The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Mele Kyari, yesterday said that the anticipated public listing of the company’s shares at the stock market as provided for in the Petroleum Industry Act (PIA) will start soon.
Kyari told international oil and gas players participating at the ongoing 2024 CERAWEEK in Houston, United States that NNPC would become a quoted company in line with the PIA, adding that at maturity, some of the national oil company’s shares would be divested.… Read the rest
Nigeria has regained its position as the biggest recipient of payments from Shell as production entitlement, royalties, taxes and fees to the government in 2023 amounted to $4.92 billion, the highest in four years.
The payout to Nigeria increased by 8.85 percent compared to the previous year, representing 16.67 percent of the company’s total payments to 26 countries, new data released by Shell shows.… Read the rest
Nigeria has regained its position as the biggest recipient of payments from Shell as production entitlement, royalties, taxes and fees to the government in 2023 amounted to $4.92 billion, the highest in four years.
The payout to Nigeria increased by 8.85 percent compared to the previous year, representing 16.67 percent of the company’s total payments to 26 countries, new data released by Shell shows.… Read the rest
Savannah Petroleum PLC has acquired 100 per cent of the stakes of Sinopec International Petroleum Exploration and Production Corporation in Stubb Creek Field.
Savannah said on Tuesday that it consolidated its Stubb Creek Field interest in Nigeria, signing separate Share Purchase Agreements with Sinopec International Petroleum Exploration and Production Corporation and Jagal Ventures Limited to acquire 100 per cent of SIPEC.… Read the rest
Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), Mr. Mele Kyari, yesterday said the Final Investment Decision (FID) on the Nigeria-Morocco Gas Pipeline (NMGP) Project will be taken in December 2024.
Kyari also advocated a differentiated approach to attaining energy transition for the African continent.
He spoke during a leadership dialogue session at the ongoing CERAWeek Conference in Houston, United States.… Read the rest
The upward trend in oil and gas exploration activities persisted in February as the rig count, an index of measuring upstream activities, rose year-on-year, YoY, by 23 per cent to 16, in February 2024, from 11 in the corresponding period of 2023.
Also, on month-on-month, MoM, the exploration indicated marginal growth of 6 per cent from 15 in January, 2024, according to the March 2023 Monthly Oil Market Report, MOMR of the Organisation of Petroleum Exporting Countries, OPEC.… Read the rest
Nigeria’s self-reported crude oil production figures to the Organisation of Petroleum Exporting Countries (OPEC) was underwhelming in February, but rose 9 per cent year-on-year, a THISDAY review of data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has shown.
Production was curtailed in almost all of the country’s oil terminals including; Bonny, Brass, Qua Iboe, Forcados, Excravos, Odudu, Tulja-Okwuibome, among several others.… Read the rest
State-owned Nigerian National Petroleum Company (NNPC) has sought assistance from the EFCC to curb oil theft and pipeline vandalism in Nigeria.
During a meeting held in Abuja last week, NNPC chief executive Mele Kyari informed the EFCC of the disturbances in the oil-rich Niger Delta region. He said: “We have deactivated 6,409 illegal refineries in the Niger Delta region. Today, we have disconnected up to 4,846 illegal pipes connected to our pipelines out of 5,543 such illegal connection points.… Read the rest
Nigerian oil margins per barrel increased slightly in London trade on Monday, continuing the upward trend that began last week when prices surged by almost 4% on the belief that supply was contracting and the possibility of additional attacks on Russian energy infrastructure was raising concerns
At the time of drafting this report, the May delivery of Brent crude oil futures increased by 40 basis points to $85.66 a barrel.… Read the rest
The country’s petroleum products distribution and supply chain may face more challenging complexities going by current foreign exchange market intricacies.
At a media forum yesterday Major Energy Marketers Association of Nigeria(MEMAN), complained that the perplexity of the forex market uncertainty has stopped members from embarking on Premium Motor Spirit (PMS), known as petrol importation.
They said, it is not easy to put together a correct mathematical calculation of the products landing cost as to further determine the appropriate pump price.… Read the rest