OIL AND GAS

Oando Plc has warned individuals and entities against spreading false information about the Nigerian Agip Oil Company (NAOC) transaction. In a statement on Monday signed by Ayotola Jagun, the company’s secretary, Oando said it will sue those that do not desist from spreading inaccurate information. On August 22, Oando said it completed the acquisition of Eni’s 100 percent shareholding in the…

The Dangote refinery in Nigeria, Africa’s biggest and newest crude processing facility, is set to soon begin production of gasoline, potentially upending global gasoline flows. For years, Nigeria has been importing the gasoline it consumes, but the newly operational refinery is poised to turn OPEC’s largest African crude oil producer from a gasoline importer to…

The lingering fuel crisis in the country may last longer as the nation’s oil company, the Nigeria National Petroleum Company Limited (NNPCL) has admitted to owing petrol suppliers to the tune of about $6 billion. Nigerians have not had it so good this year as fuel queues have dotted filling stations across the country, with…

The announcement of the Nigerian National Petroleum Corporation Limited (NNPCL) on being unable to sustain fuel supply is a game plan, according to experts. On…On Sunday, Chief Corporate Communications Officer of the NNPCL, Olufemi Soneye, admitted that the national oil company is owing suppliers, but did not specify the exact amount.“NNPC Ltd has acknowledged recent…

Raising the windfall tax on the UK’s oil and gas companies will hit the government’s main goal of growing the economy, the industry has warned. Offshore Energies UK (OEUK) said the planned hike would cause investment in the sector to plunge and result in a loss of £13bn to the UK economy from 2025 to…

The Nigerian National Petroleum Company Limited has stated plans to engage reputable operations and maintenance companies for the Warri Refining and Petrochemical Company and the Kaduna Refining and Petrochemical Company. The NNPC, in a notice on its website, said this was to ensure reliability and sustainability to meet the nation’s fuel supply and energy security…

So much of Nigeria’s resources have been wasted under elaborate maintenance that leaves the refineries poorer than they were and their managers richer than they should have been. Originally scheduled for completion in 2019, the refurbishment and upgrade of the Port Harcourt Refinery, located in Nigeria’s oil-rich Niger Delta region, have remained at the promised…

The oil sector has voiced strong objections to the suggested changes in the policy governing the import and export of oil refined products under foreign suppliers’ accounts via custom bonded storage facilities. In a recent letter to the secretary of the Petroleum Division, the Oil Companies Advisory Council (OCAC) highlighted their concerns regarding the proposed…

Aradel Holdings Plc, an indigenous energy company, through its subsidiary, Aradel Energy Limited, has signed a sale and purchase agreement to acquire the 100 per cent interest in the Olo and Olo West marginal fields from TotalEnergies EP Nigeria and the Nigerian National Petroleum Company Limited. The Olo and Olo West Fields were formerly part…