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...
North Korea’s nuclear weapon and ballistic missile programs are an urgent priority for the United States and Washington remains committed to denuclearization of the country, the U.S. State Department said on Friday. The Biden administration’s lack of direct engagement with North Korea should not be seen as an indication that the challenge posed by its weapons programs was not a priority, department spokesman Ned Price said. “It in fact very much is,” he told a regular briefing. North Korea continued to make progress in its nuclear and missile programs in recent years “which makes this an urgent priority for the United States and one that we are committed to addressing together with our allies and partners,” Price said. “And … the central premise is that we remain committed to denuclearizat...
A band of President Donald Trump’s Republican allies planned a last-ditch effort on Wednesday to undo his election loss to Democrat Joe Biden, a bid almost certain to fail that comes on the same day their party is poised to lose its majority in the Senate. The Republican-led Senate and Democratic-controlled House of Representatives were due to meet to formally certify Biden’s victory in the Nov. 3 election in proceedings that could stretch past midnight. In a joint session of Congress, Trump’s allies plan to challenge the results from a handful of states won by Biden. Thousands of pro-Trump protesters converged on Washington ahead of the session at his urging. Some clashed with police overnight. Biden won the election by a 306-232 count in the state-by-state Electoral College and by a marg...