Category: Oil & Gas

Nigeria suffers 200,000 bopd oil export deficit As Shell Declares Force Majeure on Forcados

ADEOLA YUSUF

Royal Dutch Shell Halts shipments from Nigeria’s Forcados export terminal   About 200,000 barrels per day of crude oil is currently stranded as oil major Shell Plc halted crude shipments from Nigeria’s Forcados export terminal. The action is considered another blow to Nigeria which has struggled to stem falling production. Shell Petroleum Development Co. of Nigeria Ltd. issued a notice of force majeure on Forcados shipments, effective from midday on December 21, and plans to issue a revised offtake program in due course. READ ALSO: Nigeria Reduces Oil Prices for…

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Operators Counter Group Over Fraud Claim Against NCDMB Boss, Wabote

Efe Wellington

NOGIOA says allegation of violation of United States Banking Rules and Regulation, Racketeering, Financial Misappropriation and Acts of Treachery Bordering on Treason against Simbi Wabote, Baseless, Blackmail, Mere Diversionary Tactics   The Nigerian Oil and Gas Indigenous Operators Association (NOGIOA) has described allegations of fraud against the Executive Secretary of the Nigerian Content Development & Monitoring Board (NCDMB), Engr. Simbi Wabote as diversionary and baseless. Platforms Africa reports that a group called the New Nigeria Global Initiative (NNGI) has made the allegation including claims that Wabote was guilty of violation…

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Nigeria Reduces Oil Prices for January Loadings as Sale Nosedives

ADEOLA YUSUF

Here is how Nigeria suffered 57,000 barrels per day sale deficit in its December loadings   Nigeria, Africa’s biggest crude oil exporter, has pulled down it’s official selling prices (OSPs) for Bonny Light and Qua Iboe crude oil January loadings. Platforms Africa reports that the was done through the Nigerian National Petroleum Company Limited (NNPC). Bonny Light and Qua Iboe crude oil dated Brent is plus 24 cents and plus 34 cents per barrel, respectively in Januar, a report by Reuters stated. READ ALSO: Oil Minister confirms Platforms Africa Exclusive…

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Diezani’s Fresh $73m Hidden in Fidelity Bank Lands Bank’s ex-MD in EFCC Net

Damilola Olonade

  As part of the ongoing investigations of the former Minister of Petroleum Resources, Diezani Alison-Madueke, the Economic and Financial Crimes Commission has arrested a former Managing Director of Fidelity Bank Plc, Nnamdi Okonkwo, allegedly over an additional $72.87m still in the coffers of the bank. Okonkwo and Charles Onyedibe were quizzed by operatives over the latest discovery, according to a report by Punch. Platforms  Africa reports that Okonkwo, who is the chairman of First Bank Holding, alongside others, had earlier been grilled over $153m and another $115m by the…

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Lekoil Nigeria Heightens Moves For Lekoil Limited Shares’ Acquisition as Boardroom Crisis Worsens

ADESUPO OSOSANYA

Lekoil Nigeria Limited, a Nigerian oil firm, has demonstrated its resolve to recover control of all lost assets including the stakes in Lekoil (Cayman) Limited. The company, which said this in a statement to Platforms Africa, added that sequel to its announcement on December 3, 2021, Lekoil Nigeria has written to shareholders of Lekoil Limited, tabling the details of its offers; cash and share exchange. READ ALSO: After Platforms Africa report, Nigerian Police To Get 20% Salary Upgrade Lekoil Nigeria Makes Offer To Acquire Lekoil Cayman’s Shares Days to AGM…

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NCDMB Crashes Nigeria Oil industry’s Capital Flight by $126bn

ADEOLA YUSUF

Simbi Wabote-led NCDMB holds Capacity Building workshop for Media Stakeholders, declares that 275 oil companies violated local content law The $300 billion oil industry capital flights suffered by Nigeria before the advent of Local Content implementation has been reduced by 42 percent. Platforms Africa reports that the General Manager, Research, Statistics & Development, Nigerian Content Development and Monitoring Board (NCDMB), Abdulmalik Halilu, said this in Lagos during a Capacity Building Workshop for Media Stakeholders. Data compiled exclusively by Platforms Africa shows that 42 per cent of $300 billion is $126…

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Savannah Acquires ExxonMobil, Petronas’ Entire Assets in Chad, Cameroon

ADEOLA YUSUF

Savannah Energy PLC has announced that it has signed a Share Purchase Agreement (“SPA”) with Exxon Mobil Corporation, ExxonMobil International Holdings, Inc. and Esso Exploration Holdings, Inc. (“Exxon”) and has separately signed an SPA with PETRONAS (E&P) Overseas Ventures SDN. BHD. (“PETRONAS (E&P) Overseas Ventures”). Platforms Africa reports that the British independent energy company focused around the delivery of Projects that Matter in Africa, which made this announcement in a statement, added that the deals were “relating to the purchase of each of their entire upstream and midstream asset portfolios…

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How NNPC Downed Expenditure by N299.44bn, Recorded ₦142bn Trading Surplus

Aliyu Aliyu

The Nigerian National Petroleum Company (NNPC) Limited has given details of how it recorded a huge leap in trading surplus of ₦141.96billion in June 2021 compared to a deficit of ₦37.46Billion in May 2021. Platforms Africa reports that this is contained in the June 2021 figures of the NNPC Monthly Financial and Operations Report (MFOR). A trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue for the period under review. In June 2021, NNPC Group operating revenue as compared to May 2021, decreased…

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Nigeria needs gas for prosperity, accelerated industrial development – NGA

ADESUPO OSOSANYA

President Nigerian Gas Association (NGA), Ed Ubong, has called for urgent strategy to grow Nigeria’s capacity in the gas sub-sector. A statement sent to Platforms Africa quoted Ubong, who doubles as the Managing Director, Shell Nigeria Gas,to have said this at the just-concluded Practical Nigeria Content Forum held in Yenagoa, Bayelsa State. The.move, according to him, would ensure that gas is used to spur industrial development across all parts of the country. READ ALSO: Why Another Lockdown Over COVID-19 Omicron Variant is Unlikely – Expert Hours After Platforms Africa Exclusive,…

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Aiteo Puts Off Nembe Oil Spill, Explains Technology, Strategy Deployed

ADEOLA YUSUF

The AITEO Eastern Exploration and Production Company on Wednesday claimed that it had put off the oil spillage from the wellhead in Nembe Local Government Area of Bayelsa State. The wellhead reportedly blew up on November 5 in the Santa Barbara South field in Nembe, blasting water, gas and oil in the area. The Governor of Bayelsa State, Douye Diri, had expressed displeasure on the high volume of crude oil being spilt continuously to many more communities and its effect on the economic life of residents but the oil company…

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