Category: Oil & Gas

How Oando, MRS, Duke, Emadeb Imported adulterated Fuel From Belgium – NNPC

Efe Wellington

NNPC releases more damning data on the names of the vessels and load ports in Antwerp-Belgium from where the four oil trading firms shipped in contaminated fuel into the Nigerian Market. You lied, Oando, MRS fight back   The Nigerian National Petroleum Company (NNPC) Limited has given details of how four oil trading firms allegedly imported adulterated Premium Motor Spirit (PMS) also known as petrol from Belgium. Platforms Africa reports that the the affected suppliers accused of importation of the off-spec product under the Direct-Sale-Direct-Purchase (DSDP) are MRS, Oando, Duke…

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JUST IN: How NNPC Raked In $1.84bn From Oil, Gas Exports In One Year

ADEOLA YUSUF

The Nigerian National Petroleum Company (NNPC) Limited has given details of how it posted a total of $224.29million receipt from crude oil and gas export in August 2021 as against $191.26million in July 2021. Platforms Africa reports that a breakdown of the figures captured in the August 2021 NNPC Monthly Financial and Operations Report (MFOR) indicates that export of crude oil amounted to $7.77million while gas and miscellaneous receipts stood at $65.26 million and $151.26million respectively. Total crude oil and gas export receipt for the period of August 2020 to…

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EXCLUSIVE: Yes, Off-Spec Petrol In Circulation, Marketers Open Up

ADEOLA YUSUF

The oil marketers have exclusively confirmed to Platforms Africa that unspecified volume of off-spec Premium Motor Spirit (PMS) also known as petrol was imported into Nigeria. National Operations Controller of Independent Petroleum Marketers Association of Nigeria, Mike Osatuyi, who disclosed this in an exclusive interview with Platforms Africa, maintained that this off-spec product is being mopped-up and this effort has caused dislocation in the supply chain. Platforms Africa, known for its leadership in breaking news and investigative journalism, broke the news of fuel queues on Sunday, over 24 hours before…

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Meet Steven Fadeyi, Corporate Lawyer Pan Ocean Newly Appointed GMD

Amodu Ganiyu

Dr. Festus Fadeyi becomes Chairman, Dr. Jason Fadeyi, the Group Vice Chairman as oil company unfolds succession plan Nigeria’s leading indigenous energy, oil & gas company, Pan Ocean Oil Corporation, has named a new Group Managing Director, Mr. Steven Fadeyi. Platforms Africa reports that the announcement was made in a statement signed by the Group Chairman, Dr. Festus Fadeyi who emphasised that the implementation of the succession plan is in line with Pan Ocean’s vision to deliver sustained returns to all stakeholders. READ ALSO: Oil Minister, Marketers Meet over N3trn…

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BREAKING: Fuel queues resurface in Lagos, Ogun

Precious Ibekwe

Queues for Premium Motor Spirit (PMS) also known as petrol, on Sunday, resurfaced at filling stations in parts of Lagos and Ogun state as some marketers shut gates against motorists. Platforms Africa reports that the Nigerian National Petroleum Company Limited (NNPC) has earlier told Nigerians not to panic, assuring them that it has sufficient PMS stock to meet their needs. Fuel queues were, however. noticed in Ajah, Lekki, and Victoria Island on Sunday evening, Platforms Africa reports. The situation has started to spread to the mainland areas of Lagos while…

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FPSO explosion: Vessel was at end of lifespan- Analysts

Ayobami Adedinni

A group of analysts at Rystad Energy has said the Floating Production, Storage and Offloading (FPSO) vessel, Trinity Spirit, which exploded earlier today was at the end of its lifespan. The vessel with capacity to process up to 22,000 barrels of oil per day, inject up to 40,000 barrels of water per day and store 2 million barrels of oil, exploded and sunk at the Ukpokiti Terminal, around Excravos, Warri South-west, Delta State, Nigeria. In a statement obtained by Platforms Africa, Rystad Energy’s senior analyst Zhenying Wu said: “The Trinity…

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NNPC Secures Senate Support for Multi-million Dollars Frontier Exploration

ADEOLA YUSUF

The Nigerian National Petroleum Company limited (NNPC) has secure support from the Senate Committee on Petroleum Resources (Upstream) for its frontier exploration expected to gulp million of dollars. Platforms Africa reports that the Chairman of the Committee, Senator Bassey Albert Akpan, commended the NNPC Ltd for repositioning the Nigerian oil and gas industry into a competitive business environment the commendation when he led members of the Committee on an oversight visit to the NNPC Towers, Abuja, on Tuesday. Senator Akpan said the visit offered the lawmakers the opportunity to have…

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BREAKING: Nigeria Spends N264bn on Refineries, Pipelines in One Year

ADEOLA YUSUF

. NNPC Ex-GED, Upstream, Bello Rabiu, advocates measures to deepen accountability, transparency and efficiency of public refineries as he picks holes in N9 per litre bridging cost The gross inefficiency of the government owned refineries as well as issues about 5,000 kilometers of pipelines across the country cost the Nigerian government over N264 billion in just one year. Former Group Executive Director, Upstream of the Nigerian National Petroleum Corporation (NNPC), Bello Rabiu, who declared this in Lagos on Monday, maintained that the country spends over N22 billion every month on…

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Chevron Rakes In $520m from Assets Sale in 3 Months

ADEOLA YUSUF

Super major announces $5.1 billion Q4 Revenues, $15.6 billion earnings for 2021   United States oil supermajor, Chevron, has announced that it raked in $520 million from the sale of its assets in the last three Months of 2020. Platforms Africa reports that the company also reported full-year 2021 earnings of $15.6 billion ($8.14 per share – diluted), compared with a loss of $5.5 billion ($(2.96) per share – diluted) in 2020. Included in 2021 were net charges for special items of $289 million, compared to net charges of $5.1…

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How, Why NNPC Secured $5 billion Afreximbank Deals

ADESUPO OSOSANYA

The Nigerian National Petroleum Company (NNPC) Limited has sealed a deal with the African Export-Import Bank (Afreximbank) to fund major investments in its Nigerian upstream sector. Platforms Africa reports that the $5 billion funding commitment is an offshoot of the meeting between Benedict Oramah, Chairman of the board of Directors and President of the African Export-Import Bank (Afreximbank) and the NNPC team led by Group Managing Director, Mele Kyari, in Cairo, Egypt, on Wednesday. Under the deal, the bank agreed to enter into a financial advisory and fundraising role to…

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