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…
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…
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…
The blame game over the electricity shortage across the country continued last week when government accused Electricity Distribution Companies (Discos) of low investment in their networks. Minister of State for Power, Works and Housing Mustapha Shehuri made the accusation in Uyo, when he voiced out his dissatisfaction over the inability of Discos to distribute available…
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…
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crashed from $2.319 billion to $631 million between November 25 and December 19, meaning $1.68 billion (72.7%) was withdrawn from the account within three weeks.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…
The management of Ikeja Electric (IE) has announced the expansion of network patrol teams and field operations preemptive maintenance across its network to ensure customers have an enjoyable yuletide. In a statement released by the company’s Head of Corporate Communications, Felix Ofulue on Wednesday, the move will see various installations undergo preventive maintenance work, as…
To resolve the power deficit situation in Africa and reach the United Nations’ (UN) target of Universal Access by 2030, the continent will need to add around 250GW capacity, which will require about 7GW yearly from now to 2030. This, the Executive Chairman, Nigerian Electricity Regulatory Commission (NERC), Professor James Momoh said would require…
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…
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…
