Category: Business News

By Oke Peter The Economic and Financial Crimes Commission (EFCC), has expressed difficulty in arresting the former Nigerian petroleum minister, Dan Etete and Mohammed Adoke in the ongoing trial for the alleged diversion of $1.1 billion in sale of Oil Prospecting License, OPL 245. As a result, trial was stalled on Thursday, as prosecutors were…

ExxonMobil has announced that it has completed an agreement to purchase half of Statoil’s interest in the BM-S-8 block offshore Brazil, which contains part of the pre-salt Carcara oil field. The Carcara field contains an estimated recoverable resource of 2 billion barrels of high-quality oil. The block is located approximately 200 miles offshore Rio de Janeiro….

The oil giant, Exxon Mobil Corporation, has announced an estimated third quarter 2017 earnings of $4 billion, or $0.93 per diluted share, compared with $2.7 billion a year earlier as commodity prices improved and performance in the Upstream and Downstream strengthened. Impacts related to Hurricane Harvey reduced earnings by an estimated 4 cents per share. According to the…

By Oke Peter The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Kacalla Baru, has charged engineering practitioners in the country to provide viable solutions towards fast-tracking Nigeria’s quest to diversify the economy.  Dr. Baru gave the charge while speaking at the 30th Conference and Annual General Meeting of the Nigerian Institution…

By Oke Peter Oil search in the nation’s inland basins received a fresh impetus following the commencement of exploration activities in the Benue Trough by the Nigerian National Petroleum Corporation (NNPC).  Group Managing Director of the Corporation, Dr. Maikanti Baru, announced this development during a visit to the Governor of Nasarawa State, Alhaji Umaru Tanko…

Oando Plc has obtained an ex-parte order from the Federal High Court (FHC)  restraining the Nigerian Stock Exchange (NSE) from implementing a technical suspension of its shares. The company’s Head, Corporate Affairs, Mrs Alero Balogun, disclosed this on Tuesday that the ex-parte order was obtained on October 23. Balogun said the order also restrained the…

By Oke Peter CNOOC Limited has announced its key operational statistics for the third quarter of 2017. In a statement made available to newsmen on Wednesday by the company, for the third quarter of the year, the Company has achieved a total net production of 116.2 million barrels of oil equivalent (“BOE”), representing a decrease…

The management of the Ibadan Electricity Distribution Company (IBEDC) has reiterated that it is fully committed to metering all her customers in the shortest possible time future. As part of this commitment, the company has metered over 300,000 customers across its coverage area. In Ogun state, it has metered about 70,000 customers with over 23,000…

By One Peter The Organisation of Petroleum Exporting Countries (OPEC) Secretary General, Mohammad Sanusi Barkindo, has sent a letter to the Secretary General of the United Nations (UN), HE António Guterres, in which he congratulated the UN family on UN day. The occasion has offered an opportunity to reflect on the success of OPEC’s cooperation…