News

…gas plant processing capacity now 525 MMsefd BY FRIDAY EKEOBA Despite the challenge in the oil sector, Seplat Petroluem Development Company Plc, a leading Nigerian independent oil and gas exploration and production company has announced that its gas business has exceed $100 million revenue milestone projection in 2016. Addressing shareholders in Lagos at the company’s 4th Annual General Meeting (AGM) …

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The Nigerian Ports Authority (NPA) will beginning from today, embark on 24 hours ports operations across the nation’s seaports, in line with the directive of the Federal Government, on ease of doing business. Subsequently, the Minister of Transportation, Rotimi Chibuike Amaechi who echoed it has directed the Authority to immediately comply, stressing the need to leverage on the new partnership …

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The Association of Power Generation Companies (APGC) has said the gas-fired Generation Companies (GenCos) owe gas suppliers about N200billion debt which has cut further credit supply from the firms. The Executive Secretary, Dr Joy Ogaji at a briefing in Abuja yesterday said GenCos are only operating few turbines to generate power based on the quantum of gas they can pay …

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As the Senate last week passed the Petroleum Industry Governance Bill (PIGB), stakeholders in Nigeria’s oil and gas sector have criticised the non-passage of the Host Community Bill. They emphasised the need for the Federal Government to urgently pass the bill that addresses host community issues to allow for peace and security in the Niger Delta, even as the Bill …

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Mobil Oil Nigeria Plc has recorded a profit after tax of N8.15 billion in 2016, representing a 67 per cent increase from the N4.87 billion earned in 2015. The Chairman/Managing Director of the company, Adetunji Oyebanji, who made this disclosure during Mobil’s yearly generally meeting in Lagos recently, attributed the increase to improved product margins and increased rental income from …

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Citing technology as an enabling tool that could turnaround the fortunes of the Nigerian Postal Service (NIPOST), its managers have resolved that it would leverage technology to reposition the postal sector, and make it a ‘money spinner’ for the federal government. The managers, who were drawn from all NIPOST operations nationwide, took the decision at a six day strategic management …

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The Nigerian Ports Authority (NPA), and the Port of Miami, United States, have concluded arrangements to strengthen ties to boost trading activities between Nigeria and the U.S.A. The collaboration, expectedly, will facilitate the development of Nigeria’s ports. The trade volume between Nigeria and the United States currently stood at $5.3billion as at the last quarter of 2016. The Managing Director …

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Shareholders of GlaxoSmithKline Consumer Nigeria (GSK) Plc yesterday approved a dividend of 30 kobo per share recommended by the board of directors for the year ended December 31, 2016. The approval was given at the 46th annual general meeting (AGM) held in Lagos. GSK recorded a turnover of N14.385 billion for 2016, while profit after tax (PAT) stood at N2.378 …

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A former Minister of State for Petroleum Resources, Mr. Odein Ajumogobia, has expressed opposition to the Federal Government’s proposed sale of its stakes in some oil and gas assets. The government had in its Economic Recovery and Growth Plan disclosed that it would reduce its stakes in joint venture oil assets, refineries and other downstream subsidiaries such as pipelines and …

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Nigeria recorded the second biggest decline in oil export revenue among its peers in the Organisation of Petroleum Exporting Countries last year, amid persistent low oil prices and production disruptions. The country’s oil export revenue fell to $26bn last year from $37bn in 2015, the US Energy Information Administration said in its OPEC Revenues Fact Sheet. Following the resurgence of …

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