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Tag: NNPC

  • NNPC douses tension of fuel scarcity at Christmas, New Year celebrations

    NNPC douses tension of fuel scarcity at Christmas, New Year celebrations

    The Nigerian National Petroleum Company Ltd. (NNPC) has doused the tension of fuel scarcity as Christmas and New Year celebrations draw near.

    TheNewsGuru.com (TNG) reports the NNPC as saying it will continue to work tirelessly to ensure sufficient supply of petrol to every part of the country during and beyond the forthcoming festive period.

    Group General Manager, Group Public Affairs Division, NNPC, Mr Garba Muhammad, made this known in a statement on Tuesday in Abuja.

    Muhammad expressed appreciation to Nigerians for always heeding its advisories not to engage in panic buying of petrol.

    “The NNPC is once again giving Nigerians strong assurance that we have product sufficiency that will last far beyond the festive period.

    “Indeed, our stock has risen from a reserve of 1.7 billion litres to over two billion litres within the last one month,” he said.

    Muhammad, therefore, urged Nigerians not to engage in panic buying, but to fully enjoy the spirit of the festive season.

    While appreciating Nigerians for their understanding and support, he promised that NNPC will not relent, in always ensuring sufficient supply of petrol.

    “We wish you all happy celebrations,” he said.

  • NNPC records N141.96bn trading surplus

    NNPC records N141.96bn trading surplus

    The Nigerian National Petroleum Company (NNPC) Limited has announced a huge leap in trading surplus of ₦141.96billion recorded in June 2021 compared to a deficit of ₦37.46Billion in May 2021.

    This is contained in the June 2021 figures of the NNPC Monthly Financial and Operations Report (MFOR).

    A trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue for the period under review.

    In June 2021, NNPC Group operating revenue as compared to May 2021, decreased by 9.07% or N89.27billion to stand at N894.64billion.

    Similarly, expenditure for the month decreased by 29.32% or N299.44billion to stand at N721.93billion.

    Thus, in the period under review, expenditure as a proportion of revenue was 0.81%, compared to the figure in May which stood at 1.04%.

    The report also noted that the increase in trading surplus was due mainly to the increased sales of crude oil and gas by the Nigerian Petroleum Development Company (NPDC), an Upstream subsidiary of the NNPC, and the increased gas sales and depreciation postings by the Nigerian Gas Company (NGC).

    The positive outlook was further bolstered by the performance of Duke Oil and the Nigerian Gas Marketing Company (NGMC) which also added to the improved bottom line.

    Trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue for the period under review.

    According to the report, in
    plus or trading deficit is derived after deduction of the expenditure
    profile from the revenue for the period under review.

    According to the report, in
    To ensure continuous supply and effective distribution of Premium Motor Spirit (PMS) across the country, a total of 1.63bn litres of PMS translating to 54.50mn liters/day were supplied in June 2021.

    The report indicated that in June 2021, 47 pipeline points were vandalized representing 26.56% decrease from the 64 points recorded in May 2021. Port Harcourt Area accounted for 43%, while Mosimi and Kaduna Areas accounted for 51% and 6% respectively of the vandalized points.

    In the gas sector, a total of 223.77billion cubic feet (bcf) of natural gas was produced in the month of June 2021 translating to an average daily production of 7,459.88million standard cubic feet per day (mmscfd).

    For the period of June 2020 to June 2021, a total of 2,890.11bcf of gas was produced representing an average daily production of 7,321.36mmscfd during the period.

    Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed 59.84%, 20.26% and 19.90% respectively to the total national gas production.

    The 71st edition of the MFOR highlights NNPC’s activities for the period of June 2020 to June 2021.

    In line with its commitment to transparency and accountability, NNPC has continued to sustain effective communication with stakeholders through this report via publications on its website, independent online news portals and in national dailies.

  • Badagry expressway gets N15bn NNPC tax credit boost

    Badagry expressway gets N15bn NNPC tax credit boost

    The Agbara-Seme border section of Lagos-Badagry expressway project will receive N15 billion of NNPC tax credit fund, Federal Controller of Works in Lagos, Olukayode Popoola, has said.

    Popoola told the News Agency of Nigeria (NAN) in Lagos on Sunday that the intervention funding would fast track the ongoing reconstruction of the road.

