Our website use cookies to improve and personalize your experience and to display advertisements (if any). Our website may also include cookies from third parties like Google Adsense, Google Analytics, and Youtube. By using the website, you consent to the use of cookies.

Ok, I Agree
Jan
17
2024
By RON BOUSSO
Shell to exit Nigeria’s troubled onshore oil after nearly a century

Shell to exit Nigeria’s troubled onshore oil after nearly a century

NEWS
SHELL is set to conclude nearly a century of operations in Nigerian onshore oil and gas after agreeing to sell its subsidiary there to a consortium of five mostly local companies for up to $2.4 billion. The British energy giant pioneered Nigeria's oil and gas business beginning in the 1930s. It has struggled for years with hundreds of onshore oil spills as a result of theft, sabotage and operational issues that led to costly repairs and high-profile lawsuits. Since 2021, Shell has sought to sell its Nigerian oil and gas business but will remain active in Nigeria's more lucrative and less problematic…
Read More
Jul
20
2022
By The African Mirror
Nigeria’s NNPC turns commercial, hopes for era of accountability

Nigeria’s NNPC turns commercial, hopes for era of accountability

BUSINESS
STATE-RUN Nigerian National Petroleum Corporation formally became a commercial company on Tuesday, known as NNPC Ltd, in a move junior petroleum minister Timipre Sylva said would deliver more profitability and accountability. NNPC Ltd operates joint production ventures with Western oil majors but anti-corruption campaigners have long asked for the company to be more transparent, calling for the publication of its crude contracts and statement of accounts. As a commercial entity, NNPC Ltd will no longer have access to state funds. Its shares will be held by the ministries of petroleum and finance, who will decide which assets and liabilities to…
Read More
Feb
26
2021
By The African Mirror
Nigeria losing 200 000 barrels a day to theft

Nigeria losing 200 000 barrels a day to theft

NEWS
NIGERIA is losing 200,000 barrels of crude oil a day because of theft and vandalism, the head of the state oil company said, underscoring how insecurity is causing vast financial losses for the West African country. With Brent Crude oil prices hovering around $66.70, the losses would amount to more than $13 million a day and more than $4.8 billion a year, at a time when Nigeria needs funds to tackle poverty, improve security and boost the economy, which shrank 1.92% in 2020 in part due to the pandemic. The group managing director of the Nigerian National Petroleum Corporation (NNPC),…
Read More
Facebook
Twitter
Linkedin
Instagram