Upstream

…….Laments 115,000bpd loss to oil theft, technical deficiencies…….. The Nigerian Upstream Regulatory Petroleum Commission (NURPC) yesterday disclosed that the 2020 marginal field bid round which was concluded last year so far has yielded about N174.944 billion, with owners of 30 fields having partially paid and two fields stalled by court cases. The new commission further stated that 20 companies which ...

Federal High Court in Lagos has granted the Federal Government’s application barring the Ministry of Petroleum Resources, Nigerian National Petroleum Company (NNPC) and National Petroleum Investment & Management Respondent Services (NAPIMS) from allocating crude oil to Addax Oil. Justice Tijjani Ringim made the order sequel to a Motion for Mareva Injunction filed and argued by the counsel to Federal Government ...

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 ...

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 ...

……as long drawn Boardroom Battle Extended to Asset Bid…… The recent expression of interest by Chappal Petroleum own by Austin Avuru a former top Executive of Seplat to buy over Exxonmobil Nigeria Assets after Seplat had pull out of the deal is not unconnected to the long drawn boardroom fight that led to Avuru’s exit from Seplat. Seplat dropped it’s ...

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 ...

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 ...

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 ...

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 ...

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 ...