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AFC, Nigerian banks provide funds for N34bn Ughelli plant acquisition

Aug 27, 2013

Africa Finance Corporation and three Nigerian banks — United Bank for Africa Plc, First City Monument Bank Plc and Fidelity Bank — yesterday, stated that they committed a total of US$ 215 million (N34.4 billion) in form of a debt financing facility, for the acquisition of Ughelli Power Plc. Ughelli Power Plc is a gas…

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FG risks $185bn loss over the next 10 years from PIB – Exxon Mobil boss

Aug 26, 2013

Nigeria risks losing $185bn within 10 years as higher taxes proposed by a new law will deter investments in the country’s oil industry, an association of energy companies including Exxon Mobil, has said. The nation’s oil production may slump by 25 per cent from 2.4 Million barrels a day if the Petroleum Industry Bill is…

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NSCDC, security officials uncover wells filled with petroleum products, crude in Lagos, Kogi

Aug 26, 2013

Officials of the Nigeria Security and Civil Defence Corps (NSCDC),  Lagos State Command and the Inspector General of Police Special Task Force on Anti-pipeline Vandalism, at the weekend uncovered illegal oil wells in both Lagos and Kogi States respectively. The operatives of the NSCDC had at Alimatu Ilo Street, Ejigbo, Oshodi/Isolo Local Government Area of…

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Destruction of recovered stolen oil angers experts

Aug 26, 2013

Stakeholders in the Nigerian oil and gas industry have condemned the destruction of recovered stolen crude oil in the Niger Delta by the Joint Task Force, citing environmental and ecological reasons. This dominated discussions at the Conference on Oil Theft and Illegal Bunkering in the Niger Delta recently organised by the Office of the Special…

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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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$940m lost to piracy in Gulf of Guinea – Nigerian Navy

Aug 26, 2013

The Nigeria Navy, NN, authorities say piracy in the Gulf of Guinea, GoF, cost the world economy about $940 million last year, with an expected rise in loss this year. The Flag Officer Commanding, FOC, Western Naval Command, WNC, Rear Admiral Ibok-Ette Ibas, made this disclosure while speaking to journalists about the forthcoming Offshore Patrol…

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Nigeria lost over $100 billion to foreign crude tankers in 5 decades – NCDMB

Aug 25, 2013

The Nigerian economy lost over $100bn in five decades by allowing its crude oil to be carried exclusively by foreign owned tankers, the Executive Secretary of the Nigerian Content Development and Monitoring Board, Engr. Ernest Nwapa has said. Speaking on Friday at the launch of two brand new 45,000 metric tons tanker vessels-MT Abiola and…

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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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JTF destroys 48 illegal refinery sites in the Niger Delta

Aug 24, 2013

The Joint Task Force code-named Operation Pulo Shield has destroyed 48 illegal refinery camps in the Niger Delta in a renewed offensive against crude oil theft in the blighted region. Also, 40 wooden boats known as ‘Cotonou boats’ used by the oil thieves were destroyed by the operatives of the Special Security Forces who also nabbed…

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We are containing oil spill in the Niger Delta – Shell

Aug 24, 2013

Royal Dutch Shell’s Nigerian unit is containing an oil spill in the Niger Delta, the company said on Friday, after the military reported liquid “jetting” out of a pipeline. Massive oil theft, sabotage of infrastructure and leaks from ageing pipelines are all cutting into the profits of oil majors operating in Nigeria, as well as…

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