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Rising crude price pushes petrol subsidy to N16bn per day

The price of Nigeria’s Bonny Light, yesterday, surged further to $91.38 per barrel, from $90.31, recorded the previous day, indicating an excess of $29.38 against the $62 per barrel benchmark of the nation’s 2022 budget. The leap in price was attributed to a combination of factors, including the declining oil inventory, due mainly to rising demand

TotalEnergies’ full-year profit leaps by 711% amid global oil rebound

TotalEnergies Marketing Nigeria Plc, the local unit of France-based oil and gas giant TotalEnergies SE, reported a net profit growth of above seven fold for 2021 as the global oil industry recovers from a record oil crash the previous year, the company’s financials showed on Friday. The oil driller noted a 67 per cent revenue

NNPC secures $5bn funding from Afreximbank for Nigeria’s oil industry

The Nigerian National Petroluem Company Ltd has secured a $5bn corporate finance commitment from the African Export Import Bank to fund major investments in Nigeria’s Upstream sector. The funding commitment is a fallout of the meeting between the Chairman of the Board of Directors and President of the African Export-Import Bank( Afreximbank), Benedict Oramah; and the

Soot: Presidency seeks review of Petroleum Refining Regulations Act

In a bid to address soot and other environmental pollution caused by artisanal refining activities in the Niger Delta, the presidency has called for the review of the Petroleum Refining Regulations of 1974. Recall that the Rivers State Governor, Nyesom Wike had last year December accused the federal government of inaction towards the hydrocarbon soot

Dangote Refinery Begins Processing 540,000bpd in Q3

Dangote Industries Limited has said its oil refinery will start processing crude in the third quarter of this year. The President, Dangote Industries, Aliko Dangote, said the plant would start with a processing capacity of 540,000 barrels per day. “Mechanical work on the refinery is complete and hopefully before the end of third quarter we