    NAN reports that the 46 km highway was awarded to CGC Construction Company in October 2018 at a cost of N63.2 billion.

    Lagos-Badagry expressway is part of the projects NNPC is funding under the Tax Credit Scheme among the 21 roads selected nationwide.

    “NNPC fund that is coming is about N15 billion. It will be used for the section where CGC is working between Agbara to Seme border.

    “The contractor have never moved out of site, they are on site and are working as we are talking,’’ the controller said.

    He, however, could not confirm whether the N15 billion NNPC Tax Credit fund had been released, saying that funding issues are handled by the accountants.

    Popoola said the last SUKUK funds allocated to the project was still running, adding that the project was progressing and close to 20 per cent completion.

    According to him, about 14 kilometres of drainage works had been done and six kilometres of the main carriageway completed to the final layers.

    He said that alternative sources of funding, including the SUKUK and NNPC Tax Credit scheme, were deployed by the Federal Government to resolve funding constraints on the project.

    “The speed, the rate of progress will increase in 2022,’’ he said.

    Speaking on the ongoing Apapa-Oshodi-Ojota-Oworonshoki Expressway reconstruction/rehabilitation project, he said that sections one, three and four had achieved 90 per cent completion.

    He said major work on the three sections had been completed and the lanes were opened to traffic, adding that, only lane markings and street lights installations were yet to be done.

    NAN reports that section one of the project spans from Apapa Port Gate to Beach Land Estate Bus stop area while section three is from Cele Bus stop to Anthony.

    Section four of the Apapa-Oshodi-Ojota-Oworonshoki Expressway project spans from Anthony Bus Stop to Ojota Bus Stop area.

    He said there would no longer be hitches with construction speed as the initial challenges of trucks and port congestion that slowed down the project for about six months had been resolved.

  • Respite as NUPENG suspends planned strike

    Respite as NUPENG suspends planned strike

    The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has suspended its planned strike.

    This followed interventions and engagements with government agencies and institutions, including the NNPC.

    The union expressed gratitude to NNPC’s Group Managing Director, Mr Mele Kyari and his team of professionals over the roles they played in positively resolving the impasse.

    It stated that: “NNPC’s management has once again proven to the union and the nation that it can be trusted in matters of ensuring decency of employment and peaceful industrial relations in the Nigerian oil and gas industry.

    “On behalf of members of our union, we promise to reciprocate these commendable efforts with hitch-free and effective distribution of petroleum products during the forthcoming festive period.’’

    NUPENG’s President, Mr Williams Akporeha and General Secretary, Mr Afolabi Olawale made the declaration in a statement issued on Thursday in Lagos.

    On Nov. 25, NUPENG extended a 14-day ultimatum earlier given to the Federal Government by seven days.

    The planned strike was to protest what NUPENG called non-implementation of agreements reached with government.

    “Some of the resolutions from these engagements include commencement of the processes to clear all backlogs of arrears of salaries and allowances owed contract workers of Oil Mining Licence 42 before the end of December.

    “The agreement and firm commitment to pay N2.13 million to each of the former employees of the big six contractors whose terminal benefits were short-paid in 2012 following the closure of the contract.

  • NNPC: Reps mandate committees to probe consolidated inventory for smooth transition

    NNPC: Reps mandate committees to probe consolidated inventory for smooth transition

    By Emman Ovuakporie

    The House of Representatives has mandated its Committees on Finance, Petroleum Resources (Upstream), Petroleum Resources (Downstream) and Gas Resources to conduct an in-depth probe into the consolidated Inventory, Assets, Interest and Liabilities of the Nigerian National Petroleum Corporation, NNPC and its subsidiaries to ensure a legitimate transition process of NNPC/NNPC Limited.

    TheNewsGuru.com, (TNG) reports this was sequel to a motion entitled “Need to Ascertain the Total Consolidated Inventory, Assets, Interests and Liabilities of the Nigerian National Petroleum Corporation (NNPC) and its Subsidiaries Before Transfer to the NNPC Limited to Ensure a Glossary Accounting System” promoted by Rep Isiaka Ibrahim(APC, Ogun State) on Wednesday.

    Ibrahim in his submission noted that the Nigerian National Petroleum Corporation (NNPC) was established on April 1, 1977, as a merger of the Nigerian National Oil Corporation and the Federal Ministry of Petroleum and Energy Resources.

