In a move certain to raise eyebrows reminiscent of the outcry over the proposal on the sale of the country’s strategic oil and gas assets, the Nigerian National Petroleum Corporation (NNPC) has said that it is working on new modalities that would allow it...

The Nigerian National Petroleum Corporation (NNPC) is set to work out modalities that would enable it exit Joint Venture cash call arrears by ensuring that outstanding and future payments are liquated from oil and gas royalties and taxes under a first line charge model. The...

For the first time in over two years, the United States has taken over from India as the biggest importer of Nigeria’s crude oil, the latest monthly report from the Nigerian National Petroleum Corporation has shown. The US bought 10.79 million barrels of Nigerian crude...

The Minister of Finance, Kemi Adeosun has stressed that Nigeria must get out of paying cash calls to joint ventures with oil and gas companies to stand a chance of pulling its ailing economy out of recession. Adeosun said on Friday that the Nigerian National...

Nigeria spent an estimated $35bn as subsidy on petroleum products out of the $300bn earned from crude oil from 2010 and 2014, a former Acting Group Executive Director of the Nigerian National Petroleum Corporation, Dr. Tim Okon, has said. This is coming as experts have...

The Petroleum Products Pricing Regulatory Agency (PPPRA) and key oil marketers in Nigeria’s downstream petroleum sector have said that the current fundamentals guiding the importation and sale of petrol in the country were still favourable for petrol to be sold within the government approved...