Category: Energy

Baru tasks NUJ on petroleum product smuggling

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. Crude production steady at 2.3mbpd Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has called on members of the Nigerian Union of Journalists to join the corporation in naming and shaming cross-border smugglers of petroleum products. Baru, made the call when he played host to the national leadership of the NUJ led by its President, Mr. Chris Isiguzo, at the NNPC Towers in Abuja on Tuesday. The NNPC helmsman said the activities of cross-border petroleum products smugglers had caused much hardship for Nigerians and robbed…

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NNPC’s engineering subsidiary, NETCO, records N6.758billion profit

Stella Ofiko

The National Engineering and Technical Company of Nigeria (NETCO), the engineering subsidiary of the Nigerian National Petroleum Corporation (NNPC), on Tuesday posted a profit before tax of N6.75 billion for the year ended December 31, 2018. The figure represents an increase of 107 per cent over the N3.26 billion recorded in 2017. Profit after tax stood at N4.597billion compared to N2.483billion recorded in 2017. This was disclosed in a release by the Group General Manager, Group Public Affairs Division, NNPC, Mr. Ndu Ughamadu. Speaking at the Annual General Meeting of…

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Oil, gas investors, others rally to end funding fuss

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Organiser of the annual sub-Saharan Africa Upstream Oil and Gas Summit, ZPT, declared at the weekend that it was providing opportunities for an exchange of ideas on best practices between investors and regulators across the East Africa region to solve the funding fuss rocking the sector. Known as Zenith Professional Training, ZPT maintained in a statement that its forthcoming conference would seek to exploit the opportunities in the East African oil and gas industry with a special focus on Tanzania. Chief Executive Officer of the company, Oladapo Ayoola, who said…

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OML: Drilling on two slots hits 203 in 14 years

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Shell said that it had, through Production Sharing Contracts (PSCs) with Nigerian National Petroleum Corporation and other PSCs partners, drilled 203 oil wells offshore Nigeria in the last 14 years. The company, which said this in a document obtained by New Telegraph at the weekend, noted that these wells were drilled on Bonga and Erha oil fields between 2002 and 2016. “Twelve years after first oil, Bonga is still operating at “nameplate capacity” – its capacity when it first came into production in 2005. The company had drilled 203 oil…

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PENGASSAN tackles FG over urgent refinery repairs

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Oil workers under the auspices of Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) have once again called on the Federal Government to hurry up on the repairs of the nation’s refineries.   Making the call in Abuja, the President of the association, Comrade Francis Olabode Johnson, also warned against the planned sale of the refienries under any guise.   Johnson, while speaking at the 5th NNPC Group Executive Council (GEC) Triennial Delegates Conference,  according to a statement, said: “We strongly appeal to the Federal Government to hasten…

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PIGB: Stakeholders demand urgent presidential assent

Doris Anyanwu

Concerned stakeholders as well as legal professionals have again reminded the country’s leadership of the urgency in endorsing the Petroleum Industry Governance Bill (PIGB), a document, which delay has resulted in the country losing over N3 trillion annually in oil and gas sector.   Re-echoing the urgency last week during a Nigeria Bar Association Roundtable on Nigeria’s Petroleum Industry Reforms, the discussants including lawyers and oil and gas experts, said assenting to the bill would an create efficient and effective governing institutions with clear and separate roles for the petroleum…

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