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Midwestern Oil & Gas Limited has made a reverse take-over (RTO) offer to San Leon Energy Plc, an energy company listed in the Alternative Investment Market (AIM) of the London Stock Exchange (LSE). A source said that the initial approach for the RTO was done three years ago, adding that the offer appears to be a natural progression from the ...

  Cost of production, investment, hurdles cast shadow to 40b reservesStakeholders pick holes, say $500m signature bonuses an economic buffer Bid more of ability to pay than play, says Iledare About $7 billion (N3 trillion) revenue may be added to Nigeria’s economy from the development of the nation’s marginal fields going by the rebound in global oil prices. At over $70 ...

…..by James Ikenna……..The Secretary-General of the Organisation of the Petroleum Exporting Countries, Mr Mohammad Barkindo, has expressed worries over the future of Nigeria’s oil and gas industry as Investment continues to drop Barkindo said at the High-level Meeting of the OPEC-Africa Energy Dialogue that Africa was estimated to have proven oil reserves of around 126 billion barrels at the end ...

Exxon Mobil Corporation is pulling out of a deep-water oil prospect in Ghana just two years after the west African nation ratified an exploration and production agreement with the U.S. oil titan. The company relinquished the entirety of its stake in the Deepwater Cape Three Points block and resigned as its operator after fulfilling its contractual obligations during the initial ...

The Department of Petroleum Resources (DPR) has given letters to the following companies as winners of the marginal oil field. These include North Oils and Gas, Pierport, Metropole, Pioneer Global, Shepherd Hill, Akata, NIPCO, Aida, YY Connect, Accord Oil, Pathway Oil, Tempo Oil, Virgin Forest, Andova, Genesis Technical, Twin Summit, Bono Energy, Deep Offshore Integrated, Oodua Oil, MRS and Petrogas. ...

The Department of Petroleum Resources (DPR) says it has concluded arrangements to issue award letters to successful investors in the 2020 marginal field bid round programme. The DPR said the letters would be issued at an award ceremony scheduled to hold in Abuja on May 31. Mr Paul Osu, Head, Public Affairs, DPR, made the announcement in a statement on ...

…Deal to Yield Over $780million in Immediate Revenues to GovernmentThe Nigerian National Petroleum Corporation (NNPC) and its Production Sharing Contract (PSC) partners – Shell Nigeria Exploration and Production Company (SNEPCo), Total Exploration and Production Nigeria Limited (TEPNG), Esso Exploration and Production Nigeria Limited (EEPNL) and Nigerian Agip Exploration (NAE) – have executed agreements to renew Oil Mining Lease (OML) 118 for ...

Nigerian Agip Oil Company (NAOC), a unit of Italy’s Eni, has closed the Idu Well 11 in Bayelsa state following an oil spillage. The oil spill occurred on 7 May at the Idu Well 11, which is located at the Egbebiri community, Biseni Kingdom in Yenagoa Local Government Area of Bayelsa state. The cause of the leakage was attributed to ...

Members of the House of Representatives in an investigative hearing disagreed with the management of Addax Petroleum over the transfer of ownership of its assets to a Chinese company, SINOPEC, without the consent of the Ministry of Petroleum. Minister of Petroleum Resources, Timipre Sylva, had accused Addax of selling the assets offshore to SINOPEC without the ministerial consent. He said ...

There is strong indications now that the Anglo-Dutch oil major, Shell is set to Divest it’s stakes in all of Nigeria’s onshore oil blocks as a result of insecurity due to vandalisation of oil pipes and spills. Shell is said to have opened discussions with the federal government to sell the Anglo-Dutch company’s stake in onshore oilfields. Shell’s Chief Executive ...