AMCON takes over Capital Oil

Aug 29, 2013

The Assets Management Corporation of Nigeria, AMCON, has taken over Capital Oil and Gas Limited in line with its mandate to recover the toxic assets of banks and further help in strengthing the industry. Capital Oil is one of the organisations that is exposed to banking facilities following a stress test carried out by the…

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Navy hands over oil thieves apprehended in Bayelsa to EFCC

Aug 26, 2013

For 11 Nigerians and a Camerounian suspected  of oil theft, the day of justice is approaching. The end of the road in their nefarious activities came recently when officials of the Nigerian Navy intercepted their boat and arrested them for allegedly stealing 10,000 litres of illegally refined diesel   off the waterways of the Egweama community…

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Acquisition Of Upstream Oil & Gas Assets In Nigeria: Legal Issues To Consider

Aug 25, 2013

With the gradual shift away from Nigeria’s shallow waters to deep offshore fields by the oil majors, as has been further highlighted by recent press reports of the potential divestments of assets by Shell and Chevron, it is safe to say that there will be an increase in the activities of energy lawyers who are…

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UK court awards $110.5m against Malabu for breach of agreement

Aug 20, 2013

A High Court of Justice in London, the United Kingdom, has awarded $110.5million to Energy Venture Partners Limited, EVP, against Malabu Oil and Gas Limited. The court also dismissed counterclaim by Malabu on the grounds that the claim was a breach of agreement and unmeritorious. EVP, a firm registered under the laws of the British…

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Malabu oil deal – Obasanjo demanded his share, Etete tells British court

Aug 19, 2013

Former President Olusegun Obasanjo was involved in an underground attempt to cut a slice of oil bloc OPL 245 in the dubious Malabu oil deal, the man at the centre of the scam, Dan Etete, told a British High Court. According to details of the approved judgment by Lady Justice Gloster of the Commercial division…

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FG orders registration of all measuring equipment, including those for oil exports

Aug 16, 2013

The federal government has directed all industries using weight and measurement instruments for both domestic and international trade within the country to get such equipment registered for verification purposes or risk sanction. The verification is in line with section 7 of the weights and measures Act 2004. Chief Executive Officer of Nigerco Nigeria limited, consultant…

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Indigenous ship owners decry govt’s failure to enforce Cabotage Act

Aug 13, 2013

The Indigenous Ship Owners Association of Nigeria(ISAN) has deplored the Federal Government’s inability to enforce the Coastal and Inland Shipping Act 2003 (Cabotage Act) to enable them participate in crude oil lifting. Speaking with The Nation in Lagos, ISAN General Secretary Captain Niyi Labinjo urged the government to implement the law to give indigenous shipping companies…

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Ministry of Power insists on transparent, productive review of Electricity Act

Aug 7, 2013

The Ministry of Power has said its planned review of Nigeria’s almost eight years old Electric Power Sector Reform, EPSR, Act is intended to keep the sector abreast with extant changes in the emerging electricity market. The ministry said it was already looking ahead to obvious challenges that would arise in a post privatised power…

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EFCC declares two subsidy fraud suspects wanted

Aug 7, 2013

The Economic and Financial Crimes Commission, EFCC, has declared two oil subsidy suspects, Seun Ogunbambo and Habila Theck, wanted. The two men are the Managing Director and General Manager, Operations, of Fargo Petroleum and Gas Limited, one of the numerous firms implicated in the multi-million naira subsidy scam that rocked the nation in 2011. Although…

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Ogoni intend to take Shell to court over assets sale

Aug 6, 2013

The Ogoni ethnic nationality in Rivers State has said it would drag Shell Petroleum Development Company, SPDC, to court to stop the oil multinational from selling its assets in the area. Shell, whose vast oil exploration operations in Ogoniland had been shut since the 1990s following Ogoni struggle against the Nigerian State as a result…

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