Oil Industry Oversight, Regulation and Management

Shell spills oil in Ogboinbiri River in Bayelsa, refuses to visit site

An oil leak from Seibou Deep facility operated by Shell Petroleum Development Company has been discharging crude into Ogboinbiri River in Bayelsa. Residents of the coastal settlements in Ogboinbiri and neigbouring communities say the oil leak has damaged the fishing activities of the people. Read more

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Missing $20bn: Reps gives Okonjo-Iweala one-week ultimatum to submit forensic audit

The House of Representatives has yesterday issued a one week ultimatum to the Minister of Finance and Coordinating Minister of the economy Ngozi Okonjo-Iweala to submit the report of the forensic audit on the alleged missing $20bn The mandate followed a resolution, passed last week by the House at plenary which directed its Committee on Public Accounts, to investigate the matter. read more

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Falling oil price may not affect $3.8bn Egina project

THE current economic impact of global downtrend in the prices of  oil that is already taking its toll on key sectors of the Nigerian economy may not have adverse effect on the country’s Egina oil platform project valued at $3.8 billion. The project was awarded by Total E&P Nigeria to Samsung Heavy Industries, with a mandate to integrate a Floating Production Storage and Offloading, FPSO platform at the LADOL base in Lagos, as the local content

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Files Open New Window on $182-Million Halliburton Bribery Scandal in Nigeria

Leaked records from HSBC, a huge global bank based in London, reveal new details about the bank’s role as a conduit for the bribes — and new details about how Tesler operated. The files, obtained by the French newspaper Le Monde and the International Consortium of Investigative Journalists, show ties between Tesler and high-ranking Nigerians not previously named publicly in connection with the scandal, raising the possibility of renewed questions

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Senate to adopt $78 oil benchmark for 2015 fiscal year

Abuja – The Senate is set to adopt the proposed 78 dollars as the country’s oil price benchmark for 2015 fiscal year. The discosure was made on Tuesday at the joint meeting on 2015-2017 Medium Term Expenditure Framework organised by Senate Joint Committees in Abuja. Read more

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Ghana to cut gas import from Nigeria

Ghana has announced plans to significantly reduce the quantity of gas it purchases from Nigeria in the next couple of months through increased local gas production. President of Ghana, Mr. John Mahama, who was responding to questions on the economy at the Global African Investment Summit in London, said the country is working hard to court more private investors to shore up local production of gas to solve the country’s power crisis. Read more

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Lagos to join oil producing states in 2015

Lagos State is set to join the league of oil producing states in the country come next year as the joint venture partners on the Aje Field offshore Lagos have taken the final investment decision on the exploration of the field. A group led by Yinka Folawiyo Petroleum Company Limited took the FID to develop the first phase of the Aje shallow water oil field for $220m. Read more

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FG proposes $78 oil benchmark for 2015 budget

The Federal Government has proposed $78 as the benchmark price for a barrel of crude oil and fixed the exchange rate at N160 per dollar for the 2015 national budget. The projection, which was contained in the Medium Term Expenditure Framework and Fiscal Strategy Paper sent to the Senate by President Goodluck Jonathan on Wednesday, was $4 higher than this year’s benchmark. Read more

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Nigeria’ll lose Africa’s top oil producer status – IEA

Nigeria will be overtaken as Africa’s largest crude oil producer by Angola from around 2016 to the early 2020s, as crude theft and regulatory uncertainties persist in the Nigerian oil industry, the International Energy Agency says in a new report published on Monday. Read  more

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Aiteo acquires Shell’s OML 29, Nembe pipelines

The Aiteo Group has finally confirmed the acquisition of 85 per cent equity in Oil Mining Lease, OML 29, being divested by the Shell Petroleum Development Company, SPDC. The purchase of the asset, reputed as one of Shell’s most prolific oil block has been enmeshed in controversy. Read more

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