As output may witness drastic reduction Africa’s upstream sector may see its capital spending reduced by around 33 per cent in 2020 due to oil price crash and the coronavirus pandemic. Latest estimate by Wood Makenzie, which noted that similar cuts to operating costs are also targeted by producers to stay cash-flow neutral revealed that…
The Federal Government on Tuesday night reduced the price of petrol from N125/litre to N123.5/litre. Current petrol price indicates a reduction of N1.5 on every litre of petrol purchased nationwide. It announced the reduction through the Petroleum Products Pricing Regulatory Agency, after a whole day meeting with stakeholders in the oil and gas sector in…
The Transmission Company of Nigeria (TCN) says it has received unprecedented support from the Nigerian National Petroleum Corporation (NNPC) for availability of gas TCN’s General Manager, Public Affairs, Mrs Ndidi Mbah made this known in a statement in Abuja on Tuesday. Mbah said that TCN was working with the Group Managing Director of NNPC, Mr…
The Nigerian National Petroleum Corporation (NNPC) says its depots will be in operations to ensure availability of petroleum products in the country. The Managing Director of the Petroleum Products Marketing Company (PPMC), Mr Musa Lawan disclosed this in a statement issued by the NNPC’s spokesman, Dr Kennie Obatero in Abuja, on Monday. He said that…
Eko Electricity Distribution Company (EKEDC) says all its offices and outlets would be closed in compliance with the Presidential directive on the cessation of movement in Lagos, Ogun and the Federal Capital Territory. EKEDC’s General Manager Corporate Communication, Mr Godwin Idemudia, in a statement issued on Monday in Lagos, said the closure of the offices…
Oil prices fell sharply on Monday, with U.S. crude briefly dropping below $20 and Brent, hitting its lowest level in 18 years, on heightened fears that the global coronavirus shutdown could last months and demand for fuel could decline further. Brent crude, the international benchmark for oil prices, was down $2.09, or 8.4 per cent,…
The Nigeria Extractive Industries Transparency Initiatives (NEITI) said Nigeria earned a total of 32.63 billion dollars from the oil and gas sector in 2018. NEITI disclosed this in the Oil and Gas industry Audit Report released in Abuja, on Monday. It said that the amount represented a 55 per cent increase on the 20.99 billion…
The National President of the Independent Petroleum Association of Nigeria (IPMAN), Elder Chinedu Okoronkwo has directed all IPMAN members nationwide to open there filling stations for service, while assuring effective distribution of petrol to customers at this time of a national partial shutdown due to COVID-19 pandemic. This was contained in a statement signed by…
Following the stay-at-home directive issued by governors in the four states of its operations, as a result of Covik 19 pandemic, the Port Harcourt Electricity Distribution Company, PHED has assured customers of power supply during the period. Managing Director and Chief Executive Officer of PHED, Dr. Henry Ajagbawa, assured that power supply received from the…
Traders have chartered at least five supertankers in the past day with options to store oil at sea as global stocks mount after the United States ditched plans to purchase oil for its emergency reserve, shipping sources said on Friday. Shipping sources said the vessels – each of which can carry a maximum of 2…