Category: Oil & Gas

JUST IN: Singer Portable Remanded In Prison

Ganiyu Amodu

The self acclaimed Wahala musician who was earlier arraigned by Police for assault looks humble throughout the proceedings   The Ogun State Police Command has arraigned singer Habeeb Okikiola aka Portable on six counts bordering on assault. The “Zazu Zeh” crooner was arraigned at the Ifo High Court in Ogun State on Monday morning. The court, however ruled that, the defendant be transferred to the Ilaro correctional centre, pending the time his bail requirements are met. The case was adjourned to the 26th of April for the commencement of trial.…

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11 Plc Positions Investments, Assets For Downstream Market Leadership

ADEOLA YUSUF

. Breaks record in ATK storage investment, other facilities less than 6 years of ExxonMobil downstream assets takeover . Nigeria’s biggest Aviation fuel storage tank, 70 trucks per day capacity loading gantries, 26,000 bbls per month, among others. Here is the list of facilities uogrades at 11 Plc   11 Plc has invested massively in the facilities to improve productivity and meet market demands barely six years after acquiring the Downstream assets of ExxonMobil in Nigeria. Platforms Africa reports that the Managing Director, 11Plc, Tunji Oyebanji, who said this during…

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US Recovers $53m In Bribes to Diezani, Expects $16m More

ADEOLA YUSUF

The Justice Department has announced the final resolution of two civil cases seeking the forfeiture of various luxury assets that were the proceeds of foreign corruption offences and were laundered in and through the United States. This was made known by the US Department of Justice in a statement it issued on its website on Wednesday. The statement said in full: With the conclusion of the cases, the department has recovered roughly $53.1 million in cash – constituting the net liquidated value of the defendant’s assets – plus a promissory…

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Shell: We Paid $4.5bn Royalty, Taxes To Nigerian Govt In 2022

ADEOLA YUSUF

WHO COLLECTED WHAT: Oil giant gives details of money paid to FIRS, NNPC, NUPRC, NDDC Others in 2022       Shell’s Report on Payments to governments has indicated that the Federal Government of Nigeria was paid a total sum of  $4,521,134,915 for the fiscal year ended, 2022. This amount is made up of the money paid as production entitlement, taxes, royalties,and fees in  2022. The disclosure was part of Shell’s reports on Sustainability, Climate & Energy Transition, Lobbying and Payments to Governments that were published on Tuesday A breakdown of the…

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Petrol Price Should Be N400 A Litre After Subsidy Removal, Says PENGASSAN

Abibat Babalola

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) says the pump price of premium motor spirit (PMS), also called petrol, should be between N360 and N400 a litre, after the removal of subsidy. Festus Osifo, president of PENGASSAN, made this known while speaking to journalists on the sidelines of the association’s national executive council (NEC) meeting, in Abuja on Tuesday. The federal government has projected to spend N3.35 trillion on petrol subsidy (which may be removed by June) this year. READ ALSO: PDP Drops Ayu, Appoints Damagum As Acting…

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Shell Lifts Force Majeure on Major Oil Exports From Nigeria

Efe Wellington

The Shell Petroleum Development Company of Nigeria Limited (SPDC) said it has lifted the force majeure on Bonny export programme with effect from Wednesday, March 15, 2023. The force majeure was declared on March 3, 2022 following a significant decline in crude receipts at the Bonny Oil and Gas Terminal. READ ALSO: Naira Crisis: Millions of Nigerians Already Dragged Into Mental Illness – Expert ‘He’s A Racist,’ Nigeria Revokes Seplat CEO’s Work Permit, Visa, Others Why NNPCL Sacked Eroton As OML 18 Operator Nigeria Rakes In N21trn From Crude Oil…

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Nigeria Rakes In N21trn From Crude Oil Sales In One Year – NBS

Efe Wellington

Nigeria’s crude oil sales rose by 46.41 per cent to push Nigeria’s total export to N26.79tn in 2022. This is as total trade rose by 31.79 per cent from N39.75tn in 2021 to N52.39tn in 2022. In 2022, crude oil sales totalled N21.09tn, a 46.41 per cent increase from N14.41tn in 2021. In 2022, crude oil accounted for 78.74 per cent of total export. According to data from the National Bureau of Statistics, total exports for 2022 rose by 41.72 per cent from N18.91tn in 2021 to N26.79tn as of…

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‘He’s A Racist,’ Nigeria Revokes Seplat CEO’s Work Permit, Visa, Others

ADEOLA YUSUF

We’re Behind Him: Seplat claims allegations against Roger Brown, a British,  were “orchestrated” and “clearly calculated to spread false information.”   The Nigerian Government has revoked the Work Permit, Visa and Residence Permit of the Chief Executive Officer (CEO) of Seplat Energy PLC, Roger Brown, over allegations of racism, favouritism and discrimination against Nigerian workers levelled against him by staff. The Ministry of Interior equally accused Brown of being in possession of a Combined Expatriate Residence Permit and Aliens Card (CERPAC) not based on a valid Expatriate Quota. It was…

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NCDMB, BOI Launch $50m Fund for Oil Industry Manufacturing

ADEOLA YUSUF

  The Nigerian Content Development and Monitoring Board (NCDMB) and Bank of Industry on Wednesday in Lagos launched a $US50 million dollars fund for NOGAPS Manufacturing Product Line. The fund is to incentivize companies that would operate in the Nigerian Oil and Gas Parks and engage in the manufacturing of equipment components used in the oil and gas industry and linkage sectors. Speaking at the signing, the Executive Secretary of NCDMB, Engr. Simbi Kesiye Wabote mentioned that the fund would support oil and gas companies that would operate in the…

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Why NNPCL Sacked Eroton As OML 18 Operator

ADEOLA YUSUF

The management of Nigerian National Petroleum Company (NNPC) Limited has replaced Eroton Exploration and Production Limited as the new operator of oil mining lease (OML) 18. This, according to was done in order to protect the JV investment in OML 18, the non-operating partners, NNPC Limited (55 per cent interest) and OML 18 Energy Limited (“OML 18 Energy” – 16.20 per cent interest), jointly owning 71.20 per cent equity, removed Eroton as operator of the JV. “This is in line with the provisions of the Joint Operating Agreement (JOA).” READ…

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