Category: Oil & Gas

200% Profit Growth: 11Plc And Its Shareholders’ Side of Story

Efe Wellington

The surge of profit after tax to N18 billion in 2022 as against N6.08 billion in 2021 headlined the 45th AGM of 11Plc. Platforms Africa sought and brought shareholders’ side of the story.   11 PLC had its 45th Annual General Meeting, where the company announced 200 per cent growth in profit after tax to N18 billion in 2022 as against N6.08 billion in 2021. The results posted by the foremost Nigeria downstream company showed that it has been growing in leaps and bounds over the years. The event offers…

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BREAKING: Fuel Subsidy is Gone, Tinubu Declares

ADEOLA YUSUF

Marketers shut gates against motorists, may sell petrol at N450 per litre   President Bola Ahmed Tinubu has announced that the regime of fuel subsidy is gone. Platforms Africa  reports that Tinubu made the pronouncement during his inauguration speech at the Eagle Square today. READ ALSO: Mother Slumps, Dies After Hearing News of Son’s Demise In Auto Crash Oil theft: Nigeria Releases Seized Norwegian Oil Tanker After Plea Bargain Buhari Renames 15 Airports After Awolowo, Idiagbon, Others One Dies As Tai Solarin Varsity’s Students, Ijebu Community Clash Oil Theft: Fact…

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Oil theft: Nigeria Releases Seized Norwegian Oil Tanker After Plea Bargain

Abibat Babalola

The Nigerian Navy on Sunday returned a Norwegian-registered vessel, MT Heroic Idun, caught attempting to steal Nigeria’s crude oil in August 2022. The navy arrested the oil tanker and its 26 Indian, Pilipino, Sri Lankan and Polish nationals in August 2022, and later convicted them in court and fined $15 million. Capt. Mohammed Adamu, Commanding Officer, Forward Operating Base, Bonny, handed over MT Heroic Idun to its owner, Idun Maritime Limited at Bonny, Rivers, after it met with the plea bargain conditions. READ ALSO: JUST IN: Dapo Abiodun Sworn In…

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How We Unlocked $56.13mln for Host Communities – Shell

Abibat Babalola

The Shell Petroleum Development Company, operator of the SPDC joint venture, on Tuesday unveiled eight Host Community Development Trusts in Bayelsa State, a critical step for unlocking the $56million earmarked for development in line with the provisions of the Petroleum Industry Act (PIA) 2021. The $56.13 million represents funds to be paid this year by SPDC JV and Shell’s deep-water subsidiary, Shell Nigeria Exploration and Production Company Limited (SNEPCo) as contribution to HCDTs. This bold step in the implementation of the provisions of the PIA earned commendation from the Bayelsa…

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NUPENG PTD Ex-Chairman, Tokunbo Korodo, is Dead

ADEOLA YUSUF

The South-West Zonal ex-Chairman of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), Alhaji Najeemdeen Tokunbo Korodo, is dead. Platforms Africa reports that Korodo’s niece, Azeezat Adebari Olaoluwa, a journalist with British Broadcasting Corporation (BBC) News Africa, announced this on her Facebook page. READ ALSO: Top 5 Highest Salary Paying Firms in Nigeria Unveiled Inside Ogun Politics That Made State Lost $18.5bn Dangote Refinery to Lagos Fresh Power Outage Rocks Abeokuta, Mowe 4 Others As TCN Loses 9 Towers Nigerian Poly Student Loses School Fees to Betting, Commits…

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Dangote Refinery Petrol Hits Market July, Nigerian To Save N7tn

Abibat Babalola

The Nigerian Government may save about N35tn in fiscal expenditure within the next five years with the commencement of operations at the Dangote Refinery and Petrochemicals. The Governor of the Central Bank of Nigeria, Godwin Emefiele, disclosed this on Monday during the ceremony to inaugurate the Dangote Petroleum Refinery and Petrochemical facility in Ibeju-Lekki, Lagos. The President, Major General Muhammadu Buhari (retd.), who inaugurated the refinery, which is currently the world’s largest single-train petroleum refiner, said his regime had been deliberate about ensuring public-private partnerships. READ ALSO: Iam Tongi Wins…

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We Engage Barge FP Amangwu to Transport Legally Produced Crude Oil to Ajapa FSO – Petralon 54

ADEOLA YUSUF

      We have followed with keen interest reports of the exchange between our erstwhile vendor, First Priority Resources International Limited (First Priority) the operators of Barge FP Amangwu and security operatives (men of Operation Delta Safe and Tantita Security Services), and wish to highlight some facts of our transaction with the vendor in question. By this account, our objective is to give context to the situation and aid public understanding and interpretation of the development. More importantly, our provision of the facts and history of the transaction will…

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Stakeholders Fault Security’s Hasty Destruction of Oil Barge FP Amangwu

ADEOLA YUSUF

“Why destroying a barge on mere suspicion of involvement in crude oil theft or oil bunkering without proper investigation? To whose advantage are the destroyed evidences?”    Stakeholders in the Nigerian oil and gas sector have decried the actions of the men of Operation Delta Safe and Tantita Security Services who set ablaze Barge FP Amangwu reportedly owned by First Priority Limited and burnt down a waste treatment facility belonging to Mawe Services Limited just on the mere suspicion of involvement in crude oil theft or oil bunkering without proper…

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Eni Enumerates Strategies Towards Achieving 2050 Decarbonization Target

ADEOLA YUSUF

Italian oil major Eni has provided insight into projects in Nigeria and other countries in Africa aimed at meeting its zero carbon emissions target. The firm on Monday, published its energy transition strategy outlining the company’s voluntary sustainability report. It describes Eni’s contribution to a just transition that ensures access to efficient and sustainable energy, sharing the social and economic benefits of the path towards net zero emissions by 2050 with employees, suppliers, communities, and costumers with an inclusive and transparent approach. READ ALSO: Why I Felt Sad Over Nigeriau’s…

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NBC Lacks Power To Fine Radio, TV Stations – Court

Abibat Babalola

Justice James Omotosho of the Federal High Court sitting in Abuja, has barred the National Broadcasting Commission (NBC) from imposing fines on broadcast stations. Justice Omotosho, therefore, gave an order of perpetual injunction restraining the NBC from imposing fines henceforth on broadcast stations in the country. He also set aside the N500,000 fine each imposed on 45 broadcasts on March 1, 2019. The court held that the NBC, not being a court of law, had no power to impose sanctions as punishment on broadcast stations. He further held that the…

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