Category: Oil & Gas

SPECIAL REPORT: NNPC Ltd: When a National Cash Cow is Overburdened

Abibat Babalola

As the monthly allocations shared by federal, state and local government in Nigeria skyrocket due to the announced end of subsidy regime, the Nigerian National Petroleum Company Limited (NNPCL) takes the bullet and carries the financial burden. PLATFORMS AFRICA, in this figures-don’t-lie report, shows how this has become an existential threat to operations of the National Oil Giant.   The debts burden on the Nigerian National Petroleum Company Limited (NNPCL) will cross the $10 billion mark by the second quarter of 2025, barring the adjustment in present Nigerian financial structure,…

Read More

Dangote Petrol To Hit Market In 48 Hours

ADEOLA YUSUF

Premium Motor Spirit from the Dangote Refinery will hit fuel stations in 48 hours. This was confirmed by billionaire businessman and owner of the facility, Alhaji Aliko Dangote in an interview. He said: “Our PMS (Premium Motor Spirit) can be in filling stations within the next 48 hours depending on NNPCL”. Dangote also addressed the concerns of Nigeria over the pump price of petrol. He said the pricing of the petrol from his refinery would be based on an agreement with the Federal Government. He said; “It is an arrangement…

Read More

“Hypocrisy Or What?” Reactions Trail Dangote Family, Associates’ Petrol Imports From Malta

Aliyu Aliyu

They are among officials currently representing and leading negotiations with the Ministry of Finance on behalf of Dangote Refinery in the Federal Government’s Crude for Naira programme.”     Two of the Lagos-bound vessels on course to deliver cargoes of imported premium motor spirit (PMS) also known as petrol from Malta are linked to family members and friends of Dangote Refinery Chief Executive Officer, Alhaji Aliko Dangote, shipping documents including the Nigerian maritime tracking details have revealed. According to a report by Politics Nigeria, this development, which came a few…

Read More

Petrol Ex-Depot Price Hits N754/litre

Precious Ibekwe

The ex-depot price of Premium Motor Spirit (PMS) also known as petrol has hit N754 per litre, Platforms Africa reports. The data from depots in Nigeria on Monday showed that as at 1st of September, the price at which the product landed at the depots was also N1,022 per litre. The ex-depot price is the cost the depots that received the product from NNPCL are expected to sell after adding their margins. A source at one of the depots in Apapa confirmed the data in a telephone chat with Platforms…

Read More

Fuel Smuggling Persists Due to NNPC’s Below-Cost Sales – Oil Minister

Aliyu Aliyu

Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri has pointedly addressed the issue of fuel smuggling to neighbouring countries, saying that smugglers would continue to have a field day as long as the Nigerian National Petroleum Company (NNPC) Limited imports fuel and sells it below the landing cost. Lokpobiri’s submission favours NNPC’s sale of imported fuel at a price above the landing cost to abridge the potential profit gap and disincentivize smuggling of the product to neighbouring countries for high profit making by those involved in the shady business.…

Read More

‘Milestones,’ NGML-NIPCO Gas JV Commissions 100mmscfd Lekki Gas Project, 24MW Power Plant

Ridwan Oladimeji

▪️NIPCO Gas MD, Nagendra Verma; NGML Boss Justin Ezeala; and LFZDC’s Dia Shunfa; Role Call of dignitaries and Word-for-word of what they said at the event   The NGML-NIPCO Gas Joint Venture (JV) on Wednesday commissioned the prestigious Lekki Gas Distribution Project and the Lekki Power Plant. Platforms Africa reports that the infrastructure developed by NGML-NIPCO Gas JV has capacity of over 100 mmscfd. The City Gate Station constructed by NGML-NIPCO Gas JV has a present capacity to flow 5 mmscfd to 25 mmscfd of gas further extendable to over…

Read More

‘Worse, Unpatriotic,’ Miriam Onuoha Rejects Atiku’s Allegations Against NNPC

Aliyu Aliyu

Oil and gas sector of the econony too critical to be politcised,” Full address by member of the House of Representatives, representing Isiala Mbano / Onuimo / Okigwe Federal Constituency   A member of the House of Representatives, representing Isiala Mbano / Onuimo / Okigwe Federal Constituency, Hon Miriam Onuoha, said the oil and gas sector of the econony was too critical to be politcised. Onuoha stated that while constructive criticism was necessary to strengthen the sector in the national interest, deploying propaganda and blackmail to score cheap political points…

Read More

‘In Five Years,’ DisCos Raked In N3.96 Trillion From Customers

ADEOLA YUSUF

“We cannot score the Discos more than five per cent… They failed woefully in conflict resolution,” consumers react   Nigeria’s electricity distribution companies collectively raked in about N3.95tn revenue between 2019 and the first quarter of 2024, data from the National Bureau of Statistics showed. A report by the Punch quoted the NBS data to have revealed an upward trajectory in revenue generation over the past five years, as the power distributors made N482.6bn in 2019, N526.8bn in 2020, N761.2bn in 2021, N828.1bn in 2022, N1.07bn in 2023, and N291.6bn…

Read More

NUPRC Visits INFOSYS HQ, Advances Regulatory Process Digitalisation, Automation

Ganiyu Amodu

The senior officials from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) have made a formal visit to the headquarters of Infosys in Bengaluru, India. The commission, which made this known in a statement to Platforms Africa, maintained that the visit was in a significant step towards fostering digital transformation in the Nigeria’s Upstream Petroleum Industry. Infosys a global leader in information system technology with about 320 thousand employees and about USD18.6 Billion annual turnover provides support and services to the major oil companies, national oil companies and service companies in…

Read More

NNPC Shares Update on Northern Oil Exploration Efforts

ADEOLA YUSUF

..Pledges Continued Support for Federal Government’s Ambition in Frontier Regions The Nigerian National Petroleum Company Limited (NNPC) has provided updates on its crude oil exploration activities in the Northern part of the country, reiterating its commitment to achieving the Federal Government’s aspirations in the frontier basins. “The company has been actively drilling in basins in and around Northern Nigeria, as a result of the need to increase oil exploration in the country’s frontier basins”. This was contained in a publication authored by the Chief Corporate Communications Officer, NNPC Ltd, Olufemi…

Read More