Nigeria to reduce Joint Venture stakes to 40 per cent in 2019
Nigeria president Muhammadu Buhari has ordered government to reduce all shares in the country’s joint venture assets to 40 per cent in 2019, according to budget documents released on…
Author
Yinson FPSO explains reason for contract extension with Addax petroleum
Malaysia’s Yinson Holdings Berhad, a floating, production, storage, and offloading (FPSO) service provider has received a short contract extension for its Floating Production, Storage and…
French oil major Total considering drillship for Nigeria’s OML 30
French oil major Total is watching out for a deepwater drillship for a 2020 drilling campaign in the OML 130 block offshore Nigeria with drilling activity scheduled to begin during the third…
Contractors fret over huge government debts ahead of Buhari’s second term
There is a lot of uncertainty in the minds of contractors in the construction sector over the future of their relationship with government.
The contractors, who are being owed huge debts…
No clarity on NNPC takeover of troubled $2bn OML 11 asset 21 days after deadline
Twenty-one days after expiration of the deadline given to the Nigerian National Petroleum Corporation (NNPC) by President Muhammadu Buhari to take over operatorship of $2 billion Oil Mining…
Shell paid FG highest revenue among 34 countries in 2018
In 2018, Royal Dutch Shell plc paid N2.2 trillion as revenue to the Federal Government from its exploration activities, the highest paid to any government among all the 34 countries it…
Lekoil explains reason for dropping legal action against FG over $3bn
After series of legal battle, oil exploration and production company Lekoil Limited has decided to drop legal actions against Ministry of Petroleum Resources over government’s failure to…
Even with rehabilitation, refineries lose N133.9bn in 13 months
As uncertainty continues to surround their proposed rehabilitation, Nigeria’s refineries have extended their losses, recording an operating deficit of N133.9 billion from January 2018 to…
Q1 GDP slows to 2.01% on lack of reforms, elections uncertainty
The Nigerian economy expanded at a slower rate in the first quarter of 2019, compared to the fourth quarter (Q4), as a lack of broad-based reforms and election-related uncertainty crimped…
Slow growth, dual FX rates, macro stability top investors’ concern about Nigeria –…
Foreign investors seeking to pump dollars into the Nigerian economy are confronted with three major challenges bordering on slow pace of the country’s economic growth, multiple exchange…