Nigeria

Nigeria loses $750m to oil theft in 2019 — NNPC

February 19, 2020 | Company Operations, Government & Regulations, Nigeria

Abuja, Nigeria | – The Nigerian National Petroleum Corporation (NNPC) says the nation lost about 750 million dollars to oil theft in 2019. The NNPC Group Managing Director, Malam Mele Kyari, disclosed this in Abuja on Tuesday according to Nigerian local newspaper, The Vanguard. Kyari said this when members of the Executive Intelligence Management Course 13 of the National Institute for Security Studies (NISS) visited the NNPC Towers. He decried the growing activities of oil thieves and pirates which he described as a threat to …

Nigeria’s NNPC hires 1,050 graduates out of 60,000 candidates

February 19, 2020 | Employment, Nigeria

Abuja, Nigeria | – The Nigerian National Petroleum Corporation (NNPC) has announced the recruitment of 1,050 Graduate Trainees, signalling the successful completion of its 2019/2020 employment exercise. A statement from the corporation’s Acting Group General Manager, Group Public Affairs, Mr. Samson Makoji, quoted the Group Managing Director, Malam Mele Kyari, as saying that the Human Resources Division of the NNPC has since commenced the issuance of provisional offers of employment to the 1,050 fresh employees. While describing the recruitment as a very important assignment for …

Italian judge puts Nigerian businessman on trial in oil graft case

February 19, 2020 | Current Affairs, Legal, Management, Nigeria

Milan, Italy | – An Italian judge has ordered a Nigerian businessman to stand trial for alleged international corruption relating to a Nigeria oil graft case involving Eni and Shell, a judicial source and his lawyer said on Wednesday. Milan prosecutors allege that Alhai Aliyu Abubakar played a central role in one of the oil industry’s biggest scandals in years, handing out more than $500 million in cash to powerful Nigerian government officials. The money is alleged to come out of the $1.3 billion licence …

Nigeria’s Rivers state buys Shell’s stake in Ogoniland oilfield

October 01, 2019 | Asset Acquisitions & Divestitures, Nigeria

Port Harcourt, Nigeria | – Nigeria’s Rivers state in the Niger Delta region has purchased Royal Dutch Shell’s stake in an oil mining licence in the restive Ogoniland, the state’s governor said on Monday. The block under licence, OML 11, has been undeveloped for nearly 25 years, since the execution of regional activist Ken Saro-Wiwa under the Nigerian military government of Sani Abacha. The field is among several onshore assets that Shell had been trying to sell in Nigeria. Talks with at least one potential …

Nigeria will cut crude oil output to conform to OPEC target

October 01, 2019 | Nigeria, OPEC

Fujairah, United Arab Emirates | – Nigeria will make cuts to its crude oil output to comply with OPEC output targets, Mele Kolo Kyari of the Nigerian National Petroleum Company (NNPC) said on Tuesday. Nigeria’s September crude oil and condensate output was 2.1-2.2 million barrels per day (bpd), the director of its state oil company said on Tuesday. “We will (cut) across the assets. The OPEC quota (is) on crude production only, not on condensate, so it doesn’t affect the condensate,” he told reporters at …

Nigeria’s NNPC secures $3.15 bn deal to develop oil mining licence

July 27, 2019 | Budget & Investment, Licensing & Concessions, Nigeria

Nigeria to earn $10bn from the new oil financing deal London, UK | – The Nigerian National Petroleum Corporation (NNPC) said on Tuesday that it had secured a US$3.15 billion financial and technical services agreement with local firm Sterling Oil Exploration & Energy Production Company Limited (SEEPCO) to develop the OML-13 oil license owned by NNPC’s upstream subsidiary NPDC. The deal is part of NNPC’s strategy to develop more resources and increase oil production with the help of financing from third parties to spread out development …