Category: Oil

Oil suppliers are increasingly suspending business with the Nigerian government due to escalating debts, which have reached as high as $6 billion. Sources indicate that the Nigerian National Petroleum Corporation (NNPC) owes oil suppliers payments dating back to January, with debts originally reported at $4 billion now doubling. A report by Reuters highlighted the significant debt the Nigerian government owes to oil suppliers, exacerbated by the NNPC’s struggle to manage the disparity between fixed domestic

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Kenya has increased the bond fee for fuel consignments destined for Uganda from $15 million to $45 million at the VTTI facility in Mombasa. This higher bond fee is expected to impact Uganda’s direct fuel import scheme, potentially making fuel more expensive for Ugandan consumers. Both Kenya and Uganda already have the highest fuel prices in East Africa, with Uganda relying on direct importation to mitigate costs. Currently, a litre of diesel costs $1.37 in

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As Uganda edges closer to becoming an oil-producing nation, activities related to the oil sector have intensified, including the taxation of oil and associated goods. According to a recent report by Accountant General Lawrence Semakula, these levies have significantly contributed to the country’s overall revenue. The Ugandan newspaper, The Monitor, reported that Uganda generated an additional Shs44 billion from oil tax revenues during the financial year ending June 30, 2023. The Petroleum Fund Report for

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Oando Energy Resources has urged Nigeria to actively extract its abundant crude oil reserves to drive socio-economic development and industrialization, despite global pressures for an energy transition. In addition, the company emphasized the importance of utilizing Nigeria’s vast proven and unproven natural gas reserves, which amount to hundreds of trillion cubic feet (tcf), to support sustainable development. Dr. Ainojie Irune, the Executive Director of Oando Plc and Chief Operating Officer of Oando Energy Resources, made

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Nigeria’s new Dangote oil refinery is significantly increasing gasoil exports to West Africa, capturing market share from European refiners, according to traders and shipping data. Constructed at a cost of $20 billion by Africa’s richest man, Aliko Dangote, on the outskirts of Lagos, the refinery is currently producing a lower grade of gasoil than anticipated. This is due to awaiting the restart of units necessary for producing cleaner fuels, prompting the refinery to seek buyers

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Puma Energy Zambia PLC, a subsidiary of Puma Energy (Ireland) Holdings Limited, has reported a profit after tax of approximately K255 million for the year ending December 31, 2023. This increase is attributed to a 12% rise in sales volumes and higher selling prices driven by the global increase in oil prices. According to the audited financial results obtained by the Zambian Business Times (ZBT), the company recorded a profit after tax of K254.79 million,

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