Author Archives: steph

Nigeria’s fuel consumption: Wilderness of unknowns

  When the Nigerian National Petroleum Corporation (NNPC) stated the other day that daily consumption of Premium Motor Spirit (petrol) in the country is unknown due to smuggling of the product into other West African countries, there could not have been a better way to illustrate how shrouded in various mysteries operations in the oil […]

OGTAN appeals to NNPC to spearhead in-country trainings

  To boost local capacity building in the oil and gas sector and other technical discipline, the Oil and Gas Trainers Association of Nigeria (OGTAN) has called on the Nigerian National Petroleum Corporation (NNPC) to champion the cause of retaining local trainings in country instead of imposing on oil companies to train abroad.   The […]

Market competition in Nigeria

  Pedro Omontuemhen, partner and Africa oil and gas industry leader at PwC Nigeria, talks to TOGY about the outlook for the country’s downstream sector, natural gas development and competition for investment in the region. International accounting and consulting firm PwC’s involvement in Nigeria includes performing assurance, consulting and tax services for many international oil […]

Nigeria to Benefit From Trade War – Report

President Donald Trump’s trade protectionist measures will ultimately benefit Nigeria, as escalating global trade tensions are expected to give additional support to Brent Crude prices, a report has stated.   The latest round of trade wars saw the US imposing tariffs on Chinese imports worth US$34 billion, with the Chinese government responding by imposing retaliatory […]

Oando tries to distance itself from its major shareholders’ legal troubles

JSE-listed Nigerian oil company Oando issued a Sens statement on Tuesday morning saying reports that a London court ordered it to return $680m to a disgruntled investor were false.   But Oando appears to be prevaricating since most reports made it clear the dispute was between its majority shareholders, Oando CEO Adewale Tinubu and deputy […]

Federation Account: Stakeholders Move to Stop NNPC from Collecting, Remitting Oil Royalty

  To check the controversy associated with the Nigerian National Petroleum Corporation (NNPC) remittances into the Federation Account, stakeholders in the Federation Account Allocation Committee (FAAC) are moving to stop the state oil company from collecting and remitting royalties accruing from oil   FAAC has also unveiled plans to probe the N90 billion allegedly underpaid […]

China Offshore Oil Company to invest $3bn in Nigeria’s oil sector

  The Management of China National Offshore Oil Corporation (CNOOC) has expressed readiness to invest additional $3billion in its existing stakes in offshore oil and gas operations in the Nigerian jurisdiction.   Leading a team of CNOOC top executives to the corporate headquarters of the Nigerian National Petroleum Corporation (NNPC), Yuan Guangyu, Chief Executive Officer […]

Oando, Shell, Agip sign $3.7b gas supply contract with NNPC

  Oando Plc, Nigeria Agip Oil Company (NAOC), Shell Petroleum Development Company (SPDC), other indigenous and international oil companies in partnership with the Nigerian National Petroleum Corporation (NNPC) have signed agreement to implement gas projects worth $3.7 billion.   The gas projects tagged ‘Seven Critical Gas Development Projects (7CGDP)’ is set to bridge the gas […]

NUPENG seeks stakeholders’ summit to address oil, gas challenges

  The Nigeria Union of Petroleum and Natural Gas (NUPENG) wants stakeholders in the nation’s oil and gas sector to immediately convene a summit to address unemployment and industrial relations crises in the sector.   The union also announced the suspension of its planned industrial action and the withdrawal of the ultimatum it issued, adding […]