Nigeria News

 

As OPEC Reopens the Taps, African Giants Losing Race to Pump More

Sep 27, 2021

Top African oil exporters Nigeria and Angola will struggle to boost output to their OPEC quota levels until at least next year as underinvestment and nagging maintenance problems continue to hobble output, sources at their respective oil firms warn.Their battle mirrors that of several other members of the OPEC+ group who curbed production in the past year to support prices when COVID-19 hit demand…

Nigeria Sees 2022 Oil Output of 1.88 mln bpd, GDP Growth of 4.2%

Sep 23, 2021

The Nigerian government expects the country to produce 1.88 million barrels per day of crude oil in 2022 and will use a benchmark oil price of $57 per barrel for its budget planning, according to a document approved by the Senate on Wednesday…

Shell Books Valaris Drillship for Operations in Sao Tome and Principe and Namibia

Aug 18, 2021

Offshore drilling firm Valaris has secured contracts with Shell Namibia Upstream B.V. and Shell Sao Tome and Principe B.V. offshore Namibia and Sao Tome and Principe, respectively, for its drillship VALARIS DS-10.The contracts for the 2017-delivered offshore rig are each for one well…

Nigeria's President Buhari Signs Oil Overhaul Bill into Law

Aug 16, 2021

Nigerian President Muhammadu Buhari signed into law an oil overhaul bill that has been in the works for nearly two decades, a presidential spokesman said on Monday.The package overhauls nearly every aspect of the country's oil and gas production…

Nigeria Step Closer to Long Awaited Oil Overhaul

Jul 16, 2021

Nigeria's lower house of parliament on Friday cleared a petroleum overhaul package for the president's signature.The overhaul, in the works for 20 years, aims to attract more of the world's decreasing fossil fuels investment to Nigeria's petroleum sector…

Nigeria's Senate to Present Long-awaited Oil Overhaul Bill for Passage

Jun 29, 2021

Nigeria's senate will present a long-awaited oil overhaul bill to the full chamber for passage on Tuesday, according to an order paper seen by Reuters.The president sent the bill to the National Assembly in September last year, and presentation…

Nigeria Awards Marginal Oilfields

Jun 02, 2021

Nigeria has awarded the rights to develop marginal oilfields to 50% of the 161 firms shortlisted after they met all the conditions, the petroleum regulator said on Tuesday.Nigeria is looking to production from the fields to bolster state finances and increase local participation in the oil sector…

Nigeria Renews Offshore Lease OML 118 with Shell, Total, Exxon, Eni

May 26, 2021

The Nigerian National Petroleum Corp renewed Oil Mining Lease 118 [Bonga] with the local subsidiaries of Shell, Total, Exxon, and Eni for another 20 years, the West African country’s state oil firm said in a statement on Tuesday.The deal signals…

UTM Offshore Taps KBR for Support at Nigeria's First FLNG Project

May 20, 2021

Engineering and construction services giant  KBR has won a contract with Nigeria's UTM Offshore to support the development of Nigeria's first Floating Liquefied Natural Gas (FLNG) facility.Acting as Owner's Engineers, KBR will be responsible…

JGC Lands Pre-FEED Deal for Nigeria's First FLNG Project

May 13, 2021

Japan's JGC has been awarded the Pre-Front End Engineering and Design (Pre-FEED) contract for an FLNG facility project in Nigeria.The project is being run by UTM Offshore Limited, a Nigerian private company engaged primarily in crude oil sales and construction equipment leasing…

OES to Provide Drilling Rig for ADM's Barracuda Field in Nigeria

Apr 21, 2021

Oil and gas investment company ADM Energy which in March agreed to invest in the development of the Barracuda oil field in OML 141 in swamp/shallow waters offshore Nigeria, has entered into a non-binding collaboration agreement with OES Energy Services Limited ('OES')…

Nigeria Sweetens Energy Reform Bill to Attract more Big Oil Cash

Apr 19, 2021

Nigeria has sweetened the terms of a sweeping oil reform bill in a bid to attract much-needed investment to its oil industry, four people closely involved with the legislation said and a letter from oil companies, seen by Reuters, showed.The…

ADM, Eunisell Exploring Barracuda Field Development Options

Apr 12, 2021

Oil and gas investment company ADM Energy which in March agreed to invest in the development of the Barracuda oil field in OML 141,  an existing discovery and near-term production asset in swamp/shallow waters offshore Nigeria, has signed a…

TIMELINE: Nigerian Offshore Oil Block Deal Scandal

Mar 17, 2021

An Italian court acquitted Royal Dutch Shell and Italy's Eni on Wednesday of corruption in one of the oil industry's biggest court cases centered around the acquisition of a Nigerian oilfield in 2011.Italian prosecutors alleged that most of the $1…

Nigeria Disappointed as Shell, Eni Acquitted in Oil Block Bribery Case

Mar 17, 2021

The Nigerian government is disappointed with a Milan court's decision on Wednesday to acquit Royal Dutch Shell and Eni as well as several former and current managers of the groups in the oil industry's biggest corruption trial.“The Federal Republic…

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