Tag: IOCs

International syndicates behind oil theft in Nigeria’ – NNPCL’s Ojulari

Aminu Imam
NNPCL Ojulari

…As defence chiefs meet Crude oil theft in Nigeria is being driven by sophisticated international syndicates exploiting security gaps across the country, the Nigerian National Petroleum Company Limited (NNPCL) has warned. According to the NNPCL Group Chief Executive Officer (GCEO), Bayo Ojulari, organised oil theft networks that once drained billions of dollars from Nigeria’s economy have been ‘crippled,’ with crude exports now stabilising. Speaking at the five-day African Chiefs of Defence Staff Summit in Abuja on Monday, Ojulari disclosed that intensified collaboration between defence and intelligence agencies has restored confidence…

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‘IOCs owe Nigeria $6bn in taxes’- Falana

Aminu Imam
Femi Falana

Human rights lawyer and Senior Advocate of Nigeria (SAN), Femi Falana, has raised serious concerns over the country’s weak tax enforcement system, revealing that oil and gas companies owe Nigeria a staggering $6 billion in unpaid taxes. Speaking yesterday, during a paper presentation titled: ‘Tax Law and Administration: Challenges of Compliance’, at the ongoing 27th Annual Tax Conference of the Chartered Institute of Taxation of Nigeria (CITN) in Abuja, Falana criticised the Federal Government for allowing such massive revenue losses while continuing to borrow to fund national budgets. He described…

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HEDA writes AGF, urges recovery of over $55bn owed Nigeria by IOCs

Aminu Imam
HEDA writes AGF on IOCs

The Human and Environmental Development Agenda (HEDA Resource Centre) has called on the Attorney-General of the Federation (AGF) Lateef Fagbemi, to take immediate action to recover over $55 billion owed to the Nigerian government by International Oil Companies, (IOCs). This demand is based on the Supreme Court ruling which mandates the recovery of additional revenue under the Deep Offshore and Inland Basin Production Sharing Contract Act. In a formal letter addressed to the AGF on behalf of HEDA Resource Centre by its Solicitor, Bolarinwa Aidi, it emphasised the urgent need…

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Oando emerges Nigeria’s first IOC

Aminu Imam
Oando

…Valuation hits $4bn Oando has attained status as Nigeria’s first IOC with $4bn valuation, expanding operations to the Sao Tome and Principe Exclusive Economic Zone, (EEZ). Oando Plc, with operations outside the shores of Nigeria, around the Sao Tome and Principe EEZ, has now attained the status of Nigeria’s first indigenous International Oil Company, (IOC). Its asset base covers exploration, development, and production for both oil and gas and holds interests in over 16 licenses for the exploration, development, and production of oil and gas assets located onshore, swamp, and…

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“IOCs’ exit offers opportunity for increased local oil firms participation” – Oando

Aminu Imam
Screenshot

Oando Energy Resources, an indigenous energy company in Nigeria, has said that the on-going divestment by International Oil Companies (IOCs) presents a significant opportunity for increased participation of local firms in the country’s oil sector. Representatives of the indigenous energy company made this known at the recently-concluded Society of Petroleum Engineers (SPE)’s 2024, Nigeria Annual International Conference and Exhibition, (NAICE), which was held in Lagos. Oando Energy ResourcesGeneral Manager, Commercial, Akinbambo Ibidapo-Obe, outlined the company’s strategies for capitalising on this development, stressing the need for indigenous companies to rise to…

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Crude oil: ?angote accuses IOCs of manipulating prices, frustrating refinery’s survival

Aminu Imam
Dangote accuses

Vice-President, Oil and Gas, at ?angote Industries Limited (DIL), Devakumar Edwin, has accused International Oil Companies (IOCs) in Nigeria of doing everything to frustrate the survival of ?angote Oil Refinery and Petrochemicals. Edwin said the IOCs are deliberately and wilfully frustrating the refinery’s efforts to buy local crude by jerking up high premium price above the market price, thereby forcing it to import crude from countries as far as United States, with its attendant high costs. Speaking to a group of energy editors at a one-day training programme, organised by…

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Crude oil theft: Indigenous oil firms to the rescue, as IOCs exit Nigeria in droves

Aminu Imam
IOCs

Nigeria’s troubled oil and gas industry has been offered a lifeline with domestic oil companies daily snapping-up onshore oil blocks that are being abandoned by exiting International Oil Companies, (IOCs). Faced with several lingering challenges, especially the menace of insecurity, crude oil theft, entrenched hostilities in host communities and the rise in advocacy for the reduction in carbon emission, many international oil companies operating in the country have in the last 15 years, moved offshore, or outrightly left Nigeria for economic-friendly oil producing nations like Angola, Guyana, Greenland, Costa Rica…

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Job losses loom, as crude oil theft triggers more IOCs’ divestment – FG

Aminu Imam

The Federal Government has said that more International Oil Companies (IOCs) operating in Nigeria are going to divest from onshore oil and gas assets due to poor earnings caused by the massive crude oil theft across the country. The Chief Executive, Nigeria Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, disclosed this on Tuesday, at the Energy and Labour Summit of the Petroleum and Natural Gas Senior Staff Association of Nigeria, (PENGASSAN), in Abuja. Komolafe also pointed out that the development would lead to job losses in the oil sector, but called…

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Insecurity: Foreign oil companies divest N20tr from Nigeria 

Aminu Imam

Some International Oil Companies (IOCs) that are operating in Nigeria have over a period been divesting their portfolio in the country, with current trends reaching an alarming level. Several reports since 2021 had shown that some of the IOCs were in the process of divesting assets worth over N20.8 trillion. For instance, Shell plans to divest about $2.3bn in assets, Eni’s asset divestment is around $5bn and ExxonMobil would offload $15bn in assets. More so, an international energy consulting firm, Rystad Energy, in its energy transition report, estimated that Total…

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