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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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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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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A leading contender in Nigeria’s presidential election next month has pledged to privatise the country’s oil industry, but that’s a promise that might prove hard to keep, some observers say quoted by AFP. Atiku Abubakar, the main opposition party contender, has vowed to break up the Nigerian National Petroleum Company (NNPC), which he called a “mafia organisation”. The NNPC and other state-run organisations have been widely criticised as becoming slush funds for successive governments, particularly…
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(Bloomberg) — The revival of Nigeria’s state-owned refineries will happen a year later than expected after financing talks dragged on, according to the nation’s oil minister.
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Nigeria’s state oil company is mulling over the signing of two more oil swap deals, with Exxon and Shell, after last week it sealed an oil-for-products deal with BP, Reuters reports, quoting NNPC’s chief operating officer for upstream, Bello Rabiu.
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Nigeria’s state oil firm NNPC said it had signed a crude-for-product swap deal with oil major BP.
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Nigeria’s State oil company on Wednesday denied parliament’s accusation that it had a $3.5-billion fund to surreptitiously subsidize imports of gasoline, according to Reuters news agency.
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(Bloomberg) — Lawmakers in Nigeria will investigate $3.5 billion allegedly spent by the state oil firm on gasoline subsidies and expressed concern that the sum was not included in the national budget.
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A fire that broke out on an oil pipeline in Abuja, Nigeria last week has seen its death toll rise to 60, Reuters reported Oct. 15.
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