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The Nigerian government is frowning over the $11 Billion debt incurred so far in the judgement by UK court which had favoured P&ID The government in closing arguments at a trial earlier in the week urged the court to overturn an arbitration award in favour of P&ID which has now accrued interest worth $11 billion. The company claimed it entered ...

The Federal Government has announced plans to establish reliable database to determine appropriate tariff methodology for transportation and bulk storage of crude oil and natural gas in the country. The Authority Chief Executive (ACE), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mr Farouk Ahmed stated this in a statement by Kimchi Apollo, General Manager, Corporate Communications, NMDPRA, on Sunday ...

The Broadcasting Organisations of Nigeria (BON) has identified poor electricity supply, the incessant collapse of the national grid as well as high cost of procuring diesel and Premium Motor Spirit (PMS) as factors responsible for stifling the performance of Broadcast stations in the country. Besides, BON said the dwindling advertising budget of advertisers and non-payment of outstanding debt is militating ...

The Senate on Wednesday rejected the request by the President, Major General Muhammadu Buhari, (retd.), to restructure the N22.7tn Ways and Means advances collected by the Federal Government from the Central Bank of Nigeria. The lawmakers rejected the request after an uproar in the Senate over the issue. Buhari had in a letter read on the floor of the Senate ...

In a major outburst yesterday, an erstwhile Managing Director/Chief Executive Officer of the Transmission Company of Nigeria (TCN), Dr Usman Mohammed, yesterday maintained that since he was sacked by the current administration, the power supply challenges in the country have grown worse. Speaking on Channels Television, Mohammed who was fired by the then Minister of Power, Sale Mamman, who was ...

Savannah Energy Joins the Extractive Industries Transparency Initiative (“EITI”) Savannah Energy PLC, the British independent energy company focused around the delivery of Projects that Matter in Africa, is pleased to announce that it has joined the Extractive Industries Transparency Initiative (“EITI”) in support of EITI’s mission to promote the open and accountable management of oil, gas and mineral resources. EITI is a global standard ...

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the Mini Bid Round 2022 for new crude oil exploration and drilling activities in the offshore blocs. Mr Gbenga Komolafe, Commission’s Chief Executive (CCE), said this at a news conference on Wednesday in Abuja. Komolafe said that the bid round was the first in a series of bid round targeted at ...

The Chairman of Independent Petroleum Producers Group (IPPG), Mr. Abdulrazaq Isa, has stated that the 27-member indigenous oil and gas exploration and production group is a product of the Nigerian Content policy of the Federal Government which is a clear testimony that the policy has recorded huge success. “The emergence of the strong indigenous Exploration and Production companies is a ...

The Public Accounts Committee of the House of Representatives said it is temporarily relocating to Lagos to launch investigation into an alleged indebtedness to the Nigeria Ports Authority (NPA). The Committee Chairman, Wole Oke, who made the disclosure, said the idea of temporary relocation was informed by the need to take the investigation close to the NPA. “The parliament will ...

The Group Chief Executive Officer of Oilserv Group, Engr. Emeka Okwuosa, has identified robust technological surveillance with less human interface as a more sustainable approach to guaranteeing safe pipeline networks operation. Okwuosa in his keynote address entitled “Integrating the Functionality of Pipeline Efficiency and Ensuring Security for Economic Growth” and delivered at the virtual 2022 Nigeria International Pipeline Technology & ...