Oil & Gas

Seplat CEO sees oil prices fluctuating between $40 and $50 a barrel

May 28, 2020

Austin Avuru, chief executive officer of Seplat Petroleum Development Company Plc, has said they expect a new normal of very low oil prices, somewhere between $40 to $50 per barrel. We will be lucky if it gets to $60. The current situation is unlike in the past where revenue from oil accounted for 80 per…

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High Court prevents revocation of Ororo Marginal Field

May 28, 2020

The Federal High Court sitting in Lagos yesterday restrained the Minister of Petroleum Resources and Department of Petroleum Resources (DPR) from revoking the Ororo Marginal Field in OML 95 pending the determination of the substantive suit. Justice Muslim Sule Hassan granted the order of interim injunction against the respondents following a May 19 motion ex…

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AKK gas pipeline project set to unlock Nigeria’s industralisation

May 28, 2020

Nigeria is finally on the verge of unlocking huge economic benefits arising from its natural gas endowment. For many years, the country had been hindered by absence of gas transmission pipelines in her bid to harness its abundant gas reserves for provision of gas to generate electricity, and stimulate rapid industrialization using gas as feedstock…

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European demand for Nigerian crude remains weak despite gradual easing of lockdowns

May 28, 2020

Stagnant European demand offered little hope to sellers of West African crude on Wednesday, as China and India continued to show the most appetite for oil imports. Traders said there would be three cargoes of Nigerian Bonga crude oil exporting in July after Shell began a routine two-week maintenance of its export terminal on May…

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Ardova increases revenue by 22% to N53bn in Q1 2020

May 28, 2020

Ardova Plc has reported a revenue of N52.1 billion for the first quarter ended March 31, 2020, showing an increase by 22.3 per cent, compared with N426 billion posted in the corresponding period of 2019. The rise in revenue was primarily driven by a 24.6 per cent growth with fuel business constituting 92 per cent…

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Nigeria to continue oil exploration in Northern basins as NOCs’ slash budgets globally

May 28, 2020

Though National oil companies (NOCs) across the world are estimated to cut exploration budgets by $5 billion to around $14 billion this year, the Federal Government has stated that the plan to explore prospects of hydrocarbon in the Northern region of the country will continue. The Minister of State for Petroleum Resources, Timipre Sylva, who…

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Axxela N10bn bond records 124% subscription

May 28, 2020

Axxela Limited, a portfolio company with a vision of becoming the preferred and fastest-growing gas & power firm in sub-Saharan Africa, has concluded the Axxela Funding 1 Plc Series 1 N10 billion Seven-Year Fixed Rate Senior Secured Bond Issue its under the N50 billion Bond Issuance Programme. At the conclusion of the book build, the…

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Petrol sold above N130 in 17 states in April – NBS

May 27, 2020

Despite the reduction in the price of petrol to N125 per litre, the product was sold above N130 per litre in 17 states in April, according to the National Bureau of Statistics. Following the sharp drop in global crude oil prices, the pump price of petrol, which is still being regulated by the government, was…

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Bonga oil export terminal shutdown for maintenance

May 27, 2020

Nigeria’s Bonga crude oil export terminal has begun routine maintenance, its operator Shell told Reuters on Tuesday, adding it aimed to have the work done in “record time”. The Shell Nigeria Exploration and Production Company (SNEPCo) said in an email that maintenance on the Bonga floating production storage and offloading unit (FPSO) began on May…

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Nigerian refinery operator seeks support for local refining of crude oil

May 27, 2020

The Chairman of OPAC Modular Refinery, Mr. Momoh Oyarekhua, has urged the federal government to encourage local refining of the country’s crude oil to reduce the penchant for importation of finished products and mitigate post-COVID-19 national economic crisis. The 7,000 barrels per-stream-a-day capacity OPAC Refinery sited in Kwale, Delta State, currently under construction, is among…

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