NNPC’s Internal Debts Climb to N30.3trn
The Nigerian National Petroleum Company Limited’s transition to full commercial operations is facing renewed scrutiny as inter-company debts surged to N30.3 trillion, highlighting growing concerns over liquidity management and internal financial discipline. According to its 2024 audited financial statements, debts owed by subsidiaries, joint ventures, and related entities rose by 70 per cent, or N12.52 […]
FG Writes Off $5bn NNPC Debt
The approval, granted by President Bola Tinubu, covers a combination of foreign and domestic liabilities accumulated by the national oil company over several years. According to details presented at a recent Federation Account Allocation Committee (FAAC) meeting, the write-off includes $1.42 billion in dollar-denominated debt and N5.57 trillion in naira liabilities. The debts were described […]
NNPC Plans Sale of Oil, Gas Asset Stakes Despite Union Opposition
The Nigerian National Petroleum Company Limited (NNPC Ltd) has commenced plans to divest stakes in some of its oil and gas assets, inviting interested investors to submit bids as it seeks fresh capital to boost production and upgrade critical infrastructure.This was disclosed in an invitation document, whereby prospective bidders are required to register online by […]
NNPCL Targets Higher Oil, Gas Output in 2026, Eyes Fresh Investments
The Nigerian National Petroleum Company Limited (NNPCL) has outlined an ambitious plan to boost crude oil and gas production in 2026, driven by new investments and a review of its asset portfolio.The Chief Executive Officer of NNPCL, Bayo Ojulari, said the company is focused on attracting the right mix of investors across the oil and […]
Kpean Community Urges FG To Build Access Roads, Decommission Old Oil Wellheads After Oil Spill
Residents of Kpean community in Khana Local Government Area of Rivers State have called on the Federal Government to construct access roads to all locations leading to Oil Mining Lease (OML) 14 oil fields and to urgently decommission ageing oil wellheads blamed for repeated oil spills in the area. The call was made on Monday, […]
NEPL Hits Record Crude Oil Output
The upstream arm of NNPC E&P Limited has announced a historic surge in crude oil production, marking its highest single-day output in more than three decades. According to the company, it achieved 355,000 barrels of oil per day on December 1, 2025, its strongest performance since 1989 and a milestone that underscores its expanding role […]
NUPRC Rejects Alleged Fund Withholding
The Nigerian Upstream Petroleum Regulatory Commission has firmly denied reports claiming it withheld N283.3bn in exploration funds meant for the Nigerian National Petroleum Company Limited under the Frontier Exploration Fund (FEF). The clarification followed media claims suggesting that the Commission failed to release funds allocated for frontier basin exploration projects across the country. In its […]
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 […]