The House of Representatives has asked the Federal Government, through the Nigerian Petroleum Development Company (NPDC) , to suspend the planned auction of Oil Mining Licence (OML) 11 for $250 million when it has been bidded for $1 billion. At the plenary on Wednesday, the House “urge the Federal Government, particularly the NPDC, to suspend the planned auction and sale …

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the Mini Bid Round 2022, through which seven offshore blocks covering an area of approximately 6,700 square kilometres in water depths of 1,150 metres to 3,100 metres will be on offer. According to a statement by NUPRC’s Chief Executive, Engr. Gbenga Komolafe, the Mini Bid Round is an opportunity to spur new …

Savannah Energy PLC, a British independent energy company, has entered into a share purchase agreement with PETRONAS International Corporation Limited to acquire PETRONAS’ entire oil and gas business in South Sudan. This came through the acquisition of Petronas Carigali Nile Limited at US$1.25 billion, subject to certain completion adjustments. The transaction consideration is expected to be financed through a combination …

Savannah Energy PLC, the British independent energy company focuses on the delivery of projects that matter in Africa, has announced the completion of its acquisition of ExxonMobil’s entire upstream and midstream asset portfolio in Chad and Cameroon. The deal includes the operators of the upstream assets (through the acquisition of the former operator, Esso Exploration and Production Chad, Inc.), also …

Globeleq, a leading independent power company in Africa, has announced the transfer of its ownership interest in Globeleq Power Solutions Nigeria (GPSN) to Clean Energy Holdings Limited (CEHL). This, it said, followed a review of its strategy and portfolio. According to a statement by its Director of Communication and Government Affairs, George Cazenove, the transfer relates to a group of assets …

Lekoil Nigeria Limited, the oil and gas exploration and production company with a focus on Nigeria and West Africa, has announced that it has reached agreement with Lekoil Limited (Lekoil Cayman), a Cayman Islands litigation asset company with an investment in oil and gas assets in Nigeria, have agreed to terminate all legal proceedings and settle all claims made by …

The Department of State Services (DSS) has given the Nigerian National Petroleum Company (NNPC) Limited and oil marketers a 48-hour ultimatum to make Premium Motor Spirit (better known as petrol) available across the country. Briefing journalists at the headquarters of the secret police in Abuja after over three hours closed-door meeting with stakeholders in the petroleum sector on Thursday, DSS …

The Nigerian National Petroleum Company Limited (NNPC) has blamed fuel queues in Lagos State and Abuja on ongoing construction projects in the cities. NNPC’s Executive Vice President for Downstream, Adeyemi Adetunju told a news conference in Abuja on Tuesday: “The recent queues in Lagos are largely due to ongoing road infrastructure projects around Apapa and access road challenges in some …

Nigeria requires $410 billion to achieve its energy transition plan by 2060 to address challenges and policy flexibility in the sector, the Federal Government has said.  this At the 7th Meeting of the National Council on Hydrocarbons in Minna, Niger State, the Minister of State for Petroleum Resources, Chief Timipre Sylva said that Nigeria was committed to achieving carbon neutrality. …

The Senate on Tuesday mandated the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to resume full regulatory oversight of all crude oil terminals in Nigeria. This is to curb pipeline vandalism and theft, which has resulted in Nigeria’s failure to meet its OPEC quota between January and July, this year. The major shut-in of well and fields led to lack of …