Business & Finance

NNPC paid $993.7m cash call arrears by September 2018

Jan 19, 2019

Nigeria’s state oil firm said on Jan. 18 it had paid $993.7 million up to September in arrears owed to its joint ventures with multinational oil companies by September and still had to make up payments of $3.95 billion. The Nigerian National Petroleum Corp. (NNPC) said it was seeking to raise about $2.3 billion in…

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Insufficient power remains Nigeria’s greatest business constraint

Jan 18, 2019

The recently released November 2018 edition of the Monthly Business Expectations Survey Report of the Central Bank of Nigeria (CBN) has revealed the seemingly obvious fact that the single most compelling factor constraining businesses in Nigeria is insufficient power supply. The survey which was carried out with a sample size of 1,050 businesses comprising of…

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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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