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Fed Govt Slightly Reverse The Price of PMS

Queue at the filing station  The President,  Petroleum Products Retailers Owners of Nigeria( PETROAN), Dr Billy Gills Harry, says the reduction of the product, by the Nigerian National Petroleum Company Limited( NNPCL) is good for the nation'struggling economy, as it would help in soften the difficult situations posed by the sharp rise in the price of petroleum products. While reacting to the issue through a statement issued and signed to the NEWSMIRROR yesterday, Harry said that the slight reversal of the price by NNPCL shows that the government is committed to the alleviation of the problems of the masses. According to him, the reduction in the price per litre of Petrol Motoring Spirit( PMS) from N1,020 per litre to N899 per litre is good, adding that the country will soon get over its problem, if the readjustment of the economy continues. Also, PETROAN's Public Relation Officer, Dr  Joseph Obele said that Dangote Petroleum Refinery had earlier started the r...
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Total exits stakes in NNPC, Shell Ventures

By Akinola Ajibade 

TotalEnergies has launched the sale of its 10 per cent stake in Nigerian joint venture Shell Petroleum Development Company, SPDC, with Canada’s Scotiabank leading the sale as financial adviser, a sale document tendering for interest showed.

Though Scotiabank declined to comment on the exercise TotalEnergies earlier announced the sale in late April.

TotalEnergies declined to comment on the financial adviser.

TotalEnergies confirmed it was selling its interest in 13 onshore fields and three in shallow water, producing over 20,000 barrels of oil equivalent per day. The sale includes infrastructure such as 3,500 km of pipelines connecting to two key crude export terminals, Bonny and Forcados.

The French company will keep OMLs (oil mining licences) 23 and 28 and its interest in the associated gas pipeline network that feeds Nigeria LNG.

Big oil companies have been progressively exiting Nigeria’s onshore production due to years of sabotage and theft that has degraded assets across the oil-rich delta region.

SPDC is a joint venture in which Shell holds a 30 per cent working interest, NNPC holds 55 per cent and Eni has 5 per cent. Shell is also selling its stake in SPDC but these efforts have been held up by a court case.


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