My Blog

Tag: NNPC LTD

  • Breaking News! NNPC, Chevron Record Major Oil Find in Awodi-07 Well

    Breaking News! NNPC, Chevron Record Major Oil Find in Awodi-07 Well

    Efforts to grow Nigeria’s hydrocarbon reserves have received a significant boost following the confirmation of a hydrocarbon discovery at the Awodi-07 appraisal and exploration well by the NNPC Ltd/Chevron Nigeria Limited Joint Venture in the shallow offshore western Niger Delta.

    The well, operated by Chevron Nigeria Limited, was drilled as part of the joint venture’s ongoing exploration and appraisal programme aimed at further delineating reserves and unlocking additional hydrocarbon potential within its asset portfolio. Drilling operations commenced in late November 2025 and were completed in mid-December 2025.

    According to a statement released, Monday afternoon in Abuja, by NNPC Ltd Chief Corporate Communications Officer, Mr. Andy Odeh, the drilling campaign was executed safely, efficiently, and in full compliance with approved operational and regulatory requirements.

    The operation was carried out under the oversight of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), in line with applicable upstream regulations.

    Following the completion of drilling activities, the well underwent comprehensive logging, testing, and data acquisition to evaluate reservoir characteristics, after which it was safely secured.

    Data obtained from the well is expected to be submitted to the NUPRC for detailed technical review as part of the post-drilling regulatory process.

    NNPC Ltd said results from the Awodi-07 well confirmed the presence of hydrocarbons across multiple reservoir zones, describing the outcome as encouraging and a significant milestone for the joint venture.

    The discovery strengthens confidence in the asset and further reinforces the prospectivity of the shallow offshore western Niger Delta.

    In the statement, the Group Chief Executive Officer of NNPC Ltd, Engr. Bashir Bayo Ojulari, was reported to have said that the success of the Awodi-07 well highlights the strength of the partnership between NNPC Ltd and Chevron Nigeria Limited and supports national efforts to grow Nigeria’s hydrocarbon reserves.

    Also commenting, the Executive Vice President, Upstream, NNPC Ltd, Mr. Udy Ntia, said the results demonstrate the importance of disciplined exploration programmes, sound technical evaluation, and sustained collaboration between joint venture partners.

    Under the Petroleum Industry Act (PIA), discoveries such as Awodi-07 are expected to progress through a structured appraisal and development process, including further reservoir evaluation, submission of field development plans, and regulatory approvals from the NUPRC prior to any final investment decision.

    Industry sources say the NNPC Ltd/Chevron Joint Venture is expected to review the Awodi-07 data to determine the scope of additional appraisal drilling and commercial viability.

    Subject to regulatory approvals, the discovery could be matured towards development and eventual monetisation.

    The NNPC Ltd/Chevron Joint Venture operates several onshore and offshore oil and gas assets in Nigeria’s Niger Delta under a joint venture arrangement in which Chevron holds a 40 per cent participating interest, while NNPC Ltd owns the remaining share.

    The partners are targeting an increase in oil production to approximately 146,000 barrels per day, a move expected to support government revenue, job creation, and Nigeria’s energy supply.

  • NNPCL Responds to Senate Querries on Unaccounted N210Trn

    NNPCL Responds to Senate Querries on Unaccounted N210Trn

    Senate Committee Promises to Critically Examine Responses

    The Senate Committee on Public Accounts has confirmed that the Nigerian National Petroleum Company Limited (NNPCL) has responded to all 19 audit queries raised against it over the alleged unaccounted ₦210 trillion.

    The queries were contained in the Auditor-General’s reports covering 2017 to 2023.

    Chairman of the Committee, Senator Aliyu Wadada (Nasarawa West), disclosed this on Tuesday while addressing journalists shortly after plenary at the National Assembly in Abuja.

    He explained that while the NNPCL management had earlier requested additional time to compile and submit comprehensive responses, the committee has now received all the required documents and explanations from the company.

    “While we were on recess, the management of NNPCL wrote to the committee requesting an extension of time to enable them compile data and respond comprehensively to the questions we raised and we granted that request,” Wadada said.

    “They have since responded, and we now have answers to all 19 questions we sent to them.

    Please Read: National Oil Assets: Are the Buccaneers Coming?

    However, the report is yet to be presented before the committee. That is why, as chairman, I have refrained from making any public statement on the matter until it is properly laid before members.

    But let me assure you, as I promised earlier on behalf of the committee, we will do justice to the matter,” he added.

    The Senate Committee had, on July 29, given the NNPCL’s Group Chief Executive Officer, Engr. Bayo Ojulari, a three-week deadline to respond to the 19 audit queries relating to the alleged unaccounted funds in the company’s books.

    Senator Wadada further revealed that beyond the audit queries, the committee will also scrutinize other emerging issues involving NNPCL operations, including the cost structure and revenue sharing formula in production sharing contracts (PSCs) between Nigeria, the national oil company, and international oil companies (IOCs).

    “The first of such issues is production sharing contracts, specifically, the production cost to Nigeria, which must be clearly defined.

    The public deserves to know what portion goes to NNPC, what goes to the IOCs, and what accrues to the government under these arrangements,” he said.

    He also expressed concern over reports that NNPC Retail, one of the corporation’s subsidiaries, has declared a loss, describing the situation as “difficult to understand.”

    “This development is of concern to us and to the public. We find it difficult to understand why NNPC Retail should record a loss, but we will seek clarification when the corporation appears before us,” the senator noted.

    Sen. Wadada assured Nigerians that the Senate Committee on Public Accounts will conduct a thorough and transparent review of the NNPCL’s submissions and make its findings public in due course.

    “As far as the audited financial statements are concerned which cover the period between 2017 and 2023 NNPC has submitted its responses to the 19 questions we asked. Nigerians and the media will be informed of the contents in due course.

    Out of those answers, the ones that make sense and those that do not will be evident to the public,” he stated.

    The Senate’s probe into NNPCL’s accounts is part of a broader effort to enhance fiscal accountability, transparency, and oversight of public corporations handling Nigeria’s strategic economic assets.