 years.

 

A copy of NNPC’s monthly financial and operations management report obtained exclusively by THISDAY yesterday showed that the corporation’s N273.74 million operating profit in May 2016 as against its operating loss of N19.43 billion in April was attributed to improved cost efficiency at the corporate headquarters of NNPC and performance by the Petroleum Products Marketing Company (PPMC).

 

Read more @ Thisdaylive

BAYELSA ORDERS REOPENING OF OIL WELLS SHUT DOWN BY AGGRIEVED COMMUNITIES

Following a meeting by stakeholders in Bayelsa State to resolve issues with oil-producing communities, the state government on Thursday ordered the leadership of Ogboinbiri community, Southern Ijaw Local Government Area, to reopen all closed oil wells.

 

It was gathered that the oil facilities mainly belonging to the Nigerian Agip Oil Company (NAOC), operating in Bayelsa, have not been producing due to outstanding disagreements with the oil giant.

 

Read more @ Thisdaylive

FUEL IMPORTERS FACE FRESH HURDLES OVER $950M DEBT

Uncertainty is dogging in the supply of petroleum products for local consumption as some banks overseas have suspended short and medium-term credit lines to their Nigerian counterparts due to the inability of marketers to pay matured foreign currency obligations of over $950 million.

The Guardian learnt at the weekend that unless the Federal Government intervened in the payment of the money, marketers would have no choice but to continue to rely on the Nigerian National Petroleum Corporation (NNPC) for supply which they have always claimed to be inadequate.

Read more @ The Guardian

NIGER DELTA AVENGERS RESUMES HOSTILITIES, BOMBS OIL FACILITIES

The relative peace that attended the federal government’s offer of dialogue-for-peace initiative to the militant group in the Niger Delta, the Niger Delta Avengers (NDA), snapped at the weekend as the group resumed hostilities breaching major crude oil pipelines in parts of Delta State.

 

The militant group yesterday said it had bombed Chevron’s two major oil wells 7 and 8 close to Abiteye flow station in Warri South West Local Government Area of the state.

 

Read more @ Thisdaylive

HOUSE OF REPS IMPRESSED WITH TOTAL’S CONTRIBUTIONS IN NIGERIA

Members of the House of Representatives Committee on Local Content paid a courtesy visit to the Managing Director of Total E&P Nigeria Limited, Mr. Nicolas Terraz.

The Chairman of the Committee, Hon. Emmanuel Ekon who led about 12 other members of the Committee on the visit, said it was a “friendly visit and not an oversight visit to Total.”

Read more @ Businessday

NIGERIA TO SAVE $5 BILLION FROM GAS DEVELOPMENT

The Federal Government is expected to save $5 billion yearly if it pursues aggressive gas development in Nigeria, according to stakeholders.

Besides, Nigeria’s gas reserves have increased from 186 trillion standard cubic feet (scuf) to 190 trillion Standard Cubic Feet (scuf), according to figures from the Department of Petroleum Recourses (DPR).

Read more @ The Guardian

OIL MAJORS AUCTION $37M IN $60M FOREX DEMAND

The long-awaited dollar supply from multinationals and foreign currency earning-firms to the newly-inaugurated inter-bank foreign exchange market under the flexible rate policy was realised yesterday as about $37.2 million was cumulatively auctioned by three oil majors.

Also, the Central Bank of Nigeria (CBN) intervened in the forex market again, selling $7 million at N283 to the dollar on the inter-bank currency market, keeping the currency steady at Wednesday’s record.

Read more @ The Guardian