Category: Oil & Gas

TotalEnergies Marketing Raked In N341bn In 2021, Paid N7.54bn Dividends

ADEOLA YUSUF

TotalEnergies Marketing Nigeria Plc has said that it raked in N341,346,345 revenues as of 31st of December, 2021 as the company declared payment of N7.54 billion dividends to shareholders. Chairman of TotalEnergies, Mr. Jean-Philippe Torres, who declared this at the 44th Annual General Meeting of the company in Lagos, maintained that TotalEnergies Marketing distributed the sum of #1.36 Billion as interim dividends, representing #4.00 (Four Naira only) per share for the year ended 31st December, 2021. READ ALSO: BREAKING: Buhari Hikes Fuel Freight Rate, Worsens Subsidy Burden Nigeria, Six Others…

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BREAKING: Buhari Hikes Fuel Freight Rate, Worsens Subsidy Burden

ADEOLA YUSUF

Though the hike would not change the pump price of Premium Motor Spirit (PMS) also know as petrol from N165 per litre, it would jerk up the under recovery also known as subsidy payable on the product. Nigerian President Muhammadu Buhari has approved the hike in transporters freight rate with effect from June 1, 2022. Platforms Africa reports that though the hike would not change the pump price of Premium Motor Spirit (PMS) also know as petrol from N165 per litre, it would jerk up the under recovery also known…

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Lonadek Boss, Ibilola Amao, Now Nigerian Academy of Engineering Fellow

ADEOLA YUSUF

Prestigious Engineering Academy announces Investiture of Engr. Prof. Azikiwe Peter Onwualu as President, induction of 10 prominent engineers as fellows + Full names   The Nigerian Academy of Engineering has announced the induction of the Chief Executive Officer of Lonadek Oil and Gas, Dr. Adenike Ibilola Amao, and nine other prominent engineers in Nigeria as fellows of the prestigious academy. Platforms Africa reports that President of the Academy, Engr. Alex O. Ogedegbe, who announced this through an invitation document, listed names of other inductees to include; Engr. Prof Akindele Folarin…

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Nigeria Outlaws Offshore Insurance For Foreign, Local Oil Firms

ADEOLA YUSUF

NCDMB inks deals with NAICOM, addresses Loopholes in implementations of NOGIC Act particularly sections 49 and 50, which deals with insurance of oil and gas activities   The Nigerian Content Development and Monitoring Board (NCDMB) and the National Insurance Commission (NAICOM) have signed insurance services guideline which will oblige the oil and gas industry to patronize the local insurance sector, thereby retain spend in the economy. Platforms Africa reports that the guidelines will also address loopholes that have been identified while implementing the provisions of the Nigerian Oil and Gas…

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Malabu: UK Court Dismisses Nigeria’s $1.7bn Claims Against JP Morgan

ADEOLA YUSUF

Nigeria argued that there were enough “red flags” for JP Morgan to have halted the transfers.   Nigeria has lost its $1.7 billion claim against JP Morgan Chase Bank over the transfer of proceeds from the sale of OPL 245 in 2011. In the judgement delivered on Tuesday, the Business and Property Courts of England and Wales Commercial Court said there was no proof that Nigeria was defrauded in the deal. The Nigerian government had sued JP Morgan on the ground of “Quincecare duty”, alleging that the bank “ought to…

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Foreign Direct Investment Flows Into Africa Hit record $83bn

ADEOLA YUSUF

The first and the last; how Southern, West, East and North Africa countries shared the FDI Foreign Direct Investment (FDI) to African countries hit a record $83bn in 2021, according to UNCTAD’s World Investment Report 2022 published on June 9. This was more than double the amount reported in 2020, when the Covid-19 pandemic weighed heavily on investment flows to the continent. Despite the strong growth, investment flows to Africa accounted for only 5.2 percent of global FDI, up from 4.1 percent in 2020. READ ALSO Nigeria’s Oil Revenue Sinks…

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Nigeria’s Petrol subsidy To Hit N1.82tn by June 30

ADEOLA YUSUF

Operators in the oil and gas sector as well as other stakeholders are uncomfortable with the continued rise in the amount spent in subsidising Premium Motor Spirit, popularly called petrol, as it jumped to N947.51bn between January and April 2022. This has made the projected subsidy for payment at the end of June to jump to N1.82 trillion. An analysis of data obtained from the Nigerian National Petroleum Company Limited on Wednesday showed a monthly rise in PMS subsidy spendings by the oil firm, though NNPC described it as under-recovery/value…

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Nigeria’s Oil Revenue Sinks to N945bn, 4-Month Low Despite High Price

ADEOLA YUSUF

CBN gives breakdown of Nigeria’s low crude earnings last experienced since January, 2022, at a time Saudi Arabia is earning $1 billion daily from oil   The Central Bank of Nigeria (CBN) has revealed that federal government earnings from oil sales dropped to a four-month low. CBN stated this in its latest monthly economic report for January 2022. This is worrisome despite of higher oil prices than projected in the 2022 budget. According to the CBN data, Nigeria made N945 billion in January, this is 7.8 per cent less than…

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BREAKING: Oil Price Skyrockets To $122 Per Barrel

ADEOLA YUSUF

Here is how hike in oil price by Saudi Arabia for July loading eclipsed OPEC+ deal Oil prices, on Monday, hit an intraday high of $121.95 per barrel after Saudi Arabia raised crude prices for July and amid doubts that an increased OPEC+ monthly output target will help ease tight supply. Brent crude firmed 32 cents, or 0.3%, to $120.04 a barrel at 0858 GMT after touching an intraday high of $121.95. U.S. West Texas Intermediate (WTI) crude futures were up 40 cents, or 0.3%, at $119.27 a barrel after…

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Nigeria Tops 20 Nations With Poorest Electricity Access Globally

ADEOLA YUSUF

How 92 million Nigerians with no access to grid electricity earned country number one spot from below   Nigeria, ‘the giant of Africa’ has been classified as the leader of 20 top Countries with the largest ‘Electricity Access Deficit’ in the world with 92 million people unserved Platforms  Africa reports that the World Bank stated this in a report titled: “The slowing progress on access to electricity: The Energy Progress Report.” The report identified Nigeria as top on the ladder of 20 countries with the largest access deficits were home…

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