#Nigeria Upstream Petroleum Regulatory Commission (NUPRC)

[smlblogtv]

Nigeria’s Oil Production Climbs To 1.7mbpd, Retains Africa’s Top Spot

Nigeria’s oil production, including condensates, surged to 1.69 million barrels per day (mbpd) in November 2024, marking a 9.9% increase from October’s output of 1.538mbpd. This is according to the latest report from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The report highlighted a significant 11.42% boost in crude oil production, which rose to 1.48mbpd in November from…

[ejesgistnews]

Atiku Abubakar Accuses President Tinubu of Favoritism in Oil Assets Deal. Former Vice President of Nigeria, Atiku Abubakar, has leveled serious allegations against President Bola Tinubu, accusing him of granting undue advantages to his nephew in the acquisition of valuable oil assets in the country. Read Also: Disclose Details Of Chinese Loans, Others – SERAP Tells Wike, Nigerian Governors In a statement released on Sunday by his Special Assistant on Public Communication, Phrank Shaibu, Atiku questioned the federal government's decision to expedite the approval for Oando Plc, owned by Tinubu’s nephew, to purchase the onshore assets of AGIP and ENI, while similar transactions involving other companies have faced significant delays. Atiku, the 2023 presidential candidate for the Peoples Democratic Party (PDP), expressed concerns that Oando was receiving preferential treatment in the oil and gas sector, potentially sidelining more competent investors. Two Police Officers Killed, 3 Unconscious as Shiites Clash with Police in Abuja He further criticized the House of Representatives for allegedly failing to hold the Nigerian National Petroleum Company Limited (NNPCL) accountable, accusing the company of prioritizing the interests of a few over the nation’s resources. In his statement, Atiku highlighted the swift approval granted to Oando by the Nigerian Upstream Production Regulatory Commission (NUPRC) for the acquisition of ENI/AGIP’s onshore assets within a short span of eight months.   He contrasted this with the ongoing delays in the approval processes for SEPLAT's attempt to acquire Mobil’s onshore assets and the Renaissance and Shell deal, both of which have been stalled for years. Atiku suggested that the accelerated approval for Oando was indicative of preferential treatment tied to familial connections. "Democracy in Nigeria under Tinubu has become a government for the President and his family members," Atiku stated, criticizing what he perceives as a shift in governance that prioritizes personal interests over national welfare. Atiku also called out the House of Representatives for not taking adequate action despite directives for NNPC Ltd to suspend the acquisition of OVH assets pending a thorough investigation. He noted that the NNPC ignored requests for vital information and went ahead with the transaction, effectively mortgaging the future of Nigeria's oil sector to private interests. In his concluding remarks, Atiku accused the leadership of the NNPC, NUPRC, and NMDPRA of colluding to fulfill a mandate that serves the interests of Tinubu, rather than the Nigerian people. He claimed that the continued retention of these officials in their positions, despite the alleged corruption and mismanagement in the sector, was evidence of their loyalty to the President’s agenda. The allegations from Atiku have intensified the ongoing debate over transparency and accountability in Nigeria's oil sector, raising questions about the influence of personal relationships on national decision-making.

[mynewshq]

