Oil & Gas - Abia ThinkTank News

Jan

2025

Audit Report Indicts NNPCL Of Diverting N514 Billion

Audit Report Indicts NNPCL Of Diverting N514 Billion A report by the office of Nigeria’s Auditor-General has indicted the Nigerian National Petroleum Company Limited (NNPCL) for alleged misappropriation of funds and diversion of revenue meant for the Federation in 2021. The indictments are contained in the 2021 Auditor-General’s annual report published in November 2024. The 558-page report was recently submitted to the National Assembly as Nigeria’s Constitution provides. The report shows a troubling blend of questions bordering on misappropriation of funds involving the NNPCL. In one case, the auditor general indicted the state-owned oil firm of unauthorised deductions of N82.9…

Dec

2024

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Court Remands Refinery MD In Kuje Correctional Centre Over Alleged $35m Fraud

Crime, Judiciary, News Flash, Oil & Gas

Court Remands Refinery MD In Kuje Correctional Centre Over Alleged $35m Fraud The Economic and Financial Crimes Commission, on Monday, December 23, 2024, arraigned the Managing Director of Atlantic International Refinery and Petrochemical Limited, Akindele Akintoye at the Federal High Court, Abuja, over an alleged $35 million fraud. He was arraigned before Justice Emeka Nwite on charges bordering on money laundering and contract fraud. Easy Ways to obtain German citizenshipBest Online RouletteOn October 31, 2024, Akintoye was arrested by the EFCC and detained at its holding facility in Abuja. According to a tweet via the commission’s X handle on Wednesday,…

Dec

2024

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Opinion: Drilling Crude Oil Does Not Harm The Environment. The Process/Technology Does. Improve It – Dr. Chukwuemeka Ifegwu Eke’s Interview With NTA

Abuja, Columns/Opinions/Letters, Interviews, Oil & Gas

Drilling Crude Oil does not harm the environment. The Process/Technology does. Improve it! This interview was pulled down by YouTube and Facebook. Good evening, I'm pleased to be discussing Nigeria's path to net-zero carbon emissions. While many advocate for an immediate end to drilling and mining, I'd like to offer a nuanced perspective. The extraction of crude oil and coal isn't inherently harmful to the environment; it's the outdated technologies used that cause damage. As we transition to renewable energy, job creation and preservation must be our top priority. We cannot overlook the livelihoods of those employed in the fossil…

Dec

2024

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NNPC Reduces Petrol Pump Price Across It’s Retail Outlets

Business, Economy, News Flash, Oil & Gas

NNPC Reduces Petrol Pump Price The Nigerian National Petroleum Company Limited (NNPCL), has reduced the pump price of Premium Motor Spirit (PMS), also known as petrol across its retail outlets. According to Tribune Online correspondent who visited the NNPCL retail outlets in Ibadan observed that petrol, which was sold between N1,025 to N1,040 per litre, has been reduced to N1,015 per liter. This represents N10 to N25 reduction from its previous price. Also, Daily Post reports that the nation’s oil company has also reduced its pump price across its retail outlets in the Federal Capital Territory (FCT). In the FCT,…

Dec

2024

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Hope For Nigeria As Petrol Landing Cost Crashes Further

Economy, FGN, News Flash, Oil & Gas

Hope For Nigeria As Petrol Landing Cost Crashes Further The estimated landing cost of Premium Motor Spirit (PMS), commonly known as petrol, in Nigeria has seen a decline of ₦36, dropping to ₦900.28 per litre as of Thursday. This marks a 3.62% decrease from the previous week’s landing cost of ₦936.75 per litre, according to data released by the Major Energy Marketers Association of Nigeria (MEMAN). Interestingly, earlier this week, costs had even dipped further, reaching ₦890.43 per litre. This reduction in landing cost reflects some relief from fluctuations in global oil prices and improvements in supply chain dynamics. Despite…

Dec

2024

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President Tinubu Advised To Reduce Fuel Price To N300/Litre For Xmas, New Year Celebration

Columns/Opinions/Letters, FGN, Oil & Gas, Politics

Tinubu Advised To Reduce Fuel Price To N300/Litre For Xmas, New Year Celebration Former Deputy National Chairman of the Peoples Democratic Party (PDP), Chief Bode George, has called on President Bola Tinubu to reduce the price of premium motor spirit (PMS) also known as petrol to N300 per litre between December and January. He said this would enable Nigerians to have a joyous and merry Christmas. A litre of fuel is presently sold at about N1,100 and N1,200 per litre across the country following the removal of fuel subsidy. Tinubu had on assumption of office in 2023 declared an end…

Dec

2024

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NNPC Shuns Local Market, Begins Export Of Petrol From Port Harcourt Refinery To Dubai

Business, Economy, News Flash, Oil & Gas

NNPC Shuns Local Market, Begins Export Of Petrol From Port Harcourt Refinery To Dubai The Nigerian National Petroleum Company (NNPC) has begun the export of petrol from the Port Harcourt Refinery to Dubai, shunning the local market. The Port Harcourt Refinery which began operations in November following rehabilitation shipped its first export of petroleum products to Dubai, with the company expected to load the cargo onboard the Wonder Star MR1 ship in the coming days. The ship will load 15,000 metric tons of the product, which translates to about 13.6 million litres. It is understood that the sulfur content of…

Dec

2024

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Port Harcourt Refinery Working Effectively – Nigerian Society Of Chemical Engineers Knocks Critics

News Flash, Oil & Gas, Politics

Port Harcourt Refinery Working Effectively – Nigerian Society Of Chemical Engineers Knocks Critics The Nigerian Society of Chemical Engineers, has given the Port Harcourt Refinery a clean bill of health, declaring that the plant is running, contrary to claims made by critics about the facility. National President of the Association, Mr Tony Ogbuigwe, who said this in an interview, declared that chemical engineers who are on the ground have confirmed that the installation is back in operations after over 20 years. Ogbuigwe also declared that refining and refinery operations are scientific and the process has no room for emotion or…

Dec

2024

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It Would Shock Nigerians The Calibre Of People Who Escort Illegal Oil Bunkers – Fisayo Soyombo

Crime, Columns/Opinions/Letters, Economy, Oil & Gas

It Would Shock Nigerians The Calibre Of People Who Escort Illegal Oil Bunkers – Fisayo Soyombo The founder of the Foundation for Investigative Journalism (FIJ), Fisayo Soyombo, who was just released by the Nigerian Army has revealed that he was conducting an undercover investigation when he was arrested by the Nigerian Army. Soyombo also expressed worry about the kind of security cover available for oil bunkerers in the country. He said this while speaking in an interview on AriseTV morning show. “It would shock you the kind of people who escort illegal oil bunkers out of Port-Harcourt. “The army spokesman…

Nov

2024

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President Tinubu Celebrates Port-harcourt Refinery Revival, Gives Fresh Order To NNPC

FGN, News Flash, Oil & Gas, Presidency

Tinubu Celebrates Port Harcourt Refinery Revival, Gives Fresh Order To NNPCL President Bola Tinubu has extended his heartfelt congratulations to the Nigeria National Petroleum Company Limited (NNPCL) on the successful revitalisation of the Port Harcourt refinery, marked by the official commencement of petroleum product loading on Tuesday. A statement by Special Adviser to the President (Information & Strategy), Bayo Onanuga on Tuesday, said the president acknowledged the pivotal role of former President Muhammadu Buhari in initiating the comprehensive rehabilitation of all the country’s refineries. He also expressed gratitude to the African Export-Import Bank for its confidence in financing this critical…