"On a domestic political level, however, the reappointment is savvy: Tinubu knew he needed to hand big jobs to northern officials, and it doesn’t get bigger than leadership of NNPC.”
Nigerian National Petroleum Corp. (NNPC)
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), on November 1, said it was “determined to enforce the domestic crude oil supply obligations” for Nigerian refineries.
Such a move might either be an IPO, Kyari said, or selling equity in the company to a strategic investor.
“Africa is now for African banks and the Middle East is for Middle Eastern banks. The North Sea is the exception, where there is still an active international bank lending market, although with a reduced number of players lending.”
NNPC “reserves its rights” over the breach. Failure to obtain approval allows NNPC E&P Ltd (NEPL) to “invalidate the purported assignment” to Oando.
However, last week IMF mission chief Ari Aisen said there was a need for “macroeconomic tightening of monetary and fiscal policies”.
JGC, Technip Energies and KBR signed on to work on front-end engineering and design (FEED) in November 2022.
In order to provide a “strong warning and deterrent” to others participating in the stolen oil trade, NNPC said the vessel would be destroyed. Such a move, it said, was of “paramount importance”.
Nigeria will save more than 21 trillion naira ($28 billion) in two years after scrapping gasoline subsidies and allowing its currency to weaken, according to the World Bank.
The Nigerian National Petroleum Company said it’s owed more than $6 billion by the country’s government that the firm has spent to keep gasoline cheap, a day after newly sworn-in President Bola Tinubu announced an end to the subsidy program.
Including delivery and feedstock prices, Golar LNG has said its FLNG technology can deliver gas into Europe or Asia at $3-5 per mmBtu.
NNPC is also carrying out exploration in the Chad Basin, Dahomey Basin, Anambra, Calabar Embankment, Sokoto Basin, Bida Basin and the ultra-deepwater of the Niger Delta.
Some of these probes may result in the licence being revoked “if drastic steps are not taken by non-operating partners”.
Tinubu won 36% of the votes cast, securing support from 12 of the 36 states. He received 8.79 million votes on Saturday, while Buhari – in 2019 – pulled in 15.19mn.
It did though note that “armed and unknown men” had forcibly evicted Eroton staff from the Alakiri gas plant on February 24. These men claimed to represent OML 18 Energy Resource, a subsidiary of Sahara Group.
The aim is to achieve 60% utilisation by the fourth quarter of 2024. KRPC has 110,000 barrels per day of capacity.
As a result, they agreed the “clean and amicable exit for Addax by resolving all the PSC contractual issues, including litigation”.
“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.”
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 expects IOCs working in the deepwater to launch new projects, although the big ticket items face continued delays.
Despite scepticism around the plan, countries along the proposed gas pipeline route from Nigeria to Morocco continue to sign up.
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.
Nigerian President Muhammadu Buhari will attend a ceremony tomorrow marking the first oil development in northern Nigeria, at the Kolmani River field.
UTM Offshore has signed a front-end engineering and design (FEED) contract for a floating LNG (FLNG) project offshore Nigeria.
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.