In furtherance of its Corporate Social Responsibility, the Nigerian National Petroleum Company Ltd. (NNPC) and TotalEnergies Upstream Nigeria Ltd., operator of OML 130, and partners, inaugurated projects in seven states (CSR). The projects were launched in the states of Osun, Kwara, Imo, Enugu, Anambra, Benue, and Rivers, according to a statement made on Tuesday in Read More…
Oil & Gas
Average price of diesel in October hit N801.09 per litre – NBS
According to the National Bureau of Statistics (NBS), consumers spent N801.09 per litre on average for automotive gas oil (diesel) in October. In its “Diesel Price Watch” report for October 2022, the NBS noted that the average price had increased by 215.30% from the N254.07 per litre paid in September 2021. “Comparing the average price Read More…
Mining company fined $310m for bribes to Nigeria, other African countries
In a London court on Thursday, a mining and trading company named Glencore was forced to pay a total of £276.4 million ($310.6 million) in fines for seven bribery violations involving its oil activities in Africa. Judge Peter Fraser of Southwark Crown Court imposed a £182.9 million fine and authorised a £93.5 million confiscation order Read More…
How mining company used private jet to move dollar bribe cash from Nigeria
Prosecutors said before a London court on Wednesday that employees and agents of a British unit of mining and trading company Glencore used private aircraft to transport money to pay bribes to oil authorities in West Africa. In June 2022, Glencore formally entered a guilty plea to seven charges of bribery related to oil activities Read More…
NNPC: China’s Addax withdraws from four Nigerian oil blocks
Nigeria’s NNPC Ltd. announced on Tuesday that Sinopec’s Addax Petroleum Development (Nigeria) Ltd. has ceded its four main oil mining blocks in Nigeria to the state-owned oil corporation. By establishing Production Sharing Contracts (PSCs) with NNPC, Addax launched operations in Nigeria in 1998. “NNPC Ltd and Addax Petroleum Development (Nigeria) Ltd signed a Memorandum of Read More…
First Bank will fund energy infrastructure projects
First Bank of Nigeria (PLC), according to Mrs. Oluwatoyin Aina, Head of Energy, Downstream, and International Oil Trading, has supported a number of energy-related projects and will continue to do so. On Wednesday, Aina made this statement during the Oil Trading and Logistics (OTL), Africa Downstream Week that was taking place in Lagos. She said Read More…
Operators in the downstream sector criticise politicians’ role as corporate watchdogs
Oil and gas downstream enterprises have expressed worry about the role of lawmakers in policing private corporations. They bemoaned the time wasted attending to the MPs’ summonses and criticised the oversight role played by politicians over private enterprises that were being monitored and regulated by government authorities. The operators voiced their objections on Tuesday in Read More…
Marketers warn Nigerians against panic buying cooking gas
Due to the force majeure declared by Nigeria Liquefied Natural Gas Ltd (NLNG), the Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) has warned Nigerians against buying Liquefied Petroleum Gas (LPG), also known as cooking gas, in a panic. In response to NLNG declaring force majeure on its gas facilities due to flooding on Monday, Read More…
Average petrol price in September was N191.65 per litre – NBS.
Consumers spent on average N191.65 for a litre of fuel in September, according to data from the National Bureau of Statistics (NBS) made public on Saturday. According to its “Premium Motor Spirit (Petrol) Price Watch” for September 2022, the average price was N164.85, up 16.26% from September 2021. “When compared to the previous month of Read More…
Shell resumes crude oil export operations at Forcados Oil Terminal
After a few days of pipeline repair work, Shell Petroleum Development Company (SPDC) has resumed export operations at the Forcados Oil Export Terminal. This was confirmed to the News Agency of Nigeria (NAN) by the SPDC’s Media Relations Manager, Mrs. Abimbola Essien-Nelson, on Friday in Lagos. By the end of October, when the continuing crucial Read More…