Daily Archives: January 19, 2018

Nigeria lawmakers look into recovering $21 bln revenues from oil groups

  Oil minister Emmanuel Ibe Kachikwu said in December the government had failed to enforce a legal provision entitling it to a greater share of crude sales once the price exceeded $20 a barrel.   Members of Nigeria’s lower house of parliament voted to set up a committee to look into “the reasons for the […]

Kachikwu says transparency index in oil sector still low despite reforms

  The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said the country’s oil industry is still lacking in sufficient transparency and trust, THISDAY reports.   Kachikwu, in a monthly podcast he shared on his social media feeds, said despite efforts initiated by the government since 2015 to clean up the industry, the […]

Vitol agrees $530m oilfield deal with Nigeria’s Shoreline

  Shoreline Group, a Nigerian oil producer, plans to almost double its crude output after agreeing a $530 million finance deal with Vitol Group and local lenders, Bloomberg reports.   The agreement with Shoreline, finalised on Thursday, will provide the company with cash to refinance existing debt and further develop OML 30 in Nigeria’s oil-rich […]

Reps ask NNPC to strengthen NAPIMS for adequate monitoring of JVs

  The House of Representatives yesterday urged the Nigerian National Petroleum Corporation (NNPC) to strengthen the National Petroleum Investment Management Services (NAPIMS) so as to adequately monitor the nation’s upstream joint ventures with international oil companies, The Guardian reports.   The lawmakers gave the advice at the plenary presided over by the Deputy Speaker, Sulaimon […]

Malabu deal: Nigeria sues JP Morgan for $875m

  Nigeria has filed a claim against JP Morgan Chase for more than $875 million, accusing it of negligence in transferring funds from a disputed 2011 oilfield deal to a company controlled by a former oil minister.   A spokeswoman for JP Morgan dismissed the accusation yesterday, saying the firm “considers the allegations made in […]