Oil & Gas

Seplat swaps $350m bridge deal for revolving credit facility

Dec 11, 2019

Seplat Petroleum Development Co PLC on Tuesday said it has amended and restated its USD350 million revolving credit facility and cancelled bridge facility agreement. The Nigerian oil & gas company explained that the facility was agreed to fund the cash consideration payable by Seplat to Eland Oil & Gas PLC shareholders pursuant to the acquisition.…

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OPEC+ agree on deeper oil production cuts for 2020

Dec 11, 2019

Oil producers led by Saudi Arabia and Russia agreed on Thursday to cut output by an extra 500,000 barrels a day in the first quarter of 2020 but stopped short of pledging action beyond March. The countries involved pump over 40% of the world’s oil, and their new combined cuts amount to 1.7 million bpd…

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Savannah Petroleum outlines its Nigeria plans for 2020

Dec 11, 2019

Savannah Petroleum expects to generate free cash flow of around $130 million per year from its recently acquired Nigerian assets, based on calculations from CGG Services. Capital expenditure in 2020 will be around $41.5mn, largely directed to gas production at Uquo, with new demand coming from a power plant. CGG published a competent persons report…

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Sylva eyes 5% cut in Nigeria’s oil production cost

Dec 11, 2019

The Minister of State for Petroleum Resources, Mr. Timipre Sylva, has said he is aiming to cut the cost of producing a barrel of oil from Nigeria by at least five per cent during his tenure as a minister in Nigeria’s oil industry. Reports indicate that Nigeria at $28.99 per barrel has one of the…

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FG to release new LPG pricing template in 2020

Dec 11, 2019

Dec Mr Olasupo Agbaje, General Manager, Gas and Renewable Energy, Petroleum Products Pricing Regulatory Agency, said the agency would release a Liquefied Petroleum Gas (LPG), known as cooking gas, pricing template latest by mid-2020. Agbaje, who disclosed this at an interactive retreat on understanding the dynamics of the downstream sector of the petroleum industry in…

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FG to spend N750.81bn on fuel subsidy in 2020

Dec 11, 2019

The Federal Government is expected to spend N750.81bn on petrol subsidy in 2020, latest data from the Petroleum Products Pricing Regulatory Agency have shown. For more than two years, the Nigerian National Petroleum Corporation has shouldered petrol subsidy’s spending on behalf of the Federal Government. It was observed from the PPPRA’s data obtained on Tuesday…

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Indigenous oil firms capable getting through economic turbulence – AOS Orwell

Dec 11, 2019

Indigenous oil firm, AOS Orwell has expressed confidence in the Nigerian oil and gas industry despite the harsh operating environment, noting that the company would continue to invest in a bid to maintain its leadership position in the sector. The Managing Director, AOS Orwell, Femi Omotayo explained that the nation’s oil and gas industry is…

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NNPC to stop funding subsidiary IDSL from corporate budget

Dec 11, 2019

The Nigerian National Petroleum Corporation (NNPC) has disclosed its intention to stop funding the operational activities of one of its subsidiaries, the Integrated Data Services Limited (IDSL), from its corporate headquarters’ budget. NNPC stated that this was necessitated by IDSL’s reported impressive financial performances which has seen it grow its annual revenue from N5.5 billion…

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Petrol supply restored to Lagos depots following pipeline fire

Dec 10, 2019

The Nigerian National Petroleum Corporation (NNPC) said it has resumed supply of premium motor spirit (PMS) otherwise called petrol to Mosinmi and Satellite depots in Lagos following explosions that rocked some part of the pipelines that supply product to the depots. The explosion occurred on December 5, 2019, where a person was confirmed to have…

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NNPC begins nationwide integrity survey on pipelines

Dec 10, 2019

The Nigerian National Petroleum Corporation (NNPC), has announced plans to commence integrity survey on its pipelines. This was even as it warned owners of illegal structures along its Right of Way (Row) to remove them or be ready to face the full wrath of the law. The move aimed at addressing the rising wave of…

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