Says Poor Corporate Governance, Gross Inefficiency Bane Of Corporation The Nigeria Natural Resource Charter, NNRC has revealed that holistic improvements, strong corporate governance with capital, and operational excellence will be required if the Nigerian National Petroleum Corporation, NNPC is to achieve its potentials and be ranked alongside other National Oil Companies, NOCs across the world.…
A luxury yacht, 'Galactica Star' bought by Nigerian oil and gas businessman Kolawole Aluko for $82 million in 2013 is now a subject of litigation as Enron Nigeria Power Holdings (ENPH), a former unit of the energy-trading giant, Enron Corporation battles Nigerian and US governments over proceeds from the sale of the 213-foot vessel. This…
Community Members Lament 'It's a Ticking Time Bomb.' From Joseph Obukata (The New Diplomat's N/Delta Correspondent)Â Ms. Tamarakpo, (as she simply identified herself) is a dry fish dealer in Twon-Brass, a rustic Ijaw community where she has her home. She had for years plied her trade in the swampy Nun River that flows through Brass…
The ongoing criminal trial of Shell, a Dutch-British oil and gas company and Eni for corruption in the $1.1bn OPL 245 oil deal threw up a bombshell as Italian prosecutor emphasized that the oil giants knew that most of the money they spent to buy the Nigerian oilfield in 2011 would go into corrupt payments…
The fall in global oil prices occasioned by the COVID 19 pandemic has been projected to cost Nigeria and other African oil exporters an estimated $34 billion in revenue, the International Monetary Fund (IMF) has revealed. IMF further projected that African governments would be under intense budget pressure and rise in debt burden, adding that…
Reveals OPEC+ Still Producing Too Much Oil By Charles Kennedy OPEC further restricted its oil production in June compared to May as it aims to withhold a record volume of supply from the market together with its non-OPEC allies led by Russia, according to report tanker-tracking company Petro-Logistics. However, the cartel still produced more than…
President Muhammadu Buhari in a phone chat with Saudi Crown Prince, Mohammed Bin Salman, have reviewed the current progress made on the OPEC+ deal. According to SPA, the Saudi news agency, both leaders spoke on Monday. Buhari and Salman also reviewed aspects of cooperation to enhance stability of oil markets, SPA added. Under the deal,…
The planned hike in electricity tariffs charged by the power Distribution Companies (DISCOs) in Nigeria has been shelved following the intervention of the National Assembly leadership. At a meeting on Monday, the Assembly leaders prevailed on the executives of the DISCOs, agreeing to defer the hike till first quarter of 2021. The Senate President, Senator…
Foreign investment inflow into the Nigerian oil and gas industry stood at $10.09 million in the first quarter of 2020, dropping by 51.07 per cent from $17.22 million recorded in the fourth quarter of 2019, according to data released by the National Bureau of Statistics, NBS. In its National Capital Importation Report for the First…