OML 42: In Major Boost for Nigeria, Neconde Raises Oil Production to 50,000 Barrels Daily Company's financing arrangement on course Industry data shows FTSA model working, firm targets 120,000bpd in 48 months
Emmanuel Addeh in Abuja
Nigeria's crude oil production
has received a major boost, with Neconde, one of the country's foremost indigenous independent
producers hitting 50,000 barrels per day on Oil Mining Licence (OML) 42 as of May 2025.
With the company's Financial and Technical Services Agreement (FTSA) solidly in place, industry data
obtained by THISDAY showed that Neconde has now steadily increased output in the last 24 months by over
100 per cent. Continued on page 5
NEITI Releases Advisory Report, Thumbs Up NUPRC’s Handling of Oil Bid Rounds...
Page 6
Monday, Monday, January May 26, 6, 2025 Vol Vol29. 30.No No10865. 11005. Price: N400
www.thisdaylive.com TR
UT H
& RE A S O
N
Petrol Retailers Urge NNPC to Adhere to 30-Day Refinery Repair Timeline Blessing Ibunge in Port Harcourt The Petroleum Products Retail Outlets Owners Association
of Nigeria (PETROAN) has urged the Nigerian National Petroleum Company Limited (NNPC) to adhere to the scheduled 30-day repair
timeline for the Port Harcourt Refining Company (PHRC). This call followed the announcement by the NNPC via its Chief Corporate
Communications Officer, Olufemi Soneye, that the facility will undergo a planned maintenance shutdown.
Soneye, in the statement, disclosed that the scheduled maintenance and sustainability assessment will commence on May 24, 2025.
He stated that the company was "working closely with all relevant stakeholders, Continued on page 5
Anyanwu Postpones PDP NEC After Wike Pulled Out of Agreement with Govs FCT minister discloses terms of current reconciliation Accuses Makinde of stoking new fire in party, allegedly instigating others against agreement Damagum defends ties with FCT minister, insists party not divided N’Central elects new party executives
Chuks Okocha, Olawale Ajimotokan in Abuja and Seriki Adinoyi in Jos
Hours after Minister of the Federal Capital Territory (FCT), Nyesom Wike, pulled out of a peace agreement he had with Peoples Democratic Party (PDP) governors and declared he was ready for a fight to the finish, National Secretary of PDP, Samuel Anyanwu, announced a postponement of the 99th National Executive Committee (NEC) meeting of the party slated for May 27. The rearrangement came as acting National Chairman of PDP, Ambassador Umar Damagum, denied allegations of incompetence and collusion with the ruling All Progressives Congress (APC), but defended his relationship with Wike. In a related development, the North-central zone of PDP held its congress in Jos, the Plateau State capital, and elected new party officials. A PDP Board of Trustees (BoT) meeting had been slated for today preparatory to the NEC parley, fixed for tomorrow. But the schedule changed Continued on page 5
QUEST FOR SOCIAL AND ECONOMIC TRANSFORMATION OF AFRICA...
Lagos State Governor, Babajide Sanwo-Olu receives the certificate of his appointment as Patron of the Centre for African Social and Economic Transformation (CASET) at the University of the West of England (UWE), Bristol, United Kingdom. With him are (from right): Vice-Chancellor, University of West England, Bristol, Prof. Sir Steve West CBE; and His Majesty's representative in the City and County of Bristol, The Lord-Lieutenant of the City and County of Bristol, Mrs. Peaches Golding OBE, during the official launch of CASET, at UWE in Bristol, United Kingdom, last Thursday