Nigeria has regained its position as the biggest recipient of payments from Shell as production entitlement, royalties, taxes and fees to the government in 2023 amounted to $4.92 billion, the highest in four years.
The payout to Nigeria increased by 8.85 percent compared to the previous year, representing 16.67 percent of the company’s total payments to 26 countries, new data released by Shell shows.… Read the rest
Savannah Petroleum PLC has acquired 100 per cent of the stakes of Sinopec International Petroleum Exploration and Production Corporation in Stubb Creek Field.
Savannah said on Tuesday that it consolidated its Stubb Creek Field interest in Nigeria, signing separate Share Purchase Agreements with Sinopec International Petroleum Exploration and Production Corporation and Jagal Ventures Limited to acquire 100 per cent of SIPEC.… Read the rest
Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), Mr. Mele Kyari, yesterday said the Final Investment Decision (FID) on the Nigeria-Morocco Gas Pipeline (NMGP) Project will be taken in December 2024.
Kyari also advocated a differentiated approach to attaining energy transition for the African continent.
He spoke during a leadership dialogue session at the ongoing CERAWeek Conference in Houston, United States.… Read the rest
The upward trend in oil and gas exploration activities persisted in February as the rig count, an index of measuring upstream activities, rose year-on-year, YoY, by 23 per cent to 16, in February 2024, from 11 in the corresponding period of 2023.
Also, on month-on-month, MoM, the exploration indicated marginal growth of 6 per cent from 15 in January, 2024, according to the March 2023 Monthly Oil Market Report, MOMR of the Organisation of Petroleum Exporting Countries, OPEC.… Read the rest
On Tuesday, President Bola Tinubu appointed Dr. Dayo Mobereola as the new Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), with an initial term of four years, subject to renewal.
This decision came following the conclusion of Mr. Bashir Jamoh’s tenure as the head of the agency, according to a statement by the Presidency of the Federal Republic of Nigeria’s X account.… Read the rest