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……….by Abisoye Shola…………. THE Group Managing Director, Nigerian National Petroleum Corporation, NNPC, Mele Kyari, has said that the corporation is eyeing $10 per barrel cost of production and lament that currently Nigeria”s cost of production is on the high side saying the corporation has so far cut down cost by 5 percent. According to him, Nigeria remains one of the ...

A Federal High Court in Yenagoa on Wednesday, adjourned untill Feb 25, 2021, a suit against Aiteo Exploration and Production Limited, pending a Court of Appeal ruling. Justice Abimbola Awogboro had on March 3, 2020 declined to stop proceedings in the ongoing litigation by Nembe Communities, hosts to Oil Mining Lease (OML 29) over the adverse impact of oil exploration. ...

The Nigerian Association of Petroleum Explorationists (NAPE) has raised the alarm that the failure of the country to sign the much awaited Petroleum Industry Bill (PIB) has led to delay in the Final Investment Decision (FID) for over $30 billion projects. The $30 billion FID projects delay is contained in the communique of the 27th pre-conference workshop of NAPE, with ...

The International Oil Companies in Nigeria are waiting for the passage of the Petroleum Industry Bill before deciding on their investment portfolio next year. According to them, the country did not take any major investment decision in deepwater between 2015 and 2019, despite a number of available potentially viable projects. The African Energy Chamber (AEC), in its African Energy Outlook ...

A World Bank affiliated group may scuttle Nigeria’s bid to successfully prosecute illicit funds associated with the controversial OPL 245, a coalition of international anti-corruption groups has said. In a letter addressed to the Chairman, International Centre for Settlement of Investment Disputes (ICSID), David Malpass, the groups raised critical issues concerning ICSID lack of diligence in dealing with serious corruption ...

A group of Leaders in Opu Nembe community (Nembe- Bassambiri) in Nembe Local Government Area of Bayelsa State have distanced themselves from the quit notice served on AITEO Eastern Exploration and Production Limited over the operations of Oil Mining License (OML) 29. The Council of Chiefs at a press conference over the weekend had asked Aiteo to hands off the ...

Total has contracted Shearwater GeoServices to acquire and process 3D seismic offshore Senegal. Shearwater’s SW Empress will manage the two-month, 5,000-sq km (1,930-sq mi) survey over the UDO Block Exploration area, employing a wide-tow Flexisource configuration. The company will apply its Reveal software for the fast-track processing. It follows another recent award by Total to Shearwater for work off northwest ...

There are strong indications that top Nigeria Iinvestors are pushing and lobbying the new administration to sell Kaduna and Warri Refineries by early next year as there are likelihood that both refineries will not meet the three month deadline set for the refineries by the new Group Managing Director of Nigerian National Petroleum Corporation (NNPC) Director, Dr Emmanuel Ibe Kachukwu. ...