Category: Oil & Gas

11 Plc’s Revenue Hits N526bn In 2023

ADEOLA YUSUF

11Plc, a major downstream operator in Nigeria’s oil and gas industry has recorded N526billion revenue for the 2023 financial year with Profit After Tax growing to N26.56billion and earnings per share at N74 11Plc Chairman, Ramesh Kansagra who drooped this cheery news to shareholders during the company’s Annual General Meeting held at Abuja Continental Hotel, FCT Abuja said, based on the good performance the board of directors recommended a payout of N3, 245,357,349, equivalent to 900 Kobo per ordinary share of 50 kobo each. The dividend payout was unanimously approved…

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OML 13: NNPCL, NOSL Hit First Oil, Ramp Output To 40,000 bopd

Ganiyu Amodu

The Nigerian National Petroleum Company Exploration and Production Limited (NNPC E&P Ltd.) and Natural Oilfield Services Ltd. (NOSL) have announced the successful commencement of oil production at Oil Mining Lease (OML) 13 in Akwa Ibom State. The NNPC E&P Ltd. is an NNPC Ltd’s flagship upstream subsidiary, while NOSL is a subsidiary of Sterling Oil Exploration & Energy Production Company Ltd (SEEPCO). Mr Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd., made this known in a statement on Sunday. Soneye said the production, which commenced on May 6 with 6,000…

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Why We Appointed Gas Minister As NCDMB Governing Council Co-Chair – Tinubu

Ganiyu Amodu

President Bola Ahmed Tinubu has given reasons he appointed the minister of state for petroleum resources (gas), Ekperikpe Ekpo, as co-chairman, Co-Chairman of the Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB). Platforms Africa reports that before Ekpo’s appointment, his counterpart at the oil minister, Heineken Lokpobiri, has been the sole chairman of the council. Confirming Ekpo’s appointment, the President said through a statement issued by his aide that the appointment was “in line with his avowed commitment to establish a more efficient, targeted, and consistent approval…

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Three Okomu Oil Workers Murdered

Ganiyu Amodu

The management of Okomu Oil Palm Plc says its multi billion naira investment in Edo State is being threatened by incessant militants’ disruptions of its operations and attacks on its personnel. Managing Director of the company, Dr. Graham Hefer, made this known in an interview with the News Agency of Nigeria. Hefer, who spoke on Wednesday in Okomu, Ovia South West Local Government Area of Edo State, said the latest of such attacks was early on Monday early morning, which led to the assassination in cold blood of three of…

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Shell: We Paid $1.09bn Royalty, Taxes To Nigeria In 2023

Abibat Babalola

Shell exclusively paid a total of $1.09 billion in corporate taxes and royalties to the Government of Nigeria last year through the operations of The Shell Petroleum Development Company of Nigeria Ltd (SPDC) and Shell Nigeria Exploration and Production Company of Nigeria Ltd (SNEPCo.). The figures, announced in the just published 2023 Shell Briefing Notes, show that SPDC paid $442 million, while SNEPCo remitted $649 million. Similar payments made by the two companies in 2022 amounted to $1.36 billion. “These payments are Shell exclusive and do not include those made…

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‘Done Deal;’ Shell To Exit South Africa, Gives Reason

Ganiyu Amodu

Energy company, Shell Plc, has announced its decision to sell off its majority stake in the South African downstream subsidiary, Shell Downstream SA (SDSA). The decision comes after conducting a thorough evaluation of its global operations. Shell Downstream SA (SDSA) was established a decade ago when Shell South Africa and Thebe Investment Corporation, a black empowerment firm, decided to merge Shell South Africa Marketing and Shell South Refining businesses. Thebe Investment Corporation acquired a 28% equity share in the venture. READ ALSO CBN Issues July 7 Deadline For PoS Operators’…

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Why Queues Are Disappearing In Lagos, Abuja Stations – NNPCL

ADEOLA YUSUF

. Flaunts 30-Day Reserves, Gives Self Pass Mark, Cautions Against Panic Buying   The Nigerian National Petroleum Company Limited (NNPCL) declared on Tuesday that “the queues have since thinned out,” in stations it monitored in Lagos and Abuja. Platforms Africa reports that this, which was contained in a statement by Olufemi Soneye, Chief Corporate Communications Officer NNPC Ltd, came as the oil major maintained that the development “will keep improving daily in other states.” READ ALSO: NERC Under Fire As Labour, Chambers of Commerce, Consumers Reject Electricity Tariff Cut List…

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Lagos Lawmakers Review Gas Explosion That Killed 15, Injured 35

Gbenga Adeoti

. Gas regulation falls under ‘exclusive list,’ but here is our demand – Obasa   Following a recent gas explosion in the Ajeromi/Ifelodun area of Lagos that resulted in fatalities, the state House of Assembly has called on concerned ministries, departments and agencies of government to step up enforcement of safety laws to protect lives and property. Platforms Africa reports that the House, at plenary presided over by Rt. Hon. Mudashiru Obasa, on Monday, tasked two ministries – Physical Planning and Urban Development – as well as Special Duties –…

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Oil, Gas, Power Ministers To Speak At NOG Energy Week

ADEOLA YUSUF

“7,000 participants, 800 delegates, 350 exhibition companies and 116 industry expert speakers,” Organisers speak on 2024 edition of the confab, which has been connecting the Nigerian energy industry with the int’l energy community for 25 years   The 2024 edition of the NOG Energy Week, which will spotlight energy industry’s opportunities to drive investment needed to meet energy demand, has confirmed the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri and his Gas counterpart, Ekperikpe Ekpo, as speakers. Platforms Africa reports that the event, which has been headlining the…

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Six Things To Know About Critical Gas Projects Tinubu Is Commissioning

Ganiyu Amodu

In line with his commitment to significantly leverage gas to grow the economy, President Bola Tinubu will commission three critical gas infrastructure projects. Here are six things to know about the Projects. 1.The Projects are being undertaken by the Nigerian National Petroleum Company Limited (NNPCL) and partners. 2. The projects support the federal government’s effort to grow value from the nation’s gas assets while eliminating gas flaring. 3. The delivery of the projects was accelerated from the inception of the administration in keeping with the overall objective of deepening domestic…

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