Nigeria to reduce gasoline costs and scrap fuel subsidy
Nigeria will reduce gasoline costs and scrap a fuel subsidy under a pricing mechanism to come into effect from January, Petroleum Minister of State Emmanuel Kachikwu said.
Nigeria
Explosion at Nigerian gas plant kills tens of people
An explosion at a gas plant in southern Nigeria has killed an injured tens of people, according to reports.
Nigerian oil exports under force majeure
Crude oil exports in Nigeria are under force majeure, according to reports.
Dutch court rules Shell could be liable for Nigerian oil spills
A Dutch appeals court ruled on Friday that Shell may be held liable for oil spills at its subsidiary in Nigeria, potentially opening the way for other compensation claims against multinationals in the Niger Delta and elsewhere.
Shell supports bright idea to help power football floodlights
Music superstar and solar entrepreneur Akon joined Shell to officially open a solar and human powered football pitch in the Nigerian capital Lagos at the Federal College of Education.
Nigeria to boost 2016 budget even as crude revenue declines
Nigeria’s government said it will boost spending by a fifth in next year’s budget without overstepping borrowing targets, even as oil revenue in Africa’s largest economy is set to fall. Under a three-year economic plan approved by the cabinet, expenditure will rise to 6 trillion naira ($30.2 billion), Budget and Planning Minister Udoma Udo Udoma told reporters late Monday in the capital, Abuja. Lawmakers last week authorized an increase of 466 billion naira in this year’s budget of 4.5 trillion naira to pay for fuel subsidies and troops fighting an Islamist insurgency in the northeast.
San Leon lines up seismic deal with Northbridge
San Leon Energy's seismic subsidiary NovaSeis has signed a memorandum of understanding with Nigeria's Northbridge Energy to provide seismic acquisition and interpretation services.
Ocean Installer wins first Nigerian contract
Subsea contractor Ocean Installer has been awarded a contract for field development work in Nigeria for Folawiyo Aje Services Limited.
Africa oil boom fades as $50 crude shuts door on high-cost deals
“On the brink of a boom,” was the banner on PricewaterhouseCoopers LLP’s review of Africa’s oil industry 16 months ago. Now, oil below $50 has made more than two out of three investment projects on the continent non-viable. “Capital markets are effectively closed to the oil and gas industry” in Africa, Tony Hayward, former head of BP Plc and now chairman of Genel Energy Plc, said at a conference in Cape Town last month. “A decade of exploration, with billions of dollars invested and only limited commercial success.”
Nigeria’s $5.5-billion arms scandal tests Buhari’s war on graft
Revelations that top officials are suspected of pilfering the equivalent of almost the entire annual defense budget would cause shock waves in most countries. Not in Nigeria, where the public sees political power and graft as bedfellows. The novelty this time is that President Muhammadu Buhari immediately ordered the arrest of a former national security adviser, after a government commission found that he and other officials allegedly misappropriated as much as $5.5 billion that was supposed to buy equipment to fight Islamist militant group Boko Haram. “I don’t think Nigerians would be very surprised about somebody stealing $5 billion at all,” Boye Gbadebo, a Nigerian national who works as an Africa analyst at consultancy Ake Partners, said by phone from Johannesburg.
Eland’s workover boosts production by 50%
Eland Oil & Gas' successful workover has boosted production in its West African assets.
Sacoil continues legal fight to reclaim $12.5million from former JV partner
SacOil has said it is committed to recovering more than $12.5million from one of its former partners in Nigeria, after the partner initiated court proceedings over a dispute over the farm-out agreement.
Buhari sacks chairman of Nigeria’s anti-corruption agency
Nigeria’s President has sacked the head of the EFCC (Economic and Financial Crimes Commission). Ibrahim Lamorde had been chairman of the country’s anti-corruption agency. It comes after Lamorde denied allegations $5billion had gone missing from the commission back in August.
Statoil in reduced equity share at Nigerian field after redetermination
Norwegian operator Statoil said it has received an expert calculation of revised tract participation's for the Agbami field in Nigeria. The calculation will result in a reduction of 5.17% in Statoil’s equity interest in the field from 20.21% to 15.04%. The company previously initiated arbitration proceedings to set aside interim decisions made by the expert.
Shell accused of of making “false claims” over its clean-up operations in Nigeria
Shell has been accused of making false claims about its clean-up operations in Nigeria in a joint report by Amnesty International and the Centre for Environment, Human Rights and Development. The findings claimed the oil giant had also failed to implement UN recommendations. The report also alleged several sites Shell had claimed to have cleaned up remained polluted.
Sirius gets green light in Nigeria
Sirius Petroleum has been given the go-ahed to drill its proposed Ororo-2A well in Nigeria.
Shell fails to clean four Nigeria oil spill sites, Amnesty says
Royal Dutch Shell Plc has failed to clean up four oil-spill sites in the crude-producing Niger River delta, three of which an under-resourced Nigerian regulator dealing with leakages said had been decontaminated, Amnesty International said in a report on Tuesday.
Afren administrators sell African artwork for more than £300,000
Administrators of UK oil explorer Afren have raised more than £300,000 from the sale of African artwork owned by the company. The array of Nigerian artwork was put up for auction at Bonhams after the company began experiencing trouble earlier this year. Two months ago the Financial Conduct Authority (FCA) said it had cancelled trading shares from the company on the London Stock Exchange.
Nigerian governor election vote declared invalid in southern oil hub
A Nigerian court declared the election of a governor in one of the country’s oil hubs as invalid due to irregularities. A fresh vote has been called for within three months in the Rivers State region as concern is raised it could lead to tension. It comes after former militants in the southern region said they might resume a fight for a greater share of oil revenues if President Muhammadu Buhari ends an amnesty due to expire in December.
Video: Total powers Nigerian power station – with solar panels
A service station in Nigeria is getting its power – from solar panels. The Onigbagbo solar-powered site in Lagos, Nigeria is the first of its kind In West Africa. Total said the construction of the service station was part of an effort to provide alternative energy solutions.
Nigeria to split long-delayed petroleum bill to speed passage
Nigeria’s government plans to split an oil- industry bill stuck in parliament for seven years and resubmit it to lawmakers after it held up reforms and deterred investment in Africa’s largest crude producer, Vice President Yemi Osinbajo said. Breaking up the Petroleum Industry Bill, or PIB, into smaller laws focused on fiscal and regulatory measures in Nigeria’s energy industry would make it easier to pass through parliament, he said. The bill, first presented to parliament in 2008, will be resent to lawmakers in the first quarter of 2016.
MX Oil welcomes positive news from Nigerian asset
MX Oil said successful peforation of the reservoior on its Aje 5 well offshore Nigeria took it closer to its goal of becoming a multi-asset investment company.
Dozens killed in Nigeria bombings
Dozens of people have been killed in a series of bombings in Nigeria. At least 18 people were killed early today when four women suicide bombers were challenged by soldiers as they tried to enter Maiduguri, according to the National Emergency Management Agency. The explosions happened just hours after two blasts near a mosque in the city killed at least 30 people.
Nigeria’s state oil company reports $1.9billion loss this year
Nigeria’s state oil company recorded a loss of $1.9 billion in the first eight months of this year mainly because of fuel subsidy spending, it said in a publication that seeks to bring transparency to the organisation.
Nigerian boss arrested as corruption probe widens
The co-chairman of Nigerian independent Atlantic Energy has reportedly been arrested over alleged corruption and money laundering charges. The move comes just days after the former Nigerian oil minister under President Goodluck Jonathan was arrested before being bailed in the UK.