Nigeria: Cabinet to sell stakes in joint oil assets to boost coffers

Nigeria: Cabinet to sell stakes in joint oil assets to boost coffers

Nigeria plans to cut its stake in joint oil ventures with multinational oil companies to 40 percent this year, its budget minister said, as the country seeks to boost revenue to grow an economy recovering from recession. Advertisements

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Nigeria: Country Gets Highest EITI Rating

Nigeria: Country Gets Highest EITI Rating

The International Board of Extractive Industry Transparency Initiative (EITI) revealed that Nigeria has attained the highest rating in implementation of its standards by member countries. Waziri Adio, the Executive Secretary Nigeria Extractive Industry Transparency Initiative (NEITI) said that the West African country was among the countries that attained “Satisfactory Progress”, the highest rating of the board.

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Nigeria: “Over 41bn barrels crude, 319tcf gas untapped” – NNPC boss

Nigeria: “Over 41bn barrels crude, 319tcf gas untapped” – NNPC boss

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has stated that more than 41billion barrels of crude oil and 319trillion cubic feet of gas are yet to be discovered in Sub-Saharan Africa.

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Nigeria: Country exceeds oil production cuts for February

Nigeria: Country exceeds oil production cuts for February

Increased production by Nigeria and Iraq above the agreed quota by members of the Organisation of the Petroleum Exporting Countries (OPEC), in February, saw compliance level hitting 79 per cent last month, three per cent above January’s 76 per cent.

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Africa Oil & Gas: Nigeria incurs huge losses over stalled $30bn LNG projects

Africa Oil & Gas: Nigeria incurs huge losses over stalled $30bn LNG projects

More than two years after the Nigerian National Petroleum Corporation reiterated its commitment to two Liquefied Natural Gas projects in the country, there is still uncertainty over whether the multibillion-dollar projects will come on stream.

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Africa Oil & Gas: Nigeria hits oil majors with billions in back taxes

Africa Oil & Gas: Nigeria hits oil majors with billions in back taxes

Nigeria has ordered foreign oil and gas companies to pay nearly $20-billion in taxes it says are owed to local states, industry and government sources said, in a move that could deter investment in Africa’s largest economy.

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