Oil To Hit $200 Per Barrel Soon: SEB Group

“Why G7’s price capping proposal is a “recipe for disaster”   Oil prices are likely to soar past $200 per barrel if G7 manages to cap the price of Russian crude oil, according to chief commodities analyst at Swedish bank SEB Group. Bjarne Schieldrop, SEB analyst, said on Wednesday in no uncertain terms that the G7’s price capping proposal was a “recipe for disaster” given the current stress that the oil market is under. The G7 leaders agreed on Tuesday to study ways to cap the price of Russian oil…

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BREAKING: Bridging Payment To Fuel Marketers Hits N74bn in 7 Months

Here, according NMDPA, is the breakdown of how much MOMAN members, IPMAN members, NNPC Rwtails and DAPPMAN members collected.   Payment of bridging claims to fuel marketers in Nigeria has hit N74 billion in just seven months Platforms Africa reports that the Nigeeia Midstream and Downstream Petroleum Regulatory Authority (NMDPA), which declared this in a statement maintained that so far, the Authority paid N71,233,712,991 bridging claims and another N2,736,179,950.84 freight differentials to the Marketers as at 6th June, 2022. READ ALSO: BREAKING: Buhari Hikes Fuel Freight Rate, Worsens Subsidy Burden…

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Why Nigeria Cannot Introduce Subsidy On Diesel – NNPC

It is regrettable that Nigeria’s petroleum refineries are not working and the possibility of introducing subsidies on Automotive Gas Oil, also known as diesel, is unlikely, the Federal Government has said. The Chief Executive Officer (CEO) of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, who made this known in Abuja on Tuesday stated that the government cannot afford the payment of subsidies on diesel. He made the comments while appearing before the House of Representatives Committee on Downstream, alongside the CEO of Nigerian Midstream and Downstream Petroleum Regulatory…

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All Nigeria’s Refineries Producing Zero Litre of Fuel – NNPC

Nigeria now depends 100% on crude swap + why no refinery functional in Nigeria at the moment, NNPC GMD opens up   Group Managing Director (GMD) of the Nigerian National Petroleum Company (NNPC) Ltd, Mele Kyari, has said that no single litre of product is being produced from Nigerian refineries as no single refinery working at the moment in the country. Platforms Africa reports that Nigeria has four refineries with 445, 000 barrels daily cumulative capacity. Kyari disclosed the status of the refineries when he appeared before the House of…

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Real Reason Cooking Gas Price Hits N12,000 Per 12.5kg – Marketers

Marketers absolve selves of blame, open up on what potfolio investors have to do with skyrocketing gas prices   The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) has blamed ‘portfolio investors’ for the high cost of cooking gas. READ ALSO: Savannah Energy Begins First Gas Sales To Central Horizon Gas Company OML 21: Nivafer Delivers HP Skid For Shell Asa North Gas Project Cooking Gas Price Skyrockets To N12,000 Per 12.5Kg NNPC, Sahara Group invest $300m in gas The president of the association, Oladapo Olatunbosun, disclosed this on Tuesday…

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Nigeria Dwarfs Education, Health Budget, Blows N2.84trn On Petrol Subsidy

INVESTIGATION: N2.84 trn spent on subsidy in 17 months doubles the N1.45 trn allocated for infrastructure in 2022 budget. It is over N700 bn higher than N2.1tr total budget for health and education. Here is Platforms Africa exclusive report on fuel subsidy and an economy in reverse gear   The Nigerian government has dwarfed the budget for three critical sectors of the economy – Education, Health and infrastructure – in 2022 fiscal year with the N2.84 trillion already spent on petrol subsidy in the last 17 months, investigation by Platforms…

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Savannah Energy Begins First Gas Sales To Central Horizon Gas Company

Savannah Energy Plc, has commenced gas sales to Central Horizon Gas Company Limited (“CHGC”), a subsidiary of Axxela Limited (“Axxela”), and a major gas distribution company situated in the South-South region of Nigeria. On February 2022, Savannah signed an interruptible gas sales agreement (“GSA”) with CHGC to supply up to 5 MMscfpd daily for an initial one-year period. CHGC operates a 17km gas pipeline infrastructure network with a throughput capacity of 50 MMscfpd, which provides natural gas to industrial and commercial customers in the Trans Amadi Industrial Area of Port…

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Major Marketers Open Up on Real Cause of Fuel Scarcity

MOMAN expresses fears over end to crisis, insists current supply framework cannot guarantee steady, consistent supplies to the country   The Major Oil Marketers Association of Nigeria on Wednesday opened up on the real cause the fuel scarcity rocking Nigeria just as it empathized with its customers as they continued to grapple with recurrent scarcity of Premium Motor Spirit (petrol) in various parts of the Country. Platforms Africa reports that Chairman of MOMAN, Olumide Adeosun, and the CEO/Executive Secretary of the group, Clement Isong, stated during a virtual press conference…

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Prepare For N19bn Loss in Oil Revenues By Dec., W’Bank To Govs

The World Bank has said that Nigerian states will likely lose N18.8bn in oil and gas revenues in 2022, as worsening revenue collection at the federation level increases budgetary pressures for the states. The Washington-based bank said this in its Nigeria Development Update report, titled, ‘The Continuing Urgency of Business Unusual’. According to the lending bank, the declining revenue from the federation level had put many states in a precarious fiscal position. The bank warned that many states would be unable to meet up with their expenditures, adding that there…

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OML 21: Nivafer Delivers HP Skid For Shell Asa North Gas Project

Nigeria matching forward in local content development, NCDMB boss, Simbi wabote, pours eulogies on Nivafer over unveiling, load out of in-country fabricated High Pressure fuel gas skid for Shell Asa North gas project   Nivafer Engineering and Construction Limited on Wednesday delivered an in-country fabricated High Pressure Fuel Gas Skid for Asa North gas project, one of the largest greenfield gas condensate development projects being undertaken in Nigeria. The skid, which was unveiled, loaded out and delivered to Shell Petroleum Development Company (SDPC) at the Nivafer fabrication yard in Lagos,…

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