Browsing: Nigeria Oil Sector

  • Nigerian National Petroleum Corp will be ready to conduct an initial public offering (IPO) in mid-2023
  • NNPC’s transition into an entirely commercial entity, the federal government will immediately stop providing any form of funding for the corporation’s projects
  • NNPC Ltd will have an initial capital outlay of N200 billion and initial debt finance of $5 billion

The government-owned Nigerian National Petroleum Corp will be ready to conduct an initial public offering (IPO) in mid-2023, according to the company’s group CEO, Mr Mele Kyari who made the announcement on Tuesday, the same day the firm became an official commercial company, new NNPC Ltd.

On Tuesday at noon in Abuja, Nigerian President Muhammadu Buhari announced the launch of NNPC Limited (NNPCL), bringing a new commercial behemoth into the city.
The new corporation represents a significant change from the state-controlled petroleum products organisation founded in 1977.
As a result of the NNPC’s transition …

  • It has been confirmed by TotalEnergies that it will be selling its interest in 13 onshore fields and three fields located in the shallow sea
  • TotalEnergies launches sale of a stake in Nigerian oil joint venture, SPDC; other partners are Shell 30 per cent, NNPC  55 per cent, and Eni  5 per cent.  
  • The scourge of oil theft, which has reached enormous and potentially dangerous proportions, is lamented by industry professionals as a major deterrent to venturing into the oil and gas sector
  • It is estimated that the country lost approximately $3.5 billion in revenue due to the theft of crude oil in 2021, which corresponds to almost 10 per cent of Nigeria’s foreign reserves

TotalEnergies has initiated the sale of its 10 per cent shares in Nigerian joint project SPDC.

According to a Reuters report, Canada’s Scotiabank is managing the sale as a financial adviser, a sale document bidding …

Nigeria has just become the leading nation with the largest economy in Africa, after South Africa recent economic slump, when its economy contracted and sliding into a second recession in two years.

South Africa and Nigeria make up almost half of sub-Saharan Africa’s Gross Domestic Product (GDP).

While South Africa statistics office highlighted bad news for the nation, suffering from power crisis, Nigeria statistician showed a rather positive performance of the economy, which grew at about 2.55 per cent in the fourth quarter of 2019.

This growth was the highest quarterly performance since the 2016 recession. It is argued that Nigeria’s economic growth was anchored on its oil exports with production levels remaining stable throughout 2019.

The South African economy shrank by 1.4 per cent in the fourth quarter of 2019, this followed a contraction of 0.8 per cent, which points to the fact that—the second-largest economy in Africa floated …