#Nigerian National Petroleum Company Limited (NNPCL)

[saynaija]

Nigerian Crude Oil Output Rises To 1.6 million Barrels Per Day

Nigerian Crude Oil Output Rises To 1.6 million Barrels Per Day The Group Managing Director (GMD), Nigerian National Petroleum Company Limited (NNPCL) Mr Mele Kyari stated that Nigeria’s crude oil production output had risen to 1.6mbd in July 2024. The GMD who was represented by the Managing Director Pipelines, Mr Folorunsho Karim made the assertion during a Maritime Stakeholders Meeting…

[smlblogtv]

‘Why Cooking Gas Price Won’t Crash Despite Export Ban’

Despite the November 1, 2024, implementation of a ban on Liquefied Petroleum Gas (LPG) exports, Nigerians may not witness a substantial decrease in cooking gas prices, experts say. The ban, aimed at stabilizing prices and boosting local availability, requires domestic producers, including the Nigerian National Petroleum Company Limited (NNPCL), to halt LPG exports or import equivalent volumes at…

[rovingnaija]

NNPCL Partners With Stakeholders to Develop Nigerian Football

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has pledged to work closely with stakeholders in the sports sector to develop and commercialise the game of football in Nigeria. The Group Chief Executive Officer (GCEO) of NNPC Ltd., Mr. Mele Kyari, made the commitment while receiving a delegation from the National Sports Commission, the International Management Group (IMG) and…

[gurutrends]

Nigeria’s Petroleum Company NNPC Exports 950,000 Barrels Of Utapate Crude To Spain

  The Nigerian National Petroleum Company Limited (NNPCL) has exported its first cargo of 950,000 Utapate barrels of crude to Spain.   Utapate crude oil is produced from the Utapate field in OML 13 in Akwa Ibom State, Nigeria. It is similar to the Nembe crude oil grade.   It has a low sulphur content of 0.0655% and a low carbon footprint due to flare gas elimination, fitting perfectly into the…

[freebornabraye]

Stakeholders Pours Encomium On NNPCL, Tantita Security Services, As Nigeria’s Oil Production Skyrockets To 1.8 Million Barrels Per Day

We Remain Commited To Attainment Of Over 2million Barrels Per Day __Tantita Security Services Nigeria Limited By Freeborn Abraye Ecomiums have been pouring in for Nigerian National Petroleum Company Limited (NNPCL) and a private security outfit, Tantita Security Services Nigeria Limited (TSSNL) as the nation’s crude oil production hit 1.8 millions barrels per day (1.8m bpd) The board and…

[newsbreak365blogs]

NICOCSO protested over the impasse between the Nigeria National Petroleum Company Limited (NNPCL) and Dangote Refinery and other challenges in the Nigerian oil sector. On Friday, the Nigerian Coalition of Civil Society Organisations (NICOCSO) has staged protests at the National Assembly. NICOCSO protested over the impasse between the Nigeria National Petroleum Company Limited (NNPCL) and […]

[ejesgistnews]

