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Business and Investment

Top Oil companies in Nigeria,Details and Address

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Nigeria’s major source of foreign revenue is sales of petroleum products because the nation is rich in petroleum resources. The petroleum industry in Nigeria has always been a major source of income in the country; it is currently the source of 95% of Nigeria’s foreign exchange earnings. It is therefore obvious that oil and gas companies play a significant role in the Nigerian economy.

Theses are the list of some oil and gas exploration and servicing companies in Nigeria. For those interested in oil and gas jobs, you can browse through their sites for job openings and IT placement.

List of oil and gas companies in nigeria and their websites

Oil and gas industry in Nigeria–The  Oil and gas companies in Nigeria contribute immensely to federal government revenues; it also provides more than 65% of budget funds for Nigeria. Nigeria is the biggest exporter of oil and gas in Africa. According to the USA Energy Information Administration, the oil reserves of Nigeria is somewhere between 17 and 22 billion barrels; some other sources claim this figure could actually be up to 35 billion.

List of some oil and gas exploration and servicing companies in Nigeria

1 Addax Petroleum http://www.addaxpetroleum.com/operations

2 Chevron http://www.chevron.com/countries/nigeria/default.aspx

3 Conoco Philips http://www.conocophillips.com/

4 Total http://www.ng.total.com/

5 ExxonMobil http://www.exxonmobilafrica.com/Africa-English/PA/Operations/AF_OP_Nigeria.asp

6 Hardy Oil & Gas Plc http://www.hardyoil.com/Assests/nigeria_main.htm

7 Nexen Inc http://www.nexeninc.com/Operations/Western/Nigeria.asp

8 Petrobras http://www.petrobras.com/

9 Shell http://www.shell.com/home/content/nigeria

10 Statoil http://www.statoil.com/

11 Afren Energy Resources http://www.afren.com/default.asp

12 Camac (Allied Energy Resources) http://www.camacholdings.com/contact/index.html

13 Conoil http://www.conoilplc.com/index-2.html

14 Equator Exploration Limited http://www.equatorexploration.com/operations/nigeria.aspx

15 Express Petroleum & Gas Ltd 11 Alhaji Babatunde Jose Street Victoria Island (234 1 261-5115)

16 Dubri Oil Limited 8 Gabaro Close Victoria Island

17 Amni International Petroleum Development Company Ltd http://www.amnipetroleum.com/index.htm

18 Famfa Oil http://www.famfa.com/

19 Nigerian National Petroleum Corporation http://www.nnpcgroup.com/

20 Nigerian Petroleum Development Company Ltd http://www.npdc-ng.com/index.php

We will now explain and give full details 5 from the listed Oil companies above.

Some of the companies who mine these resources include:

1.Exxon Mobil

Exxon Mobil is one of the biggest oil companies in the world and it is not into just oil, it operates various sources of oil and gas as well as alternative energy. The company’s net worth is estimated to be at more than $400 billion.Exxon Mobil is the top oil company in the world; its operations are related to various sources of oil, gas and alternative energy. Its net worth is estimated at more than $400 billion. The company’s website is www.exxonmobil.com.

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Exxon Mobil has a lot of subsidiaries especially in Nigeria. These subsidiary companies do a lot of oil and natural gas production and exploration; they also manufacture petroleum products; are involved in the selling and the transportation of crude oil, petroleum products and natural gas.

The company is a major player in the sales and manufacture of petrochemical products and they also produce commodities that are necessary for electric power generation. Furthermore, they are part of numerous joint ventures which are involved in deep water production that are focused basically on the recovery of secondary oil, natural liquids and gas monetization.

2.Total

Total is another major oil mining company in Nigeria. It has operations not just in Nigeria but also in other countries as well. However, in Nigeria, the company has been running its operations for more than fifty years majorly handling the lower sector of the oil and gas industry in the country. At the moment, the company has a large oil distribution network of more than 500 petrol service stations. Furthermore, Total is also into power generation as well as chemical production in Nigeria. The company’s net worth is estimated to be above $120 billion.

7. Total

The company which runs its operations in about 130 countries of the world is committed to the provision of sustainable products and services to its customers.The company’s website is www.total.com.ng.

3.Chevron

The next oil mining company on our list is Chevron. This company has its main headquarters in the United States of America. It is the one of Nigeria’s largest oil investors and it also happens to be one of the largest producers of crude oil products in Nigeria. Chevron functions under the system of a joint partnership in agreement with the Nigerian National Petroleum Corporation (NNPC) and its operations are for onshore assets as well as offshore ones in the Niger Delta.

