Tag: PETROLEUM INDUSTRY

OPL 245: Tinubu ends 15yr dispute, unlocks major deepwater investment

Aminu Imam
Tinubu ends OPL dispute

…As ex-AGF Adoke seeks apology President Bola Ahmed Tinubu has announced the successful resolution of the long-running dispute over Oil Prospecting Licence (OPL) 245, bringing to a close more than 15 years of legal and political wrangling surrounding one of Nigeria’s most valuable deepwater oil assets. The settlement agreement between the Federal Government, Italian energy giant Eni, and Nigerian Agip Exploration Limited (NAEL) was finalised during a meeting at the Presidential Villa in Abuja attended by Eni’s Chief Executive Officer, Claudio Descalzi, alongside senior company executives and top Nigerian officials.…

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NASS settles for joint probe of economic sabotage in petroleum sector

Aminu Imam
NASS for joint probe

Senate Leader, Senator Opeyemi Bamidele, has disclosed that investigation of alleged economic sabotage in the petroleum sector by Ad – hoc committees separately set up by both the 10th Senate and the House of Representatives in July, will now be jointly handled by both chambers. Senator Bamidele, who doubles as the Chairman of the investigative Adhoc committee, stated this in an issued press statement personally signed by him on Monday. He says: ‘As we return fully to the parliamentary sessions on Tuesday this week, the National Assembly will without ambiguity,…

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Fuel Queues Resurface: Petrol sells up N300/litre as scarcity forces return of black marketers 

Aminu Imam

The scarcity of petrol witnessed in many parts of Lagos and some other States is forcing many to turn to the black market where petrol now sells above N300 per litre. Petrol queues around filling stations have seen an upsurge in the activities of black marketers. It was observed that in many parts of Lagos, the few fuel stations dispensing petrol had long queues while some have adjusted their prices to sell at N200/litre.  It was also observed on Monday that some filling stations around Lagos environs were shut down…

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Tompolo exposes IOCs, security officials, oil bunkerers behind Nigeria’s oil theft

Aminu Imam

…Uncovers 16 hidden tapping points on transit pipelines The Niger-Delta ex-militant leader, Government Ekpemupolo, better known as Tompolo, says surveillance outfit Tantita Security Services Limited, has discovered major tapping points on the Trans-Forcados/Ramos Pipeline in Delta State, through which International Oil Companies (IOCs), foreign ships, security officials, oil bunkerers, and locals have colluded to bleed the country over the years. The ex-militant strongly accused the security agencies of being behind the stealing of Nigeria’s crude oil. According to him, he discovered the breaches after the Nigerian National Petroleum Corporation Limited,…

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Falana drags NNPC to EFCC,  calls for probe on fraudulent oil importation, exportation, smuggling

Aminu Imam

Human rights activist and lawyer, Femi Falana, has dragged the Nigerian National Petroleum Company Limited (NNPCL) before the Economic and Financial Crime Commission (EFCC) calling for investigation into fuel importation and smuggling of petroleum products to Nigeria’s neighbours. Falana, in the petition dated September 15, said the anti-financial crime agency needs to urgently investigate the discrepancies observed in the daily consumption figures of PMS declared by the corporation at different public fora. He explained that the investigation has become necessary following indictment on the Corporation and the Ministry of Petroleum…

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Fuel Subsidy MDA’s conflicting figures: NMDPRA gives new figure of 66.8m litres daily petrol consumption in Nigeria 

Aminu Imam

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has given a new figure of what it says is the amount of petrol distributed across the country daily. The agency said Nigeria consumes 66.8 million litres of petrol daily, not 62.9 million it earlier quoted. However, both the previous figure and the new one contradict the quantity announced by the State-owned oil company, Nigerian National Petroleum Company (NNPC) Limited, as the volume consumed in the country. Recall that the NNPC had last Sunday insisted that the country consumes 68 million…

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‘NNPC’s support key to Nigeria’s tankers fleet implementation drive’ – Transport Minister

Aminu Imam

The Minister of Transportation, Mu’azu Jaji Sambo, has said that Nigeria’s effort toward a sustainable national fleet implementation is subject to support from the Nigerian National Petroleum Company Limited, (NNPC). Disclosing this in Abuja, on Tuesday, when he received an interim report on the need to establish a strong and sustainable national fleet by the Nigerian Fleet Implementation Committee, the minister stated that, “Nigeria is a maritime country, and if Nigeria gets its acts together the country will have no business looking for money from the oil sector as a…

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Acquisition Disputes: N1.3bn Exxon Mobil/Seplat Energy deal: “I wasn’t consulted” – Justice Minister, Malami

Aminu Imam

As the disputes over the acquisition of the Exxon Mobil shares by Seplat Energy limited continues, Minister of Justice, Abubakar Malami on Thursday, said he is yet to be consulted over the stalled deal. Recall that President Muhammadu Buhari had on Monday approved the deal that allowed Seplat Energy to acquire the shares. The President, while consenting to the acquisition of Exxon Mobil shares in the United States of America by Seplat Energy Offshore Ltd, said he acted in his approval in his capacity as “Minister of Petroleum Resources, and…

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‘How govt. officials facilitated $1.2bn crude oil, gas theft’ – Source

Aminu Imam

Security sources have disclosed that the real looting of Nigeria’s crude oil and its by-products is neither through illegal bunkering, refining, nor pipeline vandalism, but via highly placed government officials-enabled undocumented shipments of large-scale hydro-carbon products worth over $1.2 billion to Europe and the Americas. The sources noted that while all eyes are on the fight against illegal oil bunkering and pipeline vandalism, top government officials of agencies expected to perform supervisory and due diligence roles in the sale and shipment of the nation’s vast hydrocarbon resources are trading away…

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In defiance of Buhari, NUPRC rejects Seplat, Mobil Oil assets deal

Aminu Imam

In defiance of Buhari, NUPRC rejects Seplat, Mobil Oil assets deal, Seplat, Mobil, the Nigerian Upstream Petroleum Regulatory Commission, (NUPRC), has rejected President Muhammadu Buhari’s approval of Seplat Energy’s acquisition of the shares of Exxon Mobil Corporation, insisting that status quo remains. Recall that NUPRC had in May declined to approve the proposed acquisition, citing “overriding national interest”. However, exercising his capacity as minister of petroleum, President Muhammadu Buhari, on Monday, approved the acquisition deal. But in a turn of events, Gbenga Komolafe, chief executive, NUPRC, in a statement on…

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