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World Bank supports Buhari’s probe of NNPC

The World Bank has declared its support for President-elect, General Muhammadu Buhari for the probe of the Nigerian National Petroleum Corporation (NNPC) over allegations of missing funds. This was disclosed by top officials of the bank during a video conferencing from Washington to journalists from across Africa on the release of the bank’s analysis of […]

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Shell pays $48bn to FG in five years

Royal Dutch Shell Plc, the parent company of Shell Petroleum Development Company of Nigeria Limited (SPDC) has said that its subsidiaries paid a total of $48bn (N9.46tn) in royalties and taxes to the Federal Government from 2010 to 2014, The Punch reports. The oil major, made this known in its ‘Sustainability Report 2014’ released on Friday, […]

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Mart Resources Inc. provides Umusadege production update

Mart Resources, Inc. (MMT) (“Mart” or the “Company”) and its co-venturers, Midwestern Oil and Gas Company Limited (“Midwestern”, Operator of the Umusadege field) and SunTrust Oil Company Limited are providing the following updates on Umusadege field production for February 2015 and other operations. February 2015 Aggregate Production Update Umusadege field production during February 2015 averaged […]

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NERC delegates tariff determination to consumers, distribution companies

The Nigerian Electricity Regulatory Commission (NERC) has disclosed that it is ceding part of its regulatory responsibilities with regards to transparent determination of appropriate tariff payable by consumers in Nigeria’s electricity industry to both consumers and distribution companies in the sector, This Day reports. NERC said at the end of the April edition of the […]

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Afren provides response to AMNI’s allegations regarding Okoro field

Afren plc (“Afren” or the “Company”) (LSE: AFR) notes the press reports regarding the purported termination by AMNI Petroleum Development Company (“AMNI”) of the Production Sharing and Technical Services Agreement between AMNI, the Company and Afren Energy Resources Limited in respect of the Okoro field (the “PSTSA”). As announced on 13 March 2015, Afren has […]

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