News / Oil & Gas

Forex: How NNPC remitted $2.7 billion in six months

The Nigerian National Petroleum Company Limited remitted $2.7 billion in six months, from January to June this year, into its accounts with the Central Bank of Nigeria.

The revelation has put to rest claims that the national oil company has not been contributing to the national purse.

This claim has also led to another that the lack of contribution by the NNPC, which trades largely in foreign exchange, was responsible for the spiraling value of the naira.

The funds remitted comprise of $645 million for dividend paid by the Nigerian Liquefied Natural Gas Company Limited and $1.786 billion from the NNPC operational activities.

Further details showed that the NNPC Limited remitted $18.77 million in January 2022,  $194.56 million in February 2022, and $373.233 million in March 2022.

Other NNPC remittances were $247.884 million in April 2022, $591.565 million in May 2022 and $880.906 million in June 2022.

This followed claims that zero remittance by the NNPC Limited has been responsible for the acute scarcity of the dollar, leading to the sharp depreciation of the naira last month.

The naira depreciated by N3.95 to N429 per dollar at the end of July in the Investor and Exporters window from N425 per dollar at the end of June.

Similarly, the naira depreciated by N95 to N710 in the parallel market at the end of July from N615 per dollar at the end of June.…

News / Oil & Gas

PMS: NNPC begins 24-hour operations in depots, retail outlets

The Nigerian National Petroleum Company Limited says it has started 24-hour operations in its depots and retail outlets to restore normal supply and distribution of Premium Motor Spirit across the country.

The NNPC made this known in a statement issued on Tuesday and obtained by the News Agency of Nigeria in Lagos.

The statement said: “NNPC Limited wish to reassure Nigerians that it has put adequate measures in place to accelerate nationwide distribution of PMS earlier disrupted by the quarantine of methanol blended petrol.

“The quarantine was a necessary step to safeguard our customers from the potential impact of this PMS grade on vehicles and machineries.

“In order to accelerate distribution across the country, we have commenced 24-hour operations at our depots and retail outlets.”

According to the statement, as part of NNPC’s strategic restocking, over 2.3 billion liters of PMS is scheduled for delivery between now and end of February 2022, which will restore sufficiency level above the national target of 30 days.

It said the Major Oil Marketers Association of Nigeria, Depot Owners and Petroleum Products Marketers Association of Nigeria and Independent Petroleum Marketers Association of Nigeria had also commenced 24-hour loading and dispensing activities in some of their designated outlets.

The statement said NNPC monitoring team was collaborating with the Nigerian Midstream and Downstream Petroleum Regulatory Authority and other security agencies to ensure smooth distribution of PMS nationwide. “NNPC implores Nigerians to avoid panic buying as there is sufficient volume of PMS in-country and effort is being made to accelerate distribution to all filling stations,” it said.…

News / Oil & Gas / politics

NNPC top shot resigns, may join Kano governorship race

The Group General Manager in charge of Shipping at the Nigerian National Petroleum Corporation, Inuwa Waya, has announced his decision to voluntarily retire from the company in December this year.

However, the retirement of the top management staff is yet to be officially confirmed by the NNPC as at press time.

But it was gathered that he has already tendered his letter to proceed on voluntary retirement from the services of the corporation.

Following the submission of the letter of his voluntary retirement, Waya has already commenced his mandatory three months pre-retirement vacation, which began on September 10. Waya personally broke the news of his decision to voluntarily exit the national oil company at a surprise birthday party organized in his honor by the staff of the Shipping Division of the corporation to mark his 58th birthday on September 10.

In a commemorative speech during the party, Waya informed the staff that after serving the corporation for over 30 years, it was time for him to head towards the exit door, by voluntarily retiring to pave the way for the younger generation to take over.

Waya told the staff at the birthday party: “For over 30 years, I have worked and diligently served the NNPC in various capacities.

“Over the period, I believe I did my best to contribute my little quota towards helping the organisation realise the corporate goals and objectives.

“But I also believe every man and woman has his or her time and season for every of his or her activities.

“There is a time to work; a time to play, and a time to stop work and take a deserved rest to focus on other personal dreams.

“I believe my time to stop public work has come, to give way to my season of rest, find the space to focus on the private practice of my law profession as a qualified lawyer.

“That is what I have done.”

While many wondered why he chose to resign, considering that he still has two years in his career …

Business / News / Oil & Gas

N320 billion earned by NNPC in Bonga PSC deal

The Nigerian National Petroleum Corporation (NNPC) and Bonga Production Sharing Contract (PSC) partners, have signed watershed agreements to unlock $700m (about N320bn) revenue to the federation.

The revenue is expected to be generated by way of gas revenue and lease renewal fees, adding that the pact would also unlock about two billion barrels of oil for Nigeria under the Oil Mining Lease 118.

Under the arrangement, the NNPC and Bonga PSC partners will be executing five agreements that will deliver about $700m of immediate benefit to Nigeria.

The five agreements signed include, dispute settlement agreement, settlement agreement, historical gas agreement, escrow agreement and renewed psc agreement.

It will also help to ensure $6bn savings of arbitral liability on the Federal Government and unlock 10 000 direct and indirect employment opportunities to Nigeria

This new agreement will also help to re-balance fiscal terms and address global competition in prioritization of investments by key players.

The OML 118 with its straddle fields, boast of the presence of the five Major Players in the deep water space not only in Nigeria but also globally.…