The Federal Government is expecting to generate at least $500m in revenue (N189.5bn) from the ongoing marginal field bid round, the Department of Petroleum Resources has said. The DPR also said the successful bidders would be allowed for the first time in the nation to pay the acquisition cost of the oilfields in naira. The…

Nigeria has been mandated to press on producer countries in African continent to ensure compliance of crude production cut agreed by the Organization of Petroleum Exporting Countries, OPEC. The 26th Meeting of the Joint Ministerial Monitoring Committee (JMMC) held on February 3, 2021, has mandated Nigeria’s Minister of State for Petroleum Resources, Chief Timipre Sylva,…

Nigeria’s state oil company is renegotiating commercial contract terms with major oil firms, its chief told Reuters, in a move that it hopes will keep investment flowing into a sector crucial for its economy at a time when spending is being slashed. Africa’s largest oil exporter and biggest economy relies on the oil sector for…

The company income tax paid by oil and gas companies to the Federal Government fell by N4.94bn or 10.25 per cent in 2020, official figures have shown. An analysis of data collated from the National Bureau of Statistics showed that companies producing crude oil and gas in the country paid N47.74bn in corporate tax last…

The Federal Government has commenced discussions with representatives of the organised labour on how to raise the freight rate of the Premium Motor Spirit (PMS), otherwise known as petrol, from N7.51 per litre to N9.11 per litre. This implies a 21.30 per cent hike in freight rate, which is a component of the total cost…

Chevron reported a fourth-quarter loss Friday to conclude a rocky year for oil companies as the coronavirus battered demand for petroleum products. The US oil giant, which trimmed staff and slashed capital spending to ride out the downturn, finished the year with a loss of $5.5 billion, compared with earnings of $2.9 billion in 2019.…

Royal Dutch Shell needs to take another hard look at its onshore oil operations in Nigeria due to continued problems with theft and sabotage, Chief Executive Ben van Beurden said on Thursday. A Dutch appeals court on Friday held Shell’s Nigerian subsidiary responsible for multiple oil pipeline leaks in the Niger Delta and ordered it…

Savannah Energy PLC (“Savannah” or the “Company”), the African-focused British independent energy company sustainably developing high quality, high potential energy projects in Nigeria and Niger, is pleased to announce that its Accugas subsidiary has entered into a new gas sales agreement (“GSA”) with Mulak Energy Limited (“Mulak”). The GSA is initially for a seven-year term.…

Royal Dutch Shell Plc deepened the disappointment of Big Oil’s fourth quarter, reporting net income that fell short of expectations and weak cash flow. The company added to the evidence from its peers that much of the industry is still living beyond its means, even after large cuts to dividends and spending. Oil prices have…