The Nigerian National Petroleum Corporation has reconstituted its board of directors. The oil firm made this known in a tweet on Tuesday. The new board of directors consists Mr Mohammed Lawal (North-West), Dr Tajudeen Umar (North-East), Lami Ahmed (North-Central), Sen. Magnus Abe (South-South), Dr Stephen Dike (South-East) and Chief Pius Akinyelure (South-West). Minister of State…

The need to harness Nigeria’s gas by tackling some of the barriers, including passing a regulatory framework for the upstream sector and the launch of the Nigerian gas transportation code to further drive gas-based have been stressed. The Managing Director and Chief Executing Officer, Nigeria LNG Limited, Tony Attah, said increasing Nigeria’s presence in the…

A sharp improvement to European gasoline cracks could soon lead to an uptick in demand for Nigerian crude, traders said, but differentials remained steady on high storage and mostly bad margins. * Increased mobility helped send European gasoline cracks higher and provided a boost to sellers of Nigerian oil. * Still, sold prices for lighter…

Nine oil firms have opposed an application by the Department of Petroleum Resources (DPR) seeking approval to sell or accept bids for eight Marginal Oil Fields (Oil Mining Licences, OMLs). Justice Chukwujekwu Aneke had on June 3 restrained the Federal Government from tampering with the OMLs pending determination of a suit challenging their status. He…

The Federal government has affirmed the Presidential approval issued in 2018, granting Global Resource Management Limited a- 25 year lease covering the entire area of the Ladol Free Zone. Chief Ladi Jadesimi, Chairman of Ladol, who disclosed this in a statement yesterday, said the lease was valid and subsisting, adding that all stakeholders to comply…

What the company owns San Leon Energy PLC (LON:SLE) previously financed a Nigerian company in the OML 18 asset which is now producing at a rate of around 50,000 bopd. Through its deal with operator Eroton Exploration and Production it receives a 17% coupon on the loan (it has so far received US$149mln of payments,…

The Nigerian National Petroleum Corporation on Wednesday announced a trading deficit of N9.53bn for March 2020, which stood out as the oil firm’s first operational loss since October 2018. Findings showed that the last time the corporation posted a deficit was in October 2018, when the corporation recorded a cumulative loss of N12.66bn. An analysis…

Nigeria’s oil production is facing risk as rising number of coronavirus cases among workers at offshore oil fields and platforms in the country is a growing concern with disruption to output. Maintenance at the offshore Bonga oil field has already been disrupted after the operator, Shell, was forced to evacuate workers due to a coronavirus…

Barring unforeseen circumstances, President Muhammadu Buhari will on June 30 flag off the $2.8 billion Ajaokuta-Kaduna-Kano (AKK) gas pipeline construction. The project is a 614km-long natural gas pipeline currently being developed by the Nigerian National Petroleum Corporation (NNPC). Minister of State, Petroleum Resources, Mr Timipre Sylva, made the disclosure in Abuja on Tuesday while inaugurating…