OIL & GAS

The Nigerian National Petroleum Company Limited is to deduct N242.53bn as subsidy on Premium Motor Spirit, popularly called petrol, from the Federation Account this month. Although it described the proposed subsidy deduction as a value shortfall, the oil firm stated that the fund…

Shell Plc and Eni SpA both declared force majeure on key oil flows from Nigeria, threatening to disrupt supplies in a market already fretting about the impact of Russia’s invasion of Ukraine. Shell’s measure had been in place since March 3, and applies…

Barely four months after the November 5, 2021 oil spill at Oil Mining Lease (OML) 29 at Nembe, Bayelsa State, a fresh oil leak has been reported by residents. OML 29, which includes the 97- kilometre Nembe Creek Trunk Line connecting oilfields to…

Apparently worried by unending inquiries by its happy investors and stakeholders who barely a week ago welcomed its share deal with ExxonMobil, Seplat Energy on Monday March 7 said no event of cancellation of the transaction has occurred. Nigeria’s corporate and business…

Minister of State for Petroleum Resources Chief Timipre Sylva has attributed the inability of Nigeria to meet the Organisation of the Petroleum Exporting Countries (OPEC) to lack of investments in the oil and gas sector. Nigeria’s OPEC quota is pegged at 1.8 million…

The Nigerian National Petroleum Company Limited (NNPCL) has expressed interest to participate in the acquisition of the power plants put up for sale by the federal government through the Nigeria Integrated Power Plants (NIPPs). The Bureau of Public Enterprises (BPE) said in…

The Nigerian National Petroleum Company Ltd has opted to exercise its right of first refusal as contained in the Joint Operating Agreement (JOA) of the JV + details of NNPC’s position on the planned sale of ExxonMobil shares to SEPLAT Energy Plc.…

The Dangote Group, the Nigerian National Petroleum Company (NNPC) Limited, Shell, Nigerian Agip Oil Company (NAOC) Limited, Total Energies as well as the Gas Aggregation Company of Nigeria (GACN) yesterday signed a Gas Sale and Aggregation Agreement (GSAA) in Abuja. The agreement…

Crude oil price yesterday continued its upswing as Brent, Nigeria’s benchmark crude, rose above $113 per barrel for the first time in close to eight years. This was as the Organisation of Petroleum Exporting Countries (OPEC) resolved to continue the addition of…

Oil prices have soared as the Russian invasion of Ukraine continued to raise the specter of major global supply disruption. Brent rose to $105.54 a barrel and WTI at $102.32, both an increase of more than $6. Futures in New York climbed as…