Alleged N20bn Diversion: Reps Probe NNPCL Officials The House of Representatives, on Thursday, set up an ad hoc committee to investigate the Nigerian National Petroleum Company Limited over the alleged diversion and conversion of N20bn by its officials in the guise of payment to consultants. This...

Subsidy Removal: Oil Marketers Urges FG  to Provide FX at Official Rate Stakeholders in the downstream sector have called on the Federal Government to provide foreign exchange at the Central Bank of Nigeria’s rate to enable petroleum importation. The appeal was made during a virtual online...

Oil Exploration: NNPCL To Boost Reserves To 50 Billion Barrels   The ongoing oil exploration in Nigeria’s frontier basins is to grow the country’s crude oil reserves from 37 billion barrels to 50 billion barrels, the Nigerian National Petroleum Company Limited (NNPCL) announced on Tuesday. NNPC also...

Reactions as NNPCL Hires Expatriate to Head Subsidiary The Nigerian National Petroleum Company (NNPC) Limited has hired a former vice president of the Abu Dhabi National Oil Company (ADNOC), Jean-Marc Cordier, to head its oil trading arm, NNPC Trading Ltd. The appointment of Cordier has raised...

Fuel Consumption Rises to 80million litres Daily as Subsidy Skyrockets - Report The consumption of Premium Motor Spirit, popularly called petrol, has risen to about 80 million litres daily, pushing up subsidy on the commodity to an estimated N484bn monthly, according to latest figures from...

Eroton: MD Insists Firm Remains OML 18 Operator Eroton Exploration and Production Company Limited, has insisted that it remained the operator of OML-18 in line with the provisions of the Joint Operating Agreement. It was recently reported that the non-operating joint venture partners of Oil Mining...