Zenith Energy, the listed international oil & gas production company focused on pursuing African development opportunities, has announced its participation, in the capacity of technical and financial partner to a Nigerian registered energy company, in the 2020 bid round for marginal oil and gas fields organised by the Nigerian Department of Petroleum Resources (‘DPR’). Overview…

Fitch Ratings, world’s leading risk analysts, has said that Nigeria’s oil export will record a 50 percent decline by end of this year due to the impact of the Coronavirus (COVID-19) pandemic on the economy. Mahmoud Harb, Director, Fixed Sovereign Team, Fitch Ratings, stated this in a webinar on Sovereign Risk in Nigeria, saying that…

The Nigerian Petroleum Development Company (NPDC), an upstream subsidiary of the Nigerian National Petroleum Corporation (NNPC), made N179.1 billion profit after tax from its operations in 2018. The NNPC disclosed this in its 2018 Audited Financial Statements (AFS), released in Abuja. The News Agency of Nigeria (NAN) reports that the corporation’s account was last audited…

The nationwide lockdown, occasioned by the COVID-19 pandemic, impacted the consumption of premium Motor Spirit’s (PMS) in Nigeria, as supply of the commodity across the country dropped by 20.6 per cent to 1.43 billion litres in May 2020, from 1.8 billion litres recorded in March 2020, according to data released, yesterday, by the Department of…

Canadian Overseas Petroleum Limited (“COPL” or the “Company”) (XOP: CSE) & (COPL: LSE), an international oil and gas exploration and development company focused on sub-Sahara Africa, today announces that it has entered into a loan agreement with YA II PN, Ltd (“YA”) and Riverfort Global Opportunities PCC (“RGO” and, together with YA, the “Lenders”) for…

For the first time in its history, the Nigerian National Petroleum Corporation (NNPC) on Monday, released its audited report (2018), showing that its subsidiaries recorded a total revenue of N5.04 trillion with a profit of N1.01 trillion. The report, signed by its Group Managing Director, Mr Mele Kyari, is a radical departure from old norms…

Oil company ADM Energy said it had cut operations costs at its OML 113 project offshore Nigeria by 37.5% amid a slump in oil prices. The cost cut had included a decrease in leasing costs for a floating production, storage and offloading vessel and lower general operational and maintenance costs. The project’s break even cost…

The Nigerian Agip Oil Company (NAOC) has finally carried out repairs on its ruptured pipeline in the environment of Kalaba community in the Yenagoa Local Government Area of Bayelsa State, about one year after an oil spill occurred on the facility. It was gathered that the damaged point on the pipeline continued to spew crude…

Divergent reactions on Thursday trailed the decision of the National Oil Spill Detection and Response Agency (NOSDRA) to expand its regulatory mandate to the downstream sub-sector of the oil and gas industry. Reports had quoted Mr Idris Musa, the Director-General of NOSDRA, as saying on Wednesday that the agency would now focus on the downstream…