FINANCING

……Eni plans $4.47 Billion Investment Annually….. ……….. by Amaka Praise……. The Minister of State for Petroleum Resources, Chief Timipre Sylva has decry the poor financial exposure by banks and investments institution in Europe to Nigerian oil and gas sector which has limited investment and stiffled exploration and production in the sector. The Minister who spoke yesterday at the ongoing Gastech ...

Four oil companies – Chevron Nigeria Limited (CNL), Mobil Producing Nigeria (MPN), Shell Petroleum Development Company (SPDC) and First E&P are expected to remit N341.091 billion to the Nigerian National Petroleum Company Limited (NNPCL) this September. The proceeds, which are from the sale of domestic crude oil in June this year, are only due to being offset this month in ...

Crude oil revenue crashed by 29 per cent in the first quarter of 2022, according to statistics from the Central Bank of Nigeria. The CBN, in its latest economic and statistical report for the first quarter of 2022, stated that earnings from crude oil dropped to N790bn from N1.1trn recorded in the previous quarter, which was from October to December ...

The Central Bank of Nigeria (CBN) Monday identified budget deficit and public debt as those that could exert direct and negative consequences on fiscal sustainability,. According to the apex bank, these remained those things that are used in assessing macroeconomic policies’ credibility. Dr. Mahmud Hassan, Director, Monetary Policy Department, CBN  stated this at the opening of the Regional Course on ...

The Nigerian National Petroleum Company (NNPC Limited, will earn not less than $500 billion in revenue from the renegotiated Production Sharing Contract (PSCs) which it signed with oil majors at the headquarters in Abuja on Friday. Mr. Bala Wunti, the Group General Manager, National Petroleum Investment Management Services, (GGM NAPIMS) disclosed this during the Execution of Renegotiated PSC agreements between ...

The Federal Government has projected that debt servicing will cost N10.43tn by 2025, according to the 2023-2035 Medium Term Expenditure Framework & Fiscal Strategy Paper. This is a 182.66 per cent increase from the N3.69tn budgeted for debt service in 2022. Multilateral agencies and economists have constantly warned the Federal Government about the rising cost of debt service, which can ...

FirstBank Nigeria Limited has said that none of its branches or head office was closed, contrary to some media reports.  The bank disclosed this in a statement saying, “Our attention has been drawn to the news reports online with the conflicting claims that FirstBank branch or/head office has been sealed.  “Please be informed that the referenced story is a misrepresentation ...

Minister of State for Petroleum Resources, Timipre Sylva, has said the Federal Government is investing in renewable energies, primarily solar, to reduce carbon emissions, while continuing to exploit hydrocarbon resources, especially natural gas – recognised as the energy transition fuel for Nigeria. He also said the country as the oil and gas industry leader in Africa, is committed to pursuing ...

The Federal Government on Monday insisted that it had not raised the pump price of Premium Motor Spirit, popularly called petrol, above the regulated cost of N165/litre. It said the hike in the cost of the commodity, currently between N175/litre and N230/litre, depending on the location of purchase, was done by oil marketers. The government, however, could not explain why ...

The Organisation of Petroleum Exporting Countries (OPEC) and its allies, the OPEC+ group had a massive shortfall of 2.84 million barrels per day (bpd) in June between actual production and the target oil output level as part of the deal, two delegates at the alliance told Argus. As OPEC+ is unwinding its cuts, more and more members, including Nigeria, are ...