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NCDMB to support two new modular refineries, plans LPG investments

Dec 7, 2018

By 2019, the Nigerian Content Development and Monitoring Board (NCDMB), will support the establishment of at least two more modular refineries in Nigeria. It is also planning to participate in the Liquefied Petroleum Gas (LPG) value chain if the conditions precedent, are in place, as well as drive the infrastructural development of the industrial parks,…

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Russia asks Italy to drop charges against envoy in Nigerian kickbacks case

Dec 7, 2018

Russia has asked Italy to drop charges against a former ambassador caught up in a Nigerian corruption case, legal documents showed on Wednesday. Ednan Tofik ogly Agaev, a former Russian ambassador in Colombia, is charged with international corruption in a case revolving around the 2011 purchase by oil majors Eni and Shell of Nigeria’s OPL…

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Total, SHI resolve dispute over $3.3b Egina FPSO

Dec 7, 2018

Total Upstream Nigeria Limited (TUPNI) and Samsung Heavy Industries (SHIN) have resolved for out-of-court settlement over controversies trailing the $3.3 billion Egina Floating Production Storage and Offloading Vessel (FPSO). The new development will apparently facilitate the completion of the FPSO, which is currently lying offshore and bring the parties closer to realisation of 200,000 barrels…

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FG, oil marketers agree on fuel subsidy debt payment

Dec 7, 2018

The Federal Government and petroleum marketers on Thursday agreed on how the outstanding fuel subsidy claims would be settled by the government. The agreement was reached after a meeting held at the headquarters of the Ministry of Finance. A statement from the Media Adviser to the Minister of Finance, Mr Paul Ella, explained that the…

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Shell reviews Nigerian oil deals involving ex-exec accused of kickbacks

Dec 6, 2018

Royal Dutch Shell has concluded that a Nigerian oilfield sale where it suspects an executive took bribes was not linked to a separate court case in which he and Shell face corruption charges over a $1.1 billion offshore acquisition. The Anglo-Dutch company filed a criminal complaint in March against Peter Robinson, a former vice president…

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World Bank’s investment in Nigerian firm Seven Energy calls it’s due diligence into question

Dec 6, 2018

Serious concerns about the World Bank’s due diligence process have surfaced after IFC invested a quarter of a billion dollars in Seven Energy an oil and gas company operating in Nigeria. Several Seven Energy officials associated with the company’s flagship contract are now either charged with money laundering or on the run and facing allegations…

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NNPC, NCDMB partner to grow Nigerian content to 70%

Dec 6, 2018

The Nigerian National Petroleum Corporation (NNPC) and the Nigerian Content Development and Monitoring Board (NCDMB) have committed to growing Local Content in the Oil and Gas Industry from the current 40 per cent to 70 per cent by 2027 as part of strategies to sustain economic development in country. NNPC Group Managing Director, Dr. Maikanti…

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World Bank announces $200b over 5 years for climate action

Dec 5, 2018

The World Bank Group today announced a major new set of climate targets for 2021-2025, doubling its current 5-year investments to around $200 billion in support for countries to take ambitious climate action. The new plan significantly boosts support for adaptation and resilience, recognizing mounting climate change impacts on lives and livelihoods, especially in the…

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Nigerian Navy destroys 100 illegal refineries in Bayelsa

Dec 5, 2018

Over 100 illegal refining camps were destroyed at weekend by the Nigerian Navy as part of its fight against oil thieves and illegal refineries in the Niger Delta. The four-day exercise codenamed ‘Operation Ex Toru-Gbown’ (waterways protection) in the region led to the destruction of over 100 illegal facilities, while several new ones just springing…

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NCDMB to strengthen local content with development fund for 100 firms

Dec 5, 2018

The Nigerian Content Development and Monitoring Board (NCDMB) has said it will soon unveil a programme aimed at supporting no fewer than 100 indigenous companies in the oil and gas industry with funding from the Nigerian Content Development Fund as well as getting jobs for them. This came as the board commended multinational oil giant,…

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