Category: Local Content
NNPC pays $1.5bn cash call debt to IOCs
Damilola Shittu – Abuja The Nigerian National Petroleum Corporation (NNPC) says it has reduced cash call arrears owed to international oil companies, its Joint Venture partners, by $1.5bn. The corporation has cash call arrears of $5.1bn. Group Managing Director of NNPC, Dr Maikanti Baru, said this at the 12th National Conference of the Nigerian Association…
Fuel subsidy, Nigeria’s biggest fiscal burden, says LCCI
Esther Ajibola – Lagos Lagos Chamber of Commerce and Industry, (LCCI), has described fuel subsidy which the World Bank said cost Nigeria N731 billion in 2018, as the biggest fiscal burden currently staring the nation’s economy in the face. LCCI, which response was based on the World Bank report, released on Monday in Abuja focussed…
Shell proposes $15bn five-year investment plan in Nigeria
By Oke Peter The Shell Petroleum Development Company (SPDC) has unveiled a $15 billion investment in the oil and gas sector in the next five years. Its Managing Director, Osagie Okunbor, broke the news at the second edition of the Nigerian Oil and Gas Opportunity Fair (NOGOF) organised at the weekend by the Nigerian Content…
211 Nigerian oil blocks remain idle —Report
More than 50 per cent of Nigeria’s oil and gas blocks remain untapped even as crude oil production continues to hover around two million barrels per day while gas shortages persist in the country over the years, ’FEMI ASU reports Out of 390 oil blocks in the country, 211 are yet to be allocated by…
FG tasks local firms on IOCs’ divestments, others …Targets 4mbpd oil production
By Esther Ajibola The Minister of State for Petroleum Resources, Ibe Kachikwu has tasked indigenous operators to step up their investments and take over major operations from international oil companies, especially as many are already considering divesting and charting new paths. Besides, the Minister emphasised the need to double oil production to four million barrels…
Nigeria spends N10trn on petrol subsidy —Report
By Oke Peter At the backdrop of the continued comatose state of the Nigeria’s local refining capacity, the country may have spent about N10 trillion in the provision of pump price subsidy on imported petroleum products from 2006 to 2018. A research report by BudgIT, a public finance focused Non-Governmental Organisation (NGO), said this amount…
EITI confers highest disclosure status on NNPC
Mayowa Okekale – Abuja The gale of transparency and probity which has pervaded the operations of the Nigerian National Petroleum Corporation (NNPC) under the current dispensation received global affirmation over the weekend with the conferment of the highest discloser status by the global extractive industries watchdog, Extractive Industries Transparency Initiative (EITI). The accolade is the…
NLNG to sign $1bn Train 7 project local content plan
The Nigerian Content Development and Monitoring Board (NCDMB) and the Nigeria LNG Limited will on Friday (today) sign the Nigerian content plan for the NLNG’s Train 7 project, estimated to cost $1bn. The Executive Secretary, NCDMB, Mr. Simbi Wabote, and the Managing Director, NLNG, Mr. Tony Attah, met at the board’s headquarters in Yenagoa, Bayelsa…
Nigeria, US bilateral trade hit $33bn
Ajibola Esther – Lagos The Nigerian National Petroleum Corporation (NNPC) has disclosed that Nigeria and the United States of America had been very good partners with about $35billion worth of trade between the two countries. The group managing director of NNPC, Maikanti Baru, who disclosed this during a meeting with the US Energy Secretary, Rick…
Buhari orders NNPC to take over operation of OML 11 from Shell
By Oke Peter President Muhammadu Buhari has ordered the Nigerian National Petroleum Corporation (NNPC) to take over the operatorship of the entire Oil Mining Lease 11 from Shell Petroleum Development Company (SPDC). According to a letter from State House, Abuja, to the Group Managing Director of NNPC, dated March 1, 2019, with reference number SH/COS/24/A/8540…