Category: Oil & Gas

Shell Pays $6bn As Tax To Nigeria In 5 Years

ADEOLA YUSUF

Shell has been recognised as Lead Tax Compliant Firm in Nigeria With payment of $6 billion in direct taxes in the five years the Federal Inland Revenue Service, FIRS has named Shell as a “leading tax compliant organisation in Nigeria for 2021.” Platforms Africa reports that the award ceremony in Abuja last week was a part of the second annual National Tax Dialogue, where Shell companies in Nigeria also won the award for ‘remarkable performance in the remittance of various taxes’ in the same year. The Shell Petroleum Development Company…

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OPL 310: Lekoil Limited Rejects Lekoil Nigeria’s £.9m Loan Deal

ADEOLA YUSUF

The crisis between Lekoil Limited and Lekoil Nigeria has degenerated as the former said it outrightly rejected the offer by the latter to purchase loan in the Oil prospective License (OPL) 310. Platforms Africa reports that Lekoil Limited has earlier secured Savannah Investment’s GBP.9m Loan At 5%/Annum Interest for the deal, a move that was stopped by Lekoil Nigeria through the Court. Lekoil Limited, however made its rejection of the OPL 310 loan by Lekoil Nigeria known in a statement, maintaining that the offer is incapable of acceptance without the…

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N19bn Petrol Imported Into Nigeria Did Not Get To Destination

ADEOLA YUSUF

116.46m litres fuel Stolen in One year, say NNPC reports + BREAKDOWN N19 billion worth of Premium Motor Spirit (PMS) generally known as petrol imported Into Nigeria did not get to the final consumers in the countrt, its intended destination. The product, which translated to a total of 116.46 million litres (worth N18.88 billion) was stolen in 2021, data from different reports obtained from the Nigerian National Petroleum Company Limited showed. Figures contained in various NNPC reports on Product Pipeline Performance for PMS showed that from January 2021 till December…

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BREAKING: U.S., EU Strike Energy Deals Against Russian Gas

ADEOLA YUSUF

. U.S., European Commission create Task Force, Share objective of addressing energy security emergency in Europe + FULL STATEMENT   The United States and the European Commission said that they struck a committed to reducing Europe’s dependency on Russian energy. Platforms Africa reports that this was contained in a Joint Statement between the European Commission and the United States on European Energy Security. “We reaffirm our joint commitment to Europe’s energy security and sustainability and to accelerating the global transition to clean energy. In condemning in the strongest terms Russia’s…

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FAPEF Names Adeola Yusuf Panelist for Africa Economic, Financial Forum

ADEOLA YUSUF

Team Lead of Platforms Africa, Adeola Yusuf, joins Rym Ayadi, Prof of economics at Business School, City University of London; Koffi Ange Houngbedji, Senior Analyst at African Development Bank (AfDB); Idriss Linge, Rédacteur en Chaf de l’Agence Ecofin and others as speakers in Abidjan for FAPEF confab   The Team Lead of Platforms Africa, Adeola Yusuf, has been named a panelist at the First African Forum for Economic and Financial Journalism (FAPEF) conference in Abidjan, economic capital of Ivory Coast. Adeola Yusuf, one of the most decorated, award-winning financial journalists…

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Why We Rejected Nigerian Widows’ Suit Against Shell – Dutch Court

ADEOLA YUSUF

Complainants are the widows of activists who were executed by the Nigerian government alongside Ken Saro-wiwa in 1995 after they protested against the oil’s company’s exploitation of the Niger Delta   A Dutch Court on Wednesday rejected a suit against Shell brought by four widows of activists who were executed by the Nigerian government in 1995 after they protested against the oil’s company’s exploitation of the Niger Delta. The court said there was not enough evidence to support the widows’ claim that Shell had been involved in bribing witnesses related to the case. In 2019, the court had…

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Russia Shuts 1.4m bpd Exports Pipeline, Worsens Oil Prices Surge

ADEOLA YUSUF

Oil exports from a crucial pipeline on Russia’s Black Sea coast were fully halted on Wednesday, pushing crude prices higher amid fears that Moscow would interrupt energy supplies just as US president Joe Biden arrives in Europe to discuss the war in Ukraine. The Caspian Pipeline Consortium, the Moscow-headquartered group running a pipeline linking Kazakh oilfields with Russia’s Novorossiysk port, said on Wednesday that it was shutting down all three units used to load oil from the more-than-1,500km artery on to tankers, blaming storm damage. “The loading is fully stopped…

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TotalEnergies Joins Rivals Shell, BP To Quit Russian Oil Supply Deals

ADEOLA YUSUF

  BP is facing write-downs of $25 billion for its Russian exit and Shell of over $3 billion.   French oil major TotalEnergies (TTEF.PA) said on Tuesday it would not renew its Russian gasoil and crude oil supply contracts for its German refinery, but would source gasoil from Saudi Arabia and crude via Poland instead. The firm, with stakes in several Russian projects, has come under criticism after it stopped short of joining rivals Shell and BP (BP.L) in planning to divest oil and gas assets in Russia. European sanctions…

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BREAKING: ENI Lifts Force Majeure On Brass Terminal, Bonny NLNG

ADEOLA YUSUF

Ital8an oil supermajor, Eni, has lifted the force majeure it declared on Brass terminal, Bonny NLNG and Okpai Power Plant. The company announced this in a statement sent to Platforms Africa on Friday night,maintaining thay its decion was a result of the restoration of the Ogoda/Brass 24″ oil pipeline at Okparatubo, Nembe Local Government Area, Bayelsa State. Here is the statement. “Following the restoration of the Ogoda/Brass 24″ oil pipeline at Okparatubo (Nembe Local Government Area, Bayelsa State), which was hit by blast on March 5 caused by a third-party…

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Stakeholders Forge Alliance With Nigeria on Net zero Emission Target

ADEOLA YUSUF

Stakeholders in the oil and gas industry are striving to forge alliance with the Nigerian government after it sets in motion policy direction to become the first major developing country to commit annual carbon budgets to plot its path towards cutting emissions to net zero. The managing director of Carbon Limits, James Ogunleye, said the firm is playing a strategic role in Nigeria’s long walk to energy transition. In a conversation in Lagos, Ogunleye said the company has dedicated efforts to support ongoing initiatives of government was bolstered by already…

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