Nigeria: PIB – NNPC Concerned Over Move By Petroleum Ministry to Assume Control of Proposed IJVs

The attempt by the Ministry of Petroleum Resources to assume control over the proposed Incorporated Joint Ventures (IJVs) and the Asset Management Company to be created by the new Petroleum Industry Bill (PIB) may set the ministry on a collision course with the Nigerian National Petroleum Corporation (NNPC), THISDAY investigations have revealed. Read more

Nigeria lost N105.9bn to gas flaring in six months

Nigeria lost about $336.33 million in the first half of 2016, as oil and gas companies operating in the country flared 112.11 billion Standard Cubic Feet (SCF) of gas between January and June 2016, according to data obtained from the Nigerian National Petroleum Corporation, NNPC.” At the Nigerian Gas Company’s average gas price of $ per $1,000 SCF of the commodity, the flaring of 112.11 billion SCF translates to a loss of $336.33 million or N105.9 billion at current exchange rate. Read more