December 16, 2017

NEWS  |  Nigeria’s NNPC to Review Production-Sharing Contracts, Joint Ventures  |  Rigzone

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ABUJA, Aug 16 (Reuters) – The new head of the Nigerian National Petroleum Corp (NNPC) said on Sunday he will review all production-sharing contracts and joint venture agreements with its partners “to reflect current day realities in the global oil and gas industry”. Emmanuel Kachikwu, who was appointed two weeks ago to head the state oil company, which has been accused of corruption and mismanagement, said he would remit all crude oil proceeds due to the Nigerian government and plug all revenue leaks throughout the oil sector. “The mandate … is to turn around the entire commercial processes and procedures…

Buhari Appoints Exxon-Mobil Africa Executive To Head Nigerian National Petroleum Corporation

Exxon-Mobil Africa’s executive vice chairman Emmanuel Ibe Kachikwu has been chosen to head Nigeria’s state-owned oil company. Nigerian President Muhammadu Buhari approved the high-level appointment, and Kachiku is expected to take over at Nigerian National Petroleum Corporation headquarters Tuesday, according to local newspaper the Premium Times. Kachiku, a trained attorney from Nigeria’s oil-rich Delta state, will replace Joseph Dawha as the group managing director of the Nigerian National Petroleum Corporation. One month after taking office, Buhari sacked Dawha, who was appointed by former President Goodluck Jonathan, and disbanded the company’s entire board in June amid allegations of large-scale theft. In 2014, former central…

Soma Oil and Gas investigated by Serious Fraud Office – BBC News

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The Serious Fraud Office has opened a criminal investigation into British company Soma Oil and Gas. The SFO said the matter was related to corruption in Somalia. In a statement, Soma said it was “confident” that there was “no basis” to the allegation. The company’s directors include former Conservative Party leader Lord Howard and Lord Clanwilliam, but Soma said “no suspicion whatsoever” was attached to either man. The SFO released a statement saying whistleblowers were “valuable sources of information”. It added: “We welcome approaches from anyone with inside information on all our cases including this one – we can be…

A glimpse of Africa’s future | The Economist

THE world’s oldest tools are the size of massive fists, sharpened at the edges and seemingly unblemished, having been preserved in ancient soil. They predate the earliest humans and hint at how long it has taken our species to evolve. When the find near Lake Turkana in north-western Kenya was publicised earlier this year, it pushed back the known start of primitive tool use and hence human ancestral development by 800,000 years. Today the stone tools lie in a wooden box in a room with open windows at a local research station, the Turkana Basin Institute, perched on a hill…

Nigerian President Denies Oil Savings Account to Be Depleted – Bloomberg Business

Nigerian President Muhammadu Buhari denied that the oil savings account will be depleted to pay government debts, including civil servants’ salaries. The government will use a $2.1 billion dividend paid into the Treasury by Nigeria LNG Ltd., Africa’s biggest producer of liquefied natural gas, to pay wages, Buhari’s spokesman, Femi Adesina, said Tuesday in an e-mailed statement from the capital, Abuja. Nigeria’s 36 states and local arms of the government will also be able to draw “soft loans” from the central bank and have some debt restructured, he said. The comments seek to clarify statements made by Nigeria’s Accountant General Ahmed Idris…

Nigerian govt paying $800 million to oil suppliers to end fuel crisis crippling economy | Fox News

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LAGOS, Nigeria –  Oil suppliers say Nigeria’s outgoing government has agreed to pay $800 million to end a fuel crisis crippling the economy just days before the inauguration of a new president Friday in Africa’s biggest oil producer. Chaos reigned Tuesday at Nigerian airports, where most flights were cancelled due to the shortages. Cars and other vehicles formed queues of more than 2 kilometers (1 mile) outside of gas stations. Banks closed at lunchtime and cellphone companies warned they would be forced to shut down service countrywide for a lack of diesel to fuel generators. The Independent Petroleum Marketers Association…

Nigerian Oil Dispute Exposes Dysfunction Ahead of Power Shift – WSJ

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LAGOS, Nigeria—The most oil-rich nation in Africa nearly ran out of gas this week. Airlines grounded flights because they couldn’t find jet fuel in recent days, and gas stations nearly all closed down. The companies licensed to restock Nigeria’s fuel depots refused to do so, saying the government here—defeated in an election in March—owed them more than $1 billion. The result was the worst fuel shortage here since a 1993 military coup, one that could echo for weeks in Africa’s top economy. Television stations, banks, and cellphone towers all went offline. Doctors worried their emergency rooms would go dark, and…

Africa Oil & Gas Expo 2015 – Free Workshops

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The Africa Oil & Gas Expo 2015, which takes place on the 8th & 9th September at the Sandton Convention Centre, Johannesburg will offer FREE Workshops for all attendees The expo will feature 8 free to attend workshops with topics including: Offshore & Deep Offshore Financing Oil & Gas Projects Africa’s Oil Sector – Security Strategies & Concerns Onshore Developments Considerations in African Operations Africa Focus Negotiating Oil & Gas Contracts Finding, Recruiting and Keeping the Best Talent “It was a very fruitful day with great networking opportunities.” Nazir Akoob, Petro SA “Thank you for the great job done in…

Nigeria crippled by fuel shortages – CNN.com

  Lagos, Nigeria (CNN)Nigeria is Africa’s largest oil producer, but fuel shortages have paralyzed the country that just a year ago was declared Africa’s largest economy. At one gas station in Lagos, crowds push at the gates waving empty jerry cans. Cars queue for a kilometre down the road creating gridlock. Similar scenes are being repeated at almost every petrol station across Nigeria. “I’ve been here since 4 a.m. It’s not good,” says local resident Abdulsalam Mohammed as he finally drives his car to the petrol pump. “Now it’s almost 3 p.m. Nobody can work today.” “We are an oil…

Why government should stop oil swap | The Guardian Nigeria

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NIGERIA currently swaps a part of her 445,000 barrels of the (daily) domestic crude oil allocation to refineries with some oil companies and in return receives refined products – under one of the most opaque processes ever known in commercial and bilateral relations. Oil swap derives from the fact that Nigeria’s four refineries operate mostly below 50% installed capacity and since 2003, the NNPC has continued to allocate them 445,000 barrels of crude oil per day, which corresponds to 100% capacity. This means that a balance of about 222,500 barrels a day has to be exported. Part of this balance…