Nigeria

Why NLNG abandoned Nigeria’s ship registry

Contrary to belief by some stakeholders that the Nigerian Liquefied Natural Gas, NLNG, prefers its vessels registered abroad, facts have emerged that the company which has a large fleet of ocean going ships, abandoned registration in Nigeria because of substandard registry. 
 
All vessels, according to the rules of the International Maritime Organisation (IMO), are expected to register under a country of their choice, the maritime administration, which in turn permits such ship to fly their flag. 
 

U.S. may halt crude oil import from Nigeria

There are indications that the United States may halt crude oil import from Nigeria by 2022, as it moves closer to becoming a net export of petroleum products.The United State Energy Information Administration (EIA) has projected that the United States will become a net energy exporter in 2022 in the newly released Annual Energy Outlook 2018, primarily driven by changes in petroleum and natural gas markets.
 

Kachikwu allays fear of debt over Egina FPSO project

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has allayed fear of debt over the Egina Floating Production Storage Offloading (FPSO) project.He gave the assurance on Tuesday in Lagos during the tour of the project.
 
Kachikwu stated that the country would not run into debts as alleged, adding that the project is largely funded by third party investments.His explanation followed the fear raised in December 2017 by the Legislative Investigation of Local Content Elements and Cost Variations relating to Egina and other projects.
 

NNPC moves to recover N100bn landed property

…Rolls out Third Party Home Ownership Scheme for Staff
 
The NNPC Properties Ltd (NPL), the real estate management company of the NNPC, has commenced the recovery of the corporation’s landed property worth N100b across the nation.
 
This was disclosed by the NNPC Chief Operating Officer (COO) Ventures, Dr. Babatunde Victor Adeniran, at the maiden edition of NPL Property Festival which held today at the NNPC Towers, Abuja.
 

OVH Energy appoints Huub Stokman as CEO

OVH Energy, leading downstream company, has announced the appointment of Huub Stokman as the new Chief Executive Officer (CEO).
 
Prior to his appointment, Huub Stokman was the Head of Puma Energy International in Angola, responsible for the overall business, which included managing retail forecourt, terminal/logistics operations, as well as B2B business for fuels, lubricants, aviation fuels and bitumen.
 

Nigeria records 213.6% increase in oil & gas sales in 2017

Nigeria's crude and oil gas sales rose sharply to N1.22 trillion in 2017, according to data obtained from the Central Bank of Nigeria (CBN). 
 
The CBN, in its Economic Report for the Fourth Quarter of 2017, disclosed that the amount earned by the Federation from crude oil and gas sales in 2017, appreciated by 213.6 per cent or N831 billion as against N389.55 billion recorded in 2016. 
 

Lekki Deep Seaport: NPA owes $87.9m equity share

Acting Director General of the Infrastructure Concession regulatory Commission (ICRC) has accused the Nigerian Ports Authority (NPA) of frustrating the development of the over $1.5 billion Lekki Deep Seaport project following its failure to pay $110.9 million equity share for  the project in full. 
 
According to the ICRC boss, Engneer Chidi Izuwah, the Lagos State Government has paid up its 18.15 per cent equity while NPA only paid $23 million out of the $110.9 million of its equity, which is 20 per cent. 
 

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