U.S. oil drillers added rigs for the sixth-straight week, marking the longest period of expansion in a year, as the shale patch revives from the worst downturn in a generation. Rigs targeting crude in the U.S. rose by 7 to 381 in the past week, Baker Hughes Inc. said on its website Friday. Explorers have now added 51 rigs since June 24, … Read More
Major Marketers Lament Impact of Deregulation
Major marketers of petroleum products in Akwa Ibom State have lamented the negative impact of the deregulation in the oil industry, which resulted in the removal of subsidy for petrol, saying sales have dropped drastically. Before now, price differentials existed between major and independent marketers in the sale of petroleum products, particularly that of premium motor spirit (PMS), popularly called … Read More
Forte Oil To Raise N50 Billion For Expansion
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
Why Kerosene Sells For N200/Litre – NUPENG
The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) says the Nigeria National Petroleum Corporation (NNPC) has fixed N150 per litre as the official depot price of kerosene. Tokunbo Korodo, the South-West Chairman of the union, disclosed this in an interview with the News Agency of Nigeria (NAN) in Lagos on Saturday. According to him, the price will encourage … Read More
Nigerian Oil & Gas Companies Face Possible Zero Revenue Generation
The recent upsurge in militant attacks on oil & gas infrastructure in the Niger Delta has significantly reduced production activities of indigenous companies, industry players have said. The Managing Director, Seplat Petroleum Development Company Plc, Mr. Austin Avuru, said about 70 per cent of the nation’s production from the traditional terrain of onshore and shallow water had been locked in. … Read More
Federal Government Recommences Payments To Repentant Militants
The Federal Government has resumed cash payments to repentant militants in the restive Niger Delta, in a calculated bid to end the wave of militant attacks on oil and gas facilities. It had, in February, stopped the payments to former militants who had agreed, under a 2009 amnesty programme, to stop bombing crude oil pipelines in exchange for cash, Reuters quoted a … Read More
Make Provision For Forex Loans – CBN
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