Focus on OPEC as vaccine hopes fuel market optimism
The sentiment pendulum is positioned to swing deeper into ‘risk-on’ territory as markets take heart from vaccine hopes and expectations of further stimulus for pandemic-hit economies. Wednesday’s trading session has commenced on a positive note, with Asian shares edging higher following news that Moderna’s attempt to produce a coronavirus vaccine was declared safe and produced […]
SEPLAT taps top banker, accountant Onwuka, as finance chief, ED
Banker was GMD of acquired Diamond Bank in heyday Seplat Petroleum Development Company Plc, the dual Nigerian Stock Exchange and London Stock Exchange listed Nigerian indigenous oil and gas company, has tapped top Nigerian banker and accountant, Emeka Onwuka, as its chief financial officer and executive director, the company announced at the weekend. Onwuka once […]
Atlas Petroleum resumes mining at OML 109 Ejubele marginal field
14 mapped prospects Field holds 500mb oil equivalent Atlas Petroleum International, the Nigerian indigenous oil production company, with operation in 12 African countries, has announced resumption of oil mining activities and well interventions on oil morning lease (OML) 109 in Nigeria, which would enhance production from the Ejulebe marginal field. The oil block was awarded […]
Oil prices fall as demand outlook worsens in US
Oil prices fell early on Friday amid surging new coronavirus infections in the United States, which had market participants worried about the US oil demand recovery trend. As of 9:20 a.m. EDT on Friday, WTI Crude was down 1.28 percent at $40.13, and Brent Crude traded down 1.23 percent at $42.61. Prices recovered somewhat later […]
NLC demands return to old petrol price, flays price increase
The Nigeria Labour Congress has asked the federal government to reverse the latest increase in the pump price of petrol from N123.80 to N143.8,in order to avoid confrontation with the Nigerian people. The NLC described the upward review of petrol price by the Petroleum Products Pricing Regulatory Agency at this time as insensitive, saying “this […]
New fuel price band signals Nigeria’s gradual exit from subsidy regime
After decades of an opaque, flawed and corruption-laden petrol subsidy regime, a new pump price band advised by the Petroleum Products Pricing Regulatory Agency (PPPRA) that will see petrol price move from N123.50 to between N140.80 and N143.80 per litre this July, is being seen as Nigeria finally signalling its willingness to allow the market […]
Nigeria, other African oil exporters’ll lose $34bn – IMF
The International Monetary Fund (IMF) has projected that Nigeria and other African oil producing countries will lose an estimated $34 billion to the impact of the COVID-19 pandemic. The shortfall in revenue, according to the IMF, will come from the the fall in global crude oil prices. Abebe Selaisie, IMF’s director, African Department, disclosed […]
Conoil offers N1.39bn dividend payout from impressive 2019 financial performance
Omobayo Azeez On the back of its positive performance across major metrics in 2019, Conoil Plc has proposed the payment of N1.39 billion in dividends to its shareholders for the financial year. The proposed payout amounts to paying the shareholders 200 kobo or N2 per share held in the company’s books, according to a statement […]
NASS leadership holds meeting with president, vice president on electricity tariffs
The leadership of the National Assembly is in a president meeting with Mohammadu Buhari at the Villa in furtherance of their mediating role with the electricity distribution companies to halt the planned implementation of higher tariffs effective from tomorrow. Ahmed Lawan, senate president and speaker Femi Gbajabiamila of the House of Representatives had yesterday brokered […]
Oil prices drop on prospect of returning Libyan supplies
Oil prices fell on Tuesday amid rising COVID-19 cases and a possible return of Libyan oil production, which has been down to a trickle since the start of the year. The more-active September contract for Brent fell 60 cents, or 1.43%, to $41.25 a barrel by 1349 GMT, paring Monday’s 92 cent gain. The August […]