AMCON takes over oil firm due to N29 billion debt

AMCON takes over oil firm due to N29 billion debt

Hon. Justice C.J. Aneke of the Federal High Court Lagos Division has granted an injunction against Cedar Oil & Gas Exploration and Production Limited on the application of Asset Management Corporation of Nigeria (AMCON), mandating the agency to take over the assets of the firm …..

Nigeria’s oil production fully compliant with OPEC quota – Ministry

Nigeria’s oil production fully compliant with OPEC quota – Ministry

Nigeria, which has pumped above its OPEC quota for months to the ire of other members, brought down its crude oil production in November to fully comply with its cap, the country’s oil ministry said Sunday. OPEC earlier this summer quietly reset Nigeria’s quota to …..

Africa to double its gas production by 2040 – GECF

Africa to double its gas production by 2040 – GECF

Nigeria and other African countries are set to increase their presence in the global energy sphere, where they will contribute as much as 9.2 per cent to global natural gas production by 2040. By more than doubling their natural gas production by 2040, Africa’s natural …..

NCDMB urges oil firms to prepare for full automation of rigs

NCDMB urges oil firms to prepare for full automation of rigs

The Nigerian Content Development and Monitoring Board (NCDMB) has advised firms in the oil and gas industry to brace up for the full automation of operations at oil rigs. The Executive Secretary of NCDMB, Simbi Wabote, said this in Port Harcourt, at the foundation laying …..

NNPC Expands Pipeline Networks to Meet Domestic Gas Demand

NNPC Expands Pipeline Networks to Meet Domestic Gas Demand

The Nigerian National Petroleum Corporation (NNPC) has said it is expanding and integrating gas pipeline network in the country to meet unprecedented demand of the substance. The Group Managing Director of NNPC, Mallam Mele Kyari, disclosed this at the NNPC Day, during the just concluded …..

Total looks to sell stake in Nigerian offshore block

Total looks to sell stake in Nigerian offshore block

French oil major Total wants to sell its 12.5% stake in a deepwater oilfield off the coast of Nigeria, industry and banking sources told Reuters. The stake in Oil Mining Lease (OML) 118, which is located some 120 kilometers (75 miles) off the Niger River Delta, is …..

Chevron highlights Nigerian gas success story

Chevron highlights Nigerian gas success story

The development of Nigeria’s vast gas resources has been one of the major policy thrusts of successive governments in Nigeria.  It is worthy of note that Nigeria is blessed with resources for growth and global competition in gas. According to the Department of Petroleum Resources (DPR), …..

Nigeria targets oil companies for a greater share of profits

Nigeria targets oil companies for a greater share of profits

In a move Nigeria’s president hailed as a “landmark moment”, Africa’s largest oil producer approved legislation this week to bolster its share of revenues from international majors. The authorities say the amendment — heralded as the biggest change in decades to its production sharing deals …..

Total Planning to Sell $750 Million Stake in Major Nigerian Oil Block

Total Planning to Sell $750 Million Stake in Major Nigerian Oil Block

Total is seeking to sell its 12.5 per cent stake in a major deepwater oilfield off the coast of Nigeria, industry and banking sources have said. The plan is reportedly an effort to adjust the energy company’s Africa portfolio amid a broad expansion. Reuters reports …..