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Nigeria: Oil Firm Renews Bonga Oilfield Licence for Shell, Exxonmobil, Others for Another 20 Years
Premium Times, 26 May 2021
The OML license for the block partners Shell, Total, Exxon Mobil and Eni were renewed for another 20 years. Read more »
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Nigeria: Malabu Scandal - OPL 245 Licence Expires
Premium Times, 26 May 2021
The expiry of the licence returns control of the oil field to the Nigerian government. Read more »
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Nigeria: Oml 118 - NNPC, Snepco, Others Sign 20 Years Deep Water Agreement
Vanguard, 25 May 2021
The Nigerian National Petroleum Corporation (NNPC) and its Production Sharing Contract (PSC) partners have executed agreements to renew Oil Mining Lease (OML) 118 for another 20… Read more »
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Nigeria: NNPC Seeks to Acquire 20% Stake in Dangote Refinery
This Day, 27 May 2021
The Nigerian National Petroleum Corporation (NNPC) has expressed interest in purchasing a 20 per cent minority equity stake in Dangote Refinery, Lagos, reputed to be Africa's… Read more »
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Nigeria: Shell, AGIP, Heritage Record Highest Oil Spillage in Nigeria
Premium Times, 26 May 2021
A total of 30 oil companies spilt 41,216 barrels of oil in Nigeria between 2019 and May this year. Read more »
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Nigeria: OML118 - NNPC, Bonga Partners Sign Pact for 2bn Barrels of Oil
Daily Trust, 26 May 2021
The Nigerian National Petroleum Corporation and contractor parties, comprising Joint Venture (JV) oil firms have signed five agreements on the Bonga Production Sharing Contract… Read more »
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Nigeria: NNPC, Shell, Others Seal Deal to Unlock $10bn Investments
This Day, 26 May 2021
The Nigerian National Petroleum Corporation (NNPC) and its Production Sharing Contract (PSC) partners yesterday executed joint agreements to renew Oil Mining Lease (OML) 118 for… Read more »
Oil Giants Get 20-Year License Extension from Nigeria
The Nigerian National Petroleum Corporation has signed a contract with its partners on oil mining lease (OML) 118 to expand the Bonga oilfield and unlock a U.S.$10 billion investment in the country's deepwater resources. The OML license for the block partners Shell, Total, Exxon Mobil and Eni were renewed for another 20 years, and five agreements including settlements on a tax dispute and production sharing contracts were finalized. The deal signals the end of "long-standing disputes over the interpretation of the fiscal terms of the production-sharing contracts" between the investors in the field.
Meanwhile, Shell is currently working on divesting from Nigeria's onshore oil asset as it pushes for a future of investment in renewable and cleaner energy. Shell is Nigeria's biggest oil producer, but relations have soured over recent years. Shell and Eni were implicated in the Malabu oil bloc scandal, which allegedly saw huge bribes being paid to government officials for the rights to explore for oil. They were later let off the hook by an Italian court of all corruption charges related to the oil exploration deal.
InFocus
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The government is encouraging Royal Dutch Shell Plc to keep its onshore oil and gas business in Nigeria, instead of divesting it, as the company seeks to focus more on cleaner energy and offshore production. The oil giant has been at the receiving end of several law suits brought by inhabitants of oil rich areas, including the Niger Delta, where oil spills has led to loss of livelihoods over the years. Shell has denied
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President Muhammadu Buhari has ordered the Department of Petroleum Resources to reinstate four oil mining licenses held by Addax Petroleum, that the department had revoked three weeks ago. The government, through the DPR, revoked licenses of oil fields 123, 124, 126, and 137, citing the company's inability to comply with targets. The reinstatement is aimed at ensuring the "commitment to the rule of law, fairness and enabling a
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The Nigeria Extractive Industries Transparency Initiative, NEITI, says that it is forging closer ties with the Corporate Affairs Commission, CAC, to unravel the actual owners of oilfields and other assets in the country. Oil is Nigeria's main export and a cloud of uncertainty hangs over U.S.$62 billion in outstanding taxes and royalties owed to Nigeria by major oil operators. Executive Secretary of NEITI, Orji Ogbonnaya
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A year after shutting down all of its dilapidated refineries to figure out how to fix them, the government has approved U.S.$1.5 billion for the rehabilitation of Port Harcourt Refinery in Rivers State. Nigeria is desperate to fix its refineries, but progress in finding funds for overhaul programs has been very slow and challenging. The government secured the services of Italy's Maire Tecnimont to handle the assessment of the refinery complex, with oil major ENI appointed as the technical
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