Forte Oil Plc is to raise N50 billion fresh capital through the debt instrument before the end of 2016 for the expansion of its operations. The Group Chief Executive Officer of the Forte Oil, Mr Akin Akinfemiwa made this known recently at the company’s Fact Behind the Figure presentation on the Nigerian Stock Exchange (NSE) in Lagos. Akinfemiwa said, “We … 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
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