Just like Exxon Mobil, Chevron is greatly involved in operations that involve deep water. In fact, the company runs the biggest operation that involves deep water discoveries in Nigeria. More so, they are particularly interested in the Usan Field.

It holds about 40% interest in 8 areas of the onshore regions in the Niger Delta which is a joint partnership with the NNPC. Its net worth is at an estimated $253 billion.The company’s website is www.chevron.com.

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4.Shell

Shell is an oil mining and exploratory company that is known all over the world and a big name in the oil industry. In Nigeria, Shell has been running its operations for more than sixty years and to this moment, the company is still working on new ways to partner with the Nigerian National Petroleum Corporation (NNPC). The company’s net worth is at an estimated sum of $213 billion.

Shell began its operations in Nigeria in the year 1937 after they received their exploration licence. Shell Nigeria is recognized as the name for the Nigerian branch of the Royal Dutch Shell and the operations they run in the country are done via four affiliates, Shell Petroleum Development Company (SPDC) being the major one among them.

Shell was the first company to come upon the first company oil field at Oloibiri in the Niger Delta area of Nigeria. As at 2009, the company was responsible for close to 21% of the total petroleum production in Nigeria comprised of 629,000 barrels per day.

5.Addax

Addax Petroleum has for a long time being in partnership with the Federal Government of Nigeria as well as the Nigerian National Petroleum Corporation (NNPC) and this partnership especially with the NNPC began in the year 1998, the very same year it acquired assets of Ashland Nigeria. Addax happens to be a member of a Chinese Sinopec Group whose major production control and influence is in the Middle East and in Africa. The company works with more than 100 oil wells in Nigeria. The estimated net worth of the company is above £17 million.

Addax is one of the biggest oil refiners in Asia and the third largest refiners in the world.

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Addax Petroleum started in the year 1994 and it was in 2009 that the company became an affiliate of the Sinopec Group. It did its first offshore drilling in the oil well OML 129.The company works with over 100 wells in Nigeria. Its net worth is estimated at more than 17 million pounds. The company’s website is www.addaxpetroleum.com.

6. Hardy Oil and Gas Plc 

8. Hardy Oil and Gas Plc

This company has great interest in working with Nigeria and Nigerians. Their current financial interest of this oil giant is located in onshore assets in Atala and Oza. They currently explore these oil fields together with the Bayelsa Oil Company Limited and Millenium Oil and Gas Company. The company holds 20% of interest in Oza and Atala. Its net worth is estimated at more than 67 million pounds. The company’s website is www.hardyoil.com.

7. Petrobras 

6. Petrobras

Petrobras is one of the best oil and gas companies in Brazil; a lot of Nigerians like this company and dream of joining its international team. Its main focus is on oil, gas and alternative energy sources. Its net worth is estimated at more than $73 billion. The company’s website is www.petrobras.com

8. Statoil 

3. Statoil

This is the biggest Norwegian oil company in the world! It has been working with Nigeria since the early 1990s. It is responsible for the Agbani exploration project in Nigeria. Its net worth is estimated at more than $155 billion. The company’s website is www.stateoil.com.

Rapping up

Nigeria is extremely blessed. Oil doesnt seem to be an issue in Nigeria considering its abundant nature. If you visit all the listed top oil companies Nigeria websites above,you will be able to get complete information about their operations in the country! Moreover, they also provide good job opportunities which you won`t like to miss! There are undoubtably and also arguably the highest paid companies in Nigeria and by extension the world.

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Business and Investment

The Dollar To Cedi Exchange Rate

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The Dollar To Cedi Exchange Rate

Cedi is the official currency of Ghana. Ghana is a West African country that is also called the Gold Coast. Ghana has used three other currencies before the use of the Cedi. Ghana while under the British colonial masters used the British West African Pound which all the British colonies used when Ghana gained independence. Ghana started using their own independent currency that is, the Ghanaian Pound which they used from 1958 to 1965. By 1965, Ghana decided to adopt the decimal system of currency and the Ghanaian Cedi was introduced. The word “Cedi” means Cowry Shell literally in Akan language of Ghana. The cowries were also used in pre-colonial Ghana as a currency.

There is the first Cedi, the second Cedi and the third Ghanaian Cedi. The first Cedi was used between 1965 to 1967. It had the first president of Ghana’s face on its coins and notes.

