FG gives Discos three months to improve power supply
Businessam Staff
April 2, 2020
The federal government has issued a three-month ultimatum to power Distribution Companies (Discos) to improve the quality of power supply to their customers or be sanctioned. Mamman Saleh, the minister of power, in a statement wednesday in Abuja, said before the three-month delay on the take-off of the implementation of tariff measures, the Discos must […]
Oil slump, COVID-19: Nigeria, Angola, Ghana, Cameroon, Senegal hardest hit, says AEC
Ben EguzozieApril 2, 2020
Nigeria to suffer $15.4bn loss, Africa’s biggest Africa’s oil producers should unfold incentives, plan for future to survive Ben Eguzozie, with agency report The African Energy Chamber (AEC) based in Johannesburg, South Africa, has come out with results of its analyses of the most vulnerable African countries in the face of oil price plunge following the […]
FG reduces petrol price to N123.5 per litre
Businessam StaffApril 1, 2020
The federal overnment on Tuesday night reduced the price of petrol from N125/litre to N123.5/litre. Current petrol price indicates a reduction of N1.5 on every litre of petrol purchased nationwide. It announced the reduction through the Petroleum Products Pricing Regulatory Agency, after a whole day meeting with stakeholders in the oil and gas sector in […]
Oil price plunges to $22, lowest in 18 years
Businessam StaffMarch 31, 2020
The international oil benchmark, Brent crude, plunged to its cheapest in 18 years on Monday as it traded around $22 per barrel. This comes amid growing fears that the global coronavirus shutdown could last months and demand for fuel could decline further. Brent crude, against which Nigeria’s oil is priced, fell by $2.83 to $22.10 […]
Petrol imports: Marketers raise concerns over dollar shortage
Businessam StaffMarch 30, 2020
While the landing cost of petrol has tumbled on the back of the sharp drop in crude oil prices, major fuel marketers are not keen to resume the importation of the product as access to dollar is seen as a major hurdle. The Nigerian National Petroleum Corporation has been the sole importer of petrol into […]
Rig count crashes most in 4 years as oil shock rocks US shale
Businessam StaffMarch 27, 2020
The number of oil and gas rigs in the US fell again this week by 44, falling to 728, with the total oil and gas rigs clocking in at 278 fewer than this time last year. It is the largest single-week drop since February 2016. In the runup to the published rig count, analysts were […]
Fuel scarcity looms as tanker drivers withdraw services today
Businessam StaffMarch 27, 2020
Fuel scarcity may likely hit the country next week as fuel tanker drivers have resolved to keep away from the depots from Friday because of the coronavirus pandemic ravaging the world. The umbrella body of the tanker drivers, the Association of Road Transport Owners (NARTO), which disclosed this in a statement signed by the national […]
Seplat grows profit 13.4% to $270m in 2019
Omobayo AzeezMarch 25, 2020
By Omobayo Azeez Seplat Petroleum Development Company Plc recorded 13.4 per cent uptick in profit before deferred taxes to $270m for the financial year ended December 31, 2019. The full year financial report of the listed oil company filed at the Nigeria Stock Exchange (NSE) also shows revenue of $698m with total capital expenditure of […]
COVID-19: Nigeria, others to lose $65bn revenue oil money
Businessam StaffMarch 24, 2020
Nigeria and other oil-producing countries in Africa will lose up to $65 billion in revenues because of the impact of Coronavirus on crude oil sales. The Economic Commission for Africa (ECA) released this figure on the ravaging Coronavirus pandemic in Africa. For Nigeria in particular, the ECA said COVID-19, could reduce Nigeria’s total exports of […]
Canada prepares multi-billion dollar bailout for its oil industry
Businessam StaffMarch 20, 2020
The federal government of Canada is preparing a multibillion dollar financial aid package for the oil and gas industry and could announce it as soon as next week, the Globe and Mail reports, citing unnamed sources. Among the measures discussed were access to more credit, especially for smaller businesses, and job creation for the workers who […]