• 2 days Nuclear Bomb = Nuclear War: Saudi Arabia Will Develop Nuclear Bomb If Iran Does
  • 1 day Statoil Changes Name
  • 2 days Tillerson just sacked ... how will market react?
  • 1 day Russian hackers targeted American energy grid
  • 21 hours Is $71 As Good As It Gets For Oil Bulls This Year?
  • 2 days Petrobras Narrows 2017 Loss, Net Debt Falls Below $85bn
  • 2 days Proton battery-alternative for lithium?
  • 2 days Ford Recalls 1.38 Million Vehicles (North America) For Loose Steering Wheel Bolt
  • 22 hours Oil Boom Will Help Ghana To Be One Of The Fastest Growing¨Economies By 2018!
  • 1 day Country With Biggest Oil Reserves Biggest Threat to World Economy
  • 2 days I vote for Exxon
  • 22 hours HAPPY RIG COUNT DAY!!
  • 2 days UK vs. Russia - Britain Expels 23 Russian Diplomats Over Chemical Attack On Ex-Spy.
  • 2 days Why is gold soooo boring?
  • 2 days South Korea Would Suspend Five Coal - Fire Power Plants.
  • 22 hours Spotify to file $1 billion IPO
Russia Could Pull The Plug On The OPEC Deal

Russia Could Pull The Plug On The OPEC Deal

Russia may leave the OPEC…

Is Tesla About to Collapse?

Is Tesla About to Collapse?

The remarkable resilience of Tesla…

Nigerian Oil Corp Boasts Trading Deficit Decline


Nigeria’s National Oil Corporation said its trading deficit for January had slimmed down to $50 million (14.26 billion naira) from $60 million (17.01 billion naira) in the previous month. The good news comes as the company struggles to regain its profitable position amid corruption scandals and government determination to overhaul the state company’s operations.

The latest scandal to shake NNPC concerned the hiding and illegal use of some 100 litres of imported fuel in private storage facilities. The scandal cost four NNPC officials their jobs.

Nigeria’s oil industry has been in dire need of an overhaul for a long time, but it took the drop in oil prices and the militant attacks on pipelines in the Niger Delta to really push the government to act.

Oil Minister Ibe Kachikwu has proposed a semi-autonomous structure for NNPC, effectively breaking down the company into several businesses, each focused on a specific segment of the industry.

Meanwhile, legislators are working on a Petroleum Industry Bill that should curb mismanagement and corruption in oil and gas. The final report on the bill should come from the Senate on April 25th.

If the bill is passed, NNPC’s responsibilities will be streamlined into three new entities, the Nigeria Petroleum Regulatory Commission (NRPC), the National Petroleum Company (NPC), and the Nigeria Petroleum Assets Management Company (NPAMC), which will take over the upstream assets. The plans are that both NPC and NPAMC could be allowed to market oil to encourage competition.

Related: Why Breakeven Prices Are Plunging Across The Oil Industry

Nigeria lost over $100 billion over the last couple of years because of falling oil revenues and militant attacks that resulted in production outages, according to the Speaker of the House of Representatives, Yakubu Dogara. Losses were incurred from fraud, oil theft, oil swaps, and undeclared exports to global destinations. The latter led to lawsuits against five global oil companies, among them; Total, Eni, Petrobras, Chevron, and Shell.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News