Court filings have revealed a significant legal battle, with major implications for Nigeria’s petroleum sector, as Dangote Refinery attempts to monopolize the industry. A counter-affidavit submitted by Ali Abiodun, the acting managing director of AYM Shafa Limited, warns of the catastrophic consequences if the refinery’s request for exclusive importation rights is granted. Dangote Refinery, valued at $20 billion, is suing the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to revoke importation licenses issued to key oil companies, including NNPC, A.A. Rano Limited, Matrix Petroleum Services Limited, and AYM Shafa. The lawsuit, filed in the Federal High Court in Abuja, claims these companies engage in anti-competitive practices. In a 74-page document exclusively obtained by Politics Nigeria, Abiodun states that granting Dangote exclusive rights would severely harm Nigeria’s economy. "Vesting the plaintiff with monopoly power in Nigeria’s petroleum industry will stifle competition, worsen the economy, and create widespread hardship," he asserts. Abiodun also highlights concerns that eliminating other importers would lead to severe petroleum shortages, exacerbating Nigeria's already fragile economy. Legal experts argue that granting Dangote’s request could violate Nigeria’s international obligations under the World Trade Organization (WTO) and other trade treaties. The case is set to be heard in January 2025. Dangote Refinery Faces Criticism Over Unfair Practices Abiodun also exposed what he described as unfair business practices at Dangote Refinery. He highlighted instances where buyers are forced to deposit more than 110% in Letters of Credit (LC), with prices communicated only after the product is loaded. "This oppressive practice harms businesses, particularly smaller ones, who cannot operate under such conditions," Abiodun added. Dangote Refinery Finally Reveals How Much It Sells Petrol Amid Dispute with Marketers BREAKING: Dangote Refinery Sues NNPCL, Matrix, and Four Others, Seeks License Revocation, Demands N100bn from NMDPRA The AYM Shafa head also challenged Dangote’s claimed refining capacity. He questioned the refinery’s ability to produce 35 million liters of Automotive Gas Oil (AGO) and 9 million liters of Jet A-1 daily, demanding verifiable evidence. Despite this skepticism, AYM Shafa remains one of Dangote’s first customers, having loaded over 190 million liters since the refinery began operations in April 2024. Concerns Over Nigeria’s Energy Security The court documents also reference global trends in petroleum importation, citing examples from major oil-exporting nations. Despite possessing vast refining capacities, countries like the United States, Saudi Arabia, and the UAE continue to import refined petroleum products as part of their energy security strategies. Abiodun emphasized that countries with substantial refining infrastructure still rely on imports to maintain energy security. “Saudi Arabia, with a refining capacity of 2.9 million barrels per day, still imports refined products for strategic reasons,” he noted. A Call Against Monopolization in Critical Sectors In his conclusion, Abiodun urged the court to consider the long-term impacts of creating a monopoly in Nigeria's petroleum sector. "No nation has ever achieved sustainable development by fostering monopolies in vital sectors. Allowing Dangote Refinery to control Nigeria’s petroleum industry would undermine the nation’s energy security and economic stability." This legal clash marks a pivotal moment in Nigeria’s petroleum industry, with stakeholders and regulators alike keeping a close eye on the outcome. As the case progresses, it will shape the future dynamics of Nigeria’s energy sector and the broader economy. Related Developments: Last month, Aliko Dangote, CEO of Dangote Refinery, claimed the refinery processes approximately 420,000 barrels of crude daily, with over 500 million liters of petroleum available for sale.

However, these figures have been disputed by industry stakeholders, including oil marketers. Dangote Refinery’s pricing strategies continue to spark controversy, particularly as it seeks to assert dominance in the marketplace, despite challenges from competitors. Ejes Gist News understands that this unfolding drama highlights the growing tension between Dangote Refinery’s expansion efforts and the need for fair competition in Nigeria’s petroleum sector.

[echonewsnig]

Nigeria’s Petrol Crisis Lingers with Fresh Price Hike

  By Paul Ejime Nigerians woke up on Tuesday 28 October 2024 to another petrol price hike, the fourth within 18 months under President Bola Tinubu’s administration with the outlets of the Nigerian National Petroleum Company Limited (NNPCL) increasing the pump price of Premium Motor Spirit (PMS) or petrol from 897 Naira to 1,025 Naira (1,600 Naira=1$USD). Before the president announced the “end to…

[saynaija]

Economic Sabotage: Senate Invites Dangote, NNPCL, CBN, NIMASA, Others

Economic Sabotage: Senate Invites Dangote, NNPCL, CBN, NIMASA, Others The Senate has revealed plans to summon the Central Bank of Nigeria (CBN), Nigeria Port Authority (NPA), Nigerian National Petroleum Company Limited (NNPCL), Dangote Group, and Minister of State for Petroleum, Heineken Lokpobiri among others, for questioning over alleged economic sabotage in the country’s petroleum…

[smlblogtv]

Nigeria’s Crude Oil Production Projected To Hit 2 Million Mbpd By December

Following recent trends, Nigeria’s crude oil production has been projected to reach 2 million barrels per day (mbpd) by December 2024. On Thursday, November 14, the Nigerian National Petroleum Company Limited (NNPCL) management reported that Nigeria’s crude oil production has increased to 1.8 mbpd, while gas production has risen to 7.4 billion standard cubic feet per day. This development was…

[rovingnaija]

