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Sanctity of contracts: Wading through Nigeria’s murky oil sector
The oil and gas sector in Nigeria has been engrossed in legal battles, especially with landmark cases that involved the government through its agencies. From the Malabu oil deal scandal to the $9.6 billion P&ID judgment delivered by a UK court, the issues of contract drafting, negotiations, and adherence to the provisions of agreed terms raise concerns. FEMI ADEKOYA and KINGSLEY JEREMIAH write on why the nation keeps being involved in several litigations that should never exist.
11 Sep  
Addressing uncertainties in oil, gas sector via clear legislations
10 Jul  
Notwithstanding exploration and production interests expressed by oil majors in Nigeria’s oil and gas sector, the lack of clarity on the legal regime, especially as it relates to royalties and renewal of several oil blocks, has stalled investors from making final investment decisions. While operators like Shell, are moving ahead, the country remains, to some…
‘Nigeria, others rely on imported refined products despite potential’
29 May  
Despite the continent’s discoveries and potential in terms of oil and gas exploration, member-countries continue to face challenges of importing refined crude as they lack sufficient refining capacity. Seplat Petroleum Development Company Plc’s Operations Director, Effiong Okon, made this assertion during his keynote address at the Africa E & P Summit, held in London recently.…
‘Beyond regulation, Nigeria has too many oil, gas assets locked up’
17 Apr  
Lekan Akinyanmi is the CEO of Lekoil, an Africa-focused, AIM-listed oil and gas exploration and production company with interests in Nigeria and Namibia. The company acquired a significant stake in the Otakikpo marginal field from Green Energy and acts as its technical partner to bring the field into production. In this interview, Akinyanmi explained how…
Petrocam unveils new fuel station, defers plans of refinery business
10 Apr  
Petrocam Trading Nigeria Limited has unveiled its intentions about local refining saying that the firm does not have any plans of investing in refinery in Nigeria until there is deregulation. The company’s Admin and Sales Manager, Eyo Oghogho who made this revelation in Lagos at the official inauguration of its ninth solar powered and eleventh…
Government hopeful of improved refining capacity with Dangote Refinery
10 Apr  
Dangote Refinery, currently under construction has been described as a project that would assist Nigeria’s quest of attaining 1.095 million barrels per day self-sufficiency in the refining of petroleum products. Chief Operating Officer, Upstream, Nigerian National Petroleum Corporation (NNPC), Bello Rabiu, disclosed this at the just concluded Nigeria Oil and Gas Opportunity Fair (NOGOF) in…
Seplat urges investment in research, development for safe practices
10 Apr  
Seplat Petroleum Development Company Plc, has urged public and private sector operators to invest more in research and development aimed at promoting safety. The oil company noted that such investments should cut across the different sectors of the economy as is the case for the oil/gas and aviation sectors, among others. The Operations Director of…
Firm, Ogun community partner on minigrid to electrify 600 households
27 Mar  
Solar Nigeria for the People Limited (Solar Nigeria FTP), the Nigerian subsidiary of Solar Philippines has signed a Community Agreement with Ode Omi Community to invest about half a million dollars to build a large rural mini grid. Signing the agreement, the Country Director of Solar Nigeria FTP, Dr. Tobi Oluwatola in a statement, said…
Forum urges NLNG not to change contractors for T7 project
27 Mar  
The $12 billion Train 7 (T7) project got a boost as the Bonny Entrepreneurs and contractors Forum has assured the Nigerian Liquefied Natural Gas (NLNG) and the federal government that Bonny is ready for the project. The Forum Chairman, Idawarifagha Benstowe, who spoke to newsmen after the forum's inaugural meeting said: "We are hopeful that…
Shell’s contractor support fund hits $2.4 billion
27 Mar  
The Shell Petroleum Development Company of Nigeria Limited (SPDC) has upped its contractor support fund with $200 million in an effort to boost the financial capacity of vendors and suppliers in Nigeria’s oil and gas industry. This latest move brings the fund size to $2.4 billion. Shell, in 2016, had signed a $2.2 billion MoU…
Zola, Sterling Bank seal pact to bridge energy gap in Nigeria
27 Mar  
As parts of efforts to expand the penetration and accessibility of renewable energy in Nigeria, ‘infinity,’ an online solar energy technology which optimises diverse power provision has been unveiled in the Nigerian market to close the lingering energy gap. The technology, which is a combination of smart storage of energy and solar, has been formulated…
New refineries to overrun inefficient plants by 2024
21 Mar  
An increase in the number of new refining capacity, expected to extend till the end of 2024, signifies major competition ahead for the oil industry, with possible shutdowns, the International Energy Agency (IEA), said in its Oil 2019 Report. The IEA noted specifically that such a capacity expansion will require shutdowns to balance, estimating that…
‘How oil price may affect rates in economy’
16 Jan  
The fear over oil price volatility and its implications on Nigeria’s economy in 2019, continues to headline discourses and research, as Coronation Merchant Bank predicts, “a lot depends on oil this year.”   In the lender’s “2019 Macroeconomic Outlook” report, due to be released today, it forecasts oil price at an average of $58 per barrel…