Tag Archives: Nigeria

Nigeria’s government is set to approve within days the proposed $1.3-billion sale of ExxonMobil’s shallow water assets to local firm Seplat, Nigerian President Bola Tinubu said on Tuesday. The U.S. supermajor announced two years ago its intention to sell its shallow water business in Nigeria to Seplat, the biggest Nigerian …

Nigeria is losing $1,000 on every barrel of crude oil it exports, due to a lack of the added value from refining, Nigerian media quoted energy policy expert Henry Adigun as saying at a conference. This loss is no longer sustainable, Adigun said. The Nigerian federal government is supporting local …

Iran exported non-oil commodities valued at $46.5 million to Nigeria during the first seven months of the current Iranian calendar year (March 21-October 22), the spokesman of Trade Development Committee of Iran’s House of Industry, Mining and Trade announced. Ruhollah Latifi said that among the African trade partners of Iran …

Nigeria expects to see “significant investment flow immediately” from Saudi Arabia after the top crude producer in the Middle East and Africa’s largest oil producer signed investment and cooperation agreements in the energy sector at a summit in Riyadh last week. Nigeria has been looking to attract foreign investment in …

Exxon will boost crude oil production in Nigeria by an additional 40,000 barrels per day, Nigerian President Bola Tinubu’s spokesman Ajuri Ngelale said in a statement on Tuesday. Nigeria has long had aspirations for increasing its crude oil production, most recently promising to boost production to 1.7 million barrels per …

The output from other countries that had witnessed downward production are squaring up which may likely lead to output cut by the Organisation of Petroleum Exporting Countries (OPEC). Similarly, the improved security situation in the oil rich Niger Delta area is helping Nigeria to inch up oil production activities. The …

Nigeria currently accounts for 33 per cent of the total gas reserves in Africa, the Federal Government said on Monday. While disclosing this through the Nigerian Upstream Petroleum Regulatory Commission, it added that the gas reserves in Nigeria could last for about 94 years. The Chief Executive Officer, NUPRC, Gbenga …

A Japan’s leading trading company has reportedly offered Pakistan to sell Russian oil and Nigerian Liquified Natural Gas (LNG) to Pakistan at 35 per cent less than the global market’s prices. The Japanese company partners with an Irish company for the purpose. It is learnt that the representative of the …

Shell Petroleum has agreed to pay €15 million ($15.9 million) as settlement to Nigeria over oil pipeline leaks in the country’s Niger Delta in the early 2000s. In a statement on Friday, Shell said it had negotiated the settlement for the benefit of the Oruma, Goi and Ikot Ada Udo …

Pointing to the signing of a memorandum of understanding (MoU) between Iran an Nigeria on cooperation in variou fields including exports of technical and engineering services and petrochemical products (Urea), Iranian Oil Minister said, “The two countries have great capacities that can use them to expand bilateral relations in the …