FINANCING

….Targets 5 percent Increase in Market Share through EPC Projects…. The NNPC Engineering and Technical Company (NETCO), a subsidiary of the Nigerian National Petroleum Company Limited (NNPC Ltd), has announced a 137 per cent increase in operating profits for the year 2023. This was disclosed by the Chairman of the company’s Board of Directors and Executive Vice President, Downstream, NNPC ...

The African Petroleum Producers Organization (APPO), and the African Export-Import Bank (Afreximbank), have signed the requisite documents for the establishment of a $5bn Africa Energy Bank as Nigeria is ready to host the head office of the bank being Africa’s major player in the oil and gas industry. The request to host the head office of the bank was made ...

The Central Bank of Nigeria (CBN) has clarified that there were no plans to revoke the licenses of three additional bank after it had done so to Heritage bank. A press statement by the bank’s Acting Director of Corporate Communications, Haka Sidi-Ali, said, “The attention of the Central Bank of Nigeria (CBN) has been drawn to some information circulating in ...

A total of $142.5 million was paid to the Niger Delta Development Commission (NDDC) last year by The Shell Petroleum Development of Nigeria Ltd (SPDC) and Shell Nigeria Exploration and Production Company Limited (SNEPCo). SPDC paid $112.5 million while SNEPCo remitted $30 million compared to $59.04 million by SPDC and $20.73 by SNEPCo in 2022. The contributions came from the ...

……. our latest results provide a foundation for us to consolidate and build for the future – Wale Tinubu……… ………by Ben Ndubuwa…… Oando PLC, one of the Nigeria’s leading indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchange, has recorded in its unaudited results for the twelve months period ended December 31, 2023 a turnover of N3.4 ...

………by Victor Egbo……. ConocoPhillips is to receive $1.3 billion claims from  Venezuela as court rules in Trinidad and Tobago for past expropriations.   The ruling allows the US oil company to seize any payments made to Venezuela from joint gas ventures with Trinidad.   It may pose challenges to the development of key offshore gas fields, which involve countries and energy companies such ...

……..by Victor Egbo….. Platform Petroleum says the company is targeting a billion-dollar investment as it announces an ambitious strategic plan to bring 3 marginal fields into production by 2025, with a target of 10,000 barrels of oil and at least 50 billion standard cubic feet of gas per day. Speaking on the sidelines of the 2024 Offshore Technology Conference (OTC) ...

Exxon Mobil Corporation has announced first-quarter 2024 earnings of $8.2 billion, or $2.06 per share assuming dilution. The Company in astatement, informed that the capital and exploration expenditures were $5.8 billion, consistent with the company’s full-year guidance of $23 billion to $25 billion. It said,”Generated strong first-quarter earnings of $8.2 billion and $14.7 billion of cash flow from operating activitiesAchieved ...

………by Ben Ndubuwa……Shell has paid a total of $1.09 billion in corporate taxes and royalties to the federal government of Nigeria in 2023 through the operations of The Shell Petroleum Development Company of Nigeria Ltd (SPDC) and Shell Nigeria Exploration and Production Company of Nigeria Ltd (SNEPCo.). The figures, announced in the just published 2023 Shell Briefing Notes, show that ...

……….by Ben Ndubuwa……..Transnational Corporation Plc (“Transcorp” or the “Group”), Nigeria’s leading, listed conglomerate with investment in the Power, Hospitality, and Energy sectors, has posted an impressive first quarter (Q1) financial results for the period ended March 31, 2024.with revenue of N88.6 billion about 173 percent higher than 2023 revenue of N32.4 billion This impressive results are largely driven by a ...