OIL

by Musa Ibrahim…………… National Petroleum Corporation (NNPC), said it has signed a Head of terms (HoT) agreement with China National Offshore Oil Corporation(CNOOC) and an indigenous oil production firm —South Atlantic Petroleum (SAPETRO). NNPC noted that this pact is signifying a major milestone towards the resolution of all disputes related to Oil Mining Lease (OML)130 Production Sharing Contract. OML 130 ...

The Nigerian National Petroleum Corporation (NNPC) has earned N2.393.88 trillion from the sales of petroleum products from May 2019 to May 2020. This is contained in the Corporation’s May 2020 Monthly Financial and Operations Report (MFOR) released on Wednesday, NNPC said 98.84 per cent of the sales with N2.366.15tn came from sales of Premium Motor Spirit (PMS) or petrol. The ...

by Musa Ibrahim…..,…….. The Group Managing Director, Nigeria National Petroleum Corporation (NNPC), Mele Kyari, has stated that it was currently impractical to float the nation’s four refineries commercially and beneficially. However, he projected that a new target date of mid 2023 had been set aside to bring these refineries back alive and to operate full capacity. These refineries in Warri, ...

The Nigerian National Petroleum Corporation (NNPC) has recorded an encouraging 43 per cent drop in cases of willful damage of its oil pipeline infrastructure by suspected oil thieves in May, 2020. The corporation, in a release by its Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, explained that details of the report contained in the May 2020 version ...

There are strong indications that the pump price for the nation’s Premium Motor Spirit (PMS), known as petrol will be sold between N149.12 and N150. 12 for the Month of August. This is because the margin between the pump price and the ex-depot price is usually fixed and often constant. For instance, for the Month of July the ex-depot price ...

Living with the risk of daily oil price volatility on both crude oil and products is part of the life of any refinery. While margin risk can—and has—forced many refiners out of business, the process is generally a slow one. Flat price risk, on the other hand, is potentially far more lethal as a decision to purchase and price a ...

Oil prices jumped on Monday morning, recuperating earlier losses, on the first trading day after OPEC+ eased its record oil production cuts by 2 million barrels per day (bpd), while surging COVID-19 cases have dampened the optimism for a swift oil demand recovery. As of 10:57 a.m. EDT on Monday, WTI Crude was up 1.14 percent at $40.73 and Brent ...

Vitol, the independent oil trading firm paid over $14 billion to it’s partners in the past 15 year. This amount went mostly into share buyback to Vitol’s top employees as a form of reward to the firm’s old generation management staff who are retiring from the company. Last year, for instance Vitol Group, paid a record $2.2 billion to its ...

The National Petroleum Corporation (NNPC) is set for legal battle against a Brazilian Firm over alleged $2 billion worth of stolen crude oil. Lawyers to the Nigerian National Petroleum Corporation (NNPC), Afe Babalola and Co., Thursday said the corporation had concluded arrangements to drag the Mexican oil trading firm, Samano Sa De CV, before the courts for making several unsubstantiated ...

The Chief Executive Officer of Seplat Petroleum Development Company Plc, Dr. Austin Avuru has said that OPEC+ planned extention of oil production cuts globally would lead to a decline in its 3rd quarter earnings. Avuru said this on Wednesday during an investor call. He said the company has handled the cuts so far and that its working interest production would ...