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BBNaija 2020: ka3na denies getting intimate with Praise.

- BBNaija 2020 stars, Ka3na and Praise, got internet users buzzing over their recent actions under the sheets  - During her media rounds, one of the recently evicted housemates, Ka3na, spoke on what went down  - The self-acclaimed lady said that nothing happened but she did not get intimate with Praise under the sheets The BBNaija 2020 Lockdown show has proven to be quite interesting as it has given viewers one thing or the other to talk about. Just recently, two of the housemates got a lot of viewers excited on social media and they are Ka3na and Praise. Videos went viral of the duo getting entangled under the sheets and viewers drew their conclusions that a lot must have gone down.  Unfortunately, one of the housemates, Ka3na, recently got evicted and people were eager to ask her what the situation between her and Praise was. Ka3na was the first housemate to get evicted from the BBNaija 2020 show. During her media rounds, the self-acclaimed boss lady denied having sex w...
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IOCs suffer $27.8bn loss

Nigeria’s oil projects threatened as IOCs suffer $27.8bn loss

Several major oil and gas projects in Nigeria may suffer further delays as international oil companies operating in the country saw their financials take a dive in the second quarter of this year.

The slump in oil prices caused by the coronavirus pandemic has forced many companies, including IOCs  to slash their capital budgets and suspend some projects.

The global oil benchmark, Brent crude, plunged to as low as $15.98 per barrel in April, its lowest since June 1999. It traded around $44 per barrel on Monday.

Royal Dutch Shell said last Thursday that it posted a loss of $18.4bn in the second quarter of this year, compared to a profit of $3.5bn in the same period of 2019.

The company warned that the outlook for oil demand continued to be uncertain, saying it had cut its exploration drilling plans for this year from 77 wells to just 22.

Shell cut its capital spending budget for this year in March from around $25bn to $20bn.

ExxonMobil on Friday reported its biggest-ever quarterly loss of $1.1bn and confirmed plans to make deeper spending cuts.

The oil giant, which suffered a loss of $610m in Q1 2020, slashed capital spending by 30 per cent this year to around $23bn.

Chevron Corporation posted its worst quarterly loss of $8.3bn in Q2 in at least three decades and warned that the pandemic wreaking havoc upon energy markets might continue to drag on earnings.

“While demand and commodity prices have shown signs of recovery, they are not back to pre-pandemic levels, and financial results may continue to be depressed into the third quarter of 2020,” Chevron’s Chairman and Chief Executive Officer, Michael Wirth, said.

Last year the number of oil and gas projects valued at $58.4bn in Nigeria faced an uncertain future as the IOCs failed to sanction them several years after they were announced.

The recent collapse in oil prices and demand caused by the coronavirus pandemic and the price war between Saudi Arabia and Russia has compounded the challenges facing the projects.

Before the pandemic, industry experts had said the regulatory and security challenges in the country had put a damper on the IOCs’ appetite to take final investment decisions on the projects.

The projects that have not reached FID include Shell’s $9.7bn Bonga South-West/Aparo, which would add 143,274 barrels per day in extra crude production capacity at its peak flow. It has the potential to boost Nigeria’s daily production by nearly 10 per cent.

Other projects without FID are ExxonMobil’s $6.2bn Bosi (126,784 bpd), Chevron’s $8.2bn Nsiko (95,685 bpd), ExxonMobil’s $8.2bn Owowo West (138,301 bpd), ExxonMobil’s $6.1bn Uge-Orso (99,532bpd) and Nigerian Agip Exploration Limited’s $9.2bn Zabazaba (146,739 bpd).

One of the major indigenous independent oil companies in the country, Seplat Petroleum Development Company Plc, posted a loss of $145.3m (N49.8bn) in the first half of this year, compared to a profit of $120.4m (N37bn) in the same period of 2019.

“The sharp drop in oil prices and demand may slow down the speed with which indigenous producers pursue the aspiration to ramp up production to about 50 per cent of Nigeria’s daily oil and gas production,” the Managing Director/CEO, ND Western Limited, an indigenous operator, Mr Eberechukwu Oji, told our correspondent recently.

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