Category: Oil & Gas

BREAKING: Oil breaks $90/bbl Mark, Hits Highest Point In 7 Years

Efe Wellington

Why news is a mixed grill for Nigeria, biggest crude exporter and biggest importer of refined product in Africa + OPEC+ likely to stick with a planned increase to its oil output target for March   Oil rose on Wednesday, tuoching $90 a barrel for the first time in seven years, supported as tight supply and rising political tensions between Russia and Ukraine added to concerns about further disruption in an already-tight market. Platforms Africa reports that the news of high crude prices is a mixed grill for Nigeria, which…

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BREAKING: Do not Panic, No fuel crisis, NNPC tells Nigerians

ADEOLA YUSUF

The Nigerian National Petroleum Company Limited (NNPC) has told Nigerians not to panic, assuring them that it has sufficient PMS stock to meet their needs. Platforms reports that the oil giant said this in a three-paragraph statement issued by its spokesman, Garba Deen Muhammad, charging Nigerians not to engage in panic buying of petrol; and to ignore all rumours that may suggest otherwise. Here, below, is the statement; PRESS RELEASE PLEASE DO NOT PANIC The NNPC Ltd. wishes to assure the public that the Company has sufficient PMS stock to…

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50,000mta to 100% output supply, NLPGA hails NLNG 15-yr LPG Feat

ADEOLA YUSUF

  The Nigeria Liquefied Petroleum Gas Association (NLPGA) has traced the feat recorded by the Nigeria LNG Limited (NLNG) in the Nigeria’s cooking gas market as it commended the Board of Directors and management of the gas giant for its recent decision to supply 100% of the company’s LPG production to the local market. Platforms Africa reports that NLPGA President, Nuhu Yakubu, who stated this in a statement, maintained that this is a major milestone coming just three months after the Company supplied its first Propane cargo into the domestic…

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BREAKING: Interpol Begins Manhunt For Nigeria’s ex-Oil Minister, Diezani

ADEOLA YUSUF

“With the warrant of arrest already in possession of Interpol, she may be given either the Nnamdi Kanu or Sunday Igboho’s treatment except she gives herself in.” The International Police (Interpol) formations across the World have begun a man-hunt for the Nigeria’s former minister of Petroleum Resources, Mrs. Diezani Alinson-Madueke, Platforms Africa can report authoritatively. Alinson-Madueke has been declared wanted through an arrest warrant issued by a Federal High Court sitting in Abuja, and Platforms Africa reports that copies of warrant have been circulated to the Interpol formations, which have,…

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Ardova Plc to Complete West Africa’s Largest LPG Storage Facility December

Efe Wellington

Ardova Plc recently held a groundbreaking ceremony to commemorate the ongoing construction of its new world-class Liquefied Petroleum Gas (LPG) storage facility at the company’s Ijora-Lagos Campus. The LPG facility which will sit on 8.8 hectares and have a combined storage capacity of 20,000 metric tonnes, underscores Ardova’s commitment to grow revenues from cleaner fuels. Olumide Adeosun, Chief Executive Officer, Ardova Plc, said “This event marks an important step in our evolution to an integrated energy company, as it draws us closer to our projection of a future where renewables…

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Buhari Embargoes Fuel Subsidy Removal, ‘Okays’ N1.9trn Under-Recovery

ADEOLA YUSUF

Findings by Platforms Africa show that the subsidy is to cost Nigeria an average of N103bn monthly for the 18 months window opened by the President   President Muhammadu Buhari has embargoed fuel subsidy removal, a move that will gulp about N1.854 trillion for the 18 months the embargo will last. Findings by Platforms Africa showed that the subsidy is to cost Nigeria an average of N103 billion monthly for the 18 months window opened by the President. The Nigerian government, nonetheless, said that the subsidy on fuel would last…

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JUST IN: Oil hits $89.32/bbl highest since 2014 as OPEC+ Eyes $100/bbl

Efe Wellington

Oil prices rose for a fourth day on Wednesday after a fire on a pipeline from Iraq to Turkey briefly stopped flows, increasing concerns about an already tight short term supply outlook. This came as officials of Organisation of Petroleum Exporting Countries (OPEC) declared that a $100 per barrel oil price is possible in the next few months. Brent crude futures were up 81 cents, or 0.9%, to $88.32 a barrel at 1432 GMT. The benchmark contract earlier touched $89.05, its highest since Oct. 13, 2014. U.S. West Texas Intermediate…

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IPMAN Crisis Worsens, BOT Opposes Parallel NEC Members’ Inauguration

Aliyu Aliyu

The Board of Trustees of the Independent Petroleum Marketers Association of Nigeria (IPMAN) had a meeting and warned against what it called, “a proposed illegal inauguration of parallel National Executive Committee (NEC)” on 18th of January, 2022 in Abuja. Platforms Africa reports that the IPMAN Board of Trustees Secretary, Mr Tunji Adeniji, gave the warning on Monday in a statement. This, Platforms Africa gathered, followed an invitation to inaguration of NEC members by Engineer Sanusi Abdul- Fari-led group faction. READ ALSO: Fuel Marketers’ Billions of Naira Trapped in PPPRA, DPR,…

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BREAKING: NNPC Sheds toxic Liabilities, Eyes Africa’s Top Capital Spot

ADEOLA YUSUF

Kyari opens up to thousands of NNPC staff about the looming reality of company’s new status The Nigerian National Petroleum Company Limited (NNPC) has begun the shedding of some of its toxic Liabilities as it eyes the spot of most capitalised company in Africa. Platforms Africa reports that the Chief Executive Officer (CEO) of the company, Mallam Mele Kyari, disclosed this while addressing staff of the organisation in a townhall meeting held at the NNPC Towers, at the weekend, with staff outside the Corporate Headquarters (CHQ) participating virtually. READ ALSO:…

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Oil Price Surges Pass $85pb, Worsens Nigeria’s Fuel Landing Cost Hike

Efe Wellington

The international oil benchmark, Brent crude, climbed above $85 per barrel on Thirsday, surging the landing cost for Premium Motor Spirit (PMS) in Nigeria. Platforms Africa reports that Nigeria, Africa’s biggest crude oil exporter ironically doubles as the biggest importer of refined products due to inefficient refineries. Thr high oil price was caused by tight supply and easing concerns about the potential impact of Omicron coronavirus variant on demand. Brent, against which Nigeria’s crude oil is priced, rose by $1.42 to $85.14 per barrel as of 7.00pm Nigerian time on…

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