Consolidating gains of one decade of local content development
Before the enactment of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act 2010, also known as the Nigerian Content Act, most operations in the nation’s oil and gas space were executed by International Oil Companies (IOCs).
Nigeria has highest personnel cost in global petroleum industry
Stakeholders have raised concerns over the country’s production costs, noting that Nigeria has the highest personnel cost among global operators, thus making it difficult to produce oil at a profitable price of below $10/barrel.
‘Why IOCs may continue to divest their assets in Nigeria’
About 64 years after commercial oil discovery in Oloibiri Oilfield, Society of Petroleum Engineers (SPE) yesterday, in Abuja, stated that the current wave of divestment hitting the nation’s oil and gas industry was necessary to allow smaller entities contribute to economic activities,
Why cost of oil production may remain high – Experts
Unless a pragmatic approach aimed at reducing operating costs is deployed, stakeholders have raised concerns that cost of oil production will continue to be high in Nigeria compared to that of other oil-producing countries.
FG demands $62 billion from oil majors for past profits based on Supreme Court decision
Nigeria is seeking to recover as much as $62 billion from international oil companies (IOCs), using a 2018 Supreme Court ruling the state says enables it to increase its share of income from production-sharing contracts (PSCs).
Begin Ogoniland cleanup now!
Against the backdrop of curious procrastination of the Ogoniland cleanup project by the Federal Government, announcement by the Vice President, Prof. Yemi Osinbajo that International Oil Companies (IOCs) have contributed the sum of $180 million towards the exercise is heart-warming. That gesture should be followed with immediate action. President Muhammadu Buhari had flagged off the…
Government mobilises N55 billion for Ogoni cleanup
The Federal Government yesterday said it had got $180million (N54.9 billion) from international oil companies (IOCs) to commence the clean up of Ogoni land in Rivers State. Vice President Yemi Osinbajo had in April sat over the signing of an Ogoni Trust Fund Escrow in Abuja where the oil firms and the people effectively participated.…
Tax management: Look up to Nigerian hills
A report the other day that the Federal Government has resorted to requesting the International Monetary Fund (IMF) and the Group 24 (G24) countries for assistance in “identifying assets of Nigerians overseas and of International Oil Companies (IOCs) doing business in the country (Nigeria) for proper inventory for the purpose of effective taxation” is curious…
Optimism greets Nigeria-Sai Tome & Principe development pact
Hopes have been reignited that a 40-year treaty signed 17 years ago for a Joint Development Zone (JDZ) between Nigeria, and Sao Tome & Principe, may become economically viable going by the level of renewed efforts by the countries.
How FG loses crude earnings to IOCs metering
The Federal Government’s reliance on the International Oil Companies (IOCs) to determine the quantity of oil production is negatively affecting the country’s crude earnings.
Senate to investigate NNPC, IOCs’ boycott of Nigeria pipe manufacturer
The Senate Committee on Local Content says the Senate will investigate the non patronage of a multi-million dollar internationally certified Nigerian pipe manufacturing and coating company, SCC Nigeria Limited, by NIgerian National Petroleum Corporation (NNPC) and International Oil Companies (IOCs).