PM News Nigeria

Total discovers oil in Cote d’Ivoire offshore

Total oil company

French oil giant Total on Thursday announced the discovery of oil in Saphir-1XB exploration well in the deep offshore west of Cote d’Ivoire in West Africa. “Drilled in an abrupt margin play, this first well is the first discovery in the San Pedro Basin, a frontier exploration area in Cote d’Ivoire. “ Having confirmed the […]

States back removal of oil subsidy

•Motorists queue to buy fuel at a filling station: fuel subsidy to go

The Federation Account Allocation Committee (FAAC) in Abuja on Tuesday took a decision to remove petroleum subsidy in the country. The Chairman of Finance Commissioners Forum, Mr Timothy Odah, said this when he briefed newsmen on the outcome of the FAAC meeting for the month of March in Abuja. Odah said at their last meeting, […]

Nigeria’s oil firm secures $255mn equity funding

Philip Ihenacho, CEO Seven Energy

Nigeria’s oil firm Seven Energy said on Tuesday it had secured $255 million in equity funding from global investors, including Singapore’s Temasek, to boost gas supply to the country’s ailing power sector. Industry operators often attribute shortage of gas for the generating plants as a major cause of Nigeria’s under-performing power sector. The company said […]

Ohi Alegbe, new Group GM Public Affairs for NNPC

Ohi Alegbe: Group GM Public Affairs, NNPC

The Nigerian National Petroleum Corporation (NNPC) has announced the appointment of Mr Ohi Alegbe as Group General Manager, Public Affairs Division. The appointment takes immediate effect. Mr Bernard Otti, Group Executive Director, Finance and Account announced the appointment today. Alegbe, an alumnus of the University of Benin, is taking to the NNPC three decades of […]

Glencore buys Caracal Energy

crude oil barrels

Mining company Glencore Xstrata said it agreed to buy Chad-focused oil company Caracal Energy (CRCL.L) for about 800 million pounds, in a deal which will involve Caracal abandoning a merger with Canada’s TransGlobe Energy. Glencore’s 550 pence per share agreed bid for Caracal represents a 61 percent premium to Caracal’s closing share price on Friday. […]

Senate to invite Diezani on NNPC opaque finances

Diezani Alison-Madueke: oil minister

Nigeria’s Senate Committee on Petroleum (Downstream) has said it will invite the Minister of Petroleum Resources, Mrs Diezani Alison-Madueke, to furnish it with details of NNPC financial transactions, if the NNPC fails to do so. The NNPC management had continuously failed to provide the committee with details of its financial transactions, claiming that it was […]

Ogunbambo, Fuel Subsidy Fraud Suspect Flees To Canada

Oluwaseun Ogunbambo

Henry Ojelu The Economic and Financial Crimes Commission, EFCC, Thursday, informed a Lagos High Court in Ikeja, western Nigeria, that an oil marketer, Oluwaseun Ogunbambo, who is being prosecuted over an alleged N979.6 million subsidy fraud, has fled to Canada. Ogunbambo and another oil marketer, Habila Theck are standing trial alongside their firm— Fargo Energy […]

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