FG spent over N12bn on fuel subsidy in five days
Businessam StaffDecember 25, 2019
The Federal Government, through the Nigerian National Petroleum Corporation, NNPC, spent N12.69 billion to subsidise Premium Motor Spirit, PMS, in five days, between Monday, December 16 and Friday, December 20, 2019. This was contained in data obtained, yesterday, from the Petroleum Products Pricing Regulatory Agency, PPPRA. In the pricing templates for PMS, also known as […]
Nigeria’s oil, gas export sales indicate significant increase by 52.84% in one month – NNPC
Businessam StaffDecember 24, 2019
The Nigerian National Petroleum Corporation (NNPC) has announced crude oil and gas export sale of $355.93million in September 2019, indicating a significant increase of 52.84 per cent, compared to the August, 2019 figure of $232.87million, a release by the corporation’s Acting Group General Manager, Group Public Affairs Division, Mr. Samson Makoji, has said. The NNPC […]
Bonny Light experiences price drop to $67.00 per barrel
Businessam StaffDecember 24, 2019
The price of Bonny Light, Nigeria’s premium oil grade, which surged to $67.82 last week, has dropped slightly to $67.02 per barrel in the global market. Investigation showed that the drop in price was attributed to the international Energy Agency’s speculation that the market was still in custody of excess supply. In its report obtained […]
Oil prices fall as Russia touts easing OPEC+ output
Businessam StaffDecember 23, 2019
Oil fell on Monday after Russia said an OPEC-led pact may consider easing output cuts next year, but prices held near recent three-month highs on hopes for a trade deal between the United States and China. Brent crude LCOc1 was down 19 cents, or 0.29 per cent, at 65.95 dollars per barrel by 1010 GMT […]
Decision on $10bn NLNG Train 7 suffers fresh delay
Businessam StaffDecember 23, 2019
The federal government and other shareholders of the Nigeria LNG Limited failed to take a final investment decision on the company’s Train 7 project last week, our correspondent has learnt. It was gathered that the Final Investment Decision was due to be reached at a meeting held last Thursday in Abuja by the shareholders, with […]
Crude oil, gas exports increase by 53% –NNPC
Businessam StaffDecember 23, 2019
The Nigerian National Petroleum Corporation has announced that crude oil and gas export sales increased by 52.84 per cent to $355.93m in September 2019. NNPC’s crude oil and gas exports in September were $123.06m higher than the $232.87m recorded in August 2019. The oil firm disclosed this in its latest Monthly Financial and Operations Report […]
Russia finally agrees a new gas transit deal with Ukraine
Businessam StaffDecember 20, 2019
Russia and Ukraine reached on Thursday an agreement ‘in principle’ on the transit of Russian gas through Ukraine and onto Europe, European Commission Vice President Maros Sefcovic said at the end of hours of trilateral Russia-Ukraine-EU talks in Berlin. Sefcovic and the Russian and Ukrainian ministers of energy, Alexander Novak and Oleksiy Orzhel, respectively, did not announce […]
Shell writes down up to $2.3 billion on weaker economic outlook
Businessam StaffDecember 20, 2019
Royal Dutch Shell said on Friday it expected to write down up to $2.3 billion in the fourth quarter, the latest major energy company forced to shrink estimates for sector values due to a weaker economic outlook. In a trading update ahead of full year results, Shell also lowered its oil products sales forecast, pointing […]
Oil prices fall but set for third weekly rise
Businessam StaffDecember 20, 2019
Oil prices fell slightly on Friday but were still set for a third straight weekly gain after easing US-China trade tensions lifted business confidence and the outlook for global economic growth. Brent was down 7 cents at 66.47 dollars a barrel by 0954 GMT, equivalent to a weekly rise of around 2 per cent. US […]
Forte Oil is now Ardova
Businessam StaffDecember 19, 2019
Forte Oil Plc has announced a change of name of the company to Ardova Plc. In a notice filed at the Nigerian Stock Exchange on Wednesday, the company said the change of name was approved by its shareholders at an extra-ordinary general meeting, which held in Lagos on Tuesday. It said the notice was pursuant […]