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Nigeria Earns N362.43bn From Crude Oil Export in June

Nigeria Earns N362.43bn From Crude Oil Export in June

Nigeria’s crude oil earning increased from the N253.02billion in June, to N362.43billion in July, according to the National Bureau of Statistics (NBS). This comes as stakeholders in the oil and gas industry have underscored the drawbacks of the Petroleum Industry Governance Bill (PIGB), saying that the bill failed to address some critical issues in the… READ MORE

Senate may probe NNPC’s planned Ajaokuta-Kaduna-Kano gas pipeline contract

Senate may probe NNPC’s planned Ajaokuta-Kaduna-Kano gas pipeline contract

The Senate, yesterday, said it would carry out a holistic investigation into the proposed award of the Engineering, Procurement and Construction (EPC) contracts of Ajaokuta- Kaduna-Kano(AKK) Gas Pipeline, totalling $2.317 billion (N834.12 billion), to the highest bidders once it discovered that due process was breached,  Vanguard reports. The Senate disclosed however that its attention had not been… READ MORE

After Boko Haram attack, Nigerian govt turns to Sokoto Basin for oil search

After Boko Haram attack, Nigerian govt turns to Sokoto Basin for oil search

Few months after the terrorist group in the north eastern part of the country, Boko Haram, ambushed and killed some lecturers from the University of Maiduguri who were part of a Nigerian National Petroleum Corporation, NNPC, oil exploration team in the Lake Chad basin, the corporation said it has commissioned another team to handle a… READ MORE

Stakeholders seek more attention for domestic gas market

Stakeholders seek more attention for domestic gas market

Stakeholders in the oil and gas sector have reiterated the need for managers of the Nigeria gas sector to rethink and change focus towards developing the local gas market. The industry experts while sharing their thoughts on the recently approved national gas policy observed that without losing track of the international gas market, government focus… READ MORE

Oil theft: Appeal Court upholds foreigners’ jail sentence

Oil theft: Appeal Court upholds foreigners’ jail sentence

The Court of Appeal, Lagos Division, has affirmed the judgment of a Federal High Court, Lagos, which sentenced nine foreigners to five years imprisonment for stealing crude oil from Nigeria. The three-man panel, comprising Justices Hussein Mukhtar (presiding), M. L. Shuaib and Frederick Oho, dismissed the twin appeals filed by the convicted persons for lack… READ MORE

US Department of Justice Seeks Recovery Of Almost $150M Corruptly Obtained By Ex-Oil Minister Alison-Madueke, Kola Aluko And Jide Omokore From Nigeria’s Oil Industry

US Department of Justice Seeks Recovery Of Almost $150M Corruptly Obtained By Ex-Oil Minister Alison-Madueke, Kola Aluko And Jide Omokore From Nigeria’s Oil Industry

Officials of the United States Department of Justice (DoJ) yesterday announced that they were filing a civil complaint seeking the forfeiture and recovery of approximately $144 million in assets that were allegedly the proceeds of foreign corruption offenses and were laundered in and through the U.S. The announcement was jointly made by acting Assistant Attorney… READ MORE

Nigerian Oil Company Oando Under Probe By Nigeria’s Securities and Exchange Commission

Nigerian Oil Company Oando Under Probe By Nigeria’s Securities and Exchange Commission

Nigeria’s Securities and Exchange Commission (SEC) is probing Oando, an oil company owned and run by Wale Tinubu, a cousin of former Governor Bola Tinubu of Lagos State. Mr. Bola Tinubu, the national of the All Progressives Party (APC), is also in business partnership with Mr. Wale Tinubu. A petition by two of Oando’s shareholders… READ MORE

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