Nigeria moves to recover 35,000bpd lost to Shell JV, Belema oil dispute
Businessam Staff
September 30, 2019
The Nigerian government says it is determined to continue to extract over 35,000 barrels per day of crude oil output lost to a community dispute in the Niger Delta region. A dispute between Nigerian National Petroleum Corporation(NNPC) joint venture partner, Shell Petroleum Development Company (SPDC), Belema oil and communities around oil mining lease (OML) 25 in […]
Nigeria’s oil rich Rivers State acquires Shell’s oil mining lease
Businessam StaffSeptember 30, 2019
Governor Nyesom Wike has announced Rivers State Government’s acquisition of Shell Petroleum Development Company (SPDC) 45 percent operating stakes in oil mining lease (OML) 11 in Ogoniland, Rivers state. Wike, in a brief state broadcast, said his administration has also made a $150 million bid for the purchase of some other interest of SPDC, now placed on auction […]
Nigeria’s 13% contribution to drive global new-build refinery CDU capacity growth by 2023, says GlobalData
Samson EchenimSeptember 4, 2019
By Samson Echenim Nigeria is expected to drive new-build crude distillation unit (CDU) capacity growth in the global refinery industry from planned and announced (new-build) projects during the outlook period 2019 to 2023, contributing around 13 percent of global CDU capacity growth by 2023, according to GlobalData, a leading data and analytics company. The company’s […]
Nigeria imports 5.61bn litres of petrol between April and June – NBS
Businessam StaffAugust 7, 2019
The National Bureau of Statistics said 5.61 billion litres of premium motor spirit (PMS) were imported into the country in the second quarter of 2019. The NBS disclosed this in its “Petroleum Products Importation and Consumption (Truck Out) Statistics (Q2 2019)” report released in Abuja. It said 1.38 billion litres of Automotive Gas Oil (AGO) […]
FG approves Nigerian Gas Flare Commercialization Programme report on SOQs evaluation exercise
Businessam StaffJuly 17, 2019
THE FEDERAL GOVERNMENT has approved the statements of qualification (SOQs) evaluation report presented by the inter-ministerial committee of the Nigerian gas flare commercialization programme (NGFCP). Folasade Yemi-Esan, permanent secretary, ministry of petroleum resources, conveyed the ministry’s approval in her supervisory capacity over the affairs of the ministry following the successful completion of the evaluation exercise […]
Oil edges up as storm hampers U.S. supply, glut forecasts weigh
Businessam StaffJuly 12, 2019
Oil futures edged up on Friday as U.S. Gulf of Mexico crude output was halved by disruptions caused by a tropical storm, but concerns over a global surplus in the months ahead limited gains. Brent crude futures were up 31 cents to $66.83 a barrel by 11:21 a.m. EDT (1521 GMT). U.S. West Texas Intermediate […]
We’re not getting forex at N305/$1, oil marketers lament
Businessam StaffJuly 5, 2019
The Major Oil Marketers Association of Nigeria has said its members are not getting foreign exchange at N305 to a dollar for the importation of Premium Motor Spirit, also known as petrol. The Nigerian National Petroleum Corporation has been the sole importer of petrol into the country for more than a year as private oil […]
NNPC pays ExxonMobil Nigeria affiliate $833.57m final cash-call arrears, three years ahead of repayment plan
Phillip IsakpaJuly 4, 2019
Three years ahead of a scheduled repayment agreement, state-owned oil company, Nigerian National Petroleum Corporation (NNPC) has paid ExxonMobil’s Nigeria affiliate, Mobil Producing Nigeria $833.57 million in final and full settlement of its cash-call obligation, the corporation announced in a statement made available to business a.m. The NNPC had signed what it tagged Cash-call Repayment […]
Oil supertanker bound for Syria detained in Gibraltar
Businessam StaffJuly 4, 2019
British Royal Marines and officials in Gibraltar have detained the supertanker Grace 1 suspected of carrying crude oil to Syria, in breach of European Union sanctions, the government of Gibraltar said. In a statement the government said it had reasonable grounds to believe that the Grace 1 was carrying its shipment of crude oil to […]
Smugglers move Nigeria’s petrol to Mali, Ghana, others — NNPC
Businessam StaffJuly 4, 2019
Smugglers of premium motor spirit, popularly known as petrol, smuggle the commodity to as far as Burkina Faso, Mali and Cote d’Ivoire, the Nigerian National Petroleum Corporation stated on Wednesday. The NNPC also stated that the commodity was being smuggled to neighbouring Ghana, adding that this was largely due to the price disparity of PMS […]