Category: Oil & Gas

Crude Oil Theft: NNPC Creates Electronic Centre To Monitor, Track Marine Oil Thieves

Abibat Babalola

Determined to stamp out the menace of crude oil theft, the Nigerian National Petroleum Company (NNPC) Limited says it has established a monitoring platform to track all marine movements of vessels conveying stolen crude oil from the country. The virtual platform would be wired to receive, collate and send information from concerned individuals and members of the public to alert the relevant security agencies about incidents of pipeline vandalism in the oil producing areas. Also, the platform would provide information that would help end-users of Nigerian crude oil internationally, particularly…

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Nigeria’s loss To Oil Theft Hits $40m Daily

Efe Wellington

Oil.minister says country now losses 400,000 barrels every day Minister of State for Petroleum Resources, Dr Timipre Sylva, has said that the country loses 400,000 barrels of crude daily via oil theft. Platforms Africa reports that Sylva said this when he paid a courtesy visit on Governor Hope Uzodimma of Imo State at the Government House, Owerri. With the price of crude rallying at $100 per barrel, the 400,000 barrels loss figure amounted to $40 million on daily baisis, data compiled by Platforms Africa showed. READ ALSO Oil Theft: Fact…

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World Bank Raises the Alarm Over Nigeria’s N6.7trn Annual Fuel Subsidy

Scott Matthew

Global lender Warns country of Looming Insolvency   The World Bank, for the umpteenth time on Wednesday, warned that Nigeria is currently on life-support with death imminent if it chooses to sustain the current subsidy on petroleum products. Platforms Africa reports that this came against the backdrop ofthe Nigerian Government’s projection to spend N6.7trillion on petrol subsidy payments in 2023, The global lender said this through Rajul Awasthi, senior public sector specialist, domestic resource mobilisation, who spoke at a virtual pre-summit themed: Critical Tax Reforms for Shared Prosperity, an event organised by the Nigerian Economic Summit Group (NESG).…

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Shell Pays $1.9bn Royalty, Taxes To Nigeria In Two Years

ADEOLA YUSUF

Oil giant spends $1.6bn on contracts to indigenous firms as Country Chair, Osagie Okunbor, expresses strong ties with Nigeria   Shell Companies in Nigeria has paid $1.886 billion ($1.9bn approximate) on royalty and taxes to the Nigerian government in the two years period of 2020 and 2021. Platforms Africa reports that the oil giant also said it spent over $1.6 billion on contracts to indigenous firms in the country during same period. A 2021 briefing note from the company, which contained these figures showed that Shell paid $986 million in…

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Ministerial Assent to ExxonMobil/Seplat Deals Remains Declined – NUPRC

ADEOLA YUSUF

Nigeria’s oil regulator counters Buhari’s aide on $1.6bn deal in an announcement that has shown that all may not be well with country’s oil sector policy and polity   The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) affirms that status quo remains in respect of ExxonMobil/Seplat Energy share acquisition, Platforms Africa reports. This is contrary to an early declaration by Mr. Femi Adesina, Senior Aide to President Muhammadu Buhari who claimed that his principal has assented to the deal. Platforms Africa has exclusively reported the back and forth on the deals…

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Nigeria’s Top Energy Journos’ Group Rallies Sylva, Kyari, Wabote For Confab

ADEOLA YUSUF

Minister, NNPC CEO, NCDMB boss and others to Brainstorm on Future of Nigeria Oil Industry amid Energy Transition at the NAEC Conference   The Nigerian Minister of State for Petroleum Resources, Chief Timipre Sylva, and the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Mallam Mele Kyari, would at the Annual International Conference of Association of Energy Correspondents of Nigeria (NAEC), lead brainstorming sessions on the future of Nigeri’s hydrocarbon sector amid the ongoing energy transition challenge. READ ALSO: BREAKING:Buhari Makes U-Turn, Consents To ExxonMobil/Seplat $1.6bn…

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BREAKING:Buhari Makes U-Turn, Consents To ExxonMobil/Seplat $1.6bn Deal

ADEOLA YUSUF

Why Buhari overrode NNPC’s Objection to do what he did – Femi Adesina About three months after he declined consent, President Muhammadu Buhari. On Monday, made a U-Turn as he consented to the acquisition of Exxon Mobil’s $1.6 billion assets by Seplat Energy Offshore Limited. He did that in his capacity as Minister of Petroleum Resources, and in consonance with the country’s drive for Foreign Direct Investment in the energy sector, Platforms Africa has, in an exclusive story on May 17, 2022, reported that the President refused to approve the…

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Shell To Resume 300m scuf/d Assa North/Ohaji South Gas Project Construction

Abibat Babalola

The project, one of the largest domestic gas assets in Nigeria, located in Imo state, southeast Nigeria, has capacity for 300 million standard cubic feet of gas per day when completed Oil giant, Shell Petroleum Development Company (SPDC), is set to resume operations in Imo State, after years of exiting the state as a result of insecurity. Shell had temporarily halted the construction of a multi- billion naira Assa North/ Ohaji South Gas Development Project sited in Imo State, which was started in 2019, due to the growing incidents of…

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How Nigeria Lost $380bn, 2m Jobs To Capital Fight – NCDMB

Abibat Babalola

The Nigerian Content Development and Monitoring Board (NCDMB) has revealed how Nigeria lost over $380 billion to capital flight and two million jobs in 50 years. Platforms Africa reports that Executive Secretary, NCDMB, Engr. Simbi Wabote at the fifth annual Valuechain lecture and awards held in Abuja, said the nation also lost the opportunity cost for in-country capacity development and value addition. READ ALSO: Shell, AFC, GTBank, 6 Other Banks Drag Aiteo to Court Over $2bn Debts EXCLUSIVE: Buhari Declines Ministerial Consent For ExxonMobil $1.6bn Assets’ Sale To Seplat Lagos…

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Abuja To Lagos N100k, Lagos To Kano N120k, Again Airlines Hike Fares

Aliyu Aliyu

Full list of how much you will pay on your next flights to Port Harcourt, Kano, Lagos and reason for latest fares hike, second time in five months   Nigeria airlines have slammed about 100 percent fares hike on domestic flights. Platforms Africa reports that the least of the fares is now N80,000 depending on the trip. This is the second time in five months that air fares have been hiked over the rising cost of aviation fuel and foreign exchange (FX) crisis. Azman Air flight from Lagos to Kano/Kaduna…

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