NIGERIA’s House of Representatives Public Accounts Committee on Sunday said it has recovered N28.7 billion from two oil companies indebted to the country’s Federation account. The spokesperson of the Green Chamber, Akin Rotimi, disclosed this in a statement on Sunday. The recovery is a part of the total $1.7 trillion debt owed by 45 … Read more
NIGERIA’S upstream oil regulator has announced that it will deny export permits to oil producers failing to meet local supply obligations, including allocations to Dangote Refinery, the largest refinery in Africa. This move enforces provisions of the Petroleum Industry Act (PIA), which requires international and domestic oil companies to prioritise crude supply to Nigerian refineries before … Read more
THE Federal Government has awarded $21 million contract for the installation of meters in 187 flow stations in the Niger Delta. The contract was awarded to monitor and ensure accountability of the volume of crude oil produced and exported out of Nigeria. The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, disclosed this to … Read more
THERE are indications that the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, the regulator of Nigeria’s upstream oil sector, is not responsible for the alleged delay in granting consent to the sale of $1.3 billion of ExxonMobil’s 40 percent stake in Mobil Producing Nigeria Unlimited, MPNU’s assets, to Seplat Energy Plc. The intention of ExxonMobil to … Read more