Oando posts N13.1bn profit-after-tax
Omobayo AzeezOctober 31, 2019
By Omobayo Azeez Nigeria’s indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchange, Oando Plc has grown its year-to-date profit after tax (PAT) N13.1 billion as at September, 26 per cent higher than N10.4 billion posted in the same period in 2018. Its unaudited account financial report of the nine months operations […]
NNPC says data-focused ‘Operation White’ helping Nigeria with budgeting, planning
Samson EchenimOctober 30, 2019
By Samson Echenim State oil company, the Nigerian National Petroleum Corporation (NNPC), says its data-focused programme tagged “Operation White” is helping Nigeria with budgeting and planning, as it provides accurate analytical data that shows the exact energy needs of the country. Speaking with journalists while touring the expo section of the Oil Trading and Logistics (OTL) […]
OTL Africa 2019 takes on innovation, technology as global downstream oil players converge in Lagos
Samson EchenimOctober 26, 2019
By Samson Echenim Global players in the downstream petroleum industry will converge on Nigeria for the 13th Oil Trading and Logistics (OTL) Africa Downstream Week with focus on the evolving impact of innovation and technology on efficiency and margins in downstream operations. OTL Africa is the continent’s biggest downstream petroleum event that assembles operators in the value chain of oil and gas supply, comprising international traders, refining, shipping, marketing, logistics, storage, retail, professional services, government and civil society. The annual conference, scheduled to take place from Monday 28 to 30 October 2019 at the Lagos Oriental Hotel is themed, “Growth, Innovation and Technology”. “With a digital innovation sweeping through the industry, countless opportunities are opening up and industry operators are increasingly turning their attention to the impact of technology and digitalisation to improve value-chain decision making, enhance safety, as well as focus on margin growth and profitability. However, there is also the need to coordinate integration of technology across the value chain due to its unpredictability and in order to optimize the potentials therein,” said Emeka Akabogu, convener of OTL Africa. He said relevant industry issues up for discussion included automation, digital transformation and retail margins at the last mile; policy, regulation, pricing, markets and the future of downstream petroleum in Nigeria; clean fuels, meters and measures. According to Akabogu, a frontline maritime lawyer, participants will also engage in discussions on issues concerning the impact of the Dangote Refinery on the West African petroleum products market; opportunities and market considerations for LPG trading; and expanding human resource capabilities in downstream oil & gas operations among others. He stated, “The OTL Africa Downstream Week seeks to promote the development of efficient markets in downstream petroleum by facilitating an interface between private sector perspectives and government concerns with the aim of achieving an easier environment for doing business on the continent. In addition, business to business meetings are always a key feature, with the range of service providers in the downstream value chain relishing the opportunity to identify and take advantage of products and services they would otherwise not have readily available.” Operators from more than 20 countries are expected to participate at this year’s event, with delegates already confirmed from Africa, Asia, Europe, America and the Middle East. Many more countries are represented through organisations which will be showcasing products at the exhibition, while the Nigerian government interest will be represented by CEOs of the key regulatory agencies including PPMC, PPPRA, NNPC and the Ministry of Petroleum. With a total of nine sessions over three days, experts and CEOs of the most important international suppliers, local trading and marketing companies and a range of service providers are scheduled to make presentations.
NECA lauds Nigeria’s improvement in doing business rating
Businessam StaffOctober 24, 2019
The Nigeria Employers’ Consultative Association (NECA) has commended recent reforms carried out by the federal government, which reflected improvement in Nigeria’s ranking in the World Bank Doing Business 2020 Report. Timothy Olawale, its director-general, made the commendation on Thursday in Lagos. NECA is the umbrella organisation of employers in the organised private sector of Nigeria. […]
Rosneft, Russian oil giant, ditches dollar for euros as reference currency
Businessam StaffOctober 24, 2019
Global oil market intelligence emerging right now is indicating that Rosneft, the largest oil company in Russia, has completed the switch from using the US dollar to euros as reference currency in the pricing of its export contracts. Reports monitored by businessamlive.com shows Igor Sechin, chief executive officer of Rosneft, as saying on Thursday that the move […]
Gas shortage reduces Nigeria’s electricity generation by 20%
Businessam StaffOctober 21, 2019
Electricity generation companies (GenCos), comprising gas-fired and hydro stations, say they could not generate 1,631.5 megawatts of electricity on Saturday due to unavailability of gas. This is contained in a daily energy report by the advisory power team, office of the vice-president, a copy of which was obtained by NAN in Abuja on Sunday. The […]
Border closure reduced fuel consumption by 8m litres – FG
Businessam StaffOctober 18, 2019
The federal government has said the closure of the land borders by the Nigeria Customs Service has cut down the consumption of premium motor spirit, also known as petrol, from 60 to 52 million litres per day. This represents a difference of eight million litres per day. The Timipre Silva, minister of state for petroleum […]
Seplat Oil set to acquire London-listed oil firm, Eland
Businessam StaffOctober 16, 2019
Seplat Petroleum Development Company Plc on Tuesday announced that it has agreed to buy Eland Oil & Gas Plc. The company made this known in a disclosure notice sent to the Nigerian Stock Exchange and signed by Edith Onwuchekwa, the company secretary. Seplat is a leading Nigerian independent oil and gas company listed on both […]
NNPC to make public details of petroleum products supplies
Businessam StaffOctober 9, 2019
By Business a.m. Staff The drive towards transparency by the management of the Nigerian National Petroleum Corporation (NNPC) is being taken a notch higher with plans to begin publishing details of petroleum products supplied to it, Mele Kyari, group managing director of the corporation has said. ____________________________________________________________________ Kyari, in a statement issued by Samson Makoji, […]
Oil laws: Nigerian senate deliberates amendment to production sharing contract act
Tola AkinmutimiOctober 9, 2019
By Tola Akinmutimi, in Abuja The senate in Nigeria began deliberations Tuesday on the proposed amendments of the provisions of the production sharing contract (PSC) law which could change the way the country works with multinational oil companies prospecting in its deep offshore and inland basin. The bill being worked on is titled “Deep Offshore […]