Tuesday, January 31, 2023
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Equinor sells Nigeria assets, hires Standard Chartered to run process

Equinor was entitled to net production of around 25,000 barrels per day of oil equivalent (boed) through its 20.2% stake in the Agbami field, which is operated by Chevron.

Major oil marketers to sell fuel at currently agreed prices, link scarcity to logistics 

“These queues are caused by exceptional high demand and bottlenecks in the fuel distribution chain. The major cause is the shortage and high (US Dollar) costs of daughter vessels for ferrying product from mother vessels to depots along the coast. Next is the inadequate number of trucks to meet the demand to deliver product from depots to filling stations nationwide”

FIRSTBANK convenes Nigeria economic outlook webinar for 2023

Like its previous edition, the 2023 FirstBank Nigeria Economic Outlook aims to set the tone for the year by providing an opportunity for participants to learn directly from economic experts. Participants will be better informed and knowledgeably empowered to make the right decisions in their socio-economic activities in 2023.

PGS announces support for Nigerian Mini Bid Round with 3D data

PGS said it has assembled a data package to license over the blocks, comprised of ~10 000 sq. km of merged 3D seismic data.

TCN takes delivery of two new 150MVA transformers, accesories

The transformers which have been earmarked for several TCN ongoing substation and lines projects nationwide, would be delivered to the sites as the projects progress.

Nigeria to spend $7.5bn on petrol subsidy to mid-2023

President Muhammadu Buhari had on Tuesday,  signed the 2023 budget of N21.83 trillion into law after lawmakers increased the size by 6.4% and raised the oil price assumption.

How SCIL acquired Polaris Bank – CBN

SCIL’s binding offer involved an immediate upfront consideration of N50 billion and full responsibility for the debt of N1.305 trillion owed to AMCON, essentially a total purchase consideration of N1.355 trillion.

Nigerian oil production rises to 8-month high of 1.35m b/d

The Organization of Petroleum Exporting Countries (OPEC) boosted supplies by 150,000 barrels a day, with Nigeria effectively providing the entire gain, according to a Bloomberg survey.

Reps want NPDC to suspend sale of OML 11 asset

He expressed concern over claim that the government was allegedly involved in an arrangement to auction OML 11 asset to Sahara energy ltd, for a paltry sum of $250 million against the $1 billion offered by the SPDC.

Afreximbank’s FEDA acquires stake in Geregu Power Plc

According to the statement, FEDA aims to support the business as a minority investor and work with the current owners and management team to drive the expansion of the business over the next few years.

Mega gas discovery for Chevron offshore Egypt

Egypt’s Minister of Petroleum and Mineral Resources, Tarek El Molla, has confirmed that the US super major Chevron has made a significant...

ExxonMobil releases 2023 capex of $24 bn

By 2027, upstream production is expected to grow 500,000 boe/d to 4.2 million boe/d, with more than 50% of the total to come from those key growth areas.
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Transcorp Power adds 138MW to national grid, commissions rehabilitated GT Unit 20

Chief Executive Officer, Transafam Power Limited, Engr. Vincent Ozoude, expressed delight about the newly rehabilitated unit, which is able to power up to 100,000 homes in a year. 

Fuel scarcity: Oil workers threaten action, want fuel available at approved price

The union in a statement, urged the NMDPRA to compel all marketers and retailers to make the products available at approved price. 

Friesland Campina reconnects to Ikeja Electric after 22 years 

According to the Acting Head of Corporate Communications Ikeja Electric, Kingsley Okotie, the reconnection of Friesland Campina back to the grid was achieved through relentless effort of the Business Optimization team of Ikeja Electric.  

Egbin Power, Sahara Foundation upgrade Ijede Police station

The project, according to a statement, is in keeping with Egbin Power’s commitment to enhancing infrastructure development, socio-economic growth, and effective policing to promote safety and security in the company’s host communities.