Category: Uncategorized

Africa Oil sees Nigerian profits roll in

Africa Oil sees Nigerian profits roll in

Africa Oil paid down $45.2 million of its debt during the first quarter, after receiving $87.5mn from its stake in three major Nigerian oilfields. Despite this, the company took a $215.6mn non-cash impairment on exploration assets in Kenya, leading it to post a loss for the period of $137.9mn. The loss in Kenya is related […]

Terminations of rig contracts threaten Nigeria’s oil fortunes

Terminations of rig contracts threaten Nigeria’s oil fortunes

Some of the biggest oil companies operating in Nigerian rig activities have started cancelling their oil rigs contracts from drilling companies as the effect of coronavirus and a price war continue to take a toll on hydrocarbon industry worldwide. The termination of rig counts contracts in Nigeria’s oil and gas industry exposed the volatile state […]

Nigeria hopeful as oil passes $30 benchmark amid new cuts

Nigeria hopeful as oil passes $30 benchmark amid new cuts

Crude oil futures were higher yesterday morning amid market expectations that demand destruction following the COVID-19 outbreak has found a floor, while OPEC+ cuts begin. With the gradual recovery, oil-producing countries like Nigeria can be hopeful of increased revenue, once demand rises and old stock find buyers. Indeed, the Federal Government had revised downward the […]

Nigeria records 253.09BCF of natural gas in January – NNPC

Nigeria records 253.09BCF of natural gas in January – NNPC

A total of 253.09 Billion Cubic Feet (BCF) of natural gas was produced in January 2020 translating to an average daily production of 8164.23 Million Standard Cubic Feet per Day (mmscfd). The Nigerian National Petroleum Corporation (NNPC) made this disclosure in its monthly financial report for the period January 2020. It  also said a total […]

NLNG plans construction contract for $10bn Train 7 project

NLNG plans construction contract for $10bn Train 7 project

The Nigerian LNG Limited has said it is making significant progress in activities that will lead to the formal award of engineering, procurement and construction contracts for its Train 7 project. The NLNG announced in September 2019 that it had issued a Letter of Intent for the EPC contract to SCD JV Consortium, which is […]

Nigeria records $434.85m crude oil export sales in January

Nigeria records $434.85m crude oil export sales in January

Nigeria recorded crude oil and gas export sale of $434.85million in January 2020, an increase of 94.30 per cent pitched against the December 2019 figures, the Nigerian National Petroleum Corporation’s (NNPC) Monthly Financial and Operations Report, released today, in Abuja has stated. The statement by the corporation’s Group General Manager, Group Public Affairs Division, Dr. […]

NNPC, oil industry coalition donate to Southwest states

NNPC, oil industry coalition donate to Southwest states

The Oil and Gas Industry Intervention Initiative on the COVID-19 has donated six ambulances, medical equipment including nose masks, surgical gloves and ventilators, among others, to the six states in the Southwest, to fight Coronavirus. The donation was made yesterday at the National Petroleum Investment Management Services (NAPIMS), Ikoyi, Lagos. The Oil and Gas Industry […]

Ownership structure, best way to fix refineries, says PENGASSAN

Ownership structure, best way to fix refineries, says PENGASSAN

President, Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Ndukaku Ohaeri, has advocated the need for the ownership structure of the refineries, saying the development is the best way to add value to the economy. Specifically, he advocated the need to align the ownership change of the assets as in the Nigeria Liqufied […]

Nigeria may stop oil production if price crash persists –NNPC

Nigeria may stop oil production if price crash persists –NNPC

The Nigerian National Petroleum Corporation (NNPC) has said the country might have to halt the production of oil if the prices of oil continued to fall consistently. Brent, the benchmark against which Nigeria’s oil grades are priced, plunged by $6.34 to $19.23 per barrel on Tuesday amidst falling demand and an unprecedented glut in the […]

FG to sustain peak power generation with new gas supply deal

FG to sustain peak power generation with new gas supply deal

A new gas supply agreement among the Nigerian National Petroleum Corporation (NNPC), the Transmission Company of Nigeria (TCN), power Generation Companies (Gencos) and other major stakeholders may see the federal government sustaining the current peak performance by the sector, THISDAY learnt at the weekend. Since the deal, which saw the NNPC paying about N220 billion […]

  • 18b Ahmed Tijani Otun Street, Off Victoria Arobieke Street, Lekki Phase 1, Lagos, Nigeria.
Telmek Global Resources © 2020
Scroll to Top