• Posts N3.3 Trillion Net Profit, Declares N2.1 Trillion Dividend
• Targets 2mbpd Crude Oil Production By December 2024

By Celestine Okafor (Editor-in-Chief) @CelestineOkaf11

The Nigerian National Petroleum Corporation Limited (NNPC Ltd) has released its 2023 Audited Financial Statement (AFS), declaring a net profit of N3.297 trillion at the close of the financial year which ended in December 2023, an increase of over N700billion (28%) when compared to the 2022 profit of N2.548trillion.

By Celestine Okafor (Editor-in-Chief)

The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe on Friday commissioned the 10,000 Tons per annum galvanizing plant constructed by Daewoo Engineeering Nigeria Limited, one of the engineering, procurement, and construction (EPC) contractors of the Nigeria LNG Limited (NLNG) Train 7 Project.

By Celestine Okafor (Editor-in-Chief) @CelestineOkaf11

The Group Chief Executive Officer of NNPC Limited, Mr. Mele Kyari has said the company has not breached any of the enabling laws guiding its dealings with partners, hence should be counted out of any claims of economic sabotage.

• * Hails NCDMB's Strides In Local Content Development

By Celestine Okafor (Editor-in-Chief) @CelestineOkaf11

Amidst the clamour for good governance and reduction in the cost of living in the country, the Minister of State for Petroleum Resources (Gas), Hon Ekperikpe Ekpo has asserted the Federal Government’s firm determination to advance the nation’s gas resources as the surest pathway to economic prosperity.

• * Commends Lee Engineering For Capabilities Attained

By Celestine Okafor (Editor-in-Chief) @CelestineOkaf11

The Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe, has assured Nigerian oil and gas service companies of continued support to sustain the impressive growth in local content and to boost their production operations.

By Celestine Okafor (Editor-in-Chief) @CelestineOkaf11

A fire incident has been reported on Akaso 4 Wellhead operated by NNPC 18 Operating Limited. The incident which has extended along the adjacent riverbank is reported to have occurred on August 2, 2024 at about 11:12 pm.

By Celestine Okafor (Editor-in-Chief) @CelestineOkaf11

The Nigerian Content Development and Monitoring Board (NCDMB) and the Senate Committee on Local Content began a 3-day retreat at Abuja, aimed at forging closer collaboration between the two entities, to achieve improved implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act.

By Israel Okoloagu (Energy Reporter)

The declaration of a state of emergency by the Nigerian National Petroleum Company Limited [NNPC Ltd] on crude oil production has yielded a positive outcome with the increase recorded in daily production from 1.25 million barrels per day [mbpd] in June to 1.61mbpd as of July 23, 2024.

By Celestine Okafor (Editor-in-Chief) @CelestineOkaf11

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has inaugurated the metering audit and advanced cargo declaration project teams following the recent approval for the implementation of two key projects by the Federal Executive Council. The projects are the Audit of Upstream Measurement Equipment and Facilities in the Nigerian Oil and Gas Industry and the Advance Cargo Declaration Solution.

•  * Mulls Stronger Laws Against Crude Oil Theft, Vandalism

By Celestine Okafor (Editor-in-Chief) @CelestineOkaf11

The National Assembly has thrown its weight behind NNPC Limited's ongoing efforts to boost Nigeria’s crude oil production and grow its reserves, saying it will consider stiffer consequences for crude oil thieves and vandals of the nation's critical hydrocarbon infrastructure.

This was made known when the National Assembly's Joint Committee on Petroleum Resources (Upstream) paid an oversight visit on the NNPC Upstream Investment Management Services (NUIMS), an upstream arm of the NNPC Ltd, at its headquarters in Lagos, on Tuesday.

Jointly led by the Committee Chairmen from both chambers, Senator Eteng Jonah Williams and Hon. Alhassan Ado Doguwa, the legislators described the menace of crude oil theft and vandalism of critical oil and gas infrastructure as major challenges to Nigeria’s revenue generation and budget targets, which must be curtailed.

In his remarks, Senator Williams said it was imperative for the National Assembly to come up with legislative action that will help stop crude oil theft and increase Nigeria’s crude oil production.

He said from what they found at NUIMS, it is duty-bound on the legislature to come up with decisive measures that will help the government to achieve its set targets in the oil and gas sector.

On his part, Hon. Alhassan Doguwa said by virtue of their duties as a legislature, the lawmakers will fast-track the strengthening of a legislative framework to be able to check the excesses bedeviling the nation’s oil and gas sector.

Doguwa, who commended NNPC Ltd’s efforts for its industry-wide security collaboration against the nation’s hydrocarbon infrastructure said more needs to be done to ensure the Company increase Nigeria’s crude oil production and grow its reserves.

He said the legislature will consider deploying the stick and carrot approach towards addressing the issue, but where it becomes necessary, the stick approach must be emphasised to rise vehemently against any encumbrance standing in the way of Nigeria’s economic growth and development.

Earlier in his detailed presentation to the lawmakers, the Chief Upstream Investment Officer (CUIO) of NNPC Ltd, Mr. Bala Wunti described NUIMS as a trustee of Nigeria’s upstream investments which ensures the country maximises returns through effective supervision of its Joint Venture (JV), Production Sharing Contracts (PSC) and Service Contracts (SC) operating partners.

Wunti, who commended the lawmakers for their consistent support to the NNPC Ltd, said engagements with the National Assembly are crucial as they will help the NNPC Ltd in the attainment of its mandate.

“We are here to see how the NASS will help us produce more barrels and deliver value to our shareholders. Increasing production is the new narrative and your support is needed to enable us achieve our set targets based on our key principles of safety, speed, compliance and efficiency,” Wunti informed the legislators.

He said so far, the industry-wide security collaboration against crude oil theft and vandalism of Nigeria’s critical hydrocarbon infrastructure through the four-way strategy of “Detect, Deter, Respond and Recover” have been instrumental in the recent restoration of some of the nation’s lost barrels. NNL.

By Our Reporter

The management of Brentex CPP Limited (BCL) has said it wishes to correct some mix-ups and inaccuracies in some of the reportage of its appearance at the hearing of the Senate Committee on Local Content chaired by Distinguish Senator Natasha Akpoti-Uduaghan on Tuesday, July 16, 2024.

• * As Corporation, Stakeholders Vow To Restore Normalcy

By Celestine Okafor (Editor-in-Chief) @CelestineOkaf11

The NNPC Limited has said that the fuel queues seen in the FCT and some parts of the country, were as a result of disruption of ship-to-ship (STS) transfer of Premium Motor Spirit (PMS), also known as petrol, between Mother Vessels and Daughter Vessels resulting from recent thunderstorm.

The Corporation in an official statement, said adverse weather condition has also affected berthing at jetties, truck load-outs and transportation of products to filling stations, causing a disruption in station supply logistics.

The NNPC Ltd also states that due to flammability of petroleum products and in compliance with the Nigerian Meteorological Agency (NIMET) regulations, it was impossible to load petrol during rainstorms and lightning.

According to the statement, "Adherence to these regulations is mandatory as any deviation could pose severe danger to the trucks, filling stations and human lives.

"Similarly, the development was compounded by consequential flooding of truck routes which has constrained movement of PMS from the coastal corridors to the Federal Capital, Abuja.

"The NNPC Ltd is working with relevant stakeholders to resolve the logistics challenges and restore seamless supply of petrol to affected areas.

"Already, loading has commenced in areas where these challenges have subsided, and we are hoping the situation will continue to improve in the coming days and full normalcy would be restored.

"The NNPC also calls on motorists to avoid panic buying and hoarding of petroleum products". NNL.