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Nigeria Signs $50 Billion Oil And Gas Infrastructure Deal With China

AFRICANGLOBE - The Nigerian National Petroleum Corporation (NNPC) has said that its strategy to fund capital intensive projects in the upstream sector of the oil and gas industry has begun yielding fruits with the signing of a Memorandum of Understanding (MoU) with some Chinese companies worth $50 billion for infrastructure development.

Nigeria’s National Petroleum Corporation Spent Trillions Illegally

AFRICANGLOBE - Nigerian National Petroleum Corporation (NNPC) spent nearly half of the money it earned in three years and remitted the other half to the federation account, it was revealed yesterday. The corporation earned N8.1trn from crude oil sales from 2012 to 2015, withheld N3.8trn and paid only N4.3 trillion to the national treasury.

Missing $20 Billion – Nigeria Approves Forensic Audit Of Corrupt Oil...

AFRICANGLOBE - Nigeria's Federal Government may soon commence the forensic audit of the accounts of the Nigerian National Petroleum Corporation, NNPC, as President Goodluck Jonathan has approved the engagement of reputable international firms to handle the exercise.

Nigeria Will Become Regional Petrochemical, Fertilizer Hub By 2017

AFRICANGLOBE - Nigerian National Petroleum Corporation (NNPC), Group Executive Director (GED) of Gas and Power, David Ige, has projected that the on-going reforms in the gas sector will make Nigeria a regional hub of petrochemical and fertilizer by 2017.

Nigerian Firms Buying Out Foreign Oil Companies

AFRICANGLOBE - Three international oil companies (IOCs) - Shell, Total and Eni (Agip) - have raked in $2.569 billion (N411.04 billion) from the sale...

Nigeria: Oil Production Falls Below Govt’s Projection

The Central Bank of Nigeria (CBN) said Monday that the country pumped 2.12 million barrels per day (bpd) of crude oil in the second...

Nigerian Oil Production Hits Record 2.7 Million Barrels

The Nigerian National Petroleum Corporation (NNPC) has said that Nigerian oil production has risen from 2.4 million barrels per day (mbpd) to 2.7 mbpd...

Will Nigeria’s Petroleum Industry Bill Increase Govt Revenues

Nigeria's Federal Government has approved the Petroleum Industry Bill (PIB), which as part of its provisions will provide for the unbundling of the Nigerian...

Nigeria’s Massive Kerosene Fraud

Nigerians have been forced to pay as much as N150/litre of kerosene instead of the government subsidised rate of N50 because the Nigerian National...

Nigeria Tightens Conditions for Oil Lifting Contracts

The Nigerian National Petroleum Corporation (NNPC) has modified the conditions that will be met by companies wishing to bid for the lifting of Nigeria's...