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PENGASSAN propose PEF Merger with DPRA under PIB

Jun 10, 2013

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has proposed that the Petroleum Equalisation Fund (PEF) should be merged with the Downstream Petroleum Regulatory Agency (DPRA) after the passage of Petroleum Industry Bill (PIB). This position was presented to the Nigerian National Petroleum Corporation (NNPC) during one of its engagements with the…

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Lack of Investment in the Upstream Sector May Halt Nigeria’s Growth

Jun 7, 2013

A report has warned that if Nigeria’s crude oil production remains at its current level due to insufficient investments in the upstream sector, the amount of barrels available for exports will shrink, thus putting further pressure on the budget as well as economic growth. Renaissance Capital Limited (RenCap), a Lagos-based financial advisory and investment firm…

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NUPENG issues strike notice over labour issues in Nigerian oil sector

Jun 7, 2013

The Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, has issued the Federal Government a 14-day strike notice over unresolved disputes with three oil companies – Shell Petroleum Development Company, SPDC, Chevron Nigeria Limited and Nigerian Agip Oil Company. Giving the notice of strike at a press conference, Thursday, in Lagos, NUPENG President, Achese…

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The Nigerian Production Sharing Contract: An Overview

Jun 6, 2013

The Production Sharing Contract (PSC) was widely introduced in 1993 to address some of the issues faced by the Joint Operating Agreement (JOA) and also to provide a suitable agreement structure for encouraging foreign investment in offshore acreage. Under these arrangements, the NNPC is the holder of the concession while the IOC is the contractor.…

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The Evolution Of Upstream Contracts In The Nigerian Oil And Gas Industry

Jun 6, 2013

Nigeria’s oil industry has always struggled with the challenge of devising appropriate legal regimes and fiscal policies aimed at maintaining the balance between meeting national objectives and at the same time responding to developing trends in the global oil industry and encouraging investment. A result of this has been the use of various types of…

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Protecting The Interests Of Parties To A Production Sharing Contract: A Look At Stabilisation And Renegotiation Clauses

Jun 6, 2013

According to Taverne, the production sharing contract (PSC) is the oldest form of risk contract and has been utilised within the petroleum industry for over 25 years. Against this backdrop are the aims of the parties when entering into these types of agreements. In terms of mineral development the main aim of the multinational firm…

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An Introduction To Joint Operating Agreements – Part 2

Jun 6, 2013

Non Operators The non operators are active investors who, through the Op-com, exercise overall control and supervise the joint operations of the parties. The major right of non operators is to uplift pro rata their share of any production arising out of the joint venture operations. It must be noted however, that in certain types…

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An Introduction To Joint Operating Agreements – Part 1

Jun 6, 2013

It is a well known fact that economic activities such as oil and gas exploration are fraught with high costs and extreme risks. Thus, business vehicles known as joint ventures are the main way by which international oil companies come together to offset costs and to share risks. It is generally recognised that partnerships, limited…

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