The House of Representatives adhoc committee probing $21 billion debts owed indigenous companies by International Oil Companies, IOCs, revenue leakage on Thursday invited Ibe Kachikwu, Minister of State for Petroleum Resources and Chief Executive Officers of all oil companies operating in Nigeria. Rep Daniel Reyenieju, PDP, Warri Federal Constituency in Delta State,chairman of the Ad-hoc […]
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The $5.1 billion joint venture cash call argument between the Federal Government and international oil companies operating in Nigeria is over, the IOCs have said. In 2016, the IOCs gave the Nigerian National Petroleum Corporation, which represents the Federal Government in different JV partnerships, a discount of $1.7 billion from the $6.8 billion cash call […]
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Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, has given insight into why the union reported the International Oil Companies, IOCs operating in Nigeria on International Labour Organisation, ILO, at the just concluded International Labour Conference, ILC, in Geneva, Switzerland It will be recalled that NUPENG, through the Industrial Global Union, reported the multi-national […]
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The Petroleum and Natural Gas Senior Staff Association of Nigeria on Tuesday asked the Federal Government to make it mandatory for international oil companies operating in the country to build refineries. In his May Day 2018 message, PENGASSAN’s President, Olabode Johnson, said there should be a legal framework that would compel the IOCs to refine […]
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An ad-hoc committee of the House of Representatives yesterday, launched a probe into alleged loss of crude oil in Nigeria worth $21 billion. The House has therefore directed the committee to investigate within four weeks debts owed indigenous companies by International Oil Companies (IOCs). Speaking at the inauguration, the chairman of the ad hoc committee, […]
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International Oil Companies, IOCs, operating in Nigeria paid ₦828 billion ($2.3billion) as education taxes and levies to the Niger Delta Development Commission, NDDC between 2014 and 2016. Members of the Oil Producing Trade Section (OPTS) of Lagos Chamber of Commerce and Industry (LCCI) disclosed this, in Abuja, during a presentation at the House of Representatives’ […]
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The Department of Petroleum Resources, DPR, has threatened to sanction International Oil Companies, IOCs, and laboratory practitioners who flout regulatory standards in their operations. This was even as stakeholders in the sector bemoaned operational difficulties occasioned by cost-cutting beyond profitable margin owing to crude oil price crunch at the International market. This was disclosed at […]
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The Nigerian National Petroleum Corporation has said it is working closely with international oil companies to deploy a structured security apparatus in strategic places including the Niger Delta to arrest incidence of oil and gas infrastructure sabotage across the country. The NNPC’s General Manager, Group Security Department, Mr. Sam Otoboeze, disclosed this in Abuja, adding […]
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The Federal Government has yet to pay oil companies a total of $1.07bn in cash call required for the development of joint venture assets for the first four months of the year. The government failed to exit the JV cash call arrangement in January in line with an agreement it reached with the international oil […]
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