Lagos — More details have emerged on Femi Otedola’s sale of his majority shareholding in Forte Oil. SweetcrudeReports learnt that not two, but seven directors of the company had resigned following the development. An earlier report said just two; the Chief Executive Officer, Mr. Akin Akinfenwa, and Chief Finance Officer, Mr. Julius Omodayo-Owotuga resigned. However, findings…
Port Harcourt — The Shell Petroleum Development Company of Nigeria Limited, SPDC, has urged all stakeholders in Belema flow station and gas plant in OML 25, to give the Rivers State Government-led mediation process, the needed chance for a peaceful resolution. The Belema flow station located in Akuku-Toru Local Government Area of Rivers State, which produces 45,000bpd…
London — Outages at North Sea oilfields have helped put competing Nigerian oil on pace to arrive in Europe at the highest levels in seven months in June, according to Refinitiv Eikon data and traders. Nigeria is set to export about 905,000 barrels per day (bpd) to the continent this month, the most since a roughly…
Abu Dhabi-based National Petroleum Construction Company (NPCC) expects revenue to grow by 34% this year on the back of projects it has won overseas, its chief executive said on Wednesday. Revenue at the majority state-owned oil and gas services contractor will hit 7.1 billion dirhams ($1.9 billion) compared to 5.3 billion dirhams last year, Ahmed…
The workshop will be focusing on domestic capacity building amongst South Sudanese companies across the oil value chain In line with its commitment to support local content development across sub-Saharan Africa, Centurion (www.CenturionLG.com) will be organizing a local content workshop in Juba in the coming months. The workshop will be focusing on domestic capacity building…
A Federal High Court sitting in Lagos has adjourned till fixed July 22 for the hearing of the substantive suit brought by two chief executive officers of Oando Plc, seeking enforcement of their rights. The court also fixed July 4th to hear arguments on the motion for consolidation. At the resumed hearing, Mr. Yele Delano (SAN) announced appearance for Oando…
President Muhammadu Buhari has appointed Dr Thomas John as Acting Alternate Chairman of the Nigerian National Petroleum Corporation (NNPC) Governing Board. This is contained in a statement by the Group Managing Director, Dr Maikanti Baru, that Dr John will hold the position until a new Minister of Petroleum Resources or Minister of State for Petroleum…
The Nigerian Gas Association is concerned that state intervention in gas pricing in aid of end users is having unintended negative consequences on other sections of the value chain. “We feel that the government should not throw interventions at one end of the value chain without looking at the roll back effect”, argues Audrey Joe-Ezigbo,…
Multinational Companies operating in Nigeria ceased to worry about reserves growth in shallow water and onshore acreages as far back as 25 years ago, it has been argued. The companies reneged on the Memorandum of Understanding (MoU) they had with the state hydrocarbon company, NNPC, to invest in exploration, according to a ranking insider. “Half-hearted…
Kampala, Tuesday 25 June 2019. Pan-African connectivity provider, BringCom, in partnership with science and technology investor, Imprimatur Capital, and European edge cloud software company, GIG Technology, have together birthed what is to provide the African technology industry with cloud sovereignty – afriQloud. Today launched in Uganda, afriQloud will provide, at internationally competitive rates, local and foreign…
