Oil & Gas

Otedola takes steps to acquire Forte Oil upstream, power firm

Jan 17, 2019

The majority shareholder of Forte Oil Plc, Mr Femi Otedola, is planning to buy out the company’s upstream services and power distribution firm to be ratified by the shareholders on February 7. Mr Akinleye Olagbende, the firm’s Company Secretary, disclosed this in a letter to the Nigerian Stock Exchange on Wednesday. Olagbende said the move…

Read More

Average price of petrol dropped to N145.80 per litre in Dec – NBS

Jan 16, 2019

The National Bureau of Statistics, NBS report, released yesterday, showed that the average price paid by consumers for premium motor spirit (petrol) decreased by -15.1% year-on-year and -1.1per cent month-on-month to N145.80 in December 2018 from N147.50 in November 2018. The NBS report also stated: “States with the highest average price of premium motor spirit…

Read More

NNPC set to launch engine oil brand, others in March 2019

Jan 16, 2019

The retail arm of the Nigerian National Petroleum Corporation (NNPC) will by the first quarter of this year launch its lubricant brand into the Nigerian market as part of strategies to improve revenue and expand NNPC’s retail market share. The Managing Director of NNPC Retail Ltd, Mr. Adeyemi Adetunji, who said this in an interview…

Read More

Extra cargo of Egina crude added to Nigeria’s February programme

Jan 16, 2019

March loading programmes had not yet emerged on Tuesday but were expected before the end of the week, while an extra cargo of new grade Egina was added to Nigeria’s February programme. Sahara sold a cargo of end-February loading Nigerian Egina and Phillips 66 was said to be the buyer, traders said. An additional cargo…

Read More

FG’s planned railway concession stalls distribution of petrol by rail – PEF

Jan 16, 2019

Nigeria’s plan to resume distribution of petroleum products through the railways has been put on hold by the federal government’s decision to concession the rail system, the Executive Secretary of the Petroleum Equalisation Fund (PEF), Mr. Ahmed Bobboi, has said. Bobboi said yesterday at a workshop in Abuja that plans by the PEF to introduce…

Read More

Nigerian firm MOB Integrated, emerges largest supplier of LPG in W. Africa

Jan 16, 2019

Petroleum marketing company in Lagos, MOB Integrated Services Limited, is now the largest supplier of Liquefied Petroleum Gas (LPG) in West Africa, delivering over 25,000 metric tonnes (MT) monthly across the sub-Sahara Africa, including Nigeria, Republic of Benin and Ghana. With Nigeria still being an emerging market, which consumes above 500,000 metric tonnes annually, MOB…

Read More

Atiku reiterates plan to privatise NNPC as Nigeria’s elections approach

Jan 16, 2019

Nigeria’s main opposition candidate for president said on Wednesday he would seek to privatise the state oil company and other government assets if elected next month, while removing a costly petrol subsidy, to revive the economy. Atiku Abubakar, a businessman who served as vice president between 1999 and 2007, has promised to double the size…

Read More

Oil bloc concessionaires heighten race for renewal before elections

Jan 15, 2019

The concessioners of 28 expired oil blocks have heightened the race for the renewal of their leases ahead of the 2019 general elections. Most of the firms, it was gathered at the weekend, expressed apprehension that the results of the polls might change dynamics for licence renewal, hence the rush to get them renewed before…

Read More

Nigeria earned $640.35m from oil, gas exports in October 2018

Jan 15, 2019

The Nigerian National Petroleum Corporation (NNPC) on Tuesday said that Nigeria earned $640.35million from the export of crude oil and gas for the month of October, 2018. The NNPC Monthly Financial and Operations Report for October 2018 contained this. According to a statement of the Group General Managing, Group Public Affairs Division, Mr. Ndu Ughamadu,…

Read More

Niger Govt reconfirms hydrocarbon discovery in Bida Basin

Jan 15, 2019

The Niger State government has again confirmed the presence of hydrocarbon in the Bida basin, but explained that the state has not been able to confirm the presence of crude oil in the basin. The state government has commenced talks with investors that “will conduct seismic data analysis to prove the viability of hydrocarbon in…

Read More

SUBSCRIBE TO LATEST ENERGY NEWS

Read the latest energy industry news and researched articles
for oil and gas, power generation, renewable energy, events and more...