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Content about The Nigerian National Petroleum Corporation

October 18, 2011

The corporation reacts to claims that it has not kept proper books since inception

The Nigerian National Petroleum Corporation (NNPC) says its account has been audited contrary to perceptions in some quarters.

August 31, 2011

The corporation based its action on section 2.4.1 of the Joint Operating Agreement (JOA).

The Nigerian National Petroleum Corporation (NNPC) has taken over some of the oil blocks which the Shell Petroleum Development Company (SPDC) is divesting.

This was confirmed by NNPC spokesman, Levi Ajuonuma, who said that the corporation had come a long way and cannot play second fiddle to anybody as he re-affirmed that the action was supported by the law governing the operation of the partnership between the NNPC and its joint venture partners.

June 4, 2011

Traders in the NSE say rates could go up to 11% because of the NNPC's plans.

Traders in the Nigerian stock market say rates could edge up to around 11 percent on average next week following plans by the NNPC to recall parts of its Central Bank account.

The Nigerian National Petroleum Corporation (NNPC) usually sells large sums of dollars to selected banks every month and recalls parts of its proceeds to its CBN account.

One of the dealers anticipating this rise said “the market opened at about 149.19 billion naira on Friday and we expert the market to open short by next week because of the NNPC debiting which started today.”

March 20, 2011

The Nigerian National Petroleum Corporation (NNPC) has assured Nigerians of steady fuel supply following the pledge by the Nigerian Association of Road Transport Owners (NARTO) to return to work.

The Nigerian National Petroleum Corporation (NNPC) has assured Nigerians of steady fuel supply following the pledge by the Nigerian Association of Road Transport Owners (NARTO) to return to work. 

Levi Ajuonuma, the spokesperson for NNPC, issued the statement on Saturday in reaction to a strike by NARTO on Thursday to demand that the Petroleum Products Pricing Regulatory Agency (PPPRA) increase its freight rate. The strike resulted in panic buying and scarcity.

February 5, 2011

The Nigerian National Petroleum Corporation, Nigeria's state-run oil firm used its position to make profits at the expense of the government, according to an independent audit of Nigeria's oil sale payments.

The report, released this week, said NNPC waited to analyse oil market movements before choosing the most favourable pricing option to buy Nigeria's crude oil, while all other oil companies picked the pricing option in advance.

February 2, 2011

The Nigerian National Petroleum Corporation (NNPC) has resumed operations at its Port Harcourt, Warri and Kaduna oil refineries.

The refineries were closed in December, mainly because of disruptions to crude supply caused by damage to key pipelines.

The Port Harcourt refinery restarted on 28 January and the Warri and Kaduna refineries restarted operations on 31 January.

Nigeria relies on imports for its gasoline and middle distillate requirements. The country has nominal refining capacity of 445,000 b/d.
 

January 28, 2011

The Nigerian National Petroleum Corporation (NNPC) said on Thursday its Warri oil refinery, which was closed in December due to sabotage attacks to a feeding pipeline, had restarted operations.

"I can confirm to you that the Warri refinery is back and has commenced production of dual purpose kerosene and automotive gas oil since Sunday," a statement from the NNPC said.

On December 22 NNPC said three of its four refineries were out of action due to militant pipeline sabotage but it did not specify when the outages began.

January 27, 2011

The Nigerian National Petroleum Corporation (NNPC), on Wednesday in Abuja, announced that it was “inching closer to commercial oil find in the Chad Basin.”

The Group General Manager (Public Affairs)of the company, Dr Levi Ajuonuma, made the disclosure while interacting with journalists.