FG Approves Sale of Shell’s $2.4bn Onshore Asset to Renaissance Renaissance Africa Energy Company Limited, a local oil and gas consortium, says it has received ministerial consent to acquire Shell Petroleum Development Company. The company announced the development in a statement on Wednesday. The approval was reportedly...

NUPRC Assures IOCs not Exiting Nigeria The Nigerian Upstream Petroleum Regulatory Commission has said that no international oil company is leaving Nigeria despite their divestments. NUPRC’s Chief Executive Officer, Gbenga Komolafe, described the recent divestments by IOCs in the oil sector as “portfolio rationalisation”. Komolafe said at...

'How Six Offshore Licences Were Developed Over The Years'   The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disclosed that only six out of the 42 deep offshore licences it granted in the last 30 years have been developed. This was revealed by the Head of the...

Three Major FG Agencies Spend N533bn on Revenue Collection   Three major revenue-generating agencies in Nigeria deducted a total of N533.11bn as costs of revenue collection in the first seven months of 2024. The agencies include the Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), and...

Nigeria Loses 362.28m Barrels of Crude to Sabotage — NEITI   A new report by the Nigeria Extractive Industries Transparency Initiative (NEITI) has indicated that Nigeria lost 362.28 million barrels of crude oil due to measurement errors, sabotage, and production adjustments between 2014 and 2023. This implies...

Oil Firms Owe FG $6.17bn – NEITI Oil companies’ indebtedness to the Federal Government in terms of royalties and taxes has risen to $6.175bn, according to an audit of the petroleum industry by the Nigeria Extractive Industries Transparency Initiative (NEITI). The oil and gas industry report,...