Tinubu backs Kyari at NNPC, despite turbulence
"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)
NNPC talks up Dangote supplies, NUPRC considers refining obligations
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.
NNPC 80% ready for an IPO, Kyari says
Such a move might either be an IPO, Kyari said, or selling equity in the company to a strategic investor.
M&A on the rise, Bracewell finds, despite financing squeeze
“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.”
Eni’s Oando sale runs into headwinds
NNPC “reserves its rights” over the breach. Failure to obtain approval allows NNPC E&P Ltd (NEPL) to “invalidate the purported assignment” to Oando.
Nigeria faces strike amid fuel prices, inflation woes
However, last week IMF mission chief Ari Aisen said there was a need for “macroeconomic tightening of monetary and fiscal policies”.
NNPC takes stake in UTM’s FLNG plan
JGC, Technip Energies and KBR signed on to work on front-end engineering and design (FEED) in November 2022.
Nigeria’s Tompolo gamble pays off with stolen oil intercepted
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 poised to save $28bn after ending fuel subsidies
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.
Nigeria owes its energy company $6bn in fuel-subsidy debt
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.
NNPC signs up Norwegians for FLNG plan
Including delivery and feedstock prices, Golar LNG has said its FLNG technology can deliver gas into Europe or Asia at $3-5 per mmBtu.
Targeting 3mn bpd, NNPC spuds frontier well
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.
San Leon’s Eroton out as operator after NNPC move
Some of these probes may result in the licence being revoked “if drastic steps are not taken by non-operating partners”.
The Tinubu presidency and Nigeria’s energy challenges
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.
San Leon denies NNPC, Sahara move on OML 18
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.
Daewoo signs off on Kaduna plant repairs with NNPC
The aim is to achieve 60% utilisation by the fourth quarter of 2024. KRPC has 110,000 barrels per day of capacity.
Addax ends Nigeria saga with NNPC transfer
As a result, they agreed the “clean and amicable exit for Addax by resolving all the PSC contractual issues, including litigation”.
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.”
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 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.
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.
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.
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.