Category: Energy

Oil super major deepens asset sale in Nigeria 

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  International oil companies (IOCs) at the weekend deepened plans for sale of more assets in Nigeria as they slashed $12 billion off their global investment portfolios.   Blaming price rout buoyed by Coronavirus pandemic for the move, the IOCs including Shell, ExxonMobil, Total and Aker declared that they had already announced the slash in their investments to survive the big threat posed to their fortunes by the pandemic.   “The IOCs will be putting more of their assets up for sale,” an industry source told New Telegraph,  adding, “they…

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NNPC slahses ex- depot price of petrol

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The Nigerian National Petroleum Corporation (NNPC) Wednesday announced a reduction in the ex-depot price of petrol from N113.28k per litre to N108.00K per litre across all its products loading facilities as well as in its through put operations. A release in Abuja by the corporation’s Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, quoted the Managing Director of the Petroleum Products Marketing Company (PPMC), Musa Lawan, as saying that the new ex-depot price of Premium Motor Spirit (PMS), otherwise called petrol, reflects the company’s market strategy to make…

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Oil bid round: Coalition of civil society groups seeks transparency

Ose Ojeme

    PRECISION Oversight of the processes should be provided by the National Assembly and auditing by NEITI     Following Federal Government’s intention to conduct fresh licensing bid round for Nigeria’s marginal oil fields, Civil Society Organisations (CSOs) and extractive industry media group, Media Initiative on Transparency in Extractive Industries (MITEI) have advised the Federal Government to ensure transparency in the entire process. The advice formed part of the resolution reached at the end of a one-day workshop on “Improving Transparency in the Oil licensing Process organised by the…

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Nigeria should take advantage of AfCFTA delay’

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    As reactions continue to trail the recent announcement by the Secretary-General of the African Continental Free Trade Area (AfCFTA) secretariat, Wamkele Mene, that the implementation of the agreement will not begin on July 1, 2020 as planned due to disruptions caused by the coronavirus (COVID-19) pandemic, analysts at CSL Research have urged Nigeria to take advantage of the development to speed up growth in critical infrastructure.   The analysts stated this in a note obtained by New Telegraph yesterday.   The AfCFTA agreement, which is aimed at boosting…

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Report attributes decline in Nigeria’s PMI to COVID-19

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    The recently released April version of the Stanbic IBTC Bank’s Nigeria Purchasing Managers’ Index (PMI) has said that the decline in activities in the private sector is due to disruptions caused by the coronavirus (COVID-19) pandemic.   According to the report, the Nigeria PMI headline sank to 37.1 index points in April 2020 compared to 53.8 index points recorded in March. New orders, output and employment witnessed sharp falls as prices rise amid supply chain disruption.   The Nigeria PMI report reflects economic indicators gotten from monthly surveys…

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Gas: Increased demand boosts Nigeria’s N635.2bn export

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  WINTER Liquefied natural gas import by Asian countries increases ahead of winter     High demand for liquefied natural gas by Asians countries has boosted export of the cargo in Nigeria.   Already, some 3.53 million metric tonnes of the natural gas valued at N635.2billion ($1.74billion) have been lifted out of the country.   New China’s price index for liquefied natural gas (LNG) import delivery has reached $493 per metric tonne because of the demand.   It was learnt that the demand for the cargo ahead of winter in…

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Crude oil boost: FG, concessionaires garner $2.1bn in 15 days

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  The Federal Government and oil bloc concessionaires have made $2.1 billion in the first 15 days of November.   This, New Telegraph gathered at the weekend, came as Nigeria’s November production increased to 33 million barrels as at the middle of the month.   Nigeria, data of the Organisation of Petroleum Exporting Countries (OPEC) showed, pushed out 25.5 million barrels out of the 33 million output to OPEC market between Nov. 1 and 15.   The Chief Operating Officer, COO, of the Nigerian National Petroleum Corporation, NNPC, Roland Ewubare,…

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Oil blocs: NNPC, Agip firm up pact to end litigations

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  The Nigerian National Petroleum Corporation (NNPC) last weekend firmed up agreement with the Nigeria Agip Oil Company (NAOC) to end all litigations, which had over the years rocked Oil Mining Leases (OMLs) 60, 61, 62 and 63 and inhibited growth of the assets. The corporation, which declared this in a document obtained by New Telegraph, maintained that the step was taken to expeditiously grow Federal Government’s revenue and in turn boost the nation’s reserve base. Group Managing Director of the NNPC, Mallam Mele Kyari, who confirmed this, also said…

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UK, others offer $350m for Africa’s solar energy

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  France, The Netherlands and the United Kingdom have committed $350 million to invest in solar energy in Africa and electricity storage, Afrik21 reported at the weeknd. It is a strategic investment at a time Africa is relying on renewable energy to provide access to electricity for its population. Countries in sub-Saharan Africa will benefit from new funds to improve electricity supply. It is a $350 million commitment from France, The Netherlands and the United Kingdom. The latter will provide the greatest effort. The Dutch Government plans to invest $44…

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NIPCO: Why we declared N1.58bn profit

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  Indigenous downstream oil company, NIPCO Plc, stated at the weekend that it declared N254 billion turnover and a profit after tax of N1.58 billion for 2018 financial year based on its petroleum product outlets expansion and boost to its Liquefied Petroleum Gas (LPG) market share in Nigeria. Chairman of the company, Chief Bestman Anekwe, who – according to a statement – declared this at 15th Annual General Meeting of the company in Abuja, maintained that these achievements were recorded in the face of the prevailing difficult environment, which had…

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