Viathan Group, a private company, has issued a $32 million infrastructure bond to fund power assets — the first of its kind in Nigeria. The bond, which is worth N9.8bn when converted at the Central Bank of Nigeria (CBN) official rate N305.65 to a dollar, is offered at an interest rate of 16 percent. Viathan is owned by Synergy Private…
The Nigerian National Petroleum Corporation (NNPC) has no plan to execute an increase in the pump price of Premium Motor Spirit (PMS), otherwise called petrol.NNPC wishes to assure motorists and other consumers of petroleum products that the pump price of petrol remains N143 per litre in NNPC Retail outlets and N145 per litre in other fuel stations,…
Exxon Mobil Corporation has announced positive results from its Ranger-1 exploration well, marking ExxonMobil’s sixth oil discovery offshore Guyana since 2015.The Ranger-1 well discovery adds to previous world-class discoveries at Liza, Payara, Snoek, Liza Deep and Turbot, which are estimated to total more than 3.2 billion recoverable oil-equivalent barrels.ExxonMobil affiliate Esso Exploration and Production Guyana Ltd. began…
The Honourable Minister of State for Petroleum Resources and Board Chairman, Nigerian National Petroleum Corporation (NNPC), Dr. Emmanuel Ibe Kachikwu, has reeled out options being weighed to guarantee seamless supply and distribution of petroleum products across the Country within an 18-month corridor, ahead of the eventual attainment of local refining capacity.In a presentation to the…
Halliburton has announced the release of Geometrix 4D Shaped Cutters, a line of four distinct geometric profiles to help improve cutting efficiency and increase control to reduce drilling costs. Halliburton may now offer the largest portfolio of shaped cutters in the oil and gas industry.The new bit’s cutters expand the capabilities of traditional polycrystalline diamond…
Maersk Drilling has been awarded a four year contract for the deepwater drillship Maersk Venturer by Tullow Ghana Ltd.The contract, which was signed December 2017, is expected to commence in February 2018 and covers development drilling on the Jubilee and TEN fields offshore Ghana.Maersk Venturer is currently in transit for the job offshore Ghana thereby further strengthening Maersk…
Oil marketers in Nigeria may have opted to lobby the federal government to consider and grant them some form of tax holidays and other incentives that would enable them resume importation of petrol into the country, THISDAY learnt last night in Abuja. The proposal, it was learnt, was to appeal to the government to provide…
By Energy Worth The nationwide blackout continued Wednesday after efforts by the Transmission Company of Nigeria (TCN) to restore electricity failed, following a second system collapse of transmission network at exactly 14.19 hours. According to TCN, the second system failure occurred when the Odukpani-Ikot Ekpene 330kV transmission line tripped, cutting off electricity generation and transmission…
*Dr Maikanti Baru and some top management members of the corporation.The Nigerian National Petroleum Corporation (NNPC) Group Managing Director, Dr. Maikanti Baru, has ordered an immediate assessment of the damage caused by a fire on the Escravos to Lagos Pipeline (ELP), a natural gas pipeline which supplies gas from Escravos region of the Niger Delta…
The Nigerian National Petroleum Corporation (NNPC) through its Downstream subsidiary, the Petroleum Products Marketing Company (PPMC), sold and distributed a total of 1.352.86 billion (one billion three hundred and fifty-two million and eight six thousand) litres of white products across the country in October, 2017. Details of the transactions contained in the October 2017 edition of…
