Monthly Archives: April 2018

Government activates national oil spill contingency plan

  The Federal Government and oil firm, Nigeria Agip Oil Company (NAOC) have concluded arrangement to carry out activation of National Oil Spill Contingency Plan (NOSCP) as agreed by the stakeholders.   Similar exercises took place in 2011 and 2013, and knowledge and expertise gained helped in no small measure in combating Bonga Oil Spill […]

$2.8bn pipeline contract to Oando, firm followed due process — NNPC

  The Nigerian National Petroleum Corporation has said the contract for the award of the over $2.8bn trans-Nigeria gas pipeline project went through a bidding process that was advertised.   According to the oil firm, the two consortia, OilServe/Oando Consortium and Brentex/China Petroleum Pipeline Bureau Consortium, that recently signed contract agreements with the NNPC for […]

TOP SECRETE REVEALED: Archbishop Of Canterbury, Justin Welby’s Connection to Nigeria’s Oil fields exposed

 According to information gathered, with a modesty befitting his holy office, the Archbishop of Canterbury has always played down his past life as a young oil company executive. But a Mail on Sunday investigation has found that far from working on the margins of Elf Aquitaine, Justin Welby was one of its finance ‘sharks’ – […]

Oando shares soar after Nigeria bourse lifts suspension

Shares in Nigerian oil company Oando surged 10 percent on resuming trade in Lagos on Thursday after the regulator lifted a suspension.   Oando shares jumped to 6.60 naira immediately after the stock market opened after closing at 6.30 naira on Wednesday.     The shares traded only briefly on Wednesday after being suspended for […]

Malabu scandal: Court papers expose Nigerian officials who authorised controversial payments

  Court documents filed by U.S. banking giant, JP Morgan Chase Bank, have revealed the Nigerian officials who authorised payments of $875 million to accounts linked to a former Nigerian oil minister in the fraudulent Malabu deal, Dan Etete. The details are contained in a fresh claim filed by the bank to counter the massive […]

JP Morgan Chase Tells British Court How Jonathan’s Administration Paid $874m To Etete

  lobal banking giant, JP Morgan Chase (JPMC), has told the Business and Property Courts of England and Wales how the Nigerian government under former President Goodluck Jonathan authorized the payment of $875 million to Mr. Dan Etete, former Petroleum Minister, in respect of the disputed oilfield, OPL 245. The bank made the claim in […]

Nigerian regulator lifts suspension of shares in oil company Oando

  Trading on Oando shares had been frozen for six months on the Lagos stock exchange. The regulatory agency ordered the suspension to investigate alleged insider trading and the oil company’s shareholding structure. The shares resumed trading at 6.30 naira, after last closing at 5.99 naira six months ago. The stock exchange notified Oando of […]

Shell Losses 9,000 Barrels of Oil per Day In Nigeria In 2017.

Multinational oil company, Royal Dutch Shell says it lost 9,000 barrels of crude oil to theft from the pipeline network of its Nigerian operation per day in the 2017 fiscal year. Shell made this known in its ‘Report on Payments to Governments for the Year 2017’ released on Monday, April 9. The company attributed the loss […]

Shell’s Payment To Nigeria Up By 19 % In 2017`

  ayments made by Royal Dutch Shell, the major international oil company operating in Nigeria to the federal government increased from $3,638,241,040 in 2016 to $4,322,742,582 in 2017. The rise in payment was as a result of a 10 % growth in production, the oil company said in its 2017 sustainability report published on Monday. The company said in the […]

Ghana owes $160m for gas supply from Nigeria

  Ghana owes a total of $160m for gas supplied to its largest power producer, Volta River Authority, from Nigeria through the West Africa Gas Pipeline, our correspondent has learnt. N-Gas Limited, a company owned by the Nigerian National Petroleum Corporation, Chevron and Shell, buys gas from oil companies in Nigeria and transport it to […]