His name was Kwame Nkrumah. The first Cedi was later replaced in February 1967 after the military coup and the second Cedi was introduced. It was introduced to ease exchange and as an opportunity to have Kwame Nkrumah’s face removed from the coins and notes.

The Pesewa is the coin that Ghana uses. 1 Cedi equals 100 Pesewas. The third Cedi was introduced in 2007 due to inflation reasons. The second Cedi was used between 23rd of February 1967 to 2nd of July 2007. One 3rd Cedi or Ghanaian Cedi equals to 10,000 of the second Cedis. As at July 2007 when the third Cedi was introduced, the second Cedi was so inflated that 9,500 second Cedis equaled to 1 Dollar. This caused Ghana to switch to the third Cedi. Since 2007, the third Cedi has been the official currency of Ghana. The third Cedi itself has been experiencing inflation since it was introduced, but the currency has since stabilized.

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So, to the point of this article, what is the current Dollar to Cedi Exchange Rate?

As at 17th of February 2019, One United States Dollar equals to 5.3 Ghanaian Cedis.

This means that One Ghanaian Cedi equals to 0.19 US Dollar.


The Ghanaian Cedi is selling at a price of 5.0042GHC and buying at a price of 4.999GHC for the United States Dollars according to www.bog.gov.gh which is the Bank of Ghana website.

The Bank of Ghana issues the Ghanaian currencies both the Cedi Banknotes and the Pesewa coins.

The history of the Cedi to Dollar exchange rate is quite complicated. The rates are different for the first Cedi, the Second Cedi and the third Cedi. As at when the second Cedi was dissolved in 2007, One Dollar equaled to 9,500 of the second Cedi. When the Second Cedi called the “Ghanaian Cedi” officially was introduced, it was One Ghanaian Cedi to One US Dollar. But inflation soon hit the Ghanaian Cedi and its value started to drop. Like we stated earlier, as of today, 1 US dollar is no longer equal to 1 Ghanaian Cedi. Instead 1 Dollar equals 5.3 Ghanaian Cedi.

So, now that you know a bit about the exchange rate of the Dollar to the Cedi. Let’s talk about the US Dollar. We have briefed you on the Ghanaian Cedi earlier on in this article.

So, as you already know the US dollar is official currency of the United States and its territories. Some other nations also use the United States Dollars as a currency whether officially or unofficially. Zimbabwe is one african country for example, that uses the Dollar. 1 US Dollar is divided into 100 Cents. The United States Dollar is available in bank notes and coins. The US Dollar is issued by the Federal Reserve System.

READ  The Dollar To Cedi Exchange Rate

The US Dollar was first defined in 1792. Faces of former and deceased United States’ Presidents can be found on the Dollar notes and coins. The US Dollar is one of the most traded currencies at the foreign exchange and is one of the most used currencies in the world.

 

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Business and Investment

The Nigerian Currency – The Naira and Kobo

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The Nigerian Currency – The Naira and Kobo


The Nigerian Currency – The Naira and Kobo–Introduced in 1973, the currency currently used in Nigeria is the Naira and Kobo. Prior to this, the country used Pounds as the legal tender. Naira has the sign ” ₦ ” while the kobo is signed ”K” .

The Kobo

In 1973 the kobo had five denominations namely  1/2k, 1k, 5k, 10k and 25k. In 1989  50K and N1 notes were changed to coins. In recent times the kobo coins have been phased out as the value can no longer purchase items.

Who is the Sole Issuance of the Nigerian Naira?

This is one of the biggest questions which had been lingering in the minds of many Nigerians for years as this had been like a mystery to them.

The Central Bank of Nigeria (CBN) is the sole issuer of legal tender money throughout the Nigerian Federation. They are the only body that allows the circulation, regulation and control of the amount of money that flows in the country. This is so in order to ensure monetary and price stability. The Currency & Branch Operations Department of the CBN is in charge of currency management, through the procurement, distribution/supply, processing, reissue and disposal/disintegration of bank notes and coins.

half kobo

½ kobo. Front: Cotton plants, Reverse: Coat of arms. Introduced – 1973

1 kobo

1 kobo. Front: Oil derricks, Reverse: Coat of arms. Introduced – 1973

5 kobo

5 kobo.   Front: Cocoa beans, Reverse: Coat of arms. Introduced – 1976

10 kobo

10 kobo. Front: Palm trees, Reverse: Coat of arms. Introduced – 1973

25 kobo

25 kobo. Front: Peanuts, Reverse: Coat of arms. Introduced – 1973

50 kobo

50 kobo. Front: Maize, Reverse: Coat of arms. Introduced – 1991

 

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The Naira

In 1973, the Naira note was introduced with the following Denominations – ₦1, ₦5 and ₦10. Some notes were subsequently phased out, others redesigned and some new notes were introduced.

