Nigeria and Germany have agreed on a deal for Africa’s largest oil producer to supply more gas to Germany while Berlin will also invest $500 million in renewable energy projects, Nigeria’s presidency has said.
Since he came to office in May, Nigerian President Bola Ahmed Tinubu has been courting foreign investors to Africa’s largest economy pointing to his reforms on fuel subsidies and currency controls as incentives.… Read the rest
The Federal Government is working towards the re-establishment of a National Shipping Line through a strategic Public Private Partnership arrangement, the Minister of Marine and Blue Economy, Gboyega Oyetola has said.
The minister also noted that the government has created a roadmap towards a sustainable blue economy.
Speaking in Lagos on Tuesday at a stakeholders’ roundtable engagement on advancing sustainable development in Nigeria’s marine and blue economy, Oyetola explained that the roadmap will advance the industry’s potential, promote sustainable blue economy investments, and ensure global competitiveness within the sector.… Read the rest
Stakeholders in the maritime industry have lauded the creation of the Ministry of Marine and Blue Economy and called for the involvement of more experts in its management to meet its targets.
They stated this at the 14th Annual General Meeting and Lecture of the Nigerian Maritime Law Association (NMLA), which also elected a new leadership for the association.
Delivering the keynote address in Benin City, capital of Edo State, titled “Urgent Regulatory Reform in the Maritime Industry: Setting the Agenda for the New Administration,” the Chairman of NMLA, Mr.… Read the rest
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) yesterday warned players in the oil and gas industry against frustrating the Nigerian Gas Flare Commercialisation Programme (NGFCP) which aims to achieve zero routine burning of gas in the country.
The Chief Executive of NUPRC, Mr Gbenga Komolafe, during a meeting with chief executives of producers operating assets under the NGFCP in Abuja, stated that the programme must not be allowed to fail, given the local and international attention it has attracted.… Read the rest
Eni has temporarily paused arbitration proceedings over an oilfield dispute with the Nigerian authorities, reported Reuters, citing sources.
The oilfield, called oil prospecting licence (OPL) 245, is at the centre of the issue and is believed to be possibly the largest oil block in Nigeria.
The Italian oil and gas company has confirmed the suspension of the arbitration at the World Bank’s dispute settlement agency.… Read the rest
The former president of Poland, Bronisław Komorowski, will in December visit Nigeria for the African Industrial and Development Conference 2023.
The summit with the theme, ‘Energy and Sustainable Development in Africa,’ is organised by Dotmount Communications in collaboration with Yahoo Finance.
In a statement signed and made available to BusinessDay by the President of Dotmount Communications, Adedotun Olaoluwa said the conference will profile renewable energy opportunities available in Nigeria and Africa to producers of renewable power as their next investment destination.… Read the rest
Zach Adedeji, the Federal Inland Revenue Service (FIRS) chairman, has charged non-domestic companies shipping crude oil from Nigeria to ensure strict compliance with the country’s tax laws in their operations.
Adedeji gave the charge in Lagos at a workshop on taxation of non-resident shipping companies organised by FIRS in conjunction with the Oil Producers Trade Section (OPTS) on Monday.
He said the compliance exercise commenced by FIRS on the activities of foreign shipping companies lifting hydrocarbons from Nigeria was part of measures aimed at widening the tax net to grow revenue for the government.… Read the rest
Nigeria and other oil and gas-producing countries in Africa may face serious economic problems in 2024 as the African Energy Chamber (AEC) projects a drastic reduction in the continent’s crude oil production.
While Nigeria is struggling economically due to low oil production coming on the backdrop of theft, vandalism and a generally elusive operating environment, the N26.01 trillion 2024 budget is built on oil production of 1.7 million barrels.… Read the rest
The Minister of Finance, Mr. Wale Edun, has said that the federation account is witnessing improved revenue inflow since the removal of subsidy from an average of N650 million monthly to over N1 trillion in the last four months.
The minister stated this on Monday in Asaba at the opening ceremony of a four-day retreat organised for members of the Federation Account Allocation Committee (FAAC).… Read the rest
The Nigerian National Petroleum Company Limited (NNPC) has announced it would inaugurate the $2.8bn Ajaokuta–Kaduna–Kano (AKK) gas pipeline project in December.
The project, which is being constructed by Oilserve Limited, will transport natural gas from southern Nigeria to central Nigeria.
Oritsemiyiwa Eyesan, Executive Vice President, Upstream, NNPC Limited, made the announcement at the ongoing 41st Nigeria Association of Petroleum Explorationists (NAPE) 2023 expo in Lagos on Tuesday last week.… Read the rest