FG orders Discos to stop the use of cash payments for electricity bills
Businessam StaffJanuary 1, 2020
The federal government has ordered power distribution companies to migrate to cashless settlement platforms with respect to the collection of electricity bills from residential, industrial and commercial customers. It stated that beginning from January 2, 2020, the distributors had till January 31 and March 31, depending on the class of customers, to comply with the […]
Why the Saudis suddenly agreed to Kuwait’s mega oil deal
Businessam StaffDecember 31, 2019
Strange, is it not, that an agreement has suddenly been reached between Saudi Arabia and neighbouring Kuwait on the oil and gas fields that they share in the ‘Neutral Zone’ after a bitter dispute that showed no sign of ending after nearly five years? Aside from the pure peculiarity of this sudden announcement, there is […]
IOCs delay $58.4bn oil, gas projects in Nigeria
Businessam StaffDecember 31, 2019
A number of oil and gas projects valued at $58.4bn are facing an uncertain future as international oil companies operating in the country have failed to sanction them several years after they were announced. Industry experts said the regulatory and security challenges in Nigeria, as well as the slump in global oil prices, had put […]
Rivers takes on Akwa Ibom, Imo in N21.6bn oil revenue battle
Businessam StaffDecember 30, 2019
Governor Wike denies waging oil war with neighbouring states Ben Eguzozie, in Port Harcourt With Soku oil wells worth over $2 billion now in his kitty, thanks to the Federal High Court Abuja ruling of December 16, 2019, Governor Nyesom Wike is in court again over oil related issues. This time, he is fighting to […]
Oil prices surge on large crude draw
Businessam StaffDecember 27, 2019
Crude oil prices rose higher after the Energy Information Administration reported an inventory draw of 5.5 million barrels for the week to December 20 in its last weekly petroleum status report for 2019. At 441.4 million barrels, inventories were some 2 percent above the seasonal average, the EIA said. The authority also reported average refining rates of […]
Petrol subsidy rises to N47.5/litre as oil price hits $67.86
Businessam StaffDecember 27, 2019
The subsidy on premium motor spirit, popularly known as petrol, has risen to N47.5 per litre as the expected open market price of the commodity hit N180.78 on Monday, latest data from the Petroleum Products Pricing Regulatory Agency showed. Brent, the international benchmark against which Nigeria’s oil is priced, appreciated on Thursday to $67.86 per […]
FG reverses decision to sell oil asset stake
Businessam StaffDecember 26, 2019
For the second year in a row, the federal government has failed to carry out its planned sale of some of its stake in joint venture oil assets. The federal government did not include the sale of the JV oil asset stakes as a source of expected revenue in the highlights of the 2020 budget […]
Govt’ll replace old gas cylinders nationwide, says Sylva
Businessam StaffDecember 25, 2019
The federal government will mop up old and obsolete gas cylinders in circulation and replace them with brand new ones, TimipreSylva, the minister of state for petroleum resources, has said. Sylva, who stated that plans were underway to achieve this as soon as possible, also declared 2020 as the year of gas for the nation. […]
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 […]