Oando acquires Nigerian Agip oil company

Oando PLC says it has completed the acquisition of 100 per cent shares of Nigerian Agip Oil Company Limited. The company made this known in a statement on Thursday, saying “Today marks a historic milestone for Oando PLC as we proudly announce the completion of our agreement with Eni for the acquisition of 100 per cent shares of Nigerian Agip Oil Company Limited (NAOC Ltd).” According to a post on its X handle, Oando disclosed that the signing ceremony was held at The Peninsula Hotel in London.It said the signing ceremony cemented its position as Nigeria’s leading indigenous energy solutions provider. This strategic acquisition aligns with our commitment to driving Nigeria’s energy transition and bolstering our portfolio. “We are excited about the growth opportunities this presents for Oando PLC, our shareholders, and the Nigerian energy sector.“We look forward to leveraging the acquired assets to further our goal of providing efficient and sustainable energy solutions for all,” Oando disclosed. In a statement on its website on Thursday, Eni also announced the closing for the sale of its wholly owned subsidiary, Nigerian Agip Oil Company Ltd to Oando.“ The transaction, which received the approval of all relevant authorities, is in line with Eni’s strategy focused on the rationalization of the upstream activities by rebalancing its portfolio and divesting non-strategic assets. “The 5 per cent participating interest in SPDC Joint Venture) is not included in the transaction, as it will be retained in Eni’s portfolio. Eni will continue to be present in the country through investment in deepwater projects and Nigeria LNG, while also exploring new opportunities related to the agri-feedstock sector,” it clarified News HQ reported late July that Eni received the nod of the Nigerian Upstream Petroleum Regulatory Commission to sell its unit, Nigerian Agip Oil Company, to Oando. Eni had disclosed that the NAOC focuses on onshore oil and gas exploration and production as well as power generation. NAOC’s five per cent stake in Shell Production Development Company Joint Venture was not included in the transaction and will remain in Eni’s portfolio, the statement stated. “Eni remains committed to the country through investments in deepwater projects and Nigeria LNG”, it said. News HQ reports that a number of the international oil companies in Nigeria have divested to the deepwater. In September 2023, Oando announced plans to acquire the NAOC, but the deal was delayed due to regulatory approvals required. On July 3, the NUPRC announced that Oando had completed the acquisition of 100 per cent shares of Eni in its subsidiary, NAOC, adding that an announcement was imminent. A few weeks after,, the Italian oil company said it has obtained all other relevant local and regulatory authorities’ authorisations. “Having already obtained all other relevant local and regulatory authorities’ authorisations, this achievement will allow Eni to proceed to the completion of the transaction for the sale of Nigerian Agip Oil Company Ltd (NAOC Ltd), Eni’s wholly owned subsidiary focusing on onshore oil & gas exploration and production as well as power generation in Nigeria, to Oando PLC, Nigeria’s leading national energy solutions provider, listed on both the Nigerian and Johannesburg Stock Exchange,” it stated. Read the full article

[mouthpiecengr]

IOCs Selling Crude At $4 Per Barrel Above Market Price — Dangote

The Dangote Industries Limited (DIL) said local petrol prices will continue to increase as trading arms offer cargoes at $2-$4 per barrel above the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) official price. Vice President of Oil & Gas, Dangote Industries Limited, Mr DVG Edwin stated this while responding to a statement by the Chief Executive Officer of NUPRC, Engr. Gbenga Komolafe,…

[hardynwa]

