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
Oil-rich Egni community in Ogba/Egbema/Ndoni Council in Rivers State has decried its neglect by federal, and state governments and oil companies operating in the area.
A group of university professors and doctors from the area has, therefore, planned a summit to address the pains, lack of social amenities, and abandonment, among others.
The Chairman, of Egni Professors and Academic Doctors Forum (EPADOF), Prof.… Read the rest
The Nigeria Extractive Industries Transparency Initiative (NEITI) said out of a total mineral revenue of N6.40 trillion, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) accounted for the highest contribution of N2.71 trillion in 2020-2021.
NEITI in its latest Fiscal Allocation and Statutory Disbursement (FASD) report which covered the period 2020-2021, said NUPRC, formerly known as the Department of Petroleum Resources (DPR’s) contribution represented 18.83 percent of the total remittances.… Read the rest
The Nigerian government on Thursday said it has signed a Memorandum of Understanding (MoU) with the government of the Kingdom of Saudi Arabia for collaboration in the oil and gas sector.
Nneamaka Okafor, the special adviser on media and communication to the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri in a statement on Thursday said the MoU is a testament to a shared commitment to fostering cooperation, with the aims of establishing a robust framework for collaboration between the two nations in the oil and gas sector.… Read the rest
The Authority Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has appointed Mr. Charles Nwachukwu as the Coordinator of the Midstream and Downstream Petroleum Alternative Dispute Resolution Centre (MDPADRC).
The MDPADRC was established pursuant to the Petroleum Industry Act 2021 and the Midstream and Downstream Petroleum Alternative Dispute Resolution Regulations 2023 as a platform for the timely and cost-efficient resolution of disputes in the midstream and downstream petroleum industry.… Read the rest
The Nigerian National Petroleum Company (NNPC) Limited said Nigeria’s crude oil grades have become the most preferred choice for refiners in Europe.
The Executive Director, Crude Oil and Condensate, NNPC Trading Limited, Maryamu Idris, said this at a panel presentation at the Argus European crude conference in London, United Kingdom.
She noted that the nation’s crude flow to Europe increased after the ban on Russian crude caused a supply gap, adding that six months before the war, 678,000 bpd of Nigerian crude grades went to Europe, compared to 710,000 bpd six months later and 730,000 bpd so far this year.… Read the rest
Investment into the Nige ria’s oil and gas industry dropped by 77.3 per cent to $5 billion in 2021, from $22 billion in 2014, due mainly to increased divestment by the International Oil Companies, IoCs.
The drop in investment is further worsend by the inability of other companies, except a few independents to invest in the industry.
The Chairman and Chief Executive, AA Holdings Limited, Dr.
Bukola Adubi, the chief operating officer of MicCom Cables and Wires, has emphasised the need to extend the implementation of Executive Order 5 (EO5) beyond the oil and gas sector in Nigeria.
In a statement on Tuesday, Adubi was reported to have made the call on the margins of the just concluded Nigerian Economic Summit, held in Abuja.
The Summit had its theme: “Pathways to sustainable economic and transformation and inclusion.”… Read the rest
The Niger Delta Development Commission, NDDC has said it will work with International Oil Companies, IOCs, and other development partners to increase investments in renewable energy projects to reduce the impact of climate change in the Niger Delta region.
Speaking during a courtesy visit by a delegation from TotalEnergies Nigeria Limited at the NDDC headquarters in Port Harcourt, the Commission’s Managing Director, Dr Samuel Ogbuku, reaffirmed the importance of sustainable partnerships in driving the development process.… Read the rest