Category: Oil & Gas

EXCLUSIVE: NNPC Cancels ExxonMobil $1.6bn Assets’ Sale To Seplat

ADEOLA YUSUF

State-owned oil giant opts to exercise of right of First Refusal as contained in Joint Operating Agreement (JOA) of the JV + details of NNPC position on planned sale of ExxonMobil shares to SEPLAT Energy Plc The Nigerian National Petroleum Company Ltd has notified Mobil Producing Nigeria Unlimited of its intention to exercise a Right of Pre-emption on ExxonMobil’s planned sale of its entire asset in Nigeria’s onshore and shallow waters. Recall ExxonMobil and SEPLAT Energy recently announced a Sales Agreement for SEPLAT to purchase ExxonMobil’s complete shares in MPNU,…

Read More

BREAKING: NNPC JV, Dangote Ink Multi-million Dollars Gas Supply Deals

ADEOLA YUSUF

The deals involving the JV of NNPC, Shell, ENI, and Total will deliver 70million scuf of gas daily to Dangote Fertiliser The Joint Venture (JV) consisting of the Nigerian National Petroleum Company (NNPC) Limited, Shell, Total and ENI, has signed a multi-million dollars deal to supply 70 million standard cubic feet (scuf) of gas to Dangote Fertiliser Company. The signing which took place at the on-going Nigeria International Energy Summit (NIES) was attended by President of Dangote Group, Alhaji Aliko Dangote; Group Managing Director of NNPC, Mallam Mele Kyari; Country…

Read More

BREAKING! Court Stops Lekoil Cayman, Savannah Energy Restructuring Deals

ADEOLA YUSUF

Lekoil Cayman Limited has been stopped from proceeding on the convertible facility agreement (option agreement and the tripartite) with Savannah Energy Investments Limited, a wholly owned subsidiary of Savannah PLC after it was announced February 28, 2022. Lekoil Nigeria, a statement sent to Platforms Africa read, has challenged the takeover move in a suit filed against the London-listed oil firm, Lekoil (Cayman) Limited in a Cayman Islands court. The statement added that an injuction has been given against the restructuring deals. READ ALSO:Lekoil Limited Gets Savannah Investment’s GBP.9m Loan At…

Read More

Lekoil Limited Gets Savannah Investment’s GBP.9m Loan At 5%/Annum Interest

ADEOLA YUSUF

The CFA, repayable on Wednesday 2 March 2022, may see Savannah Investments electing to convert the outstanding amount into 177.1 million new ordinary shares of Lekoil Limited at a price of 0.5 pence per share, Platforms reports   LEKOIL, the oil and gas exploration and production company with a focus on Nigeria and West Africa, has announced that Savannah Energy Investments Limited (“Savannah Investments” or the “Investor”), has entered into a convertible facility agreement (the “CFA”) and option agreement (the “Option Agreement”) with the Company in order to support the Company’s…

Read More

Buhari Declares $50m Clean Energy Investments, 20m Cylinders Injection

ADEOLA YUSUF

Oil minister says NLNG key partner in Nigeria’s energy transition journey, declares 5th Nigeria International Energy Summit open   Nigeria has declared investment of $50 million for clean energy initiatives including the 20 million cylinders injection scheme. Platforms Africa reports that President Muhammadu Buhari represented by the Minister of state for Petroleum Resources, Timipre Sylva, said this while declaring the 5th Nigeria International Energy Summit (N.I.E.S) open at the Banquet hall of the State House, Abuja, Nigeria’s commercial capital. READ ALSO: BREAKING: No Achievement Record, No Fund Approval – Nigeria…

Read More

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…

Read More

NUPENG Threatens Showdown With Marketers Over Fuel Price Hike

ADEOLA YUSUF

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…

Read More

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…

Read More

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…

Read More

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

ADEOLA YUSUF

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.…

Read More