By Margaret Nongo-Okojokwu Angola’s national oil company, Sonangol, has awarded the Construction Contract of the Gasoline Production Unit of the Luanda Refinery to United Shine. Making the announcement during the first day of the inaugural Angola Oil & Gas conference and exhibition hosted by Africa Oil & Power on Tuesday, Sonangol CEO, Engr. Sebastião Pal Querido…
…Directs NNPC to Recover Outstanding Obligations The Federal Government is looking to rake in N1.03tn this year from the sale of some of its stakes in joint venture oil assets and the review of Production Sharing Contracts with private firms, mostly international oil companies operating in the country. The 2019 approved budget public presentation obtained…
The Vice President for Sustainable Development, World Bank, Laura Tuck, has warned Nigeria and other countries paying subsidies on fossil fuels to desist from it as such practice was not in favour of the poor. Tuck made this known at the ongoing World Circular Economic Forum in Helsinki, Finland while addressing the theme ‘Scale…
By Margaret Nongo-Okojokwu The Federal High Court in Lagos has restrained the Securities and Exchange Commission from giving effect to its decision contained in a May 31, 2019 letter in respect of Oando Plc. SEC in the said decision, had imposed a fine N91, 125,000 on Oando’s Group Chief Executive Officer, Adewale Tinubu. It also barred…
As the executive management of the Securities and Exchange Commission (SEC) meets today to decide the way forward on Oando Plc after a Federal High Court sitting in Lagos suspended the sanctions the capital market regulators imposed on the company for alleged infractions, stakeholders have raised concerns over the failure of the commission to release…
Fresh 3.5 million subscribers were connected to the Internet in the month of April by the service providers in the country. Latest April statistics released by the Nigerian Communications Commission (NCC), showed that from 115.9 million Internet users in March, the figure rose to 119.5 million within one month. However, the operators, the quartet of…
Electricity Generating Companies (GenCos) comprising gas-fired and hydro stations released an average of 3, 919 MegaWatts (MW) of power into the national grid on Monday, a daily energy report has said. The report, which was compiled by the Advisory Power Team, Office of the Vice President, was made available to the News Agency of Nigeria…
Russia’s ESPO Blend oil exports from the Far East Kozmino port were set at 7.7 million tonnes for July-September 2019 against 7.8 million planned for loading in April-June, three industry sources familiar with the plan told Reuters. Rosneft will be able to load some 2.8 million tonnes from Kozmino in the third quarter of this…
Lagos — Following the Security and Exchange Commission, SEC’s order on Oando Plc last week, policemen were on Monday, spotted barricading the firm’s Wings office on the Island. The development comes after SEC on Sunday, said it had constituted an interim government pending Oando’s next general meeting in July where new directors will be appointed. SweetcrudeReports was…
The price of OPEC basket of fourteen crudes stood at $64.15 a barrel on Friday, compared with $67.10 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic…
