Daily Archives: April 5, 2018

LEKOIL sues Petroleum Ministry over OPL 310

LEKOIL Limited, an oil exploration and production company, has commenced legal proceedings against the Ministry of Petroleum Resources over government’s failure to grant consent to its (LEKOIL’ s) investment in  Oil Prospecting  Lease (OPL) 310, offshore Nigeria, following acquisition of interests previously held by Afren Plc in the oil block.   According to the plaintiff, […]

Save Now for the ‘Rainy Day’ – CBN Tells Govt, States

  As oil prices maintain a sustained recovery averaging $57 per barrel with consequent increase in oil revenue distributed monthly to the federal, states and local governments, the Central Bank of Nigeria (CBN) has warned of the consequences of not saving for the ‘rainy day’.   Rising from its 260th Monetary Policy Committee (MPC) and […]

NDDC, Local Content Taxes Are Major Challenges of Oil Industry, Says Baru

  The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has said the major complaints of operators in Nigeria’s oil industry were more about multiple taxes levied on them. Baru said these taxations include payments made to the Niger Delta Development Commission (NDDC) and Nigerian Content Development and Monitoring Board […]