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Dr. Emmanuel Ibe Kachikwu

Wabote urges lawyers to get involve in oil and gas reforms

Nigerian Lawyers have been enjoined to get more involved and active in the ongoing reforms in the Oil and Gas Industry. Engineer Simbi Wabote, the Executive Secretary of Nigerian Content Development and Monitoring Board (NCDMB) made this at a Panel session in the 58th Annual General Conference of the Nigerian Bar Association in Abuja.

Nigeria, Niger sign MoU on $2bn hydrocarbon pipeline, refinery projects

UGO AMADI

Nigeria’s oil and gas sector received a major boost as Nigeria and the Republic of Niger signed Memorandum of Understanding (Mou) on the construction of two billion dollars Hydrocarbon Pipeline and Refinery in Nigeria.

NCDMB, OPTS sign agreement to shorten oil industry contracting cycle

Ugo Amadi

The Nigerian Content Development and Monitoring Board (NCDMB) and the Oil Producers Trade Section (OPTS), the umbrella body of major international and indigenous operating oil companies has signed a Service Level Agreement (SLA) aimed at shortening the often protracted industry contracting cycle.

.Negotiates $15 bn investment in oil and gas

UGO AMADI

The Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, on Monday in India, negotiated a $15 billion investment with terms to be agreed, where the Indian Government would make an upfront payment for Crude purchase to Nigeria, to be repaid on the basis of firm Term Crude Contracts over some years and in consideration for Indian public sector companies collaborating in the refining sector as well as exploration and production activities on a Government-to-Government basis by Indian PSU Companies, long term contracts for supply of crude to Indian PSU companies from Nigeria and also possibilities of executing CGD and LPG infrastructure projects by Indian PSU companies in Nigeria.

 

The Minister, who is currently on a three-day visit to India, concluded talks on the investments in Nigeria’s Oil and Gas sector in a bilateral meeting with his Indian counterpart in charge of Petroleum and Natural Gas, Shri Dharmendra Pradhan.

Both Ministers noted the existing and significant engagement between the two countries in the hydrocarbon sector, while acknowledging that Nigeria was one of the largest trading partners of India in Africa which is dominated by import of crude oil and gas from Nigeria.

Between 2015 and 2016, India imported nearly 23.7 MMT of crude (nearly 12 per cent of India overall imports) and over 2 MMTPA of LNG from Nigeria.

Following this negotiation, the two countries have agreed to work on a Memorandum of Understanding (MoU) to facilitate investments by India in the Nigerian Oil and Gas sector and specifically in areas such as Term Contract, participation of Indian companies in the refining sector, oil and gas marketing, upstream ventures, the development of gas infrastructure and in the training of oil and gas personnel in Nigeria.

The MoU is expected to be firmed up in December 2016 during PETROTECH-2016. Both Ministers also agreed to strengthen the existing cooperation in Oil and Gas sector, and in particular to explore investment opportunities for Indian Public and Private sector companies in Nigeria.

On the sidelines of the official visit, the Minister of State had one-on-one meetings with top executives of Indian Public Sector Oil and Gas companies and also representatives of some Indian private sector Oil and Gas companies.

…. embarks on transparency initiative
Ugo Amadi
 
Nigerian National Petroleum Corporation (NNPC), the state owned corporation had started to look at alternative funding models to pay the outstanding arrears of its obligations to the joint venture companies with the International Oil Companies (IOCs), which currently stands at about $6 billion.
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