Oil Mining Lease
NNPC renews OML 118 with Shell, Total, Exxon, Eni
The Nigerian National Petroleum Corp renewed Oil Mining Lease 118 with the local subsidiaries of Shell, Total, Exxon and Eni for another 20 years, the West African country’s state oil firm said in a statement on Tuesday. The deal signals the end of “long-standing disputes over the interpretation of the fiscal terms of the production-sharing contracts” between the investors in the field, the statement said. The Nigerian government will immediately recognise revenues of $780 million from the signing of the agreement, “while it would also free the parties from over $9 billion in contingent liabilities,” the statement said. The deal was signed between NNPC, Shell Nigeria Exploration and Production Company, Total Exploration and Production Nigeria Limited, Esso Exploration and Production Nigeri...
NIMASA dispatches team to investigate Ondo offshore fire
Nigerian Maritime Administration and Safety Agency (NIMASA) has sent an investigative team to unravel the circumstances surrounding a recent fire incident at a wellhead offshore in Ondo State. The NIMASA Director-General, Dr Bashir Jamoh, disclosed this in a statement signed by Mr Philip Kyanet, NIMASA Head of Corporate Communications on Thursday in Lagos. Jamoh pointed out that the incident involved a barge belonging to Michharry and Company Nigeria Limited, an offshore and onshore facilities provider for the oil and gas industry. He noted that the officers from the Maritime Safety and Seafarers Standard Department (MSSSD) and Marine Environment Management (MEM) Department of the Agency would conduct both on-the-spot assessment and detailed analysis of the incident. “As the national agenc...
Nigeria drags Kase Lawal to court over $35 million debt
Nigeria has sued an oil exploration production company, ALLIED ENERGY PLC, owned by Texas-based billionaire Kase Luqmon Lawal to demand $35.7 million debt. The suit was filed at a Federal high Court in Lagos by the oil minister, which is President Muhammadu Buhari. The amount in question was for royalty on oil and gas production, concession rental and gas flaring penalty. In a statement of claim, assistant director, planning Division of the Department of petroleum resources Efe Bassey, alleged that Allied Energy PLC in receivership, in the course of it’s mainstream business, applied for and was granted an oil mining lease number 120(OML120) and oil mining lease number 121(OML121) for the exploration and production of petroleum oil and gas assets. Upon the grant of the aforesaid OMLS by min...
