Monthly Archives: February 2019

Oil price rises as uncertainty over Nigeria elections, Venezuela tension mounts

AS Nigeria’s stock market turn positive with significant capital gains ahead of official conclusion of the general elections, oil prices, yesterday shot up, apparently over uncertainty over the outcome of the election’s as well as the political tension in Venezuela. Also the pressure on oil price appears to be coming from a positive sentiment over […]

Nigeria to boost domestic gas supply by 600mmscfd

A major step on attaining sufficiency in domestic gas supply was taken by the Nigerian National Petroleum Corporation (NNPC) Wednesday in Abuja with the execution of Final Investment Decision (FID) on the development of the 4.3trillion cubic feet Assa North/Ohaji South Fields (ANOH) in OML 21 between the corporation and its Joint Venture partners among which […]

Nigeria demands $20bn from oil companies in tax, royalty arrears

The Federal Government, in its continued clampdown on tax defaulters to shore up its revenue, has demanded a number of foreign oil companies operating in the country to pay almost $20 billion in taxes owed to states, industries and government.   A report by Reuters on Thursday indicated that a letter sent to the companies […]

FG’s N701bn bailout in jeopardy as Distribution firms remit 25.5%

The poor remittance levels of the 11 electricity distribution companies (Discos) in Nigeria’s privatised power market may have defeated the aim of the N701 billion bailout by the Central Bank of Nigeria (CBN) to the power generation companies and gas suppliers, THISDAY has learnt.   Following the declaration last week by the federal government through […]

Nigerian LNG cargo to arrive Portugal February 23

REN-operated Sines LNG import terminal in Portugal is to receive a new cargo of the chilled fuel from Nigeria.   The cargo will be delivered from Nigeria LNG’s Bonny Island liquefaction plant onboard the LNG Borno liquefied natural gas carrier.   The vessel with the capacity to transport 149,600 cubic meters of liquefied natural gas […]

Oil firms in Nigeria waste gas worth 3,000MW of electricity – FG

The volume of gas that is wasted by oil companies in Nigeria is enough to generate about 3,000 megawatts of electricity, the Federal Government has said.   It also stated that the amount of gas flared by oil companies operating in Nigeria was sufficient to power two or three liquefied natural gas trains if harnessed. […]

Nigeria, others face rising competition from US oil exports

Rising imports of US crude oil into Asia in the past few months will bring stronger competition in the months ahead for crudes from Nigeria and other West African countries, traders have said.   S&P Global Platts reported that the market sources highlighted the March loading programme for Nigeria.   Nigerian crude has had a […]

$110m suit against Agip: Court fixes April 20 for judgement

The Federal High Court in Lagos has fixed April 20, 2019 for judgement in the suit filed by the Federal Government to recover the sum of $110m from Nigeria Agip Oil Company Limited.   Justice Mojisola Olatoregun fixed the judgement date on Thursday after the parties adopted their final written addresses.       In […]

PENGASSAN speaks on NNPC sale claims

Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, has refuted social media post by one  Jomo Iroha,  that its President, Francis  Johnson, issued a statement over the sale of the Nigeria National Petroleum Corporation, NNPC.   The Association in a statement by Lumumba Okugbawa, its General Secretary, insisted that at no time did […]