Category: Oil & Gas

BREAKING: No Achievement Record, No Fund Approval – Nigeria Tells IOCs

ADEOLA YUSUF

Nigeria’s oil regulator speaks on Russian-Ukrainian tension, $100 per barrel oil price Nigeria has declared plans to embargo approval of fund hunting for oil firms at its upstream operations unless they present record of their achievements. Platforms Africa reports that the Executive Secretary of the Nigerian Upstream Regulatory Commission (NURC), Engineer Gbenga Komolafe, said this at the Nigeria International Energy Summit (N.I.E.S) in Abuja. It is statutory for oil firms operating in Nigeria to, checks by Platforms Africa showed, seek approval from he authority before funds are sourced from local…

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NUPENG Threatens Showdown With Marketers Over Fuel Price Hike

Wonuola Olujobi

Sell petrol above official price, face dire Consequences, NUPENG gives 24 hour ultimatum to marketers, says disheartening and worrisome that unscrupulous Marketers are selling PMS from the depots at prices far above the official rate Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, has given petroleum products marketers 24 hours to revert to the official depots price of Premium Motor Spirit, PMS, commonly known as petrol or risk unpleasant consequences. A statement by NUPENG Saturday claimed unscrupulous Marketers are selling PMS from the depots at prices far above the…

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BREAKING: ExxonMobil Exits Nigeria’s Onshore, Sells Asset To Seplat

ADEOLA YUSUF

Details of $1.583 billion deals to acquire the entire share capital of MPNU plus contingent consideration, and how asset transfer will wait for minister’s assent   United States oil giant, ExxonMobil, has finally exited Nigeria’s onshore and shallow water operations as it sold off all its assets in the terrain. Platforms Africa reports that the asset sale, which is the first transaction after the signing of Petroleum Industry Act (PIA), was to Seplat Energy Plc. The two firms have completed the deals but will await the ministerial assent for proper…

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JUST IN: Nigerian Content Fund exceeds $500m

ADEOLA YUSUF

The Nigerian Content Intervention (NCI) Fund has exceeded half a billion dollars, the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Wabote has said. Platforms Africa reports that Wabote spoke recently at the Sub-Saharan African International Petroleum Conference (SAIPEC) organised in Lagos by the Petroleum Technology Association of Nigeria (PETAN), He indicated that the NCI Fund which is extended as low-cost credit to qualified oil and gas companies covers asset acquisition, project financing, manufacturing, working capital, loan refinancing, women in oil and gas, and research…

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Oil Crosses $100 Mark, N3trn May Not Be Enough For Nigeria’s Fuel Subsidy

Ayobami Adedinni

How oil jumped by $10 to hit the highest mark since 2014 just few hours after the start of the Russian-Ukrainian tension   Oil prices on Thursday jumped above the $100 per barrel mark following Russia’s invasion of Ukraine. Platforms Africa reports that International benchmark Brent crude surpassing $100 a barrel for the first time since 2014. While this means more oil revenues for Nigeria, Africa’s biggest crude exporter, it has also constituted a threat to the N3 trillion Nigeria has planned to spend as fuel subsidy from January 2022.…

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Oil Regulator Gave Go-ahead For Us To Offload Off-spec Petrol -Duke Oil

Ayobami Adedinni

Oando, Duke Oil open up on off-spec petrol import during appearances before Reps Committee Duke oil has said that it received a go-ahead from the Nigerian oil industry regulator before discharging the cargo of premium motor spirit also known as petrol that later turned out to be tagged an off-spec product. Platforms Africa reports that this was made known at a public hearing, in which the Managing Director of Duke Oil, Lawal Sade said that the product his company imported was certified okay both at the port of loading and…

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Oil Spikes, Hits $97.70 Per Barrels

Efe Wellington

Oil spiked following a televised address by Russian President Vladimir Putin, which revealed the Russian leader’s next move regarding Ukraine. In the speech, Putin recognized the self-proclaimed separatist republics that Russia backs in eastern Ukraine, Bloomberg highlighted, adding that this action intensified a standoff with the West. Following the address, the price of Brent Crude oil was up more than four percent to $97.70 per barrel and the price of West Texas Intermediate (WTI) was up almost four percent to $94.67 per barrel, at the time of writing. This time…

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TotalEnergies Makes New Significant Oil Discovery

Efe Wellington

TotalEnergies has announced that it and APA Corporation have made a “significant” new oil and associated gas discovery at the Krabdagu-1 well in the central area of Block 58, offshore Suriname. Krabdagu-1, a report by Rigzone read, was drilled at a water depth of 2,559 feet and encountered approximately 295 feet of net oil pay in good quality Maastrichtian and Campanian reservoirs, TotalEnergies revealed. Further operations will be carried out on Krabdagu-1 to appraise the resources and productivity, according to TotalEnergies, which noted that at least three further exploration and…

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Meet Olalekan Ogunleye, NLNG New Deputy MD, Mai-Bornu’s Successor

ADEOLA YUSUF

Mr Ogunleye, who is concluding his tenure as Managing Director and Chief Executive Officer of Gas Aggregation Company Nigeria Limited (GACN), will take over from Engr. Mai-Bornu on 14th April 2022. The Board of Directors of Nigeria LNG Limited (NLNG) has approved the appointment of Mr Olalekan Olufemi Ogunleye as successor to Engr. Sadeeq Mai-Bornu as Deputy Managing Director of the Company. Engr. Mai-Bornu, appointed by the NLNG Board in April 2016, will return to his parent company, Nigerian National Petroleum Company Limited (NNPC), at the expiration of his tenure.…

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Nigeria’s Oil Royalty, Taxes From Shell Crumble by $3.7bn in One Year

ADEOLA YUSUF

Shell: No plan to exit Nigeria, and real reason we paid $4.6bn royalty in 2019 but $900m in 2020 Nigeria, Africa’s biggest crude oil exporter, has suffered a crash of $3.7 billion on taxes and royalties it received from Shell Companies in Nigeria (SCiN) in just one year. Platforms Africa reports that the figures of transactions and operations expressly published by the oil major in its Briefing notes, also showed a bearish business between 2019 and 2020. In 2019, a whooping $4.6 billion was, according to the Briefing Notes, paid…

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