Subsidiaries NPDC, IDSL, Duke Oil help NNPC ramp up trading surplus to ₦20.36bn in July
adugbaesaviour
11 hrs
Onome Amuge The Nigerian National Petroleum Corporation (NNPC) says it recorded an increased trading surplus of N20.36 billion in July 2020 compared to the N2.12 billion surplus in June 2020 in its operations. This was disclosed in a statement released by Kennie Obateru, group general manager, group public affairs division of the corporation. According to […]
NNPC backs deployment of CNG facilities , addresses worrisome status of national refineries
Onome AmugeSeptember 16, 2020
Onome Amuge The Nigerian National Petroleum Corporation (NNPC) says it is committed to supporting ongoing initiatives by the Ministry of Petroleum Resources towards the provision of alternative energy sources to Nigerians through aggressive activation of compressed natural gas (CNG) refill stations for motorists across the country. Mele Kyari, the corporation’s group managing director, speaking on […]
OPEC forecasts slow recovery as world oil demand tumbles
Onome AmugeSeptember 15, 2020
Onome Amuge The Organisation of Petroleum Exporting Countries (OPEC) on Monday said that the world oil demand will drop in 2020 than previously forecast due to the coronavirus and witness a slower recovery than expected in 2021. The Organisation in a monthly report disclosed that world oil demand will fall by 9.46 million barrels per […]
BUA enters Nigeria’s R&P playbook with 200,000bpd plant in Akwa Ibom
Ben Eguzozie in Port HarcourtSeptember 10, 2020
Ben Eguzozie, in Port Harcourt Targets Euro-V fuels, PPL Signs agreement with France’s Axens BUA Group, the Nigerian manufacturing and foods conglomerate, is entering the country’s and West African crude oil refining and petrochemical playbook with the announcement of plans to build a 200,000 barrels per day plant in Akwa Ibom State. The multi-billion-dollar integrated […]
Electricy supply: New tariff, old worries
Tobias PiusSeptember 10, 2020
By Tobias Pius The Nigerian Electricity Regulatory Commission (NERC), the body saddled with the responsibility of regulating the affairs of the nation’s power sector on Monday 31 August 2020 surprisingly gifted Nigerian’s with a not so warm “ember-month” gift package —100% tariff increment for kilowatts per hour usage of electricity with effect from September […]
Shell appeals OML 11 loss, as Rivers mulls plans for oil block
Ben Eguzozie in Port HarcourtSeptember 8, 2020
Ben Eguzozie, in Port Harcourt State targets host community ownership says energy commissioner Shell Petroleum Development Company (SPDC), in a frantic bid to reclaim ownership of the Oil Mining Lease (OML) 11, has appealed the Port Harcourt federal high court’s judgement which had awarded the oilfield to Rivers State. OML 11 is an oil […]
NNPC rejects $1.53bn AKK contract inflation claim, says process transparent
BEN EGUZOZIESeptember 8, 2020
Ben Eguzozie The Nigerian National Petroleum Corporation (NNPC) has debunked reports that its newly signed project, the Ajaokuta-Kaduna-Kano (AKK) gas pipeline project was inflated to the tune of $1.527 billion. The national oil company described the accusation by an online medium against it as “false, baseless and unfounded.” A statement in Abuja by Kennie […]
American Kariya Energy targets African oil, gas assets, small-scale LNG
Businessam StaffSeptember 7, 2020
North American energy giant Kariya Energy has announced it is set to sign a number of definitive agreements to take over some oil and gas assets in a number of African countries. The company in a statement seen by Business A.M. described the assets as midstream and upstream. Kariya has had deep and shallow […]
New electricity tariffs: NLC threatens action against Discos, OPS says it will usher in recession fast
Businessam StaffSeptember 2, 2020
Organised labour and the organised private sector have slammed the upward review of electricity tariffs which started on September 1, 2020. Commenting on the matter, the Manufacturers Association of Nigeria said the tariff increase could trigger another round of recession in the third quarter of the year. Ambrose Oruche, the acting director-general, Manufacturing Association of […]
NERC to penalise TCN, Disos for under delivery, rejection of power
Businessam StaffSeptember 1, 2020
The Transmission Company of Nigeria (TCN) and the electricity distribution companies (Discos) will henceforth be sanctioned by the Nigerian Electricity Regulatory Commission (NERC) each time they fail to deliver the quantum of power required or reject power allocated to them in the case of the Discos. The TCN and the Discos will now be paying […]