Breaking News
Translate
Latest

Oil & Gas Summiteer

Peacemaker in OML 25 dispute closure agreement

Mele Kyari, NNPC

A bitter and prolonged disagreement between host communities in the island Kingdom of Kula and Shell Petroleum Development Company, SPDC, operators of the Oil Mining Licence, OML 25 has been amicably resolved  by the Group Managing Director, GMD of the Nigerian National Petroleum Corporation, NNPC, Mallam Mele Kyari.

Read More
Kyari, new GMD ,NNPC

Peacemaker in OML 25 dispute closure agreement

A bitter and prolonged disagreement between host communities in the island Kingdom of Kula and Shell Petroleum Development Company, SPDC, operators of the Oil Mining Licence, OML 25 has been amicably resolved  by the Group Managing Director, GMD of the Nigerian National Petroleum Corporation, NNPC, Mallam Mele Kyari. The Minister of State for Petroleum Resources, Chief Timipre Sylva and Kyari, in a stakeholders visit to the host communities of OML 25 facilities in Kula Kingdom of Asari-Toru Local Government of Rivers State, assured the communities and their leaders that the Federal Government was keen on attracting investments to the area and also create jobs for the teeming youths. Highlights of the occasion included the commissioning of NNPC/Belema Joint Venture Portable Water Project as well as the groundbreaking of the 85km Kula-Degema-Port Harcourt Expressway that had been approved by President Muhammadu Buhari. The Managing Director of Shell, Osagie Okunbor said Shell had paid over N300 million in to the Joint MOU account to restart community efforts it had not done because of the dispute.

Read More
Why we must all act to save our democracy

Nigeria’s commitments and World Energy Trilemma

The world’s leaders this week converged on the General Assembly Hall of the United Nations headquarters at the Manhattan, New York for the 74th session of the United Nations General Assembly, UNGA74. Climate change that hitherto appeared latent became vociferous with youths led by Swedish teenager Greta Thunberg became potentates causing about four million people around the world to take part in the biggest demonstration ever in history over global warming last week Friday.

Read More
P&ID, IOC, Natural Gas, $9.6 BN, oil and gas.

Gas Deal: The doom-laden $9bn pejorative London judgment

In William Shakespeare’s hilarious love play: A Midsummer Night’s Dream in Act 3 Scene 2, fictional character  Hermia was described as  “Though she is little, she is fierce!” One may not go into details of the characterization of Hermia who might be small in size or metaphorically weaker or smaller, but she is strong and fierce. This may essentially be about a tiny company, against a goliath of the oil industry. Process & Industrial Developments Ltd., P&ID won a London court ruling that may force Nigeria, to pay it about US$9 billion, about 20 per cent of Nigeria’s foreign reserve. On Friday last week, a London Commercial Court presided over by Justice Christopher Butcher, gave a ruling to convert an arbitration award to a legal judgment that would allow P&ID make applications to seize Nigerian international commercial assets. The country’s solicitor general Dayo Apata in response said that the Nigerian government would appeal the decision.

Read More
NEITI, CSOs call for adequate metering to curb crude oil theft, pipeline vandalisation, others

Oil in the Sino-American trade war

Since the crude oil price peaked in April the market has become bearish losing over 20 percent from the US$70 mark it got to. Last week the China-United States trade war which effect is slowing global economy traded down oil with the global benchmark ICE Brent settling for US$57.10 (-3.12 percent), while the United States benchmark, West Texas Intermediate traded at US$51.66 (-3.67 percent) below the US$60 mark.

Read More
NEITI, CSOs call for adequate metering to curb crude oil theft, pipeline vandalisation, others

Strait of Hormuz: Echoes of oil war and diplomacy

Britain has joined the United States-led international maritime security mission in the Persian Gulf to protect vessels travelling through the Strait of Hormuz. Heightened tensions between the United States and Iran following attacks on tankers in the Persian Gulf would have made the United States to call for a coalition of allies to protect ships passing through the Persian Gulf. Last month, Iran’s Revolutionary Guards seized a British flagged tanker, Stena Impero, near the Strait of Hormuz for alleged marine violations. It was a matter of tit-for-tat for the Iranians who retaliated two weeks after Britain seized an Iran-flagged oil tanker, the Grace 1,  off the coast of Gibraltar suspected of transporting crude oil to Syria in contravention of European Union sanctions. 

Read More