Oil prices hold steady as investors wait on US interest rate decision
Post AMUGE
September 17, 2024
Business a.m. Oil prices remained relatively stable on Tuesday, as traders kept a close eye on the upcoming Federal Reserve policy meeting and its potential impact on the global economy. The meeting, which is scheduled to end on Wednesday, has taken center stage in the oil market as investors weigh the implications of the Fed’s […]
No love lost between NNPCL, Dangote Refinery over petrol
Post AMUGESeptember 16, 2024
On DAY1 of fuel lifting, both firms bicker over price, supply capacity Business a.m. Reporter The no love lost relationship between state-owned oil company, Nigerian National Petroleum Company Limited (NNPCL), and Africa’s new kid on the block refining giant, Dangote Refinery and Petrochemical Limited, has now boiled over from crude supply issues to […]
Shell faces new N505bn suit by Niger Delta communities over oil spill damage
Post AMUGESeptember 13, 2024
Business a.m. Reporter The Ilaje communities, located in the Niger Delta region have filed a lawsuit against Shell Plc, seeking N505 billion in damages. The suit stems from the oil giant’s recent decision to sell off its onshore assets in the region, a move that the communities claim is in violation of a pre-existing court […]
NLNG boosting local content in Nigeria with Train 7 — NCDMB
Post AMUGESeptember 11, 2024
Ben Eguzozie The Nigerian LNG Train 7 project being built at the cost of $7 billion, is seen amplifying Nigeria’s local content participation in the country’s hydrocarbon industry, according to Felix Omatsola Ogbe, the executive secretary of Nigerian Content Development and Monitoring Board (NCDMB). Ogbe said the “Train 7 project has significantly boosted local capacity […]
Dangote Refinery ends 28-year drought as Nigeria’s domestic fuel supply returns
Post AMUGESeptember 3, 2024
Business a.m. Dangote Refinery has successfully produced and launched its first batch of Premium Motor Spirit (Petrol), becoming the first facility to achieve this feat in Nigeria in the last 28 years. With a massive processing capacity of 650,000 barrels per day, Dangote Refinery is poised to boost Nigeria’s domestic fuel supply and reduce its […]
Oando’s $783m NAOC acquisition accentuates growing Nigerian local exploration – AEC
Post AMUGEAugust 28, 2024
Ben Eguzozie The African Energy Chamber (AEC), the voice of energy sector on the continent, has described Oando, Nigerian energy company’s successful acquisition of 100 percent of the shareholding interest of Italian multinational Eni in the Nigerian Agip Oil Company (NAOC), as accentuating the growing role of Nigerian local exploration companies in revitalising the country […]
Geometric Power reviving hope in Abia’s $12bn economy – energy economists
Post AMUGEAugust 28, 2024
…But gas supply still a hurdle for $800m power facility Ben Eguzozie Geometric Power, Aba, an $800 million electricity generating and distribution facility, is reviving hope in Abia State’s $12 billion economy, considering its milestone in generating and supplying nearly 20 hours of electricity, which can drastically wipe off significant chunk of company’s overheads – […]
NNPCL expands LNG trading footprint to China, Japan
Post AMUGEAugust 27, 2024
Business a.m. A landmark agreement between the Nigerian National Petroleum Company Limited (NNPCL) and its downstream subsidiaries, NNPC LNG Ltd and NNPC Shipping Ltd, has paved the way for the shipment of Liquefied Natural Gas (LNG) cargoes to Japan and China, on a Delivered Ex-Ship (DES) basis. The development was communicated by Olufemi Soneye, the […]
Afreximbank spearheads $650m loan for Oando’s acquisition of NAOC stake in Nigerian JV
Post AMUGEAugust 26, 2024
Business a.m. The African Export-Import Bank (Afreximbank) has arranged a senior $500-million and a junior $150-million reserve-based lending facility for Oando Petroleum and Natural Gas Company Limited. The facility secured for Oando was leveraged to finance the acquisition of the 20 percent participating interest in the NEPL/NAOC/Oando joint venture, held by Nigerian Agip Oil Company […]
Nigeria’s persistent fuel scarcity rooted in inefficient distribution system, PENGASSAN claims
Post AMUGEAugust 23, 2024
Business a.m. The Petroleum and Natural Gas Senior Association of Nigeria (PENGASSAN) has attributed the persistent fuel scarcity in the country to the inadequate and obsolete fuel distribution system. Speaking at the 2024 PENGASSAN Energy and Labour Summit held recently in Abuja, Festus Osifo, the president, PENGASSAN, drew attention to the inadequacy of the fuel […]