 10 things you need to know Friday morning

Good morning! Here is today’s summary from Nigerian Newspapers: 1. President Bola Tinubu, on Thursday, emphasised the need for government at both federal and state levels to move swiftly to form a committee that would critically consider all action plans, including the possibility of implementing the state police system. The president stated this at a meeting he convened with the 36 state governors at the Presidential Villa. 2. Several people have been feared dead and many others injured after suspected herdsmen attacked Adijah community in Ugbokpo, Apa local government area of Benue state. The incident, which reportedly happened on Thursday afternoon, has caused residents to flee to neighbouring villages. 3. The caretaker chairman of the All Progressives Congress, APC, Rivers State chapter, Chief Tony Okocha has urged Governor Siminalaye Fubara to stop running the state without a budget. Okocha also advised the governor to obey the peace agreement brokered by President Bola Tinubu by re-presenting the state budget before the State House of Assembly. 4. The National Universities Commission, NUC, has said due to the huge gap in demand and supply of university education in Nigeria, the Commission will continue to give approval for the establishment of more varsities. Acting Executive Secretary of NUC, Chris Maiyaki, disclosed this on Thursday evening during an interactive session with journalists in Abuja. 5. The Federal Government in collaboration with state governors have agreed to set up a committee to tackle the issue of hoarding farm produce in the country. Minister of Information and National Orientation, Mohammed Idris, disclosed this after the meeting President Bola Tinubu held with governors and heads of security agencies. 6. Renowned business Mogul, Aminu Dantata, has said the parliamentary system of leadership being advocated by some legislators is the best for the country. Dantata said this when some members of the House of Representatives led by the minority leader, Kingsley Chinda, paid him an advocacy visit at his residence in Kano on Thursday. 7. The National Bureau of Statistics, NBS, says the headline inflation rate increased year-on-year by 0.98 percentage points to 29.9 per cent in January 2024 from 28.92 per cent in December 2023. The Bureau disclosed this in its Consumer Price Index, CPI, report for January 2024, noting that food inflation also increased to 35.41 per cent during the period from 33.93 per cent in December 2023. 8. Ogun State Commissioner of Police, Abiodun Alamutu, on Thursday, paraded two herbalists, Moses Abidemi and Oluwo Samuel Monday, as well as two alleged priests of Cherubim and Seraphim Church, Prophet Peter Oluwalolese and Prophet Jamiu Yusuf, over the killing of one Sulaimon Adijat, aged 35, for money ritual. Also arrested and paraded for the act were Akinwunmi Ifatosin, Sheriff Agbai and Osojieahen Alioneitouria, who are both from Uromi in Esan West Local Government Area of Edo State. 9. The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, on Thursday said it is exploring the possibility of transferring some of its units to Lagos. This is coming weeks after the controversial relocation of the Federal Airports Authority of Nigeria, FAAN, and departments of the Central Bank of Nigeria, CBN, to the city. 10. President Bola Tinubu on Thursday approved the reconstitution of the executive management teams of two parastatals under the Federal Ministry of Housing and Urban Development. According to a statement on Thursday by Tinubu’s spokesman, Ajuri Ngelale, the parastatals involved are Federal Mortgage Bank of Nigeria, FMBN, and the Federal Housing Authority, FHA. Read the full article

[reportafrique]

Tinubu Orders Speedy Resolution of $1.3 Billion OML 245 Oil Block Dispute

President Bola Tinubu has instructed key government officials to expedite the resolution of court cases surrounding the contentious $1.3 billion deep-water OML 245 oil block situated in the Niger Delta region. The Minister of State for Petroleum Resources, Sen. Heineken Lokpobiri, along with the Attorney-General of the Federation, Lateef Fagbemi (SAN), and several government agencies, including the Economic and Financial Crimes Commission (EFCC), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Nigerian National Petroleum Company Limited (NNPCL), have been tasked with clearing the legal hurdles. https://www.youtube.com/watch?v=jkew15vZmoM Sen. Lokpobiri explains the OML 245 Case Sen. Lokpobiri disclosed on Wednesday in Abuja that negotiations were underway among the involved parties to bring an end to the 28-year crisis and litigations surrounding the highly lucrative OML 245 oil block by next month. History of the OML 245 Dispute Dan Etete The saga dates back to 1998 when Malabu Oil and Gas, linked to former Nigerian Minister of Petroleum Dan Etete, acquired the oil block for $2 million. Subsequent legal battles ensued, including the 2001 revocation of Malabu's license by the Federal Government due to questionable practices. In 2006, an out-of-court settlement was reached between Malabu and the Nigerian government during President Umaru Yar'Adua's administration. In 2011, Shell and Eni reportedly acquired the block for $1.3 billion, sparking allegations of corruption and bribery. Transparency International and other anti-corruption groups raised concerns, leading to litigations involving Nigeria versus Eni and Shell. Under former President Muhammadu Buhari, the Nigerian government pursued legal action against the companies and Malabu. Sen. Lokpobiri explained the challenges faced by the government in various international courts, citing a penalty of over 70 million pounds imposed by JP Morgan. He emphasized the economic potential of the idle OML 245 block and highlighted ongoing efforts to negotiate a resolution with Eni and Shell. The minister underscored the importance of resolving the prolonged issue, considering its impact on the economy and the financial burden imposed by legal penalties. Read the full article

