NNPC Limited

Episode 77 of "Energy and YOU!", NNPC Limited's flagship weekly TV programme, is live! Watch it when you visit https://lnkd.in/drKWyMNh and please share your thoughts in the comments section. Join the conversation and be a part of our ever-growing community. #EnergyAndYou #EnergyForToday #EnergyForTomorrow

WAR ON CRUDE OIL THEFT for 31st August to 6th September, 2024 In the past week, 63 illegal pipeline connections and 134 illegal refineries have been uncovered. Tune in tonight for more on our weekly TV show, #EnergyAndYou, which airs at 8:30 PM on NTA Network and NTA International. Catch the reruns every Friday at 7:30 PM on African Independent Television (AIT). You can catch up on all previous episodes by visiting https://lnkd.in/dkqhiUg7 #WarOnCrudeOilTheft #EnergyForToday #EnergyForTomorrow 

PRESS RELEASE NNPC Ltd/Chevron JV Concludes Conversion of Assets into PIA Terms …As Partners Eye JV’s 165,000 bopd Oil Production Target by Dec 2024 In line with the Petroleum Industry Act (PIA) 2021 provisions of transiting assets from the Petroleum Profit Tax (PPT) into PIA terms, the NNPC Ltd. and its Joint Venture (JV) partner, Chevron Nigeria Ltd (CNL), have concluded the conversion of five of its JV assets into the PIA terms. Under the new PIA regime, all existing Oil Prospecting Licenses (OPLs) and Oil Mining Leases (OMLs) would be automatically converted to Petroleum Prospecting Licenses (PPLs) and Petroleum Mining Leases (PMLs) upon their expiration. Nonetheless, an option of voluntary conversion is provided for holders of OPLs and OMLs (Operator, Licensees or Lessees) under the erstwhile Petroleum Profit Tax (PPT) regime. The PIA terms are generally perceived as more investor-friendly, compared to the erstwhile PPTA terms. During a brief ceremony held at the NNPC Towers on Monday, the two partners signed documents on the conversion of five (5) OMLs into four (4) PPLs and twenty-six (26) PMLs, in line with the new PIA terms, marking a significant step towards increasing domestic gas supply and expanding global market presence. Speaking at the occasion, Group CEO NNPC Ltd., Mr. Mele Kyari, described CNL as one of the most reliable partners for NNPC Ltd. “Over the years, Chevron has been a partner of choice that has not contemplated completely divesting/exiting (oil production in) the shallow water and we are proud of them,” he added. Kyari assured CNL that NNPC Ltd would sustain its partnership with the JV partner to create more value for both parties and expand Nigeria’s footprints in the domestic and export gas markets. He commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for its exemplary role in midwifing the conversion. The Director, Deepwater and Production Sharing Contract (PSC) of CNL, Mrs. Michelle Pflueger who stressed the significance of the conversion for both companies, affirmed CNL’s long-standing commitment to the assets. Also speaking, NNPC Ltd.’s Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan, highlighted the advantages of the PIA terms over the previous PPT terms, noting that the conversion was a strategic move towards the successful implementation of the PIA. In his remarks, NNPC Ltd.’s Chief Upstream Investment Officer, Mr. Bala Wunti, noted that the assets conversion is expected to significantly boost crude oil production, with the two partners focusing on attaining the 165,000 barrels of oil per day (bopd) production target by year-end, 2024. He emphasized the continued importance of CNL's operational philosophy in maintaining network stability and facilitating gas supply especially to the domestic market. Olufemi Soneye Chief Corporate Communications Officer NNPC Ltd. Abuja 9th September, 2024

PHOTO NEWS: Earlier today in a signing ceremony held at the NNPC Towers, NNPC Ltd. and its Joint Venture (JV) partner, Chevron Nigeria Ltd (CNL), signed documents on the conversion of five OMLs into four PPLs and 26 PMLs, in line with the provisions of the Petroleum Industry Act (PIA) 2021. The GCEO NNPC Ltd., Mr. Mele Kyari and the Director, Deepwater and Production Sharing Contract (PSC) of Chevron Nigeria Limited (CNL), Mrs. Michelle Pflueger, signed the new agreements on behalf of their respective companies, under the watch of the Industry regulator, Nigerian Upstream Petroleum Regulatory Commission (NUPRC). #EnergyForToday #EnergyForTomorrow

PHOTO NEWS: This Thursday, in Beijing, China, NNPC Limited and China Engineering & Machinery Corporation (CMEC) signed a Memorandum of Understanding (MoU) for the co-funding of the Gwagwalada Independent Power Plant (GIPP) Phase-1 Project. NNPC Ltd.'s Executive Vice President, Gas Power & New Energy, Mr. Olalekan Ogunleye and Chairman of CMEC Nigeria, Mr. Zhang Daguang, signed the agreement on behalf of their respective companies. Also known as the Abuja IPP, the 350MW GIPP Phase 1 Project is one of the key anchor projects of the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline Project which is in line with Nigeria's Gas Master Plan infrastructure blueprint. Upon completion, the GIPP Phase 1 Project is expected to improve power generation, create job opportunities, reduce gas flaring, and engender industrial development. #DecadeofGas #EnergyForToday #EnergyForTomorrow

