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Seplat Reports N41.1 Billion Impairment from OML 55 Due to Fall in Oil Price

Nigeria’s leading upstream oil company, Seplat Petroleum reported it took an impairment of N41.1 billion ($114.4 million) from its interest in OML 55, a contentious Oil block it currently shares with Belemaoil under a management contract signed in 2017. The losses contributed significantly to the company’s full-year loss of N30.7 billion in 2020, one of its highest on record and ...

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Shell’s Annual Payment to Nigerian Govt Hits Six-Year Low

The payment made to the Federal Government by Shell companies in Nigeria plunged by 42.45 per cent in 2020 to the lowest in six years. Royal Dutch Shell said on Wednesday that its subsidiaries in Nigeria paid $3.24bn to the Nigerian government and its agencies last year, compared to $5.63bn in 2019 and $6.39bn in 2018. The oil giant’s payment ...

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Decade of Gas: Banner Energy Signs Pact NNPC to Convert Petrol Vehicles to Autogas

The Managing Director of Banner Energy Limited, Mr. Nuhu Yakubu, said has signed agreement with the Nigerian National Petroleum Corporation ( NNPC) to Convert their vehicles to Autogas.. He said that his company has started converting these petrol and diesel-powered vehicles to Autogas in Abuja. Yakibu said that the project was essentially aimed at converting vehicles nominated solely by the ...

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APM Terminals, Apapa, Acquires 7 new Forklifts – COO

APM Terminals, Apapa, has acquired seven new forklifts to facilitate customs examination and improve on movement of heavy materials at the terminal. The Chief Operating Officer (COO) of Nigeria’s leading container terminal operator, Apapa, Mr Steen Knudsen, disclosed this in a statement inLagos. Knudsen said that the new equipment, including six 5tonns and one 16tonns forklifts, would enhance efficient performance ...

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NNPC Signs Deal with Tecnimont SpA to Rehabilitate Port Harcourt Refinery

The Nigerian National Petroleum Corporation (NNPC) has signed an Engineering, Procurement & Construction (EPC) contract with Tecnimont SpA. The deal is for the rehabilitation of Port Harcourt Refining Company (PHRC). This was disclosed by NNPC via its Twitter handle on Tuesday. It tweeted, “Signing Ceremony of Engineering, Procurement & Construction (EPC) Contract for the Rehabilitation of Port Harcourt Refining Company ...

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Oil Falls to $62 as COVID-19 Pushes Down Demand

The international oil benchmark, Brent crude, fell the most in nearly two weeks on Monday as growing delays in Europe’s reopening and looming Iranian supply dampened hopes for a swift decline in global inventories. Brent, against which Nigeria’s oil is priced, dropped by $2.65 to $62.21 per barrel as of 9:06pm Nigerian time on Monday, while the United States West ...

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Oil Rally Pushes Nigeria’s Revenue Above Budget Estimate

The upturn in the price of the international oil benchmark, Brent crude, has pushed Nigeria’s oil revenue above the estimate in the 2021 budget. Brent, against which the country’s crude oil is priced, has been trading more than $20 higher than the Federal Government’s benchmark for this year’s budget in recent months. The 2021 budget, which was signed by the ...

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Future Energy: Nigerian Investors Looking the Way of Hydrogen

The challenge of sustainable energy future in Nigeria cannot be over emphasized as investors all around the world are making efforts to ensure a cleaner energy future.The is a global race to net zero, and in line with commitments by countries of the world to realise the objectives of the Paris Agreement. Therefore investment in what may be considered a ...

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