Nigeria’s $11 billion lawsuit threatens Africa’s biggest economy
If Nigeria loses in London, the incoming president will have to make the crucial decision of whether to re-enter settlement talks with P&ID, or continue claiming fraud.
Nigeria
Yellen encourages Africa to take advantage of cheap Russian fuel
Treasury has estimated it could “result in around $6 billion in annual savings for the 17 largest net oil-importing African countries. We are seeing examples of emerging markets saving even more by using the price cap to negotiate steeper discounts with Russia. And we encourage more countries to do the same.”
Fitch warns states will shoulder future decom burden
It cited analysis by Boston Consulting Group stating that by 2038 there would be 1,000 offshore structures in the Arabian Gulf that would no longer be economically viable.
Nigeria aims to add 700,000 bpd this year
“It’s practical to hit 2.2mn bpd in 2023, this is practical. It’s a moving target,” Kyari said. “There are a number of projects that I have clear line of sight that can come on board in 2023.”
Dolphin pushes back Nigeria drilling for semisub
The Blackford Dolphin arrived in Las Palmas on November 24, 2022, following a delayed departure from Mexico and reduced transit speed.
Nigeria’s focus on thieves misses metering miscalculations
The AG said this failure would have a “disastrous effect of capital flight and commercial fraud”.
A challenging year for African M&A
The continent’s two biggest oil producing nations have made recent reforms to their upstream regulatory regimes, which were been long awaited and the changes largely well received.
Nigeria launches mini deepwater bid round
Nigeria has announce a mini bid round focused on the deepwater, saying this would be the first of a number of such offerings.
Shell completes purchase of Daystar in power move
Daystar increased its installed capacity by 135% in 2022 to 44 MW.
Nigeria production bounces back as terminals resume
Nigeria has turned around its production doldrums from the summer, bringing terminals back online and boosting exports.
Nigeria sees bolt on progress, amid delays for big-ticket deals
Nigeria expects IOCs working in the deepwater to launch new projects, although the big ticket items face continued delays.
Pirates see better risk-reward in Nigeria’s oil theft industry
Oil bunkering in Nigeria is a more attractive industry than piracy, for now, but this may change in late 2023.
Nigeria, Morocco sign up more states to pipeline plan
Despite scepticism around the plan, countries along the proposed gas pipeline route from Nigeria to Morocco continue to sign up.
After violent kidnapping, CEO freed
A CEO kidnapped in Port Harcourt has been released, although no information has been provided on whether a ransom was paid.
Shell allowed to appeal $1.8bn Nigerian court order
Nigeria’s Supreme Court said a Shell subsidiary can appeal a judgment directing the company to pay compensation over alleged pollution in a legal dispute that is holding up the oil giant’s efforts to sell assets in the West African country.
Buhari to launch northern Kolmani River development
Nigerian President Muhammadu Buhari will attend a ceremony tomorrow marking the first oil development in northern Nigeria, at the Kolmani River field.
KBR, JGC and Technip Energies sign up to FEED on Nigeria’s first FLNG
UTM Offshore has signed a front-end engineering and design (FEED) contract for a floating LNG (FLNG) project offshore Nigeria.
Conversion of OML 130 could trigger FID from Total at Preowei
Partners in Nigeria’s OML 127 and 130 continue to work on conversion to new terms – with success potentially triggering approval for the Preowei discovery.
Nigeria loses bid for OPL 245 damages from Shell, Eni
An appeals court in Milan has rejected Nigeria’s claims for damages stemming from the OPL 245 scandal, ordering the government to pay costs.
Arrested tanker crew face malaria, typhoid amid Nigeria transfer plans
Equatorial Guinea has said it will send the Heroic Idun VLCC, and crew, to Nigeria, where they may stand trial for charges related to potential oil theft.
Court orders Glencore to pay penalty in bribe-by-jet case
A London court has ordered commodity trader Glencore to pay £280.97 million in penalties as a result of its bribe paying.
Nigeria scaling up deepwater, LNG plans, NNPC boss confirms
Nigeria is currently producing 1.45 million barrels per day, with plans to scale this up to 1.8mn bpd by the end of November.
Daewoo E&C wins quick fix contract for Kaduna plant
Daewoo E&C has signed up to work on a “quick fix project” at the Kaduna refinery, during a high-level Nigerian visit to South Korea.
Despite pipeline woes, Seplat on the up
Seplat Energy has recorded a strong increase in financial metrics, even while the company struggled to export production in the face of pipeline interruptions.
Seplat seeks pipeline work at troubled OML 53
Seplat Energy has invited companies to tender for pipeline works at its OML 53 asset as it aims to boost oil production.