PRESS RELEASE NNPC Ltd Not the Sole Offtaker; Market Open to Lower Prices from Any Domestic Refinery The attention of the NNPC Ltd has been drawn to a press release by the Muslim Rights Concern, MURIC, which claims that the Dangote Refinery Limited (DRL) is being undermined by actions of the Nigerian National Petroleum Company Limited (NNPC Ltd). Specifically, MURIC asserts that recent changes to the pump price of Premium Motor Spirit (PMS) will prevent the Dangote Refinery from offering lower prices and that NNPC Ltd. has become the sole offtaker of all products from the refinery. To set the records straight, NNPC Ltd. wishes to further state as follows: 1. The pricing of petroleum products from any refinery, including the Dangote Refinery Ltd. (DRL), is determined by global market forces. The recent changes in PMS prices have no impact on the DRL or any other domestic refinery's access to the Nigerian market. In fact, if current prices are perceived as high, it presents an ideal opportunity for the refinery to sell its products at lower prices in the Nigerian market. 2. Furthermore, we emphasize that there is no guarantee of lower prices associated with domestic refining compared to any global parity pricing framework, as confirmed by the DRL. The NNPC Ltd. will only fully offtake PMS from the DRL if the market prices of PMS are higher than the pump prices in Nigeria. The DRL and any other domestic refinery are free to sell directly to any marketer on a willing buyer, willing seller basis, which is the current practice for all fully deregulated products. NNPC Ltd. has no desire or intention to become the distributor for any entity in a free market environment, and therefore, the notion of becoming a sole offtaker does not arise. 3. The NNPC Ltd. cannot undermine a business in which it holds a billion-dollar stake. 4. As an advocacy group for fair and just treatment, MURIC should have verified the facts before making statements that are entirely flawed and has the potential to incite ordinary Nigerians against the NNPC Ltd. Olufemi Soneye Chief Corporate Communications Officer NNPC Ltd. Abuja 7th September, 2024

PRESS RELEASE PMS Prices are Determined by Free Market Forces---NNPC Ltd The Nigerian National Petroleum Company Limited (NNPC Ltd.) has stated that foreign exchange (forex) illiquidity has been a significant factor influencing the fluctuation in prices of Premium Motor Spirit (PMS), which are governed by unrestricted free market forces, as provided for in the Petroleum Industry Act (PIA), 2021. Speaking on TVC News' “Journalists' Hangout” show on Thursday, the Executive Vice President of Downstream, NNPC Ltd., Mr. Adedapo Segun explained that the current fuel scarcity was expected to “subside in a few days as more stations recalibrate and begin selling PMS.” He said Section 205 of the PIA, which established NNPC Ltd., stipulated that petroleum prices were determined by unrestricted free market forces. According to him, “The market has been deregulated, meaning that petrol prices are now determined by market forces rather than by the government or NNPC Ltd. Additionally, the exchange rate plays a significant role in influencing these prices.” On the commencement of lifting PMS from the Dangote Refinery, Segun said that the NNPC Ltd. was awaiting the September 15th timeline provided by the Refinery. Segun, who said no right-thinking individual would be comfortable with the current fuel scarcity, added that the NNPC Ltd. has nearly a thousand filling stations nationwide and was collaborating with marketers to “ensure that stations open early, close late, in order to maintain adequate fuel supply to meet the needs of Nigerians.” He assured Nigerians: “We are also engaging relevant authorities to ensure products diversions are prevented and timely deliveries to all stations are ensured. The scarcity should ease in the next few days as more stations recalibrate and begin operations.” Olufemi Soneye Chief Corporate Communications Officer NNPC Ltd. Abuja 5th September, 2024

Episode 76 of "Energy and YOU!", NNPC Limited's flagship weekly TV programme, is live! Watch it when you visit https://lnkd.in/dahXFVzs and please share your thoughts in the comments section. Join the conversation and be a part of our ever-growing community. #EnergyAndYou #EnergyForToday #EnergyForTomorrow

WAR ON CRUDE OIL THEFT In the past week, 09 illegal pipeline connections and 89 illegal refineries have been uncovered. Tune in tonight for more on our weekly TV show, #EnergyAndYou, which airs at 8:30 PM on NTA Network and NTA International. Catch the reruns every Friday at 7:30 PM on African Independent Television (AIT). You can catch up on all previous episodes by visiting https://lnkd.in/dkqhiUg7 #WarOnCrudeOilTheft #EnergyForToday #EnergyForTomorrow 

PRESS RELEASE NNPC Ltd Faces Financial Strain Due to PMS Supply Costs, Impacting Supply Sustainability NNPC Ltd. has acknowledged recent reports in national newspapers regarding the company's significant debt to petrol suppliers. This financial strain has placed considerable pressure on the Company and poses a threat to the sustainability of fuel supply. In line with the Petroleum Industry Act (PIA), NNPC Ltd. remains dedicated to its role as the supplier of last resort, ensuring national energy security. We are actively collaborating with relevant government agencies and other stakeholders to maintain a consistent supply of petroleum products nationwide. Olufemi Soneye Chief Corporate Communications Officer NNPC Ltd. Abuja 1st September, 2024