1 naira note

1 Naira note. Herbert Macaulay. Introduced – 1973

five naira old

Five Naira note (old). Sir Abubakar Tafawa Balewa. Introduced – 1973

5 naira new

Five Naira note (New). Sir Abubakar Tafawa Balewa. Redesigned – 2007

TEN NAIRA OLD

Ten Naira note (old). Alvan Ikoku. Introduced – 1973

10 naira new

Ten Naira note (new). Alvan Ikoku. Redesigned – 2007

twenty naira note old

Twenty Naira note (old). Murtala Mohammed. Introduced – 1977

twenty naira new

Twenty Naira note (new). Murtala Mohammed. Redesigned – 2007

50 old

Fifty Naira note (old). Introduced – 1991

fifty naira

Fifty Naira note (new). Redesigned – 2007

One_hundred_naira

100 Naira note. Introduced – December 1999

President Goodluck Jonathan unveiled a new 100 Naira note on the 12th of November, 2014 to commemorate Nigeria’s 100 years of existence. In front, the new note has the same portrait of Chief Obafemi Awolowo as the existing note but has a new color scheme and increased security features, including “One Nigeria, Great Promise” in microprinting. On the back it features traditional dancers as well as a QR code which launches a website about Nigeria’s history when scanned.

Centenary 100 naira note. Introduced – November 2014

two hundred

200 Naira note. Introduced – 2000

five 5oo

5oo Naira note. Introduced – 2001

1000 naira

One thousand Naira note. Introduced – 2005

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Business and Investment

Benefits of Currency converter Apps

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Benefits of Currency converter Apps-Currency converter Apps are a quick and easy way to see live market exchange rates at the click of a button, convert international currencies and do business with multinationals within and outside the shores of the country.

It is the prayer of every business minded person to be able to do business on an international scale and this in itself is a good desire. the major challenge with running foreign transactions is the need for an accurate conversion of currencies into the correct local equivalent. Those who currency traders and mostly referred to as Bureau operators are available and useful but an intelligent and well vast businessperson understands that to a large extent the best deals need a bit of verification and cross checking. Other times,persons who specialize in international trade may need an instant update wherever they may be. This is why it’s of uttermost benefit that there’s a host of currency conversion apps available for Android smart phones,Apple iPhones and systems.

We are going to be listing here for your knowledge and reading pleasure, five benefits of Currency converter Apps.

benefits of Currency converter Apps.

Image credit; HowToiSolve

Five benefits of Currency converter Apps

  • The Currency converter app is specifically programmed to do the entire task of monetary calculations for the user and because these apps are synchronized with the internet, they get the updated rate of exchange at all times, leaving no room for discrepancies. No currency exchange or transaction is ever possible without a good currency converter, at least to the best of our knowledge.
  • Currency converter Apps come in handy, are simple, are accurate and are fast to be employed in any situation as the user just has it either directly on his smart phone or computer system, providing him/her quick and real time access to doing business within and outside the shores of the country without fear of making human error that is a characteristic of most this transactions.
  • Currency converterApps are mostly free and come ad free too. They are ingrained with the unique feature that links all of them to a currency page online. Which proofreads them with the needed database that allows you discover in-depth the knowledge of individual currencies. Most of these converter Apps follows every currency being traded and offers a multiple-currency display to help you keep track of relative trends simultaneously and keeping you updated as well.
  • Currency converter Apps are able to handle a large number of popular currencies, it also has in built in it, several options that would make it appeal to a large number of business people. It has the ability to beoperated in offline mode – to save on the bandwidth and data time. In addition, it can track changes in the international markets and display it as a graph, helping to predict future trends and giving analytics. Paired with a constant update of currency news, this if you will agree with me is a major benefit of Currency Converters that exist as apps.
  • Currency converter Apps can be depended on for accurate and fast information. It is  dependable to provide information on real time. These apps have and easy to navigate, pleasing and easy to use interface,presents the latest data on world currencies and precious metals. Users can even have all such data tracked in real-time.
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