NNPC receives $120.49m crude oil receipt in September
Ben Eguzozie
January 18, 2021
Corporation’s production arm, NNPD lifted zero crude for period All subsidiaries registered surpluses The Nigerian National Petroleum Corporation (NNPC) has announced it received $120.49 million as total export receipt for crude oil and gas in September 2020. The amount is 16.28 percent higher than the $100.88 million the national oil company received […]
NNPC moves to rehabilitate downstream infrastructure, openscontract bids
Ben EguzozieJanuary 15, 2021
96 firms turn in bids for contract Target facilities are crude supply, refined products evacuation pipelines, depots, terminals With 5,120-km pipeline length of 40 years old, experts ask, can NNPC muster the muscle The Nigerian National Petroleum Corporation (NNPC), the state-own oil company, has opened bids for possible contracts for the rehabilitation […]
Ardova enters acquisition talks with Enyo as part of expansion drive
Charles AbuedeJanuary 15, 2021
By Charles Abuede Ardova Plc, the successor company of the former Forte Oil, has disclosed that it is in talks with Enyo Retail and Supply Limited with a view to acquiring it. Enyo is regarded as one of the newest and fastest growing retail and supply firms in the Nigerian downstream oil and gas […]
NNPC reaffirms commitment to OPEC+ agreement
Tobias PiusJanuary 15, 2021
By Tobias Pius In line with an earlier agreement set by the Organisation of the Petroleum Exporting Countries (OPEC) and its allies aimed at stabilising the global crude oil market, the Nigerian National Petroleum Corporation (NNPC) has reiterated its commitment to adhere to the output cut agreement laid out last year by the […]
FIRST E&P faces CSR headwinds in Bayelsacommunities, ahead OMLs 83, 85 production start
Ben EguzozieJanuary 15, 2021
Youths applaud company, but want a share of pie Express support, but remind company to respect 2018 MoU State reports high unemployment, huge infrastructural gaps Oil block to produce 60,000bpd, unlock 300m barrels recoverable reserves OMLs to create $8bn value to Nigeria in lifespan Ahead of commencement of production in its oil […]
Enugu DisCo investing N1.6bn in network expansion
Ben EguzozieJanuary 14, 2021
South-East customers grossly underserved, resulting in higher stranded energy Total stranded power rose by 263% to 3,742 MW in 2020 Enugu Electricity Distribution Company (EEDC) says it is investing N1.6 billion in network expansion projects which were earmarked for funding within its 2020 and 2021 rolling projects for electricity stability and improvement in […]
Nigeria can generate 30,000MW of electricity by 2030, say GenCos
Tobias PiusJanuary 14, 2021
By Tobias Pius Nigeria’s power producers have projected that Nigeria can generate 30,000 megawatts of electricity by 2030 if the country puts pragmatic commercial and political frameworks in place. The producers, speaking through Joy Ogaji, the executive secretary of their groupings, Association of Power Generation Companies (APGC), said the figure, which was once a target […]
$1bn prepay for crude: NNPC rejigs financing strategy to fix Port Harcourt refineries
Pius TobiasJanuary 13, 2021
By Pius Tobies Strapped for cash, with oil prices tanking most of the last 18 months, and a federal government left broke by a myriad of global and local economic headwinds that have hit revenues badly, state-owned oil giant, the Nigerian National Petroleum Corporation (NNPC), is rejigging its financing option strategy in its search […]
Oil hits 11-month high as Saudi Arabia, OPEC+ allies negotiate production cut
Onome AmugeJanuary 6, 2021
By Onome Amuge Oil prices soared to their peak in 11 months following the decision of Saudi Arabia, the world’s highest exporter, to make output cuts of one million barrels per day in February and March during talks between the Organisation of the Petroleum Exporting Countries (OPEC) and allies (OPEC+) led by Russia. The decision, […]
Goldman Sachs explains why Saudis made shocking oil production cut decision
Zerohedge.comJanuary 6, 2021
By Zerohedge.com The first monthly OPEC+ meeting to decide on the group’s production ended with an unexpected, in fact shocking two-month agreement: Saudi announced an unexpected and unilateral production cut of 1 mb/d in February and March, Russia and Kazakhstan will instead increase output modestly to meet seasonal needs while other producers will remain at […]