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 […]
Rising inflation to fuel uncertainties around CBN in 2020, says expert
Businessam StaffDecember 19, 2019
By Omobayo Azeez
Refineries lost N111bn in nine months, says NNPC
Businessam StaffDecember 17, 2019
The three refineries owned by the federal government lost a total of N111.27bn from January to September this year, the Nigerian National Petroleum Corporation said in its September report. The refineries posted a loss of N96.31bn in the same period in 2018, according to the NNPC data obtained by our correspondent on Monday. Nigeria, Africa’s […]
Rivers wins oil wells from Bayelsa as court orders map error correction
Businessam StaffDecember 16, 2019
The Federal High Court in Abuja on Monday ordered the transfer of Soku oil field from Bayelsa State to its rightful owner, Rivers State. Delivering judgment in a suit instituted by Rivers State, Justice Inyang Ekwo, ordered the National Boundary Commission to rectify the error in its 11th edition of Administrative Map, which designated San […]
Nigeria LNG, partners sign Train 7 gas supply agreements
Businessam StaffDecember 13, 2019
The Nigeria LNG Limited (NLNG) and its joint venture partners, including the Nigerian National Petroleum Corporation (NNPC), on Friday moved a step closer to constructing Train 7 of the multi-billion gas project. The company signed the first basic 20-year term Gas Supply Agreements (GSAs) with joint ventures (JVs) for the supply of feedstock-gas to Train […]
Concerns as NEITI unveils oil blocks’ owners
Businessam StaffDecember 13, 2019
The Nigeria Extractive Industries Transparency Initiative (NEITI) has unveiled a beneficial ownership register, which holds the details of real owners of oil blocks and solid minerals acreages in Nigeria. NEITI said Thursday that the register had become a requirement in Nigeria’s compliance to the principles of the global Extractive Industries Transparency Initiative (EITI), adding that […]
Who will fund Rosneft’s $157bn mega oil project?
Businessam StaffDecember 11, 2019
The head of Russia’s largest oil firm, Rosneft, has pitched a massive Arctic oil project to Japanese companies in Tokyo, looking for foreign investment into the project estimated to cost as much as $157 billion. Rosneft’s chief executive Igor Sechin has met with representatives from Mitsubishi Corporation, Mitsui & Co, Itochu Corporation, Inpex Corporation, Japan […]
84 women graduate from Intels’ empowerment programme in Rivers
Businessam StaffDecember 11, 2019
By Samson Echenim
Surprise crude oil build threatens oil rally
Businessam StaffDecember 11, 2019
The American Petroleum Institute (API) has estimated a crude oil inventory build of 1.41 million barrels for the week ending December 4, compared to analyst expectations of a 2.763-million-barrel draw in inventory. Last week saw a draw in crude oil inventories of 3.72 million barrels, according to API data. The EIA’s estimates reported a larger draw of 4.9-million barrels for that […]
Russian oil major returns to Libya after 5 year break
Businessam StaffDecember 10, 2019
The National Oil Corporation of Libya has announced that Russia’s Tatneft has returned to its exploration project in the North African country, in the Northwest. “We are very pleased with Tatneft’s resumption of its activities at Ghadames Basin. This enhances confidence in Libya’s oil and gas sector and serves the Libyan economy,” NOC’s chairman Mustafa […]