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Sinopec to Acquire Nigerian Oil Blocks From Total

AFRICANGLOBE - China Petroleum and Chemical Corporation (Sinopec) has signed a preliminary deal to buy stakes in Nigerian onshore oil blocks from French oil major, Total for about $2.4 billion, according to reports , citing unnamed sources familiar with the deal.

Nigerian Firms Buying Out Foreign Oil Companies

AFRICANGLOBE - Three international oil companies (IOCs) - Shell, Total and Eni (Agip) - have raked in $2.569 billion (N411.04 billion) from the sale...

Nigeria’s Oil Prosperity Not Guaranteed

The World Bank said Thursday that it expected about $31 billion in Foreign Direct Investment (FDI) inflows to Africa this year, adding that there...

Nigeria to Increase Share of Offshore Oil Profits

Nigeria's Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, late Wednesday threw more light on why the Nigerian Government is proposing a review of the...

Nigeria’s Crude Output Set to Rise Again

Nigeria's crude output is expected to rise yet again to 2.4 million barrel-per-day, as Shell Nigeria Exploration and Production Company (SNEPCo) resumed production at...

Signs of Hope in Tackling Corruption in Nigeria’s Oil Industry

Though the destiny of Nigerian oil and gas is still bound up in the passing of a bill designed to simplify and restructure the...

World Powers Renew Scramble for Nigerian Crude

Though the international sanctions placed on Iranian crude oil export do not take effect until July 1, 2012, the International Energy Agency (IEA) has...

Nigeria Now Produces 2.6 Million Barrels of Oil Daily – Jonathan

President Goodluck Jonathan has said that Nigeria now produces 2.6 million barrels of oil per day due to ongoing economic reforms embarked upon by...

Investors to Pump $150 Billion Into Nigeria’s Oil Sector – FG

Nigeria expects $150 billion Foreign Direct Investor (FDI) into the oil and gas sector in the next five years, Minister of Petroleum Resources Mrs....

Nigerian Government to Hold Oil Licensing Round This Year

After nearly five years of expectations, Nigeria's Federal Government will finally hold an oil licensing bid round this year, Director of Department of Petroleum...

Nigeria Loses Billions Daily to Oil Theft – Shell

Anglo-Dutch Shell, said yesterday, that Nigeria was losing N2.9 billion daily to oil theft. Regional Executive Vice President, Sub-Sahara Africa, Shell Upstream, Mr. Ian Craig,...