Category: Oil & Gas

How Oil Firms in Nigeria Suffered N2.2tn Revenue Deficits In 1 Year

ADEOLA YUSUF

SNEPCo 17.8mn/b, Chevron 12.2mn/b, Agip 11.1mn/b, SPDC with 15.1%, Addax 2.3mn/b, Seplat 7.4m/b, Aiteo 470t/b. Full list of 16 oil firms and whooping volume of crude oil loss they recorded in 2020   International Oil Companies (IOCs) and their local counterparts operating in the Nigeria’s multi-billion dollars oil industry lost a whopping N2.1 trillion as a result of crude oil production deferment in one year. Platforms Africa, which reported this quoted the 2021 statistics from the Nigeria Extractive Industries Transparency Initiative (NEITI). NEITI data showed that the huge loss was…

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ExxonMobil Rescinds Sack of Nigerian Staff, Ernest Omo-Ojo, After 3 Years

ADEOLA YUSUF

The banters. The battle. The backslide. Platforms Africa reports how, after Court confrontations, the Nigerian oil minister Timipre Sylva’s Mediation led to the withdrawal of the sack letter issued to Omo-Ojo,  ex-staff at the Media and Communications unit of the United States (U.S) oil giant, in June 2019   After three years search for justice, reprieve finally came the way of Ernest Ivie Omo-Ojo, a Nigerian ex-worker with United States oil super major, ExxonMobil, Platforms Africa reports. This reputable media group had, in an exclusive story published  on August 14,…

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Corporate Takeovers: Contextualising the Savannah Move on Lekoil, By Tope Ajayi

ADEOLA YUSUF

Business is war! That is the thrust of what people learn in business school, and from the preponderance of available literature on business and strategy. Business owners, boardroom tacticians, and corporate raiders pursue business interests just like battle-tested generals at the war front, who must deploy all the arsenal at their disposal to win. The stories of hostile business takeovers around the world are too numerous to list. There are a number of very famous case studies on hostile takeovers, including those involving Kraft Foods Inc. and Cadbury Plc, InBev…

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EXCLUSIVE: Buhari Declines Ministerial Consent For ExxonMobil $1.6bn Assets’ Sale To Seplat

ADEOLA YUSUF

. NUPRC Confirms Platforms Africa Exclusive, writes ExxonMobil to veto deals + word-for-word content of the letter . Real reason Buhari declined Ministerial Consent, ordered all parties in the transaction to revert status quo . The NNPC right of first refusal that made the deal to hit the rock . How Platforms Africa broke news in a world-class exclusive over two months ago   Nigeria’s President Muhammadu Buhari has declined Ministerial consent for ExxonMobil’s $1.6bn assets’ sale to Seplat, Platforms Africa reports authoritatively. Buhari, the substantive minister of Petroleum Resources,…

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How N47bn Racket Landed NDDC Ex-MD, Nsima Ekere, In EFCC Net

ADEOLA YUSUF

Patricia Etteh, Nsima Ekere; how forensic audit of the NDDC is making heads to roll, more arrests imminent A former Managing Director of the Niger Delta Development Commission (NDDC) Nsima Ekere was grilled by the operatives of the Economic and Financial Crimes Commission (EFCC) over alleged link with the diversion of funds to the tune of N47 billion. Platforms Africa reports that the EFCC’s Head of Media and Publicity, Wilson Uwujaren, who made this disclosure to journalists on Wednesday, gave details of how the alleged N47 billion racket landed Ekere…

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How We Recovered 9 Bodies From Kano Gas Explosion Scene – NEMA

ADEOLA YUSUF

Nigerian Air Force, NAF, has postponed its 58th anniversary celebration billed to commence in Kano as a result of the explosion   Although initial report said the explosion took place in a primary school in the area, Kano State government said the explosion, which affected buildings around the area, including a primary school, was from an animal food shop opposite the school, along Aba road. The National Emergency Management Agency, NEMA, which also corroborated police account that the explosion was caused by a gas explosion, said its personnel recovered nine…

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TotalEnergies Puts Up 16 Nigeria’s Oil Assets, Pipeline’s Stakes For Sale

ADEOLA YUSUF

Appoints Canada’s Scotiabank financial adviser for sale of assets including its 10 per cent stake in Nigerian joint venture with SPDC and NNPC French energy major, TotalEnergies has launched the sale of its 10 per cent stake in Nigerian joint venture Shell Petroleum Development Company, SPDC, with Canada’s Scotiabank leading the sale as financial adviser, a sale document tendering for interest showed. Though Scotiabank declined to comment on the exercise TotalEnergies earlier announced the sale in late April. READ ALSO: Shell Targets $3bn, Places More Assets For Sale Onshore Nigeria Chevron…

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UPDATED: Kano Explosion Kills 4, Injures Scores

ADEOLA YUSUF

Police say incident gas explosion not bomb explosion   At least four people have been confirmed dead in a gas explosion that rocked Kano on Tuesday morning. Platforms Africa reports that many residents including students of Winners Schools were injured in the explosion that rocked the Sabongari area of Kano State. The police command in Kano State has confirmed the killing of four persons in the gas explosion. READ ALSO: 33,000-litre Petrol Tanker explodes in Delta School Pupils Feared Killed As Explosion Rocks Kano Abuja Female Corps Member Bathed with…

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EU Gives Member-States, Firms Go-Ahead to Buy Gas From Russia

ADEOLA YUSUF

Moscow insists on Rubles not Dollars or Euro for gas deals while shelling of ukraine continues   The European Union said companies can keep buying gas without breaching sanctions, as it softened its stance in a standoff with Moscow over energy supplies. The European Commission sent its revised guidelines to member states on Friday, a spokesperson said on Monday. In the updated recommendations, it said companies should make a clear statement that they consider their obligations fulfilled once they pay in euros or dollars. READ ALSO: Interfere In Ukraine War,…

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