[globalhint]

Kaduna refinery will begin Operations in 2024 – FG

Kaduna refinery will begin Operations in 2024. The Federal Government declared on Saturday that the Kaduna Refinery and Petrochemicals Company Limited will resume operations by the end of 2024. Senator Heineken Lokpobiri, the minister of state for petroleum resources (oil), revealed this information while evaluating the status of work on the ongoing quick-fix project of the Kaduna refinery during an inspection tour of the facility and petrochemicals. Given the "significant level of progress" he saw during the tour, Lokpobiri expressed confidence that the refinery will be re-streamed by the end of 2024 in a statement released by the Nigerian National Petroleum Company Limited on X (previously Twitter). The minister said he would continue to hold key players involved in the rehabilitation process of the nation’s refineries accountable and pledged the Federal Government’s support in ensuring the timely delivery of the project. In order to ensure the country's economic growth and energy security—two factors that are critical to sustainable development—he said it was imperative to restart the refinery. The minister was informed by Mele Kyari, Group Chief Executive Officer of NNPC Ltd., that the fuel plant at the refinery will be delivered by the end of 2024. All hands were on deck to restart the refinery, according to Kyari, who emphasized that the contractor had already mobilized to the location and that the necessary equipment was on hand for the urgent repairs. "We have great confidence in our ability to secure the necessary funding to see this through to completion and, in the end, resume providing value to Nigerians." Our objective is to quickly restore the plant to produce 60,000 barrels per day so that we can start making money from it and continue to expand the refinery to reach its full potential. "In order to have a dependable pipeline delivery infrastructure, this will also align with the completion of the Build, Operate, and Transfer on the pipeline," the GCEO said. The 14th Refineries Rehabilitation Steering Committee Meeting preceded the inspection tour, and NNPC Ltd.'s Executive Vice President, Downstream, Adedapo Segun; Executive Vice President, Upstream, Oritsemeyiwa Eyesan; managing directors of the three refineries; and a host of other members of the committee. In a related development, the Federal Government, on Saturday, announced that more domestic refineries had issued a notice to commence the production of refined petroleum products. Additionally, it declared that it was prepared to uphold the requirement for domestic crude oil supply, which would guarantee that local refiners could obtain the crude. The Nigerian Upstream Petroleum Regulatory Commission released a statement in Abuja on behalf of the government revealing this. Olaide Shonola, Head of NUPRC's Corporate Communications and Public Affairs, signed the statement. The statement said, "The NUPRC is taking all necessary steps within the prescriptions of the Petroleum Industry Act (2021) to ensure adequate and consistent supply of feedstock to operators, as more private refineries indicate readiness to commence production soon in Nigeria." It issued a warning, stating that undermining the procedure would have negative effects. With the exception of the Dangote Refinery in Lagos, which has not yet started operations, Nigeria currently has only four modular refineries that produce extremely little fuel. It stated that the preventive measures were being implemented because operators of local refineries in one of the world's major crude oil-producing nations would be sending inappropriate and disrespectful signals to the international business community if they began importing feedstock for their operations. "In an effort to guarantee that domestic refineries do not go without the crude oil supply they require to operate, Section 109 of the PIA introduced the Domestic Crude Supply Obligation to Nigeria's oil industry," the commission said. The NUPRC declared that it would take additional necessary actions to prevent domestic refineries from receiving an insufficient supply of crude oil and that it would not think twice about enforcing the specified penalties for infractions and non-compliance with the Act's requirements. The regulator for the upstream oil sector further announced that all 52 exploration and production companies have been called to a meeting on November 1, 2023, in accordance with its mandate, which is to ensure the supply of crude oil to licensed refineries in Nigeria, as stated in Section 109 (4) of the PIA. According to the statement, the purpose of the meeting is to coordinate the execution of the domestic crude oil supply obligation, as well as the operator's reaction and compliance status. 11 of the operators have responded by October 27; the responses from the other 42 operators are still pending. source credit ALSO READ: FG plans talks with looters amid the Forex Crisis Read the full article

