Category: Oil & Gas

Prepare to bear petrol price burden, Oil Minister Tells Nigerians

Aliyu Aliyu

  Nigerian Minister of state for petroleum resources says President Buhari never promised to keep petrol price low The Government of Nigeria, Africa’s biggest crude oil exporter, has bluntly told millions of Nigerians that they would henceforth bear the burden of higher prices of Premium Motor Spirit (PMS) otherwise known as petrol. The country’s Minister of State for Petroleum Resources, Chief Timipre Sylva, who declared this in a statement published on the ministry’s Instagram page siģhted by Platforms Africa, declared that at no time did the Federal Government promise to…

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NNPC: Remittances to Nigeria’s Coffers hit N1.7trn In One Year

Efe Wellington

  The Nigerian National Petroleum Corporation (NNPC) paid a whooping N1.7 trillion to the country’s Federation Account Allocation Committee (FAAC), between February 2019 and February 2020. The national oil company, which said this in its Monthly Financial and Operational Report (MFOR) for April, 2020 obtained by Platforms Africa, revealed that it recorded a total export of $370.69 million in February, a decrease of 14.75 per cent compared to the previous month. It added in a statement by its spokesperson, Dr. Kennie Obateru, that crude oil export sales contributed $281.14 million…

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Why 600 firms jostled for Nigeria’s 57 marginal oilfields – DPR

Efe Wellington

More companies owned or managed by women joined the race in an unprecedented gender-balance participation in Nigeria’s bid round history.   The Director of the Department of Petroleum Resources (DPR), Auwalu Sarki, has said that investors’ belief in tranparent process put in place by his agency for the 57 oilfields’ bid round was partly responsible for the spike in number of firms who have joined the race for the oil acreages. Over 600 companies have, as at the last count, applied to be prequalified for the ongoing bid rounds in  Nigeria’s 57 Marginal Fields, the first in…

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Banks, Oil firms, traders fret as Nigeria begins Africa’s 2nd longest bridge shutdown July 24

Efe Wellington

  11.8km all-important Third Mainland Bridge’s shutdown to last till January 2021 The Nigerian Government has announced the shutdown of the 11.8 kilometers Third Mainland Bridge, second longest in Africa, for six months starting from Friday, July 24. This decision, Platforms Africa gathered exclusively, has raised concerns among staff of Banks, Oil Companies and other corporate institutions with headquarters or major offices on the various Islands in Lagos, Nigeria’s commercial capital. The bridge is longest and biggest of the three bridges that link the companies headquarters to the Muritala Muhammed…

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Polaris Bank, Pan Ocean’s feud over N240bn loan degenerates + AMCON’s OML 147 takeover

Tim Bauer

  The feud between Polaris Bank-led consortium of lenders and Pan Ocean group over N240 billion loan has degenerated with Asset Management Corporation of Nigeria (AMCON’s) takeover of Pan Ocean Oil Gas company with all its assets inclusing Oil Mining Lease (OML) 147. Pan Ocean had accessed funding for the project from the consortium of banks led by Polaris Bank Limited (Former Skye Bank Plc) for the development and production on Oil Mining Lease (OML) 147, which came from OPL 275 in 2014. OML 147 is expected to attain peak…

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AKK: Oando Underscores Public-Private Partnership for Nigeria’s goal actualisation

Efe Wellington

  Group Chief Executive, Oando Plc, one of the Partner-contractors on the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline Project, Jubril Adewale Tinubu, joined other Executives to attend Presidential Flag Off Ceremony of the project, where he underscored Public Private Partnership in accelerating the actualization of the Nigeria’s goals. The company is a partner in a two party consortium consisting of Oilserv Limited and Oando PLC (Oilserv-Oando PLC consortium) handling the Engineering, Procurement, and Construction (EPC) mandate for segment 1, accounting for 40” by 303.4km linear pipeline system for the Ajaokuta to Kaduna…

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How COVID-19 rocked Nigeria’s Offshore, Remote Oil Facilities, created panic for government

Tim Bauer

  Blow-by-blow accounts of the how and the why questions agitating minds of millions on virus outbreaks in oil facilities located as far as over 1000 km offshore Nigeria   More facts have emerged on reasons the offshore and remote oil facilities in the Africa’s biggest crude exporter is rocked by the novel COVID-19. Some of the affected oil platforms where some personnel have been confirmed to have tested positive for the dreaded virus, according to checks by Platforms Africa, are located as far as over 1000 kilometers offshore Nigeria…

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How NNPC’s gas output surged to 218.37bn bcf in March

Efe Wellington

  The Nigerian National Petroleum Corporation (NNPC) has given details of how its natural gas production peaked at 218.37billion Cubic Feet (BCF) in March 2020 despite heavy burden novel Coronavirus placed on global oil and gas industry at the period. The output translated to an average daily production of 7493.65Million Standard Cubic Feet (mmscfd). This was contained in NNPC Monthly Financial and Operations Report for March, 2020, a release by the corporation’s Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, stated. The release said 3,119.89BCF of gas was…

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African oil producers move Secretariat away from Nigeria to Congo

Efe Wellington

The Ministerial Council of African Petroleum Producers’ Organization, APPO, has moved the group’s Headquarters from Abuja, Nigeria, to the permanent Headquarters in Brazzaville, Republic of Congo. The Ministerial Council, said in a statement signed by Eng. Bakary TRAORE from APPO Secretariat, and made available to Platforms Africa, that it approved the recommendation to move the temporary Headquarters at its 38th Session concluded on Monday 15th June 2020 where the far reaching decisions on the future of the Organization were taken. “It also approved the new Host Country Agreement between the…

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Anger as Nigeria’s Refinery makes Zero Naira, spends N64bn in one year

Efe Wellington

Nigerians have taken to Twitter to angily demand the shut down and sell off of one of the three refineries in Africa’s biggest crude exporting country, Kaduna Refinery, which generated zero naira but incurred N64 billion in 2018. The Nigerian National Petroleum Corporation (NNPC) owner of the refinery had on Sunday broken a 43 year-old jinx as it published the first ever audited report since its establishment in 1977 where it showed the gross ineptitude of the refinery located in Kaduna. The 2018 audited financials of the corporation showed that…

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