Oil and Gas Firms’ Indebtedness to Nigerian Banks Stood at N2.45 Trillion at December 2013

The Central Bank of Nigeria (CBN)’s recently released Financial Stability Report shows that the indebtedness of oil and gas firm to Nigeria banks stood at N2.644 trillion at the end-December 2013. The report revealed that total bank loans and advances to the various sectors of the economy grew by 13.9 per cent to N10.043 trillion at the end of December...

CAMAC Closes $100m Loan from Zenith Bank for Oyo Development

Johannesburg and New York Stock Exchange listed oil and gas exploration company, CAMAC Energy has, has secured, through its wholly owned subsidiary, CAMAC Petroleum, a five-year $100 million loan from Nigeria’s Zenith Bank for the development of its Oyo Field located offshore in Oil Mining Leases (OMLs) 120 and 121. The facility is a five-year senior...

Sunbird Secures $23 Million Investment for Ibhubesi Gas Field Development from Nigerian Investors

Australia-listed Sunbird Energy has secured an investment of A$25m ($23m) from a consortium of Nigerian and South African investors to help it advance its plans to develop the Ibhubesi offshore gas field, 380km northwest of Cape Town, it said. The Pan-African investment company, Vandasia Investments, which is providing the investment is comprised of leading...

Oil and Gas Sector Expected to Grow Just 2.3 Per Cent Per Year

A new report by McKingsey Global Institute, the business and economics research arm of McKinsey, which was established in 1990 to develop a deeper understanding of the evolving global economy, has found that Nigeria’s oil and gas sector is expected to grow just 2.3 per cent per annum at best in the period from now till 2030. With the right reforms in...

Seplat Net Profit Up 400 Per Cent

Seplat Petroleum Development Company has held its first Annual General Meeting (AGM) since its dual listing in London and Nigeria. The company declared a net profit after tax of $550.3 million for the financial year ended December 31, 2013 compared with $109.1 million in the corresponding period in 2012. This represents an increase of 404 per cent. The...

The Rise and Rise of Forte Oil Stocks

In its quest to attract oil companies to list, the Nigerian Stock Exchange (NSE) has ben extoling the virtues of Forte Oil. In a statement, the Head, Corporate Communications, NSE, Nwando Ajene, announced that Forte Oil has joined the rank of high-priced stocks, following the latest review of prices of stocks. The review follows the introduction of a pilot...