[crimechannels]

By • Olalekan Fagbade JUST IN; President Tinubu appoints Chief Executive Officer for energy commission President Bola Tinubu has approved the appointment of Dr Abdullahi Mustapha to serve as the Director-General and Chief Executive Officer of the Energy Commission of Nigeria (ECN). Special Adviser to the President on Media and Publicity, Chief Ajuri Ngelale, made this known in a statement on Monday in Abuja. He said, ” President Tinubu expects the new ECN Chief Executive to make a positive impact on his administration’s intensive push to diversify the nation’s energy sources in a synergized fashion across the government ” This is toward the ultimate aim of industrialising every part of the country with every citizen emancipated from the shackles of energy poverty.” Mustapha had served for over a decade in the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) with significant experience in the Energy and Space Technology sectors. Mustapha most recently obtained his Doctorate degree in Mechanical Engineering with a focus on Renewable Energy, followed by a Post-Doctoral Fellowship as a Research Associate in the School of Engineering at the prestigious University of Manchester. (NAN) #TinubuappoibtsChiefExecutiveOfficerforEnergyCommission

[premimtimes]

EDITORIAL: Nigeria’s massive oil theft scandal and lack of enlightened self-interest

EDITORIAL: Nigeria’s massive oil theft scandal and lack of enlightened self-interest

A super oil tanker on a mission to steal Nigeria’s crude oil early in August has rekindled national interest in illegal oil bunkering, which has led to massive revenue shortages that have significantly contributed to Nigeria’s present fiscal woes. The tanker, MT HEROIC IDUN, belonging to a Norwegian firm, entered Nigerian waters and headed for the Akpo Oil Field without any document or clearance…

[ejesgistnews]

Oando PLC has Completed  the Acquisition of Nigerian Agip Oil Company for $783 Million.    Oando PLC has successfully finalized the acquisition of the Nigerian Agip Oil Company (NAOC) from Italian energy giant Eni for $783 million. This transaction marks a significant milestone in Oando’s strategic expansion within Nigeria's oil and gas sector. The company confirmed the completion of the deal in a press release, emphasizing that the acquisition includes reimbursement and consideration for NAOC's assets. This move is set to strengthen Oando’s position by enhancing its operational footprint and expanding its upstream capabilities. Regulatory Approval and Strategic Expansion The acquisition received the approval of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), allowing Oando to acquire 100% of the shares of NAOC. This acquisition not only increases Oando's participating interest in key Oil Mining Leases (OMLs) 60, 61, 62, and 63 from 20% to 40% but also expands its ownership across all NEPL/NAOC/OOL Joint Venture assets, which include 40 discovered oil and gas fields, 24 of which are currently producing. Infrastructure and Reserves Oando's acquisition includes significant infrastructure assets such as 1,490 km of pipelines, three gas processing plants, the Brass River Oil Terminal, and the KwaleOkpai power plants with a 960MW capacity. The deal also results in a nearly 98% increase in Oando’s total reserves, from 505.6 million barrels of oil equivalent (MMboe) to over 1 billion barrels, based on 2022 reserve estimates. Financial and Strategic Implications for Oando PLC This acquisition is expected to be immediately cash-generative, significantly enhancing Oando’s financial position and cash flows. Wale Tinubu, Group Chief Executive of Oando PLC, described the acquisition as the culmination of a decade-long effort that began with the purchase of ConocoPhillips’ Nigerian assets in 2014. He emphasized the importance of this acquisition for Oando and other indigenous energy players in shaping Nigeria’s upstream evolution. However, Oando cautioned that the transaction involves inherent risks and uncertainties, such as changes in project parameters, fluctuations in crude oil prices, and risks associated with international operations. Despite these challenges, Oando remains optimistic about the potential for growth and value creation, particularly as it explores diversification into clean energy, agri-feedstock, and energy infrastructure. Strategic Vision Tinubu reiterated Oando’s commitment to optimizing the acquired assets while focusing on responsible practices, sustainable development, and contributing to Nigeria’s goal of boosting oil production. This acquisition represents a significant step forward in Oando’s strategy to lead in Nigeria’s energy sector.

