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Nigeria Loses 2.5tr Oil Barrels In 4 Years
According to data from the Nigeria Natural Resource Charter, Nigeria has lost 4.5 trillion barrels of oil to theft in the last four years. Another separate data from the National Oil Spill Detection and Response Agency showed that the country recorded 4,919 oil spills between the period of 2015 to March 2021. The Ministry of…
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NNPC Partners Security Agencies to Control Smuggling
The Nigerian National Petroleum Corporation has said it was collaborating with relevant law enforcement agencies to curb the menace of petroleum products smuggling and crude oil theft. NNPC, noting that the partnership was also with relevant downstream and upstream stakeholders, named the law enforcement agencies to include the Economic and Financial Crimes Commission, Department of…
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NNPC: Oil Export Revenue Plunged By 98% In April
The Nigerian National Petroleum Corporation has said crude oil export proceeds dropped by 98 percent in April, compared to March 2021. It said that the total revenue from crude oil exports in April fell to N723m from the N35.72bn generated in March. “No remittance to Federation Account in April for May 2021 FAAC due to…
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NNPC: Trading Surplus Rises To N39.85bn
The Nigerian National Petroleum Corporation has announced a N39.85bn trading surplus for February 2021, representing a 314.24 percent increase from the N9.62bn surplus it recorded in January. Trading surplus or trading deficit is derived after deduction of the expenditure from the revenue for the period under review. NNPC disclosed this in its February 2021 edition…
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Shell In Talks With FG To Divest Onshore Oil Operations
The CEO of Royal Dutch Shell, Ben van Beurden, has announced plans to sell off the company’s onshore stakes in Nigeria. The Anglo-Dutch oil exploration company which began operations in Nigeria as far back as 1936 have now sighted costly repair operations, sabotage, vandalism of pipelines and high profile, costly lawsuits as reasons for its…
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Nigeria To Account For 23% Of New Projects In Africa
A data and analytics firm, Global Data, has projected an increasing revenue in Nigeria by 2025 as the country would account for 23 percent of new projects in the oil and gas industry. The firm said these projects within the next five years, would boost the revenue of the country. In the report entitled: ‘Africa…
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NNPC Spends N1.53tn On JV Oil Assets
The Nigerian National Petroleum Corporation spent a total of N1.53tn on oil and gas assets. The asset is being developed through joint ventures with private firms as well as priority projects in 2020. NNPC represents the Federal Government in the JVs having an obligation to make cash call payment for the development of the assets.…
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Oil, Gas Export Revenue fell Drop in 2020
The total revenue generated by the Nigerian National Petroleum Corporation from crude oil and gas exports plunged by 45.98 percent in 2020. Nigeria’s revenue from the exports of crude oil and gas fell to $2.62bn in 2020 from $4.85bn in 2019. Total revenue from oil and gas exports stood at $282.32m in February; $362.18m in…
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In 19 Months, Nigeria Refineries Record N177.21bn loss
The government-owned refineries in Nigeria recorded a total loss of N177.21bn in 19 straight months of not processing any barrel of crude oil. This is according to the latest data from the Nigerian National Petroleum Corporation. An analysis of data collated from NNPC’s monthly reports revealed that all the refineries did not refine crude oil…
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NNPC Records 37% Drop In Pipeline Vandalism
For the month of January 2021, the Nigerian National Petroleum Corporation has announced a 37.21 percent decrease in cases of pipeline vandalism across the country. This was contained in the January 2021 (66th) edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a press release by the Group General Manager, Group Public…