In a communique issued by the CBN and signed by Tokunbo Martins; the director Banking Supervision, banks in the country have been directed to make provisions for foreign currency denominated loans. This is informed by the impact of the higher exchange rate on banks’ operations. CBN noted that the liberalization of the foreign exchange (forex) market has led to the … Read More
Forte Oil Explains Impressive Half-Year Performance
The Group Chief Executive Officer of Forte Oil Plc, Mr. Akin Akinfemiwa, has attributed the impressive half-year performance of the company to aggressive sale drive, strategic retail acquisition, and prudent approach to cost containment. Forte Oil reported a revenue of N84.475billion for the half year ended June 30, 2016, showing an increase of 38 per cent, from N61.168billion in the … Read More
56 Companies Cut E&P Budget By $230bn in 2016
As deep cuts in capital investment damage the growth prospects of the oil and gas industry, Wood Mackenzie’s recent corporate analysis in the sector shows that 56 companies have cut 2016 exploration and production (E&P) spend by 49 per cent or $230 billion relative to 2014 levels. The report showed that the 56 companies covered in the corporate analysis will … Read More
GENCOs Raise Concern Over TCN’s Operational Capacity
Electricity Generation Companies (Gencos) have attributed the current transmission infrastructure of the Transmission Company of Nigeria (TCN) as a threat to the safety of their operations and equipment. The Gencos have, in their expression of distrust with TCN’s operational capacity, also restated similar feelings on TCN as shared by the electricity Distribution Companies (Discos). They had earlier in 2014 warned … Read More
As Mohammed Barkindo Resumes At OPEC, Oil Falls To $42
The global oil benchmark, Brent crude, fell by over three per cent on Monday to around $42 per barrel amid worries about growing glut in the market. A Reuters survey on Friday found that output from the Organisation of Petroleum Exporting Countries likely rose in July to its highest in recent history as Iraq pumped more and Nigeria squeezed out … Read More
Shell Will Work With British Government On Brexit
Royal Dutch Shell (RDSa.L) has said it will work alongside the British government and European organisations, even though the oil giant was in favour of Britain voting to remain as part of the European Union. “We will work with the UK government and European institutions on any implications for us,” a spokesman said. Although this result has come as a … Read More
NEITI Says DPR Undervalued NNPC Stakes In 8 Oil Blocks
The Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Mr. Waziri Adio has explained how the Department of Petroleum Resources (DPR) undervalued eight Oil Mining Leases (OMLs) belonging to the Nigerian National Petroleum Corporation (NNPC), ThisDay reports. While speaking at the corporate head office of ThisDay, Adio said DPR valued NNPC’s 55 per cent stake in the eight OMLs at … Read More
Nigeria’s Gas Investment Opportunities Stand at $55bn – NGA
The President of the Nigerian Gas Association (NGA), Mr.Bolaji Osunsanya has said that Nigeria can grow its economy through investment opportunities in its gas sector which currently stands at $55billion, Daily Trust reports. Osunsanya, who said this ahead of NGA’s upcoming business luncheon, expressed optimism for growth in key areas of the gas sector such as exploration and production, processing, supply and … Read More