Category: Oil & Gas
Oil magnate Otedola to sell Forte Oil shares, exit fuel business
The Chairman of Forte Oil Plc, Mr Femi Otedola, has announced his decision to sell all his shares in the firm’s downstream business. The Punch newspaper has reported. This is coming more than three years after the firm sold 17 per cent of its equity to a Swiss oil trading firm. Forte Oil disclosed on…
Gas production: Shell announces FID on project
Shell Petroleum Development Company of Nigeria Limited (SPDC) has announced the Final Investment Decision (FID) on the Assa North Gas Development Project in Imo State, the News Agency of Nigeria (NAN) has reported. At peak production, the project is expected to deliver 300 million standard cubic feet of gas per day and will be treated…
Swiss close to revealing Nigerian beneficiaries of $1.1bn Malabu oil bribes
Materials in a suitcase seized nearly three years ago by Swiss authorities may unlock the identities of the Nigerian recipients of the $1.1 billion in corrupt payments by Shell and ENI over the purchase of OPL 245 from Malabu Oil. A Geneva prosecutor is now reviewing the materials and will decide what can be shared…
Financial flow from oil, gas sector drops to $17.05bn in 2016 –NEITI
The Nigeria Extractive Industries Transparency Initiative (NEITI) says that total financial flows from Nigeria’s oil and gas sector reduced to $17.05 billion in 2016, indicating a 31 per cent decline on the $24.79 billion generated in 2015. The News Agency of Nigeria (NAN) has reported. NEITI disclosed this in its 2016 Oil and Gas Audit…
Total to launch oil exports from new Nigerian field February
By Tsvetana Paraskova Just as the Organisation of Petroleum Exporting Countries (OPEC) and partners will have started the new round of production cuts to reduce oversupply, France’s Total is set to begin exports from the new ultra-deep Egina oil field offshore Nigeria in February 2019, at an initial rate of just over 100,000 bpd, Bloomberg…
FAAC: Shocker as $1.68bn is withdrawn from ECA in 3 weeks
Oke Peter with Agency Report The Federal Account Allocation Committee (FAAC) rose from its last meeting in 2018 with a startling disclosure that the Excess Crude Account (ECA) crashed from $2.319 billion to $631 million between November 25 and December 19, meaning $1.68 billion (72.7%) was withdrawn from the account within three weeks. This is…
Shell Bonga attains 800m barrels oil production
Esther Abiola – Lagos In 13 years of deep-water exploration, the Bonga vessel of the Shell Nigeria Exploration and Production Company (SNEPCo) has produced over 800 million barrels of crude oil. In its review of the performance of the Bonga Floating Production, Storage, and Offloading (FPSO) vessel for 2018, Managing Director, SNEPCo, Bayo Ojulari, expressed…
Malabu Scam: Eni, Shell aware of corrupt payments, Judge rules
An Italian judge, Giusy Barbara, found out on Monday that Eni and Royal Dutch Shell were fully aware that their 2011 purchase of Nigeria’s Oil Prospecting Lease (OPL 245) would result in corrupt payments to Nigerian politicians and officials. Italy’s Eni and Shell bought the OPL 245 offshore field for about 1.3 billion dollars from…
Subsidy: FG pays oil marketers, freezes interest on loan
Mr Henry Ikem-Obih, Chief Operating Officer, Downstream, Nigerian National Petroleum Corporation (NNPC) says the Federal Government has paid the agreed N236 billion as first tranche of the outstanding subsidy claims to oil marketers. Ikem-Obi, who disclosed this in an Interview with the News Agency of Nigeria (NAN) on Monday in Abuja, said that government, through…
$12m LPG plant ready 2019 –GEIL
Damilola Shittu – Abuja Barring the unforeseen, the $12 million Liquefied Petroleum Gas plant (LPG) currently under construction in Ikuru in Rivers State, by Green Energy International Limited (GEIL), operator of Otakikpo Marginal field in OML 11, will become operational by the second quarter of 2019. The 12MMSCFD capacity plant which Approval To Construct (ATC)…