Oil, Gas and Energy

Energy company, Oando Plc, has reached an agreement with Italian firm, Eni, for the acquisition of 100 per cent of the shares of its oil and gas unit, Nigerian Agip Oil Company Limited. According to a statement signed by the Company Secretary, Ayotola…

Group chief executive officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari,  has announced that oil production in Nigeria surged to 1.6 million barrels per day from the previous figure of less than one million bpd a few months…

Nigerian authorities and Shell’s local subsidiary were on Monday investigating the cause of an oil spill on the Trans Niger pipeline that lasted several days. The spill from the 180,000-barrel-a-day, which happened at Eleme in Rivers State in south Nigeria, was detected on…

Data obtained from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has shown a drop in the average daily consumption of Premium Motor Spirit (PMS) popularly called fuel in the country, to 52 million litres in July as against the national…

The Nigerian National Petroleum Company (NNPC) Limited has secured a $3 billion Emergency Crude Repayment Loan from African Export-Import Bank (AFREXIM) Bank. In a short statement disclosing the deal, the NNPC said the commitment letter, which was signed at AFREXIM Bank’s headquarters in…

One person has been de­clared dead and three other personnel missing after the collapse of a majestic rig belonging to Seplat Energy Plc, on Tuesday, at Ovhor in Delta State. A statement by Mr. Rog­er Brown, Chief Executive Officer, Seplat Energy Plc, said…

The recent surge in the cost of diesel, reaching between N900 and N950 per litre in numerous states due to the foreign exchange crisis and the implementation of a 7.5% Value Added Tax (VAT) on Automotive Gas Oil (diesel), has raised concerns…

Major and independent petroleum product marketers in Lagos State have shut down their dispensing outlets over speculation of possible hike in pump price of Premium Motor Spirit (PMS), commonly called petrol. Our correspondent reports that most filling stations have shut down while few…

Oil marketers, on Sunday, indicated that the cost of Premium Motor Spirit, popularly called petrol, would rise to between N680/litre and N720/litre in the coming weeks should the dollar continue to trade from N910 to N950 at the parallel market. They also…