September 25, 2023

Nigeria’s NNPC, Oil Majors Agree To Shorten Talks on Contracts

The New Diplomat

Writer

Ceasefire Deal Breaks Down as Israel Launches Airstrikes on Gaza

Israel has unleashed a wave of airstrikes on southern Gaza, targeting areas in Rafah and Jabalia just one week after a U.S.-brokered ceasefire took effect. The strikes, which Israeli officials described as a "firm response" to alleged Hamas attacks, have killed at least eight Palestinians and wounded dozens more, according to Gaza's health ministry. The…

October 19, 2025 • News

[Video] Ned Nwoko Breaks Silence on Marital Turmoil, Blames Regina Daniels’ Outburst on Drug, Alcohol Abuse

By Abiola Olawale Senator Ned Nwoko, the lawmaker representing Delta North Senatorial District of Delta State at the Senate has addressed explosive allegations of domestic violence leveled against him by his wife, Nollywood star Regina Daniels. In a social media post on Sunday, Nwoko claimed that Daniels' alleged struggles with drug and alcohol abuse are…

October 19, 2025 • News

Gbenga Oyebode, the business lawyer leading Nigeria’s $660 million palm oil giant

Accountants keep the books balanced. Lawyers keep the deals bulletproof. But those who master both—who can read the fine print while seeing the big picture—build empires. In Nigeria few embody that blend of intellect and enterprise as completely as Gbenga Oyebode. Over a career spanning more than four decades, Oyebode has evolved from co-founding one…

October 19, 2025 • Opinion

By Agency Report

Nigeria’s state oil firm NNPC Ltd and oil majors on Monday agreed to cut the time for concluding contract talks from three years currently to six months, to speed up investment projects in Africa’s major oil producer.

Protracted negotiations of major contracts in the oil and gas sector often slow badly needed new investment in Nigeria, hitting government plans to raise production and sometimes litigation when contracts come up for renewal.

The new agreement signed with the companies, including Shell, Chevron, Eni, ExxonMobil, and TotalEnergies, intends to make doing business in Nigeria easier.

“So efficiency is going to be instilled in the process and will deliver more production,” said Oritsemeyiwa Eyesan, NNPC vice president, upstream, after a signing ceremony attended by the heads of the subsidiaries of the oil majors.

Nigeria’s oil production has been declining, missing its OPEC quota and severely hobbling government finances.

President Bola Tinubu is in a drive to increase Nigeria’s oil output. The presidency said on Saturday international oil firms had committed $13.5 billion investments in the short term to raise production to 2.1 million barrels per day by December 2024.

Reporting by Camillus Eboh; Editing by Richard Chang

NB: Culled from Reuters

Share this news

Headline