Category: Oil & Gas
Nigeria’s oil exports drop as Aiteo shuts pipeline
The nation’s crude oil export has suffered a setback following the shutdown of the Nembe Creek Trunk Line, one of the major crude oil transportation channels used for export. The NCTL, which is 100 kilometres long and has a capacity of 150,000 barrels per day at Nembe Creek, evacuates crude to the Bonny Crude Oil…
Nigeria’s refineries post N114.3bn loss in 11 months
By Oke Peter Nigeria’s refineries posted a cumulative loss of N114.3 billion in the first 11 months of 2018, the latest industry data have revealed. Figures obtained from the Nigerian National Petroleum Corporation (NNPC) on Friday in Abuja showed that the Kaduna Refining and Petrochemical Company, Port Harcourt Refining Company and Warri Refining and Petrochemical…
Dutch prosecutors target Shell over Nigeria oil deal
Dutch prosecutors are preparing criminal charges against Royal Dutch Shell over its $1.3 billion acquisition of Nigerian offshore oilfield OPL 245 in 2011. Shell said in a statement on its website that it had been informed by the Dutch Public Prosecutor’s Office (DPP) that it had nearly concluded its investigation and is preparing to prosecute…
FG unveils $48bn oil, gas investment opportunities in the UK
To deepen offshore investments in the nation’s oil and gas industry, the Federal Government on Wednesday unveiled Nigeria’s $48 billion investment opportunities available in emerging capital projects expected on stream soon. The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, while speaking at a panel session on the topic “Insights…
Nigeria earns N3.72trn from royalties, petroleum tax in one year .Begins fuel import from China
Nigeria earned N3.72 trillion from royalties and petroleum profit tax (PPT), in the oil and gas sector in 2018, according to data obtained from the Central Bank of Nigeria, (CBN). The CBN, in its Economic Report for the Fourth Quarter of 2018, stated that the amount the country earned from royalties and PPT in 2018…
Shell inducts 30 graduates for industry internship
Thirty engineering graduates have been inducted to the fifth batch of the Shell Nigeria internship programme, a four-year old scheme designed to help young graduate engineers upscale their skills in readiness for employment in the energy sector. The internship programme, run in collaboration with the Petroleum Technology Association of Nigeria (PETAN), places the interns with…
Nigeria hits oil majors with billions in back taxes
Nigeria has ordered foreign oil and gas companies to pay nearly $20 billion in taxes it says are owed to local states, industry and government sources said, in a move that could deter investment in Africa’s largest economy. In a letter sent to the companies earlier this year via a debt-collection arm of the government,…
FG plans new finance scheme to bridge oil sector funding gaps
Damilola Shittu – Abuja The Nigerian Content Development Monitoring Board (NCDMB), has announced plans to introduce a new financing scheme to address the gaps witnessed under the Bank of Industry (BoI) funding initiative for companies operating in the Nigerian oil and gas industry. Speaking in Abuja, Executive Secretary of the NCDMB, Mr. Simbi Wabote, stated…
Buhari backs oil cut by OPEC …Atiku insists on selling NNPC if elected
President Muhammadu Buhari has pledged the cooperation of Nigeria to the reduction of oil output to attract higher prices in the global market. Speaking with Mr Ahmad Qattan, Special Envoy of King Salman Bin Abdulaziz, Minister of State for African Affairs of the Kingdom of Saudi Arabia, at the State House, Abuja, Buhari said as…
Gas flare commercialisation to attract $3.5bn investments –FG
The ongoing gas flare commercialisation programme of the Federal Government will attract $3.5 billion worth of investments to Nigeria. In a reply to enquiries on the status of the programme, senior officials of the Federal Ministry of Petroleum Resources explained that inward investments valued at over $3bn would come into Nigeria through the Nigerian Gas…