Nigeria lost about $336.33 million in the first half of 2016, as oil and gas companies operating in the country flared 112.11 billion Standard Cubic Feet (SCF) of gas between January and June 2016, according to data obtained from the Nigerian National Petroleum Corporation, NNPC.” At the Nigerian Gas Company’s average gas price of $ per $1,000 SCF of the … Read More
NNPC Posts N26.51 Billion Loss in June 2016
After recording a trading surplus of N274 million in May 2016, the Nigerian National Petroleum Corporation (NNPC) could not sustain the tempo as it posted a loss of N26.51bn in June, its latest financial report has shown. The report, which was released on Sunday, showed that the corporation’s loss was due to a decrease in its revenue. The national oil … 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