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Shell to Fetch $3Bn from Divestments of Onshore Assets in Nigeria

Oil major Shell is placing more oil assets in Nigeria on sale with at least five Nigerian oil and gas companies preparing to submit bids this month for its onshore oilfields. The deal is estimated to fetch up to $3 billion, three sources involved in the process told Reuters. Shell started discussion with the federal government last year about selling ...

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NNPC Begins 2022 Activities with Commitment to Host Communities’ Development

The Nigerian National Petroleum Company (NNPC) Limited has assured of its commitment to further deepen ties with its host communities as it begins activities for 2022. NNPC gave the assurance through the Nigerian Petroleum Development Company Limited (NPDC), one of its upstream subsidiaries. In achieving this, NPDC, recently organised a novel community support programme called SpudBaby and a maiden presentation ...

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NUPRC Moves to Close 2020 Marginal Oilfield Bid

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced plans to close out the 2020 marginal field bid round programme in line with the Petroleum Industry Act 2021 (PIA). This follows the successful completion of the marginal oilfield bid earlier in the year and the issuance of award letters to successful investors. This was made known in a statement issued ...

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Jake Riley, Partners Novomet on Artificial Lift of Electrical Submersible Pumps

Jake Riley has entered an agreement with Novomet FZE, a renowned OEM and a leading provider of Electric Submersible Pumps (ESPs) products and services to provide best-in-class technology and expertise with the goal to continuously improve the production of oil and gas with less effort, cost, and environmental impact. This is contained in a statement issued by Jake Riley and ...

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Shell Feclares Force Majeure on Nigerian Forcados Crude

Shell Production Development Company ( SPDC) a Nigerian subsidiary of Royal Dutch Shell has declared force majeure on exports of Nigerian Forcados crude oil after the obstruction of a tanker path by a malfunctioning barge. The company said in a statement that the action came into effect on Monday and that the company is making efforts to restore access, Nigeria ...

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Oil Exploration to Increase Petroleum Reserve to 40 million Barrels by 2030 – Onu

The Minister of Science and Technology, Dr Ogbonnaya Onu has said that the Federal Government is making efforts towards increasing the petroleum reserve in the country to 40 million barrels from the current 36 million by 2030. He stated this in his opening remarks at a 2-day national workshop on petroleum research activities in Nigeria’s inland basins, which was held ...

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Why We Can’t Respond to Non-Remittance of Funds by Defunct PEF – NUPRC

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the activities of the defunct Petroleum Equalisation Fund (PEF) do not fall under the operational purview of the commission. Mr Gbenga Komolafe, the Chief Executive Officer, NUPRC, made the clarification in a statement issued on Friday in Lagos. Komolafe said the commission would, therefore, not respond to allegations of non-remittance of funds ...

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NNPC and IPPG to Collaborate in Repositioning Oil and Gas Sector as IOCs Exit

The Nigeria National Petroleum Company (NNPC) limited and the Independent Petroleum Producers Group (IPPG) are seeking Collaboration in order to reposition the nation’s oil and gas industry as the International Oil Companies ( IOCs) exit their onshore assets. The Group Managing Director of the Nigerian National Petroleum Company (NNPC) Limited Mallam Mele Kolo Kyari said that there is the need ...

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Seplat To Buy Exxonmobil’s Shallow Water Oil Assets

Indigenous energy firm, Seplat has commenced discussion with oil major, ExxonMobil to secure purchase of its shallow-water oilfields. In recent years, Exxon has been exiting investments worth billions of dollars in oil and gas fields in Europe, Asia and Africa as the U.S. energy major focuses on a handful of mega projects at home and abroad. The company has accelerated ...

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