NNPC to make public details of petroleum products supplies
Businessam Staff
October 9, 2019
By Business a.m. Staff The drive towards transparency by the management of the Nigerian National Petroleum Corporation (NNPC) is being taken a notch higher with plans to begin publishing details of petroleum products supplied to it, Mele Kyari, group managing director of the corporation has said. ____________________________________________________________________ Kyari, in a statement issued by Samson Makoji, […]
Oil laws: Nigerian senate deliberates amendment to production sharing contract act
Tola AkinmutimiOctober 9, 2019
By Tola Akinmutimi, in Abuja The senate in Nigeria began deliberations Tuesday on the proposed amendments of the provisions of the production sharing contract (PSC) law which could change the way the country works with multinational oil companies prospecting in its deep offshore and inland basin. The bill being worked on is titled “Deep Offshore […]
Gencos petition Presidency, NERC over admin charge
Businessam StaffOctober 1, 2019
Power generation companies on Monday petitioned the Nigerian Electricity Regulatory Commission, the presidency and other relevant agencies of government over a recent administrative charge imposed on Gencos. In a letter dated September 30, 2019, addressed to the chairman of the NERC, the Gencos resisted the 0.75 per cent administrative charge imposed on them by the […]
Nigeria moves to recover 35,000bpd lost to Shell JV, Belema oil dispute
Businessam StaffSeptember 30, 2019
The Nigerian government says it is determined to continue to extract over 35,000 barrels per day of crude oil output lost to a community dispute in the Niger Delta region. A dispute between Nigerian National Petroleum Corporation(NNPC) joint venture partner, Shell Petroleum Development Company (SPDC), Belema oil and communities around oil mining lease (OML) 25 in […]
Nigeria’s oil rich Rivers State acquires Shell’s oil mining lease
Businessam StaffSeptember 30, 2019
Governor Nyesom Wike has announced Rivers State Government’s acquisition of Shell Petroleum Development Company (SPDC) 45 percent operating stakes in oil mining lease (OML) 11 in Ogoniland, Rivers state. Wike, in a brief state broadcast, said his administration has also made a $150 million bid for the purchase of some other interest of SPDC, now placed on auction […]
Wike announces RVSG acquisition of Shell’s OML 11
Businessam StaffSeptember 30, 2019
Nyesom Wike, the governor of Rivers State, has announced State Government’s acquisition of Shell Petroleum Development Company (SPDC) 45% operating stakes in oil mining lease (OML) 11 in Ogoniland, Rivers state. Wike, in a brief state broadcast moments ago, said his administration has also made a $150Million bid for the purchase of some other interest […]
Nigeria moves to recover 35,000bpd lost to Shell JV, Belema oil dispute
Mele Kyari, NNPC, shellSeptember 30, 2019
The Nigerian government says it is determined to continue to extract over 35,000 barrels per day of crude oil output lost to a community dispute in the Niger Delta region. A dispute between Nigerian National Petroleum Corporation (NNPC) joint venture partner, Shell Petroleum Development Company (SPDC), Belema oil and communities around oil mining lease (OML) […]
Nigeria’s oil revenue threatened as India shifts to alternative market
Businessam StaffSeptember 30, 2019
Nigeria is about losing one of its major oil customers, India, as the world’s third-largest oil importer has found a new market in cheap crude oil supplies from Iraq, according to a report by Reuters. Also after nine years of using the persuasive approach and warnings to compel oil and gas industry stakeholders to comply […]
AfDB to scrap coal power stations across Africa
Businessam StaffSeptember 25, 2019
Akinwumi Adesina, president, African Development Bank (AfDB,) has revealed plans to scrap coal power stations across Africa and switch to renewable energy. According to a statement issued on Wednesday by the bank, Adesina revealed the plan during climate talks on the sidelines of the ongoing United Nations General Assembly. Addressing a gathering of leaders and […]
Discos accuse TCN of 100 system collapse; 5,300 interruptions in 6 years
Businessam StaffSeptember 24, 2019
Electricity distribution companies (DISCos) on Tuesday again accused the Transmission Company of Nigeria (TCN) of inefficiency despite over $1.6 billion federal government-guaranteed and multilateral funding and grants to the company. The Association of Nigerian Electricity Distributors (ANED), the umbrella body of ten DISCos, except Yola, said TCN’s analogue system has caused over 100 electricity grid […]