    He explained that the NNPC is empowered to manage the joint venture between the federal government and
    several foreign multinational corporations with assets and interests on land, swamp, continental shelf and
    deep waters.

    “In 1988, the NNPC was commercialized into 12 strategic business units covering the entire spectrum of oil industry operations including exploration and production, gas development, refining,
    distribution, petrochemicals engineering and commercial investments among others.

    “In line with Section 53 (1) of the Petroleum Industry Act (PIA), the Nigerian National Petroleum Company Limited was registered and incorporated by the Corporate Affairs Commission on September 22nd, 2021 as a Limited Liability Company with an initial capital of N200 Billion, which was regarded as the highest share capital holding in Nigeria.

    “Section 53 (3) of the PIA, which vests ownership of the NNPC Limited on the Federal Government through the Ministry of Finance, which are both financed by the Nigerian People, but recognizes NNPC limited as an Agent.

    “Section 88 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) empowers the National Assembly to carry out investigations into matters to which it has powers to make laws, he said.

    The lawmaker said the House should consider his motion cognizant of the need to boost investors’ confidence and enhance transparency and efficiency in the supply chain management of the newly established NNPC Ltd owing to the outstanding credit sales and the much-needed revenues by the Federal Government to support annual budgets.

    The House adopted the motion and urged its relevant committees to report back within eight (8) weeks for further legislative inputs.

  • NNPC calms frayed nerves as fuel scarcity threatens Nigeria’s second largest city

    NNPC calms frayed nerves as fuel scarcity threatens Nigeria’s second largest city

    The Nigerian National Petroleum Corporation (NNPC) has advised the public not to engage in panic buying of Premium Motor Spirit, commonly known as petrol as fuel scarcity presently threatens Kano, Nigeria’s second largest city.

    In an effort to calm fray nerves, the NNPC said it was also not aware of any plan by government to cause an increase in the pump price of petroleum.

    A statement on Monday by Garba Muhammad, Group General Manager, Group Public Affairs Division, NNPC, in Abuja, said that the NNPC had over 1.7 billion litres of petrol in stock.

    According to Muhammad, more of the product is expected to arrive into the country daily over the coming weeks and months.

    He said it was therefore unnecessary to entertain any fear of scarcity of petrol throughout the festive season and beyond.

    “The NNPC is also not aware of any plan by government to cause an increase in the pump price of petroleum. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has made that declaration last week.

    “In view of these assurances therefore, the NNPC is advising motorists and other consumers of petrol to maintain their regular pattern of the purchase of petrol without getting into a panic situation that may send the wrong signals around the country,” he said.

    According to him, the NNPC is also engaging all stakeholders to ensure smooth supply and distribution of products to every part of the country during the festive season and beyond.

    Scarcity of fuel looms in Kano; as many filling stations remain closed

    Meanwhile, motorists in Kano State are experiencing fuel scarcity, as long queues have resurfaced at filling stations in the State.

    An investigation conducted by NAN Correspondents indicated that majority of the filling stations visited within the metropolitan area were under lock and keys.

    The investigation further reveals that only a few filling stations were selling at the control price of N165 per litre.

    The situation was, however, characterised by long queues and filling stations selling only with one or two pumps to customers in spite of the long queues.

    The situation outside Kano metropolitan area is not different as majority of the stations outside Kano city remained closed while the a few ones operating were selling at above Government-approved price.

    In Tsanyawa, Bichi, Dawakin-Tofa and Gwarzo Local Governments, reports indicate that the marketers sell the PMS at N174 per litre which is above the approved price by the government.

    A lot of motorists were left with no option than to purchase fuel from black marketers at higher price, ranging from N1,000 to N1,500 per four-litres gallon, depending on the location.

    Alhaji Idris Abdullahi, a motorist, said he went round the town to buy fuel on Saturday evening but couldn’t get any and the situation forced him to buy from the black marketers.

    According to Abdullahi, he bought a four-litre gallon of fuel at N1,100, against the former price of between N700 and N800.

    Malam Muazu Kafar-Na’isa, a driver, also added that he bought four litres of fuel at N1,500 at Tsanyawa on Sunday evening.

    He urged the Federal Government to hasten measures that would restore the normal pump price of fuel in order to lessen the burden on the masses.

