Browsing: Nigeria Oil Sector

What to expect from Newly launched NNPC Limited www.theexchange.africa

Kyari disclosed that the Dangote refinery’s boilers will be fired up in the 2023 first quarter, a development that will assist Nigeria’s “foreign exchange supply problem.”

He went on to say that despite the fact that the NNPCL was still going to be primarily owned by the federation even though it was still in its infancy, the new company will no longer require the approval of either the National Assembly or the executive to borrow money or look for financing for projects.

There is room for unaffiliated third parties to purchase ownership in this business. But as we speak right now, there are more than 200 million Nigerians who are stockholders.

There is a possibility for a second level of privately held ownership, and one way to achieve this would be to sell off part of these shares of equity. This would allow individuals, rather than the nation as a …

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

The French firm will maintain ownership of oil mining licenses 23 and 28, as well as its investment in the accompanying gas pipeline grid that supplies Nigeria LNG with fuel.

Because of years of sabotage and theft that have deteriorated resources along the oil-rich delta region, large oil corporations have been gradually abandoning Nigeria’s onshore production. This is owing to the fact that Nigeria’s onshore production is located in a hostile environment.

SPDC is a partnership in which Shell (SHEL.L) has a working interest equal to thirty per cent, NNPC (NNPC.L) has a working interest equal to fifty-five per cent, and Eni (ENI.MI) has five per cent. Additionally, Shell is selling its investment in SPDC. However, these attempts have been stalled due to a legal dispute.…

Nigerian President Muhammadu Buhari Pulse Nigeria

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 …