Category: Oil & Gas

JUST IN: Oil Hits $80/bbl as OPEC+ surges February Quota by 11.2m barrels

Efe Wellington

OPEC+ adds another 400,000 barrels per day to its total oil quota for Nigeria, others’ February loading   Brent crude has climbed 1.09 percent to $80.07 a barrel — the highest since November 2021. Platforms Africa reports that this is coming as the Organisation of Petroleum Exporting Countries (OPEC) and its allies known as OPEC+ decided to add another 400,000 barrels per day to its total oil production in February. Data compiled by Platforms Africa showed that the quota surge amounts to 11.2 million barrels in the 28 days of…

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BREAKING: Nigeria’s Barkindo bows out as OPEC Gets New Secretary General

Ayobami Adedinni

The Organization of the Petroleum Exporting Countries (OPEC) has voted to appoint Haitham al-Ghais, former Kuwait’s OPEC governor as its new secretary general, Platforms Africa has reliably learnt. He will replace Sanusi Barkindo, a Nigerian representative at OPEC, who has, for years, held sway as the scribe of the cartel. In a congratulatory letter obtained by Platforms Africa, Mohammad Barkindo, the secretary general said he believes the global oil market is in very capable hands with the appointment. READ ALSO: BREAKING: Oil Starts New Year With Gains, Hits $78.34 pb…

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BREAKING: Oil Starts New Year With Gains, Hits $78.34 pb Ahead OPEC Meeting

Efe Wellington

Analysts lower 2022 oil price forecast despite bullish start as Omicron curbs travel Oil prices firmed on Monday as the market kicked off 2022 on a positive note with suppliers in focus ahead of Tuesday’s OPEC+ meeting. A report by Reuters sighted by Platforms Africa, which showed this bullish trading on the first transaction after the New Year holiday, added that this gain was recorded “although surging COVID-19 cases continued to dent demand sentiment.” Brent crude added 56 cents, or 0.72%, to $78.34 a barrel, as of 0710 GMT. U.S.…

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JUST IN: Fire Outbreak Rocks Port Harcourt Refinery

Efe Wellington

NNPC confirms outbreak, gives details of how “minor fire at the facility was put out”   A fire outbreak has rocked the Port Harcourt refinery company (PHRC), a facility undergoing $1.5 billion rehabilitation. The Nigerian National Petroleum Company Limited (NNPC), which confirmed the outbreak on the first day of the New Year  in a statement to Platforms Africa, declared that the “minor fire at facility is already put out” Here is the full statement signed by Group General Manager, Group Public Affairs Division, Garba Deen Muhammad. READ ALSO: Surge In…

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Shell Appeals Judgement on Gas Flaring in Niger Delta Community

Efe Wellington

Shell challenges judgement on gas flare in Niger Delta community Shell Petroleum Development Company (SPDC) has filed an appeal challenging a judgement of the Federal High Court, Benin City, ordering a halt to the continued flaring of gas in Iwhrekan, Delta State. Platforms Africa reports that Justice J. Nwokorie of the Federal High Court, Benin, had in a case instituted by Mr. Jonah Gbemre on behalf of Iwhrekan community ordered SPDC to stop the development forthwith. But SPDC filed an appeal at the Court of Appeal sitting in Benin with…

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Nigeria Rakes In N4trn From Oil Exports, Suffers N3trn Deficit In Q3

Wonuola Olujobi

How country’s trade balance in the third quarter amounted to a deficit of N3.023 trillion – NBS The National Bureau of Statistics (NBS) has revealed that the nation’s crude oil exports hit N4.026 trillion in the three months that made up the third quarter (Q3) 2021. Platforms Africa reports that the NBS, in it’s Foreign Trade in Goods Statistics report, said crude oil remained the major product in total exports, accounting for about 78.48%. According to the report, total exports were pegged at N5.130 trillion, which shows a 1% growth…

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Adeola Yusuf Assesses Nigeria’s 2021 Subsidy Cost, Fuel Supply Score Card

Amodu Ganiyu

Energy policy analyst, Adeola Yusuf, says fuel crisis-free Yuletide commendable, demands sustenance of supply template   Team Lead, Platforms Africa, Adeola Yusuf, has charged the Nigerian National Petroleum Company Limited (NNPC) to sustain its template for the supply of white products, which made it record a fuel crisis-free Yuletide across the country. The Yuletide and New Year holidays have, for some years back in Nigetia, been dotted by fuel crisis including queues, hoarding and panic buying. READ ALSO: PHOTOS: Three Women Who Married, Divorced Ooni Of Ife NMMA Nominates Adeola…

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Ronke Sokefun, Nana Mede, Meet Oando’s New Non-Executive Directors

ADEOLA YUSUF

Oando Plc says it has appointed Ronke Sokefun and Nana Fatima Mede as independent non-executive directors, effective from December 2021. Platforms Africa reports that Sokefun also serves as the chairman of the board of directors of the Nigeria Deposit Insurance Corporation (NDIC). Ayotola Jagun, the company’s chief compliance officer and company secretary, disclosed this in a statement filed on the ‬‬Nigerian Exchange Limited (NG‭X) on Friday. READ ALSO: Meet Real Titans Behind 2 Yr-Old TTB, New Owner of 104 Yr-Old Union Bank PHOTOS: Three Women Who Married, Divorced Ooni Of…

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Seplat Energy Fires Austin Avuru over ‘Breach’ of Company Policies

ADEOLA YUSUF

Here are details of the gale that finally blew away the pioneer managing director and, later, CEO of Seplat, Austin Avuru   Seplat Energy Plc says it has terminated the appointment of Austin Avuru as a non-executive director of the company. Platforms Africa reports that Edith Onwuchekwa, director, legal and company’s secretary at Seplat, announced this in a corporate filing on Thursday. This is coming a month after Bryant Orjiako, chairman of Seplat Energy Plc, said he would exit his position in 2022. READ ALSO: Embattled A.B.C Orjiako Resigns As Seplat Energy…

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Nigerians Spend ₦2.6 Trillion to Buy Fuel For Generators, Cars in 1 Year

ADEOLA YUSUF

PPMC Realises N203.73 billion From Petroleum Products Sale to Nigerians In July 2021 as Gas Production Goes Up 4%   Nigerians have spent over N2.563 trillion to buy fuel for their generators, vehicles and other machines in just one year. The amount, checks by Platforms Africa showed, represents the spending on the white products by for Petroleum Products Marketing Company (PPMC), a downstream subsidiary of the Nigerian National Petroleum Company (NNPC) Ltd between July 2020 and July 2021. PPMC, which confirmed this, also stated that it generated ₦203.73billion from the sale…

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