[mynewshq]

Dangote clarifies stand on NNPC’s crude oil supply to refinery

Dangote Refinery has issued a formal clarification addressing recent media reports concerning the supply of crude oil to its facility. The refinery refutes claims that it acknowledged receiving 60 per cent of the 50 million barrels it lifted from the Nigerian National Petroleum Corporation (NNPC). In a statement, Anthony Chiejina, Group Chief Branding and Communications Officer, emphasised that the refinery has never accused NNPC of failing to provide crude oil. The core issue, according to Chiejina, lies with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and its enforcement of the domestic crude supply obligation as outlined in the Petroleum Industry Act (PIA). “For September, our requirement stands at 15 cargoes,” Chiejina said. “NNPC has allocated six cargoes to us. Despite our appeals to NUPRC, we have been unable to secure the remaining cargoes. We have also sought assistance from International Oil Companies (IOCs) operating in Nigeria, but have been redirected to their international trading arms or informed that their cargoes were already committed.” Read the full article

[ornoirafrica]

Nigéria : Bayelsa et NOSDRA s'affrontent sur la cause du déversement d'Aiteo

Nigéria : Bayelsa et NOSDRA s’affrontent sur la cause du déversement d’Aiteo

L’État de Bayelsa s’est prononcé contre une analyse de la marée noire d’Aiteo E&P qui dégage l’entreprise de toute culpabilité. L’Agence nationale de détection et d’intervention en cas de déversement de pétrole (NOSDRA) a rejeté la faute sur l’agence humaine. Un responsable de l’agence a déclaré qu’il n’y avait « aucun moyen que la pression du puits ait pu supprimer ces vannes. La cause la plus…

[hardynwa]

 10 things you need to know Friday morning

Good morning! Here is today’s summary from Nigerian Newspapers: 1. President Bola Tinubu, on Thursday, emphasised the need for government at both federal and state levels to move swiftly to form a committee that would critically consider all action plans, including the possibility of implementing the state police system. The president stated this at a meeting he convened with the 36 state governors at the Presidential Villa. 2. Several people have been feared dead and many others injured after suspected herdsmen attacked Adijah community in Ugbokpo, Apa local government area of Benue state. The incident, which reportedly happened on Thursday afternoon, has caused residents to flee to neighbouring villages. 3. The caretaker chairman of the All Progressives Congress, APC, Rivers State chapter, Chief Tony Okocha has urged Governor Siminalaye Fubara to stop running the state without a budget. Okocha also advised the governor to obey the peace agreement brokered by President Bola Tinubu by re-presenting the state budget before the State House of Assembly. 4. The National Universities Commission, NUC, has said due to the huge gap in demand and supply of university education in Nigeria, the Commission will continue to give approval for the establishment of more varsities. Acting Executive Secretary of NUC, Chris Maiyaki, disclosed this on Thursday evening during an interactive session with journalists in Abuja. 5. The Federal Government in collaboration with state governors have agreed to set up a committee to tackle the issue of hoarding farm produce in the country. Minister of Information and National Orientation, Mohammed Idris, disclosed this after the meeting President Bola Tinubu held with governors and heads of security agencies. 6. Renowned business Mogul, Aminu Dantata, has said the parliamentary system of leadership being advocated by some legislators is the best for the country. Dantata said this when some members of the House of Representatives led by the minority leader, Kingsley Chinda, paid him an advocacy visit at his residence in Kano on Thursday. 7. The National Bureau of Statistics, NBS, says the headline inflation rate increased year-on-year by 0.98 percentage points to 29.9 per cent in January 2024 from 28.92 per cent in December 2023. The Bureau disclosed this in its Consumer Price Index, CPI, report for January 2024, noting that food inflation also increased to 35.41 per cent during the period from 33.93 per cent in December 2023. 8. Ogun State Commissioner of Police, Abiodun Alamutu, on Thursday, paraded two herbalists, Moses Abidemi and Oluwo Samuel Monday, as well as two alleged priests of Cherubim and Seraphim Church, Prophet Peter Oluwalolese and Prophet Jamiu Yusuf, over the killing of one Sulaimon Adijat, aged 35, for money ritual. Also arrested and paraded for the act were Akinwunmi Ifatosin, Sheriff Agbai and Osojieahen Alioneitouria, who are both from Uromi in Esan West Local Government Area of Edo State. 9. The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, on Thursday said it is exploring the possibility of transferring some of its units to Lagos. This is coming weeks after the controversial relocation of the Federal Airports Authority of Nigeria, FAAN, and departments of the Central Bank of Nigeria, CBN, to the city. 10. President Bola Tinubu on Thursday approved the reconstitution of the executive management teams of two parastatals under the Federal Ministry of Housing and Urban Development. According to a statement on Thursday by Tinubu’s spokesman, Ajuri Ngelale, the parastatals involved are Federal Mortgage Bank of Nigeria, FMBN, and the Federal Housing Authority, FHA. Read the full article