    The Independent Petroleum Marketers Association of Nigeria (IPMAN), Kano branch, had alerted the government over a plan by some private deport owners to increase fuel prices in the country.

    Alhaji Bashir Danmallam, IPMAN branch Chairman, Kano state, was quoted as saying in a statement recently in Kano that the decision would cause fuel crises in the country.

    He alleged that such private deport owners had already increased the price of the product from N148 to N153 and N155 per litre.

    “The association found it necessary to alert the government in order not to blame our members in the event they increase the price of the commodity, as they will not sell at a loss.

    “We are equally calling on the management of the Nigerian National Petroleum Corporation (NNPC) to investigate the issue with a view to proffering solutions,” he said.

  • NNPC debunks fresh recruitment claims

    NNPC debunks fresh recruitment claims

    Unsuspecting job seekers in the country have been warned about a fraudulent job portal circulating on social media platforms, with claims that the Nigerian National Petroleum Corporation (NNPC) is conducting a recruitment exercise.

    In a statement on Saturday, the spokesman of the NNPC, Garba Muhammad refuted reports claiming that the corporation is recruiting new employees.

    He explained that the NNPC usually announces such information whenever it decides to conduct a recruitment exercise through authentic and credible public communication channels including its website www.nnpcgroup.com

    The NNPC spokesman asked unsuspecting job seekers to disregard the recruitment information as false and advised them not to FALL INTO THE TRAP OF SCAMMERS.

     

    READ FULL PRESS STATEMENT

    NNPC IS NOT RECRUITING.

    This is to inform the general public that the information circulating, especially in the Social Media platforms, claiming that the Nigerian National Petroleum Company Ltd (NNPC) is conducting a recruitment exercise IS NOT TRUE and the public should disregard it in its entirety.
    Whenever NNPC decides to conduct a recruitment exercise, it will announce this to the public through authentic and credible public communication channels including the NNPC’s website (www.nnpcgroup.com). Once again the NNPC is NOT RECRUITING. DON’T FALL INTO THE TRAP OF SCAMMERS
    Thank you.

    Garba Deen Muhammad,
    Group General Manager,
    Group Public Affairs Division,
    NNPC.

    Abuja.
    06. 11. 2021

  • NNPC allays fear over fuel scarcity

    NNPC allays fear over fuel scarcity

    The Nigerian National Petroleum Corporation (NNPC) has allayed fears of any hitch in petroleum products supply following reports of resurgence of queues in some parts of the country.

    Malam Mele Kyari, Group Managing Director, NNPC, gave the assurance while speaking at the Association of Energy Correspondents of Nigeria (NAEC) 2021 Strategic International Conference on Tuesday in Lagos.

    The conference had as its theme: ‘Petroleum Industry Act: Energy Transition and the Future of Nigeria’s Oil and Gas.’

    Kyari said NNPC’s objective was to provide energy security for Nigeria and ensure availability of petroleum products in the country.

    He said: “As we speak now, there is speculation of fuel scarcity within the media but we have over 1.7 billion litres of Premium Motor Spirit in the country.

    “We have another 2.3 billion litres coming in so there is no shortage in supply as being speculated.

    “Of course there are issues about pricing at some depots but government has no plan to revise the pricing structure.”

    Kyari said the ongoing United Nations Climate Change Conference (COP26) in Glasgow, Scotland, again highlighted the challenges faced by Nigeria and other African countries in the global energy transition.

    He said President Muhammadu Buhari, in his speech before the world leaders, had demanded for energy justice for the continent and the need to exploit the available resources as a pathway
    to attain the net-zero carbon objective by 2050.

    The NNPC boss noted that though Africa accounted for only about three per cent of the global carbon emission, the continent still had the responsibility to join the world in combating climate change.

    According to him, Nigeria has identified its abundant gas resources as its fuel for energy transition, which informed the declaration of the Year 2021 to Year 2030 as the Decade of Gas by the government.

    Kyari said: “We are making good progress in terms of the implementation of the PIA which is clearly creating the path for transition.

    “There is no way we can achieve this feat without adequate infrastructure to transport the resources to where it will be used and that is why we are investing in massive gas infrastructure.”

    He said the projects included the Obiafu-Obrikon-Oben (OB3) and the Ajaokuta-Kaduna-Kano pipelines, which would deepen gas utilisation in the country.

