U.S tops Nigeria’s oil market with N3.6trn purchase in 2024
Post AMUGE
December 30, 2024
Top 10 importers buy N24.2trn Nigerian oil Onome Amuge The United States has risen to the forefront of Nigeria’s energy export market, unseating The Netherlands as the dominant buyer of Nigerian crude oil in 2024, , as the top ten importers of Nigerian crude accounted for N24.2 trillion worth of the commodity. Data from the […]
Seplat Energy concludes $800m ExxonMobil acquisition
Post AMUGEDecember 12, 2024
Eyes $1.45bn revenue with ambitious 148% production growth Seplat Energy Plc, a leading indigenous energy company listed on both the Nigerian and London Stock Exchanges, has completed its acquisition of Mobil Producing Nigeria Unlimited (“MPNU”) from ExxonMobil . The transaction, which has received approval from the federal government, is set to elevate Seplat Energy’s standing […]
Seplat unveils prospectus for $800M MPNU asset acquisition
Post AMUGEDecember 11, 2024
Eyes $1.45bn revenue with ambitious 148% production growth Onome Amuge Seplat Energy Plc, a leading energy company listed on both the Nigerian and London Stock Exchanges, has confirmed the release of its prospectus for the acquisition of Mobil Producing Nigeria Unlimited (MPNU). The transaction, which has received approval from the federal government, is set to […]
Deregulation not a license to blend off-spec products, jeopardise national interest, Dangote tells Pinnacle Oil
Post AMUGENovember 5, 2024
Bamidele Famoofo Dangote Petroleum Refinery and Petrochemicals has advised Pinnacle Oil and Gas Limited that deregulation should not be used as a justification for the importation of off-spec petroleum products or the undermining of Nigeria’s national interests. The refinery made this statement in response to remarks by Robert Dickerman, CEO of Pinnacle Oil and Gas […]
Oil rebounds on U.S Reserve bid sentiment boost
Post AMUGEOctober 29, 2024
Onome Amuge Oil prices regained some ground on Tuesday, posting considerable gains following Monday’s six percent slide, as the U.S. plan to boost the Strategic Petroleum Reserve (SPR) provided a brief respite from broader concerns about slowing demand growth. Brent crude futures rallied by 63 cents, or 0.88 percent, to reach $72.05 a barrel, while […]
Oando’s $783m NAOC acquisition accentuates growing Nigerian local exploration – AEC
Post AMUGEAugust 28, 2024
Ben Eguzozie The African Energy Chamber (AEC), the voice of energy sector on the continent, has described Oando, Nigerian energy company’s successful acquisition of 100 percent of the shareholding interest of Italian multinational Eni in the Nigerian Agip Oil Company (NAOC), as accentuating the growing role of Nigerian local exploration companies in revitalising the country […]
EIU says Dangote Refinery delay threatens Nigeria’s economy, naira stability
Post AMUGEAugust 19, 2024
Business a.m. The Economist Intelligence Unit (EIU), a London-based research and analysis organisation, has warned that any additional delays in the commencement of petrol production at the Dangote Refinery will have adverse effects on Nigeria’s economic prospects. This prediction is based on the EIU’s expertise in analysing economic trends and forecasting through its various services, […]
Dangote Refinery clears NNPC of involvement in alleged crude shortage
Post AMUGEAugust 9, 2024
Business a.m. Dangote Refinery has refuted recent media reports claiming that the refinery received 60 percent of the 50 million barrels of crude oil it obtained from the Nigerian National Petroleum Corporation (NNPC). Dangote Refinery, in a statement to clarify the report, asserted that the claims made by certain media outlets are unfounded and inaccurate. […]
Namibia Oil & Gas Conference unveils new opportunities for local, international investors
Post AMUGEAugust 7, 2024
Business a.m. Ejike Egbuagu, group chief executive officer, Moneda Invest Africa The Namibia Oil & Gas Conference (NOGC), an eagerly awaited event in the oil and gas industry calendar, will be returning to the capital city, Windhoek from August 20-22. Hosting distinguished industry leaders, the conference aims to serve as an essential platform for the […]
Nigeria’s oil sector requires change to stem investor flight – global experts
Post AMUGEAugust 5, 2024
Investor flight poses serious problem Côte d’Ivoire, Namibia, Congo, Angola attracting investments Deleterious regulatory environment, safety issues, vandalism chasing away investors Ben Eguzozie Experts knowledgeable in the global oil industry dynamics are advising Nigeria on the strategic and pragmatic measures it needs to adopt in order to stem the current divestment syndrome in its […]