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Stable Fiscal System will Attract $19 Billion Investments to Oil Sector – Prof. Iledare

Against the backdrop of an estimated $19billion needed yearly by Nigeria to develop its oil reserves, an energy expert, Professor Wumi Iledare, has advised the Federal Government to implement progressive fiscal framework that encourages investment flows into the petroleum industry , saying only flexible, dynamic and stable fiscal instruments can attract such investments. Iledare, African Regional Director of Society of ...

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Shell to Post Profit from Upstream Operations and Reduce Debt Profile to $35 Billion

……..by Jenifer Dike………The multinational oil giant Royal Dutch Shell Plc is expecting to post profit this year from it’s upstream operations and also reduce it’s debt profile to $35 billion. The company said it is going to make the first profit from pumping oil since the start of the pandemic. Shell’s upstream unit was able to capture “the upside from ...

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Seplat Reports N41.1 Billion Impairment from OML 55 Due to Fall in Oil Price

Nigeria’s leading upstream oil company, Seplat Petroleum reported it took an impairment of N41.1 billion ($114.4 million) from its interest in OML 55, a contentious Oil block it currently shares with Belemaoil under a management contract signed in 2017. The losses contributed significantly to the company’s full-year loss of N30.7 billion in 2020, one of its highest on record and ...

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Shell’s Annual Payment to Nigerian Govt Hits Six-Year Low

The payment made to the Federal Government by Shell companies in Nigeria plunged by 42.45 per cent in 2020 to the lowest in six years. Royal Dutch Shell said on Wednesday that its subsidiaries in Nigeria paid $3.24bn to the Nigerian government and its agencies last year, compared to $5.63bn in 2019 and $6.39bn in 2018. The oil giant’s payment ...

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Nigeria Exited Recession Faster Than Expected – World Bank

The World Bank has said Nigeria moved out of last year’s recession faster than expected. Nigeria slipped into recession in the second quarter of 2020 amid the economic fallout of the COVID-19 pandemic but emerged from it in the fourth quarter. The bank, in its newly released Africa’s Pulse report, said real GDP in West and Central Africa was estimated ...

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Low Investment will Reduce Nigeria’s Oil Capacity – IEA

Crude oil capacity in Nigeria will drop by 200,000 barrels to 1.6 million barrels per day by 2026 as a result of low investment, the International Energy Agency has said. The IEA said this in a new report, entitled ‘Oil 2021: Analysis and forecast to 2026’. It said, “With the notable exception of Libya, capacity in most African OPEC+ members ...

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Developing Countries Losing $1 Trillion Annually to Illicit Financial Flow – NEITI

……..CAC opens register for company’s real owners…….THE Executive Secretary of the Nigeria Extractive Industries Transparency Initiative, NEITI, Dr. Orji Ogbonnaya Orji has disclosed that developing countries lose about $1 trillion annually to illicit financial flows due to secret ownership of companies. Dr. Orji who spoke on Thursday at a stakeholders’ forum on Beneficial Ownership, BO, implementation in Nigeria, said beneficial ...

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NNPC Records 80.12 Percent Increase in Trading Surplus in December

…..…Posts Petroleum Products Sale of ₦288.77billion……. The Nigerian National Petroleum Corporation (NNPC) has announced an increase of 80.12% in trading surplus for the month of December 2020 which stands at ₦24.19billion compared to the ₦13.43billion surplus recorded in November 2020. This is contained in the December 2020 edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a ...

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Investments in Lekki will tripple Lagos’ GDP — Sanwo-Olu

Lagos State Governor, Mr Bababjide Sanwo-Olu, says the multi-billion dollars investments in Lekki corridor will multiply the state’s Gross Domestic Product (GDP). Sanwo-Olu said this on Friday during a two-day working tour with his cabinet to the three free trade zones established in Ibeju-Lekki area of Lagos. He said that the Lekki Seaport alone had the potentials to dramatically turnaround ...

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NNPC Spends N126bn on JV and Exploration

The Nigerian National Petroleum Corporation (NNPC) funded its Joint Venture oil and gas assets, which it holds with mostly multinational oil companies, with a total of N104.7 billion in January. ed. The data from the Corporation showed that NNPC also spent N21. 47 billion on oil search, payments of its monthly on Nigeria-Morocco gas pipeline, among other expenses, bringing the ...

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