[reportafrique]

Tinubu Orders Speedy Resolution of $1.3 Billion OML 245 Oil Block Dispute

President Bola Tinubu has instructed key government officials to expedite the resolution of court cases surrounding the contentious $1.3 billion deep-water OML 245 oil block situated in the Niger Delta region. The Minister of State for Petroleum Resources, Sen. Heineken Lokpobiri, along with the Attorney-General of the Federation, Lateef Fagbemi (SAN), and several government agencies, including the Economic and Financial Crimes Commission (EFCC), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Nigerian National Petroleum Company Limited (NNPCL), have been tasked with clearing the legal hurdles. https://www.youtube.com/watch?v=jkew15vZmoM Sen. Lokpobiri explains the OML 245 Case Sen. Lokpobiri disclosed on Wednesday in Abuja that negotiations were underway among the involved parties to bring an end to the 28-year crisis and litigations surrounding the highly lucrative OML 245 oil block by next month. History of the OML 245 Dispute Dan Etete The saga dates back to 1998 when Malabu Oil and Gas, linked to former Nigerian Minister of Petroleum Dan Etete, acquired the oil block for $2 million. Subsequent legal battles ensued, including the 2001 revocation of Malabu's license by the Federal Government due to questionable practices. In 2006, an out-of-court settlement was reached between Malabu and the Nigerian government during President Umaru Yar'Adua's administration. In 2011, Shell and Eni reportedly acquired the block for $1.3 billion, sparking allegations of corruption and bribery. Transparency International and other anti-corruption groups raised concerns, leading to litigations involving Nigeria versus Eni and Shell. Under former President Muhammadu Buhari, the Nigerian government pursued legal action against the companies and Malabu. Sen. Lokpobiri explained the challenges faced by the government in various international courts, citing a penalty of over 70 million pounds imposed by JP Morgan. He emphasized the economic potential of the idle OML 245 block and highlighted ongoing efforts to negotiate a resolution with Eni and Shell. The minister underscored the importance of resolving the prolonged issue, considering its impact on the economy and the financial burden imposed by legal penalties. Read the full article

[jiokcareers]

BUSINESS NEWS: NUPRC, FG disagree over Mobil acquisition by Seplat

BUSINESS NEWS: NUPRC, FG disagree over Mobil acquisition by Seplat

Publish date: 2022-08-09 00:46:51 | Author: Our Reporters | Source: punchng.com The Nigerian Upstream Petroleum Regulatory Commission on Monday night insisted that the status quo as regards the acquisition of the entire share capital of Mobil Producing Nigeria Unlimited by Seplat Energy Offshore Limited had not changed. It specifically stated that the status quo was “the decline of assent to…