    Also, Mr Simbi Wabote, Executive Secretary, NCDMB, said the passage of the PIA had opened a vista of opportunities for the industry.

    Wabote, represented by Mr Tunde Adelana, Director, Monitoring and Evaluation, NCDMB, said the implementation would impact positively on local content development and host communities.

    He added that it would also stimulate the much-needed investment to the oil and gas industry.

    Earlier in his address of welcome, Mr Olu Phillips, Chairman, NAEC, said statistics showed that more than 100,000 people died annually in Nigeria as a result of indoor inhalation of waste gases.

    Phillips said this informed the global energy transition, adding that the Nigerian government was responding with the focus on optimal utilisation of the country’s gas resources.

  • NNPC to foot N621bn funding for 21 federal roads

    NNPC to foot N621bn funding for 21 federal roads

    The Federal Executive Council (FEC) has approved the reconstruction of 21 roads covering a total distance of 1,804.6 kilometres across the six geo-political zones.

    These projects are to be undertaken by the Nigerian National Petroleum Corporation (NNPC) through the deployment of its own tax liabilities.

    Minister of Works and Housing, Babatunde Fashola, announced the approval on Wednesday while briefing State House correspondents at the end of the FEC meeting held in Abuja.

    In July, FEC approved the award of a contract to Dangote Industries for the construction of five roads totalling 274.9 kilometres at the cost of N309.9 billion, advanced by the company as tax credit.

    “Earlier this year, there were five other roads – the Kaduna Western bypass, the Lekki Port road, the road from Shagamu through Papalanto, and a couple of others, and there is one road in Maiduguri. That was about N320 billion,” Fashola said.

    “So today (Wednesday), we have another player. We have all the interested players who are still showing interest, but we haven’t concluded. We have another player who has shown interest and commitment to deploy taxes. It’s the government corporation known as NNPC.

    “So, NNPC has identified 21 roads that it wants to deploy. Now, the instructive thing about this is that this initiative helps the government to achieve many things, including ministerial mandates three and four, which we discussed at the last retreat. ministerial mandates three and four, if you recall, was energy sufficiency, electric power and petroleum energy distribution across the country.

    “Of course, petroleum energy distribution is being impacted positively and negatively, as the case may be the transport infrastructure which is the ministerial mandate four. NNPC has sought and the council has approved today that NNPC deploys tax resources to 21 roads, covering a total distance of 1,804.6 kilometres across the six geopolitical zones.

    “Out of those 21 roads, nine are in North Central, particularly Niger state. The reason is that Niger State is a major storage centre for NNPC. NNPC is doing this to facilitate the total distribution across the country.”

    Fashola gave an assurance that in the South-West, the Lagos-Badagry Expressway, the Agabara junction, Ibadan to Ilorin (Oyo-Ogbomoso section) will be fixed.

    Three other roads are located in the North-East, two in the North-West, and two others in the South-East.

    The Odukpani-Itu-Ikot-Ekpene road, the minister said, has now been fully covered to resolve the problem of financing regarding the execution of the road projects.

    Speaking about the South-East, he stated, “You have Aba-Ikot Ekpene in Abia and Akwa Ibom States. So that’s a major link, then you have Umuahia to Ikwuamo, to Ikot Ekpene road and so on and so forth.

    “In the North-West, it is Gada Zaima-Zuru-Gamji road, and also Zaria-Funtau-Gusau-Sokoto road. In the North-East, it is Cham, Bali Serti and Gombe-Biu road.”

  • Scam Alert: NNPC disclaims fake 50th anniversary quiz contest

    Scam Alert: NNPC disclaims fake 50th anniversary quiz contest

    The Nigerian National Petroleum Corporation (NNPC) on Tuesday disowned a fake quiz competition trending online which claimed to celebrate its 50th anniversary.

    The Group General Manager, Group Public Affairs Division, NNPC, Malam Garba Muhammad, made this known in a statement.

    “In the purported quiz contest, unsuspecting participants are encouraged to answer four questions on their knowledge of the Corporation, with the eventual winner standing the chance of winning some cash reward of up to N30,000,” he alerted.

    According to Muhammad, the NNPC wishes to state categorically that it has nothing to do with the purported 50th anniversary quiz contest.