The House of Representatives has raised the alarm that Nigeria may have lost up to $10bn in the controversial Malabu oil deal in one transaction on Operating Licence 245. According to The Punch, the lower chamber said available data indicated that the deal was never in the interest of the country. The Chairman, House of…
Damilola Shittu – Abuja The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, has signed a performance agreement with the management team to ensure the company delivers on its mandate. While signing the agreement on Wednesday in Abuja, Baru said it was part of the on-going efforts to reposition the organisation. He…
By Cyril Widdershoven The world’s largest oil company Saudi Aramco seems to have surprised the global energy markets the last couple of days. New announcements of multi-billion dollar investments in gas related operations, indicating a new move to make Saudi Arabia a major gas exporter, have been made public by the company’s CEO Amin Nasser….
Jumoke Adelabu – Benin City The Edo State governor, Mr Godwin Obaseki, on Tuesday, asked the Managing Director of the Benin Electricity Distribution Company, Mrs Funke Osibodu, to leave his office for “failing to meet obligations to electricity consumers in Edo and throwing the state into darkness for weeks.” The mild drama was said to…
Oil firms on Tuesday top the losers’ table at the the Nigerian Stock Exchange (NSE), the News Agency of Nigeria (NAN) reports. The oil firms are Seplat, Mobil oil and Forte Oil. Seplat led the laggards’ table with a loss of N62.70 to close at N590 per share while Mobil Oil trailed with a loss…
THE Minister of State for Petroleum Resources, Dr Emmanuel Kachikwu and Saudi Arabian Energy Minister, Khalid al-Falih have concluded plans to meet over instability in the international market as oil price drops to $60 per barrel. Investigation by Vanguard revealed that the crucial engagement will take place in Abuja, Nigeria, on November 28, 2018. A…
By Martin Tillier Usually, when a stock has jumped around fifty per cent in five months and twenty per cent in just the last week or so, I am looking to sell. The market tends to overdo moves like that and it is reasonable to assume at that point that you have missed most of…
Plans by Nigerian government to fix Nigeria’s moribund refineries and make them work in utmost capacity will not materialise until 2020, Ibe Kachikwu, Nigeria’s oil minister has said. Dr Kachikwu spoke in Lagos on Monday at the 18th edition of the International Biennial Health Safety and Environmental (HSE) Conference on the oil and gas industry…
Nigeria will lose an estimated $6 billion in revenue to international oil companies, Shell and Eni, over the deal on the controversial oil block, widely known as Oil Prospecting License (OPL) 245. icirnigeria.org reported the new findings quoting a report by Global Witness called Take The Future. According to icir.org, leaked emails and confidential documents…
Damilola Shittu – Abuja The over N60bn revenue shortfall in the books of power distributors is slowing down the distribution of electricity across the country. According to the Nigerian Electricity Regulatory Commission (NERC) in its most recent quarterly report released in Abuja, power distributors recorded a revenue shortfall of N64.5bn in the first quarter of…
