Nigeria

Shell, CEO face criminal charges over Nigeria oilfield deal

A Dutch law firm has asked the public prosecutor in the Netherlands to file a case against Royal Dutch Shell, its CEO and former executives of over what it says were criminal actions relating to a 2011 oilfield purchase in Nigeria.
 
The Dutch authorities are already investigating the oilfield deal, alongside Italian prosecutors, who want to take Shell and Italy’s Eni to trial over alleged corruption on the same oilfield.
 

No respite as Nigeria loses IMO Council election again

Again, Nigeria at the weekend lost its bid to get re-elected into category ‘C’of the International Maritime Organization (IMO). This would be the third consecutive time Nigeria is losing its quest to be re-elected into IMO. Ghana, had promised to support Nigeria to get a sit into IMO.
 
The last time Nigeria won its IMO Council bid was in 2007 under Dr. Ade Dosunmu who was then the Director-General of NIMASA and every attempt made since 2011 to return to the council had failed.  
 

FID on NLNG Train 7 Plus imminent

Nigeria LNG Limited, at the World LNG Summit holding in Portugal, announced that the company, with the full support of its Board, is making steady progress towards achieving Final Investment Decision (FID) on its Train 7 Plus (7+) project during 2018.
 
This phase of the company's strategic growth programme will on completion upscale NLNG's annual production capacity from the current capacity of 22 mtpa to 30 mtpa.  
 

How Nigeria will meet 2018 budget target despite OPEC oil cap – Kachikwu

Last Thursday’s Organization of Petroleum Exporting Countries (OPEC) resolution extending by another nine months its 2017 output cut agreement will not affect the Nigerian government’s revenue projections in the 2018 Budget, the Minister of State for Petroleum Resources, Ibe Kachikwu, has said.
 
Mr. Kachikwu, who stated this on Friday, said Nigeria was capable of meeting and exceeding the 2.3 million barrels per day crude oil production and oil revenue benchmarks in the proposed 2018 budget before the National Assembly for approval.
 

OPEC extends Nigeria’s exemption from oil production cut

The 173rd meeting of the Organization of the Petroleum Exporting Countries (OPEC) ended Friday in Vienna, Austria, and extended its current production agreement entered with participating non-OPEC oil producers for another nine months and the Declaration of Cooperation amended to take effect for the whole year of 2018 from January to December 2018.
 
The meeting also took note of Nigeria’s and Libya’s incremental production and noted their special circumstances while agreeing to maintain their exemption from the production quota.
 

U.S. shale eases into detente with OPEC as supply cut extended

U.S. shale oil producers and OPEC appear to have called a truce of sorts even though there is no sign the U.S. industry will do anything to help reduce the global oil supply glut.
 
U.S. producers applauded Thursday’s decision by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers led by Russia to extend output cuts until the end of 2018.
 

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