NNPC oil explorations: A wild goose chase?

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At a time when major oil producing countries are preparing for life beyond oil, Nigeria’s optimism in oil exploration at the Chad basin or Gongola basin has been seen as a poor investment decision and lack of understanding of the future of oil. After about 40 years, the Nigerian National Petroleum Corporation (NNPC) returned to…

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NNPC records N174.62bn petroleum products’ sales in March

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Nigerian National Petroleum Corporation (NNPC) recorded N174.62 billion sales of white products in March 2019, the corporation’s Monthly Financial and Operations Report (MFOR) for March 2019 has noted.

NNPC group general manager, group public affairs division, Ndu Ughamadu, disclosed that the March sales figure were higher than the N168.65 billion recorded in February 2019.
The corporation explained in a statement on Sunday that the total revenue generated from the sale of white products from the period March 2018 to March 2019 stood at N2,780.79 billion, with petrol contributing about 91.09 percent or N2,533 billion.

In terms of volume of the total sales by the NNPC Subsidiary, the Petroleum Products Marketing Company (PPMC), in March 2019, the report said a total supply and distribution of 1.36 billion litres of white products were made, compared with 1.33 billion litres of February 2019.
A further products breakdown indicated that the March volume comprised 1.29 billion litres of petrol, 0.023 billion litres of Dual Purpose Kerosene (DPK), and 0.047 billion litres for the diesel component.

Total sale of white products distributed for the period, March 2018 to March 2019, stood at 21.99 billion litres, with petrol accounting for 20.63 billion litres or 93.8 percent. The report stated that 6.4 billion litres of special products were sold during the period.
Within the period, 111 pipeline points were vandalised, indicating a 19 percent drop from the 137 points recorded in February 2019. Ibadan –Ilorin and Benin – Ore axis accounted for 46 percent of total pulverised points, while breaks in other locations made up the balance.

In the Gas sector, the report disclosed that gas production increased by 15.4 percent at 263.48 billion cubic feet compared to the output in proceeding period of February 2019. This translated to an average daily production … Read More...

NNPC still dithering 3 years after entering pre-listing mode

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Three years after envisioning to list on the Nigerian Stock Exchange (NSE), state-owned Nigeria National Petroleum Corporation (NNPC) has not made headway in this direction and the plan to list remains at best a mere wish. The Federal Government had planned to list NNPC on the NSE after concluding reforms in the country’s petroleum sector,…

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NNPC confirms remitting N1.26tn to Federation Account in 2018

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The Nigerian National Petroleum Corporation (NNPC) said it met its financial obligations to the Federation Account in 2018 by remitting N1.26 trillion as against the N1.22 trillion projected in the 2018 budget, recording a surplus ofN41billion.

Managing Director of NNPC Capital, Godwin Okonkwo, made this submission when he represented the Group Managing Director, Maikanti Baru during a presentation to the House of Representatives Ad Hoc Committee on the Investigation of the Non-Remittances of Funds to the Federation Account by the corporation between July 2017 and December 2018 at the National Assembly Complex in Abuja.

Ndu Ughammadu,the  Group General Manager, Group Public Affairs Division,  quoted the GMD as saying that though 2.3million barrels per day (mbpd) was proposed in the 2018 budget, national daily production for the period under review oscillated between 1.9mbpd to 1.89mbpd.

Baru listed the two sources of inflows into the Federation Account from the NNPC to include equity crude oil sales less cost of recovery from the Joint Venture cash call arrears and domestic crude less cost recovery, adding that the JV cash call arrears were being efficiently managed now to ensure steady inflows to the Federation Account.

“The current management of NNPC ensures that it contributes to the cost of the production of crude oil and gas in the upstream sector to avoid a repeat of the mistakes of the past. If we had made cash call payments in the past, the arrears that we are liquidating now would not have arisen. The current situation creates a win-win scenario for the country. The NNPC is strategically saving for the rainy day to make a better future for all of us by liquidating the arrears”,  Okonkwo posited.

He noted that the corporation on a regular and sustained basis balanced … Read More...