Category: Oil & Gas
Why Buhari removed Maikanti Baru as NNPC GMD
Damilola Shittu – Abuja Following the removal of Dr Maikanti Baru as the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) and appointment of Mr Kolo Kyari as the new NNPC helmsman by President Muhammadu Buhari on Thursday, the corporation threw more light on why Baru was relieved of his job. In a…
Anadarko signs off with Mozambique LNG FID
Mozambique’s long-awaited giant LNG project is now set for completion Anadarko’s positive final investment decision on the $20 billion-plus Area 1 Mozambique LNG project is a significant achievement for a development that has faced numerous challenges over the last decade. The project, which is based on gas from Area 1 in the Rovuma Basin, is…
Shell expands gas distribution capacity in Nigeria
By Oke Peter Shell Nigeria Gas says it has increased its gas distribution capacity by over 150 percent following the safe completion of its second gas train, the Agbara-Ota Capacity Increase Project. The facility enables SNG and its partners to achieve regular gas supply to subscribed industries in Ogun State while efforts are ongoing to…
Seplat royalties dispute highlights Nigerian corporate tax dangers
Shares of Nigerian oil producer Seplat were quick to rally in London after the company denied claims by a Nigerian presidential investigation panel that the company had failed to make royalty payments between 2013 and 2017. But the denial hardly creates future visibility over Seplat’s future liabilities. The Nigerian panel claimed that Seplat owes $33m,…
Concern as DPR revokes six oil licenses
The Department of Petroleum Resources (DPR) has revoked five Oil Mining Licences and one Oil Prospecting Licence belonging to five companies. In a public notice issued on Thursday by the regulatory body, the revocation was based on a presidential directive to “recover legacy debts” owed by the companies operating the licences. The five companies affected…
Presidential panel uncovers NNPC’s dollar accounts, asks bank to remit $2m proceeds into TSA
The Special Presidential Investigation Panel for the Recovery of Public Property has uncovered eight-dollar accounts and other naira accounts said to be kept by the Nigerian National Petroleum Corporation (NNPC) with the Ecobank Plc. The correspondences obtained by The PUNCH on Sunday show that the panel, through its chairman, Mr Okoi Obono-Obla, has written to…
Gas projects ’ll boost GDP by $50bn in 2021, says NNPC
By Oke Peter The Nigerian National Petroleum Corporation (NNPC) has said with the 3,500 million standard cubic feet per day of additional gas to be supplied from seven critical gas development projects, the nation’s economy can create up to seven million jobs and boost the Gross Domestic Product by about $50bn. The corporation’s Group Executive…
Senate confirms N11trn oil subsidy payment, okays N129bn for marketers
Jumoke Adelabu – Abuja The Senate on Thursday confirmed the payment of N11 trillion as fuel subsidy claims in the last six years. The chairman of its Committee on Petroleum Downstream, Kabir Marafa (APC, Zamfara), made the disclosure while tendering a report. This comes as the upper legislative chamber approved the payment of N129 billion…
Oil, gas investment opportunities abound in Africa —Seplat Director
Seplat Petroleum Development Company Plc’s Operations Director, Mr Effiong Okon, has stated that Africa is the destination for gas development and investment. He gave this insight in his keynote address at the Africa E & P Summit held in London recently. The Africa E&P Summit is a landmark event on Africa, which brings together key…
NNPC posts $490.03m export sale of crude oil and gas …Records over 8% increase in gas supply for power generation
By Oke Peter The Nigerian National Petroleum Corporation (NNPC) posted a total export sale of crude oil and gas of $490.03 million in February 2019 which is 32.45 percent higher than the previous month’s sale. NNPC Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, in a release of the February 2019 edition of…