Monthly Archives: April 2018

Over $25bn to be spent on Nigeria’s upstream oil capex to 2020

  An average capital expenditure (capex) of $8.4bn per year will be spent on 249 oil and gas fields in Nigeria between 2018 and 2020. Capex into Nigeria’s oil and gas projects will add up to $25.3bn over the three-year period in upstream capex by 2020, according to GlobalData, a leading data and analytics company. […]

Okowa hails emergence of Akporeha as NUPENG president

  Governor Ifeanyi Okowa yesterday congratulated Prince Williams Akporeha on his election as National President of the Nigerian Union of Petroleum and Natural Gas Workers, NUPENG. In a statement by his Chief Press Secretary, Charles Aniagwu, the Governor commended the membership of the union on the peaceful conduct of the election at the 4th Quadrennial […]

The Buhari Administration, External Trade, and Nigeria’s Next Government, By Uddin Ifeanyi

  As the 2019 general elections near, it is only to be expected that potential voters would be at the receiving end of a flurry of claims and counter-claims on the economy’s performance; and who is to appropriate its successes, or is to be cashiered for its failures. The incumbent administration will be at pains […]

NNPC Says Audited Accounts Up to Date, Fails to Make Them Public

  The Nigerian National Petroleum Corporation (NNPC) announced yesterday that it has completed the outstanding audit on its financial statements from the years 2011 to 2016, but it failed to make them public. The audit backlog, the state-run oil firm said in statement by its spokesman Ndu Ughamadu, has since been formally approved by the […]

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 […]

Dispute between Agip, Allied Energy over OML 120 deepens

  The legal dispute between Nigerian Agip Exploration Limited (NAE) and Allied Energy/Camac over Oyo oilfield in Oil Mining Lease (OML) 120 deepened as Allied Energy has dragged the matter to the High Court of Lagos State after the Federal High Courts in Lagos and Port Harcourt had entertained the case, in addition to the […]