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NNPC’s $1.8 billion TAM bid is fraudulent. NNPC’s losses drop by 53% on Forcados revamp.

Dec 04 2017
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NNPC’s $1.8 billion TAM bid is fraudulent. NNPC’s losses drop by 53% on Forcados revamp.  Punch Online 

The group operational losses of the Nigerian National Petroleum Corporation dropped by 53.1 per cent following the revamp of the Forcados oil terminal and resumption of export activities there after it was shut down for several months.


An analysis of the latest data from the national oil firm showed that its group deficit dropped by over 50 per cent for the first time since March this year, as its losses reduced from N11.87bn in July 2017 to N5.74bn in August.


This, according to the NNPC, was basically due to the resumption of export activities from the Forcados terminal, which was reopened on March 31, 2017.  Read more


NNPC to Fund New Gas Pipeline Projects with Transportation Tariff.  Thisday Online 

The Nigerian National Petroleum Corporation (NNPC) has indicated that up to 1000 kilometres (km) of new gas lines that would be added to Nigeria’s gas line network would be funded through a new framework of contractor financing and then their construction costs paid off through agreed transportation tariff.


It also stated that all the available gas powered electricity generation plants in Nigeria are currently connected to permanent gas supply pipeline, adding that its drive for more power plants to be connected to gas lines would eventually put up to 2,700 megawatts (MW) of electricity to the national grid soon.


Speaking at the recent 2017 conference and annual general meeting of the Nigerian Society of Engineers (NSE) in Abuja, the Group Managing Director of the NNPC, Dr. Maikanti Baru, also explained that the corporation has completed and commissioned about 500km of gas pipelines between 2010 and 2017.  Read more

Last changed: Dec 04 2017 at 11:50 AM