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Energy

Reps revisit controversial $1.1bn Malabu oil deal

Buhari

An ad hoc committee of the House of Representatives on Wednesday reopened investigation into the controversial $1.1bn award of Oil Prospecting Licence 245, better known as ‘Malabu Oil Deal.’ Lawmakers said Nigeria could not afford to lose an equivalent of “N500bn”, the local value of the money, using the current Naira to 1USD exchange rate. The committee, which is chaired ...

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Petroleum sector to get $70bn investment from China – Minister

Ibe Kachikwu

The Minister of State for Petroleum, Dr Ibe Kachikwu, yesterday revealed that Chinese private sector companies had pledged an additional investment of $70bn to the Nigerian economy. Kachikwu said this while addressing State House correspondents on the outcome of the Federal Executive Council, presided over by President Muhammadu Buhari in the Presidential Villa, Abuja. He said that the Council was ...

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Release approved N30bn for Prepaid Electricity Meters, CRADO tells PMB

Babatunde Fashola

The leadership of Consumer Rights Advancement Organisation (CRADO) has appealed to President Muhammadu Buhari to release the N30bn given to Nigerians by former President Goodluck Jonathan allegedly kept in Skye bank for the delivery of prepaid meters for electricity consumers nationwide. In a statement signed by the group’s president, Chief Adeolu Ogunbanjo said the continued silence on the fund has ...

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FG fingers Shell in crude oil theft, demands $406 million

Shell

Less than one week after the federal government sued two international oil giants, Total and Chevron over under-declaration in crude exports for some years, it is now demanding $406.75 million minimum from Shell Petroleum Development Company of Nigeria Limited and its surrogate Shell Western Supply & Trading Limited over alleged crude oil theft. The amount, according to court papers in ...

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I’m Not Interested In NLNG, Other National Assets—Dangote

Finally, the President/Chief Executive of Dangote Group, Alhaji Aliko Dangote, has said his advocacy for the sale of the assets was never self-serving, stressing that “he was not interested in any of the assets”. Before now, there has been massive disquiet he gave the federal government the idea to sale some national assets as a quick measure to fund the ...

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General Electric to invest N46bn in Nigeria next year—Report

Babatunde Fashola

General Electric, a United States’ electrical industrial firm, on Monday announced its plans to invest about $150m (N45.8bn) in Nigeria next year. The group said on its website that “There are development projects where we are investing,” the Chief Executive Officer, General Electric in Africa, Jay Ireland, told the Financial Times Africa Summit in London. The GE said it would ...

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Good News As OPEC Exempts Nigeria, 2 Others From Reducing Oil Production

At a time Nigeria economy is battling economic recession, analysts have seen the move by the Organization of Petroleum Exporting Countries (OPEC), to exempt Nigeria, from cutting production output given the peculiar internal challenges they found themselves. Pundits say the development is good for Nigeria especially now the global oil prices are closing in on $50USD. Other two nations facing ...

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PIB Passage Delaying Licensing Round For 11 Oil Blocks

offshore-oil-platform

The non-passage of the Petroleum Industry Bill (PIB) at National Assembly may compound the economic woes of the country early next by frustrating the needed licensing round for oil blocks this year. Already, about 11 Oil Processing Lease (OPL) and Oil Mining Licenses are due to expire this year. Some of the OPLs and OMLs have expired since April and ...

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Shell Shuts Down Nigerian Oil Pipeline After Fire Outbreak

Shell

Integrated energy major Royal Dutch Shell plc’s RDS.A Nigerian division, Shell Petroleum Development Company, has shut down its Trans Niger Pipeline at Gio in Ogoni due to a recent fire. This pipeline feeds into Nigeria’s strategic Bonny Export Terminal.   The shutdown is expected to lower Shell’s Nigerian exports by 180,000 bpd. Shell Petroleum Development has shut down the pipeline ...

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FG Alerts H/Court How Chevron, Total Under-declared Crude Export 

Federal High Court seating in Lagos has started hearing on a suit brought forward by the Federal Government against two multinational oil giants, Total E&P Nigeria and Chevron. Whereas the government claimed that Total E&P Nigeria shortchanged Nigeria to the tune of N74billion, it also told the court that Total E&P and Chevron Nigeria Limited under-declared the volume of crude ...

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