NNPC records trading deficit of N9.53bn in March
Businessam Staff
June 25, 2020
As the global oil market reels under the impact of low price regime and production cost agreed upon by OPEC and OPEC+ members, Nigeria’s national oil company, , said it recorded an operational loss of N9.53bnin March 2020. The loss reverses the steady growth trajectory of the corporation’s revenue since the last quarter of 2019. […]
NNPC/Seplat partnership builds 200-bed infectious diseases medical centre for SE in Imo
Dikachi FranklinJune 24, 2020
By Dikachi Franklin, in Owerri Nigerian National Petroleum Corporation (NNPC) and its joint venture partner, Seplat Petroleum, have begun the construction of a 200-bed infectious diseases medical centre for the South East zone. Imo State University Teaching Hospital (IMSUTH) Orlu, which is hosting the facility, is said to be the choice of NNPC and Seplat. […]
Seplat transfers oil assets, OMLs 4, 38 and 41, to subsidiary, Seplat West Limited
Omobayo AzeezJune 18, 2020
By Omobayo Azeez Seplat Petroleum Development Company Plc, has announced the completion of transfer of the business activities and assets of OMLs 4, 38 and 41 from the holding company to its wholly owned subsidiary, Seplat West Limited. Seplat is a leading Nigerian indigenous oil and gas company with dual listing on the Nigerian Stock Exchange (NSE) and […]
Marginal oilfields: DPR grants two weeks extension
Businessam StaffJune 12, 2020
In order to accommodate more prospective bidders for its marginal oilfields, the federal government has extended bids for the oilfields by two weeks. The federal government, through the Department of Petroleum Resources (DPR), disclosed this on Thursday. The bids will now officially close on June 21. The DPR launched the first marginal field award round […]
Seplat CEO projects $17bn oil revenue shortfall for Nigeria in 2020
Samson EchenimJune 12, 2020
Nigeria’s oil receipts in 2020 are expected to drop by as much as $17 billion, Austin Avuru, the chief executive officer of Seplat Petroleum Development Company, has projected. His projection comes amid the current struggle for survival by companies operating in the upstream sector of the Nigerian oil and gas industry. Speaking on Nigeria’s oil and gas […]
FG bars debtors from bidding for oil fields
Businessam StaffJune 5, 2020
Companies, including their promoters, indebted to the federal government will not be allowed to participate in the newly launched bid round for marginal oilfields, the Department of Petroleum Resources has said. The DPR, in a documen, said applicants should demonstrate the ability to fully meet the objective of undertaking expeditious and efficient development of a […]
Oilfield bid round: FG may generate N3.17bn from fees
Businessam StaffJune 4, 2020
The federal government may generate at least N3.17bn from the payment of fees for the marginal fields put on offer for bidding, data obtained from the Department of Petroleum Resources have shown. Indigenous oil firms and other investors willing to bid for any of the 57 marginal fields are expected to pay fees amounting to […]
Oil up nearly 3% ahead of OPEC+ meeting and on easing lockdowns
Businessam StaffJune 2, 2020
Oil prices climbed about $1 a barrel on Tuesday on hopes that major crude producers will agree to extend output cuts during a video conference likely to be held this week and as countries and U.S. states begin to reopen after coronavirus lockdowns. Brent crude rose 3.1%, or $1.00, to $39.32 a barrel by 1:32 […]
Govt invites investors to bid for 57 oil fields
Businessam StaffJune 2, 2020
The federal government, through the Department of Petroleum Resources, has put on offer 57 marginal fields for licensing as part of efforts to develop oil and gas discoveries that had been left unattended to for many years. The DPR disclosed this on Monday while announcing the commencement of the 2020 Marginal Field Bid Round. “The […]
Price crash: NNPC targets $10 oil production cost
Businessam StaffMay 29, 2020
The Nigerian National Petroleum Corporation has said it is looking to drive down the cost of producing a barrel of crude oil to $10 and below in oilfields across the country. Mele Kyari, the group managing director of the NNPC, said on Thursday that the national oil firm had sustained operations despite disruptions and slowdown […]