NNPCL Announces 1.8million Barrels Per Day Production, Targets 2mbpd by Year End

The Nigerian National Petroleum Company Limited (NNPC Ltd.) and its partners have revved up crude oil and gas production to 1.8million barrels per day (mbpd) and 7.4standard cubic feet per day (scfd). The company which announced this at a press briefing on Thursday said the feat was achieved in compliance with the mandate of President Bola Ahmed Tinubu. Speaking on the development, the Group…

[gurutrends]

Nigerian Oil Giant NNPC Asks Court To Strike Out Dangote Refinery’s Suit Over Import Licences To Marketers

  The Nigerian National Petroleum Company Limited (NNPCL) is seeking to dismiss a lawsuit filed by Dangote Petroleum Refinery and Petrochemicals FZE, labeling it “incompetent.”   This development comes after Dangote Refinery petitioned the Federal High Court in Abuja to nullify import licenses granted to NNPCL, Matrix Petroleum Services Limited, A. A. Rano Limited, and four other companies for…

[newwavenewsandentertainment]

Tragedy at Sea: Search Continues for Survivors of Helicopter Crash Near Port Harcourt

In a tragic turn of events, an East Wind Aviation Sikorsky SK76 helicopter, chartered by the Nigerian National Petroleum Company Limited (NNPCL), crashed into the Atlantic Ocean on Thursday, resulting in the deaths of three people. Authorities, including the military and the National Emergency Management Agency (NEMA), are currently engaged in intensive search operations to locate possible…

[streetreporters]

NNPCL's Release of N15 Billion Worth of Products Vindicates CNPP's Allegation of Economic Sabotage

The Conference Of Nigeria Political Parties (CNPP) has reacted to the recent release of N15 billion worth of products to independent oil marketers by the Nigerian National Petroleum Company Limited (NNPCL). In a statement signed by its Deputy National Publicity Secretary, Comrade James Ezema, on Tuesday, the CNPP noted that it sees this move, facilitated by the Director General of the Department…

[ejesgistnews]

Afeez Adegbala, a driver associated with the Nigerian National Petroleum Company Limited (NNPCL), has been arrested for allegedly diverting 10,000 litres of petrol designated for a company station in Osogbo. The arrest, made on Friday by personnel from the Nigeria Security and Civil Defence Corps (NSCDC) in Osun State, also involved two motor boys accompanying Adegbala. Parading the suspects, NSCDC State Commandant, Igbalawole Sotiyo, disclosed that the driver and his assistants were apprehended at about 8:21 pm with the NNPCL truck in their possession. According to Sotiyo, the truck initially loaded 40,000 litres of petrol from the Pinnacle Distribution Depot in Eleko, Lagos, bound for an NNPCL mega station in Osogbo. However, only 30,000 litres were delivered to the intended location. Adegbala was subsequently intercepted while attempting to offload the remaining 10,000 litres at TEMPOLA filling station in Ikirun, located in Ifelodun Local Government Area of Osun State. “It is an act of sabotage and stealing against the state. They are saboteurs and anti-state,” Sotiyo stated, emphasizing that the NSCDC is committed to addressing such acts of diversion within the petroleum supply chain. He issued a stern warning to all stakeholders involved in distributing petroleum products, stressing that any actions undermining government resources would lead to arrest and prosecution. “NSCDC uses this medium to call on NNPCL managers and supervisors nationwide to collaborate with us in ensuring that those attempting to sabotage the government are brought to justice,” Sotiyo concluded.

[jayessentialsblog]

A group is urging President Tinubu to take swift action due to severe hunger

The administration of President Bola Tinubu has been urged by the Atum Humanitarian and Charitable Initiative to act now to lessen the suffering that is currently occurring in Nigeria. Executive Chairman Honorable Ismaila Yusuf Atus urged immediate government action to lessen hardship among the populace, stressing that growing fuel prices had further lowered consumers' purchasing power. The group called on wealthy people, corporate executives, and non-governmental organizations to band together and aid underprivileged communities. The problems have been made worse by the extreme hunger and growing fuel expenses. The Atum Humanitarian and Charitable Initiative has made the decision to raise N500 million to support two million Nigerians who are suffering from poverty. The suffering of Nigerians was made worse lately when the Nigerian National Petroleum Company Limited (NNPCL) raised the price of Premium Motor Spirit (petrol) to N1,030 per litre. In order to assist two million people, the organization has chosen to raise N500 million. Read the full article