NNPC made N92.58bn from sale of petrol in May – NNPC
Businessam Staff
August 6, 2020
The Nigeria National Petroleum Corporation made N92.58bn through the sale of petrol in May 2020. This is as petrol accounted for N2.37 trillion out of the total revenue generated from the sale of white products between May 2019 and May 2020 which stood at N2.39 trillion. It said the revenue from petrol sale was generated […]
Eni absolves management from OPL 245 payments
Ben EguzozieAugust 4, 2020
Says development of field to bring great economic benefits to Nigeria Eni, the Italian oil giant, has published documents on its website in which it said, depict that its management was never complicit nor had any knowledge of the payments made in the multi-billion-dollar OPL 245, also called Malabu oil field. “Eni reiterates the total alienation of […]
PIB passage recieves boost as Reps set up 30-man c’ttee to accelerate passage
Businessam StaffAugust 4, 2020
The House of Representatives is set to pass the long-awaited Petroleum Industry Bill, PIB, into law in September. A thirty-member committee, with five members drawn from each of the six geo-political zones of the country, is expected to start work on the bill in the third week of this month. Ndudi Elumelu, the minority leader […]
Power: Siemens gets N8.64bn counterpart funding to boost electricity in Nigeria
Businessam StaffJuly 29, 2020
The Nigerian electricity improvement scheme between a glober energy company, Siemens, and the Nigerian government moved a step closer to being realised as the Federal Executive Council on Wednesday approved the payment of N.6 billion to the company. A breakdown of the money shows that the sum of €15.21 million (N6,940,081,465.20) as offshore and N1.708 […]
Oil giant, Saudi Arabia, records $29bn deficit in Q2 as oil demand continues to fall
Businessam StaffJuly 29, 2020
World oil-producing giant, Saudi Arabia, has recorded an oil revenue deficit of $29 billion for the second quarter of the year due to continued drop in oil prices and oil demand, which affected the incomes of oil producing and exporting countries. A Reuters report monitored by Business A.M. revealed that the country’s oil incomes for […]
NNPC pens $1.5bn prepayment oil financing deal with traders
Businessam StaffJuly 29, 2020
The Nigerian National Petroleum Corporation has signed a $1.5bn prepayment deal that will see it selling crude to some oil trading companies in exchange for the prepaid money. Standard Chartered is leading the financiers backed by two oil traders, Vitol Group and Matrix Energy, according to Reuters. Quoting sources said to be close to the […]
AfDB signs $400m senior loans for $20bn MozambiqueLNG landmark project
Charles AbuedeJuly 22, 2020
Charles Abuede The African Development Bank (AfDB) said it is involved in a joint partnership with other global syndicates of commercial and development financial institutions to finance the $20 billion Mozambique Liquefied and Natural Gas (LNG) project with a $400 million senior loan signing. The project is regarded as the single largest foreign direct investment […]
NNPC records N30.8bn loss in April
Businessam StaffJuly 16, 2020
The national oil company, the Nigerian National Petroleum Corporation incurred a loss of N30.81bn in April 2020, representing a continuatoio of the streak of losses posted by the firm over the past couple of months. The loss also represents over 200 per cent increase in its operating deficit, latest figures from the oil firm showed […]
Only 11% of Shell’s oil polluted Ogoniland undergoing HYPREP clean-up, says Friends of the Earth
Ben EguzozieJuly 15, 2020
UNEP identified 21 impacted areas in Ogoniland Godwin Uyi Ojo, executive director of Environmental Rights Action/ Friends of the Earth, Nigeria (ERA/FoEN) says a recent study the NGO carried out on the 21 sites being currently cleaned up by the Federal Government agency, Hydrocarbon Pollution Remediation Project (HYPREP), represent only 11 percent of the entire […]
SEPLAT taps top banker, accountant Onwuka, as finance chief, ED
Businessam StaffJuly 11, 2020
Banker was GMD of acquired Diamond Bank in heyday Seplat Petroleum Development Company Plc, the dual Nigerian Stock Exchange and London Stock Exchange listed Nigerian indigenous oil and gas company, has tapped top Nigerian banker and accountant, Emeka Onwuka, as its chief financial officer and executive director, the company announced at the weekend. Onwuka once […]