Category: Oil & Gas

Nigeria’s Oil Ministry Spent N98.4m to print PIB awareness leaflets -Senate

Efe Wellington

  The Nigeria’s ministry of Petroleum Resources spent a whooping N98.4 million for the printing of leaflets used for Petroleum Industry Bill (PIB) awareness. The Senate Committee on Public Account, which declared this, also kicked against the violation of due process by the Ministry in the award of the contract. Also, the Committee, chaired by Senator Mathew Urhoghide, discovered how N39 million was paid into two accounts for project monitoring within Abuja. The Committee relied on the 2015 Auditor General Report, which exposed mismanagement of public funds by the Ministry…

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NNPC Oil Exports Receipt surges 16.28% to $120.49m in September

Efe Wellington

    The Nigerian National Petroleum Corporation (NNPC) has raked in a total export receipt for crude oil and gas valued at $120.49 million for the month of September 2020. A press release by the Group General Manager, Group Public Affairs Division of the Corporation, Dr. Kennie Obateru, stated that the figure is contained in the September 2020 edition of the NNPC Monthly Financial and Operations Report (MFOR). The $120.49 million crude oil and gas export receipt is a 16.28 per cent improvement on the $100.88 million posted in August…

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NNPC alters revenue streams as OPEC+ quota cut weighs-in on revenue

Efe Wellington

    The Nigerian National Petroleum Corporation (NNPC) has announced a major shift in focus to gas, condensate and other revenue streams to tackle the revenue challenge arising from the OPEC+ production cut arrangement. The corporation stated this in a statement to Platforms Africa quoting its Group Managing Director, Mallam Mele Kyari, to have informed an ongoing virtual Gulf Intelligence “Global” UAE Energy Forum 2021 of the plan. “NNPC reiterated its commitment to abide by the output cut agreement of the Organization of the Petroleum Exporting Countries (OPEC) and its…

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How Oil, Gas Stocks in Nigeria Gained N59bn in last Three Months

Efe Wellington

  Oil and gas firms listed on the main and premium boards of the nation’s equities market reported a gain of about N58.784 billion during the fourth quarter of 2020. This was buoyed by positive sentiments witnessed at the local bourse. The oil and gas sector gained N58.784 billion or 14.80 per cent to close at N455.923 billion in market capitalisation on December 31, in contrast to opening figure of N397.139 billion at the beginning of trading on October 2. Market watchers believe the investors are taking position on oil…

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Saudi-Based Nigerian Oil Magnate Assasinated + PHOTOS

Aliyu Aliyu

  Victim told to say his ‘last prayers’ before being ‘mercilessly’ shot at close range – brother   A Saudi Arabia-based Nigerian oil magnate, Ogacheko Atanu, had been assassinated in his home in Idah, Kogi State, North Central Nigeria. Elder brother to the deceased, Mr Ukubile Atanu, who is a lecturer with the Kogi State Polytechnic Lokoja, who confirmed the incident, notec that the assassination happened at about 11pm when the deceased was about retiring to bed. When the assassins stormed his compound, Atanu was asked to say his last…

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Bonny Light hits 2021 highest, trades for $54.11 per barrel

Damola Oyede

  The Price of Nigeria’s premium crude oil grade, Bonny Light, has surged to $54.11 per barrel, apparently the highest in 2021. The new price is an excess of $14 per barrel when compared to the $40 per barrel benchmark of the nation’s 2021 budget. This came as the Organisation of Petroleum Exporting Countries, OPEC, and others pressed for stability in the market. OPEC, which concluded its 13th OPEC and non-OPEC Ministerial Meeting (ONOMM), held via videoconference, January 5, 2021, called for the cooperation of all stakeholders in order to…

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Nigeria Disqualifies 439 Firms In Oil Blocs’ Bid Round

Efe Wellington

  161 companies now in race for 57 marginal fields – DPR The Department of Petroleum Resources (DPR) has disqualified 439 firms as bid round for marginal oil fields entered the final stage. Over 600 companies applied for pre-qualification, but spokesman for the DPR, Mr. Paul Osu, who confirmed the screening to Platforms Africain phone, declared that only 161 companies are now in race for the licensing round. “One hundred and sixtyone successful companies have been shortlisted to advance to the next and final stage of the bid round process…

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Gas Flaring: Buhari Commissions NPDC’s 200m scuf Waste-to-Wealth Facility

Efe Wellington

  Nigerian National Petroleum Corporation (NNPC) has recorded a major feat in gas flaring reduction as it announced completion of integrated gas handling installation designed to function as a waste-to wealth facility that converts hitherto flared gas to valuable lean gas that is LPG cum domestic cooking gas. President Muhammadu Buhari has already been slated, according to the Corporation for the commissioning of the 200 million scuf per day capacity plant. The IGHF via its LPG Storage and Dispensing Unit, dispenses at full throughput about 330 tonnes of LPG per…

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ExxonMobil reacts as Supervisor dies at Qua Iboe facility fire

Efe Wellington

  A top official of U.S. oil giant, ExxonMobil, has confirmed the death of a staff member of the company in a fire incident at the ExxonMobil Qua Iboe Terminal (QIT) in Akwa Ibom. The incident occurred on December 13, the official, Mr Ozemoya Okordion, confirmed in an e-mailed statement to Platforms Africa. The ExxonMobil facility is located in Mkpanak community in the Ibeno Local Government Area of Akwa Ibom. Okordion, who is the Government Relations Advisor, Public and Government Affairs of the company, said that two employees were injured…

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NCDMB offers $30m loans, crashes interest rate to 8% for local oil firms

admin

NCDMB offers $30m loans, crashes interest rate to 8% for local oil firms     The Nigerian Content Development and Monitoring Board (NCDMB) and the Petroleum Technology Association of Nigeria (PETAN) on Monday signed an agreement on US$30m Working Capital Scheme that will support the operations of oil companies against the adverse effects of COVID-19 Pandemic and loss of contracts due to low oil price. The Executive Secretary of NCDMB, Engr. Simbi Kesiye Wabote and the Chairman of PETAN, Mr. Nicolas Odinuwe signed the Memorandum of Understanding (MoU) on the…

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