Reps Urge NDPC to Suspend Proposed Auction of $1bn Oil Assets The Nigerian Petroleum Development Company has been called on by the House of Representatives to suspend the planned auction of Oil Mining Licence 11 for $250m when it has been bid for $1bn. The House on...

NPDC, FHN Lose $29m Crude To Oil Theft   An oil block, Oil Mining Lease 26, jointly owned by the Nigerian Petroleum Development Company and First Hydrocarbon Nigeria Limited has come under attacks by oil thieves, the technical partner has said. The Asset Management Team for OML...

Refund $1.6bn To NNPC Subsidiary, Court Orders Firm An arbitration court has directed on Atlantic company to pay $1.6billion to a subsidiary of the Nigerian National Petroleum Corporation (NNPC), the Nigerian Petroleum Development Company (NPDC) that was fleecing it. The Group Managing Director, Dr. Maikanti Baru,...

NPDC Seeks N967bn To Develop 416 Million Barrels Of Oil The Nigerian Petroleum Development Company is making efforts to raise N967bn through third party financing to develop the country’s oil and gas reserves from Oil Mining Lease 13. The flagship subsidiary of the Nigerian National Petroleum...

Oil, Gas Royalty: NPDC owes DPR $1.8bn, N1.3bn   The Nigerian Petroleum Development Company (NPDC) is owing the Department of Petroleum Resources (DPR) $1.8 billion (about N549bn) on oil and another N1.3bn on gas royalty, a House of Representatives adhoc panel heard yesterday. The amount was accumulated...

About 80 per cent of petroleum tank farms across the country are currently lying idle as a result of massive divestment by oil marketers into the retail arm of the business, a former Executive Secretary of the Petroleum Products Pricing Regulatory Agency, Mr. Reginald...