NNPC Refinery Debts Hit N8.5tn As Idle Plants Deepen Losses
The Nigerian National Petroleum Company Limited (NNPC) has disclosed that debts linked to its non-working refineries have risen to N8.5 trillion as of December 2024, reflecting worsening financial strain across the oil company’s subsidiaries. Fresh details from NNPC’s latest financials show that most of the liabilities stem from three major entities: Port Harcourt Refining Company […]
NNPC/Heirs Energies Doubles Gas Output
Gas supply in the country received a significant enhancement as the NNPC/Heirs Energies OML 17 Joint Venture (JV) announced an increase of 135 million standard cubic feet per day (MMscf/d), further bolstering the nation’s energy security. This achievement, realised through a rigless recompletion of a key non-associated gas well in OML 17, is regarded as […]
Nigeria Eyes NNPC Asset Overhaul
The Presidency explored changes in asset ownership at the Nigerian National Petroleum Company Limited (NNPC) to raise falling crude oil output. Special Adviser to the President on Energy, Olu Verheijen, shared this idea on November 10, 2025, at the Nigerian Association of Petroleum Explorationists Conference in Lagos. Verheijen explained that restructuring the national oil firm […]
PETROAN Endorses Technical and Equity Partnership Model for Port Harcourt Refinery
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has commended the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Engr. Bayo Ojulari, for initiating steps to revive the Port Harcourt Refinery through the adoption of the Technical and Equity (T&E) partnership model. In a statement signed by its National […]
TotalEnergies, NNPC, PH Host CDT Commission 5 Roads in Port Harcourt
In a major boost to community infrastructure, the Port Harcourt Host Community Development Trust (PH HCDT), in collaboration with TotalEnergies and the Nigerian National Petroleum Company (NNPC), has commissioned five newly constructed roads across Rebisi and Mgbuesilaru clusters in Port Harcourt. The commissioning, held on September 17, 2025, underscores the joint commitment of oil and […]
NNPC Boss Calls For African Cooperation on Energy Security
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd), Engr. Bashir Bayo Ojulari has called on African nations to deepen cooperation to safeguard the continent’s energy future. Speaking on Tuesday, September 15, at the African Petroleum Producers’ Organisation (APPO) CEOs Forum, Ojulari emphasised that Africa must “take ownership of its […]
NNPC Seeks $60B for Gas Infrastructure Growth
Nigeria’s energy sector is gearing up for significant expansion as the Nigerian National Petroleum Company Limited (NNPCL) announces ambitious plans to secure $60 billion in investments over the coming five to seven years. This initiative, unveiled at the Gastech Exhibition and Conference in Milan, Italy, on September 10, 2025, focuses on enhancing natural gas production […]
NUPRC Oversees Execution Of Deepwater Oil Block Deals
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), on Monday, September 1, marked a pivotal moment in Nigeria’s energy sector by facilitating the closing ceremony of the execution of a Production Sharing Contract (PSC) for two deepwater oil blocks, Petroleum Prospecting Licences (PPLs) 2000 and 2001, awarded to the TotalEnergies-Sapetro Consortium. The agreement, finalised in Abuja […]
NNPC Suspends Rehabilitation at Port Harcourt Refinery Amid Heavy Losses
The Nigerian National Petroleum Company (NNPC) Limited was incurring losses of up to N500 million monthly from operations at the Port Harcourt refinery before rehabilitation works were suspended, the company’s Group Chief Executive Officer, Bayo Ojulari, has revealed. Ojulari made the disclosure on Thursday, August 28, while receiving a delegation from the Petroleum and Natural […]
Group Alleges NNPCL Boss Favours Private Refinery Over Public Assets
Hoscom Bulk Petroleum Retailers of Port Harcourt Refinery has accused the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, of deliberately working to give a competitive edge to a private refinery while neglecting state-owned facilities. The group raised the alarm following Ojulari’s recent comments during a courtesy visit by […]
NNPC, Partners Sign Major Gas Agreements to Bolster Nigeria’s Energy Sector
In a move to address persistent gas shortages and strengthen the nation’s energy security, the Nigerian National Petroleum Company Limited (NNPC Ltd.) and several upstream gas suppliers have signed long-term agreements to supply gas to the Nigeria Liquefied Natural Gas Limited (NLNG). The agreements, which are set to last for 20 years with potential for […]
NNPC’s Profit Falls to Nearly 80% in July
The Nigerian National Petroleum Company Limited (NNPC), the country’s state-owned oil giant, on Thursday, August 21, reported a steep decline in its financial performance for July 2025. Profit after tax plummeted to N185 billion, down from N905 billion in June 2025, marking a 79.6 percent drop. This sharp reduction highlights ongoing challenges in the oil […]