Total Nigerian asset sales total $1billion


Oil giant Total gas completed the sale of its stake in Oil Mining Lease (OML) 29 in Nigeria for $569million. Along with its exit from OML 24 and OML 18, it brings the French company's share of sale proceeds from these three onshore Nigerian blocks to more than $1billion. Patrick de La Chevardière, chief financial officer at Total, said: “The sale of these non-operated onshore blocks in Nigeria is yet another example of our strategy of dynamic portfolio management, achieved at attractive valuations".


Shells completes $1.7billion sale of Nigerian assets


Shell has completed the sale of its OML (Oil Mining Lease) 29 and the Nembe Creek Trunk Line (NCTL) in the Eastern Niger Delta for $1.7billion. The subsidiary, the Shell Petroleum Development Company of Nigeria, said its interests have been assigned to Aiteo Eastern E&P company limited. The divestment is part of the strategic review of SPDC’s onshore portfolio and is in line with the federal government of Nigeria’s aim of developing the country’s upstream oil and gas business.

Oil & Gas

North-east oil firm Eland gives update on Opuama output


Aberdeenshire-based Eland Oil and Gas, a production, development and exploration company operating in west Africa, with a principal focus on Nigeria, said today it was benefiting from a share of 3,100 barrels of oil per day from the Opuama field. Total output from the Nigerian asset includes 1,395 barrels a day for Eland's joint-venture, Elcrest Exploration and Production.

Market info

Nigeria suffers ‘substantial’ revenue loss as oil prices fall


Nigeria’s government revenue fell 15% in January as falling oil prices eroded the income of Africa’s biggest crude producer. Revenue fell to 416.1 billion naira ($2.1 billion) in January compared with 490 billion naira a month earlier, Accountant-General Jonah Otunla said. The volume of oil exports declined 33 percent in November and December, resulting in $159.88 million of lost revenue, Otunla said.

Oil & Gas

Nigeria’s growth set to slow to 5.5% as oil plunges, agency says


Economic growth in Nigeria, Africa’s biggest crude producer, is projected to slow to 5.5% this year after oil prices plunged, the statistics office said. Gross domestic product growth is set to decelerate from an estimated 6.2% last year, the National Bureau of Statistics said in a report on its website. The economy is forecast to expand 5.8% in 2016 and 5.8% in 2017.

Oil & Gas

Total completes flare out in Nigeria


Oil giant Total said it has completed the flare out of the Ofon field in Nigeria. The company said the associated gas is now being compressed, evacuated to shore and monetized via Nigeria LNG. The Ofon field is 65km from land and in water depths of 40 metres.


SPDC agrees £55million settlement after pipeline spills


The Shell Petroleum Development Company of Nigeria Limited (SPDC) has agreed a £55million settlement with the Bodo community. Shell’s Nigerian subsidiary has made the payment in respect of two operational spills in 2008. The SPDC said the compensation will provide an individual payment for those affected who agree to the settlement payment totalling £35million.

Oil & Gas

Nigeria oil unions set for government talks amid strike


Nigeria’s two oil unions are set to meet with government officials for talks today as an indefinite strike aimed at curbing local fuel supply and exports entered a third day in Africa’s biggest crude producer. The impact of the strike has been restricted to domestic fuel supply with oil lifting and export terminal operations unaffected at the moment, Francis Johnson, president of the Petroleum and Natural Gas Senior Staff Association of Nigeria, or Pengassan, said from Lagos, the commercial capital. Union leaders will hold talks with the authorities today in Abuja, the capital, he said.

Oil & Gas

Nigeria’s oil unions start strike they say will curb exports


Nigeria’s two oil unions began an indefinite strike that they say will curb exports from the West African nation responsible for pumping more than a quarter of the continent’s crude. “You will soon begin to see shutdowns of our oil flow,” Emmanuel Ojugbana, a spokesman of the Petroleum and Natural Gas Senior Staff Association of Nigeria, said. Ohi Alegbe, an Abuja-based spokesman for the Nigerian National Petroleum Corp. and the Oil Ministry, declined to comment on exports. Any reduction in pumping would coincide with a collapse in the price of Nigeria’s biggest source of revenue.