Business & Finance

Nigeria’s oil sector FDI drops by $17.12m in 3 months

Jan 12, 2019

Foreign Direct Investment in Nigeria’s oil sector dropped by $17.12m in the third quarter of 2018, the Nigerian Natural Resource Charter stated on Wednesday. According to the NNRC, foreign investments in the sector plunged from $24.85m in the second quarter of 2018 to $7.73m in the third quarter of the year. The $17.12m drop represents…

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Hopes raised for Nigeria’s 2019 budget as oil price hits $60

Jan 10, 2019

The oil price rebound, yesterday, reached a significant point, selling at $60 per barrel, as the Organisation of Petroleum Exporting Countries, OPEC, continue to withdraw excess oil from the international market. Prices of Brent, West Texas Intermediate, WTI, and OPEC Basket of 14 crudes stood at $60.00, $59.91 and $56.11 per barrel respectively. Further checks…

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Oil price extends gains to $59 on potential US/China trade talks

Jan 9, 2019

Oil prices rose on Wednesday, further extending gains from the previous session on hopes that Washington and Beijing can resolve a trade dispute that has triggered a global economic slowdown. U.S. West Texas Intermediate (WTI) crude oil futures were at $50.29 per barrel up 51 cents, or 1 per cent from their last settlement. It…

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Rivers Governor defiant over terminated assets sale to Sahara Energy

Jan 9, 2019

River State Governor, Nyesom Ezenwo Wike, Thursday declared that no amount of blackmail and propaganda would alter the termination of the sale of valued state assets to Sahara Energy Limited. Wike said: “No amount of blackmail will change the situation. The courts are there for them to seek redress. “Rivers and Lagos States are not…

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Eroton refinances its RBL debt with GTB

Jan 9, 2019

The Nigerian independent Eroton Exploration and Production Company Limited has successfully refinanced the facility it took from Guarantee Trust Bank to purchase the 45% of Oil Mining Lease (OML) 18 in the eastern Niger Delta. Eroton produces around 40,000BOPD from that asset, which it took over as operator in September 2015. The state hydrocarbon company…

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Nigeria suffers $17.12m investment plunge in oil sector

Jan 8, 2019

Nigeria has suffered a plunge of $17.12 million foreign investment in its oil industry in just three months. Checks by New Telegraph showed that investor apathy, which trailed the petroleum industry from August to September 2018, has been listed as the cause of the plunge, highest since the first quarter of 2016. Foreign capital inflow…

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Oil prices rebound on potential US/China trade dispute discussions

Jan 7, 2019

Oil prices rose by around 1 percent on Monday, lifted by optimism that talks could soon resolve the trade war between the United States and China, while supply cuts by major producers also supported the market. Brent crude futures were at $57.61 per barrel up 55 cents, or 1 per cent, from their last close,…

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India was Nigeria’s biggest trading partner for oil, others in Q3 2018 – NBS

Jan 6, 2019

India was Nigeria’s biggest trading partner in the third quarter of 2018, gulping N719.2bn of crude and N37.7bn of natural gas exports from the country. India also bought cashew nuts worth N4.7bn. The latest figures from the National Bureau of Statistics, covering July, August and September, also listed Spain, France, Netherlands and China as Nigeria’s…

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Oil prices rise to $56

Jan 3, 2019

Oil prices reversed course and turned sharply higher in mid-morning trade yesterday. Brent crude rose $2.60, or 4.8 per cent, to $56.40 a barrel after trading as low as $52.51 earlier. U.S. West Texas Intermediate crude rose $2.22, or 4.9 per cent, to $47.63. This came after earlier falling more than $1 a barrel as…

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Budget minister allays budget fears over oil price drop

Jan 3, 2019

Minister of Budget and National Planning, Senator Udoma Udo Udoma, has allayed the fears of Nigerians over the softening of the international oil prices, saying that the government will closely monitor the events with a view to achieving targeted oil production. According to him, President Muhammadu Buhari has directed the Nigerian National Petroleum Corporation (NNPC)…

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