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Tanker Laden With 33,000 Litres Diesel Fuel Explodes in Lagos

Tanker Laden With 33,000 Litres Diesel Fuel Explodes in Lagos

A 33,000 litres tanker fully laden with diesel has crashed on a car in Lagos, leading to a fire outbreak. Sources said the tanker crashed on the BMW Car with registration number (LSD 462 CZ) while driving inward Ladipo area, Oshodi-Apapa expressway, Lagos. PREMIUM TIMES gathered that the tanker, with registration number TUT 258 XA, […]

African leaders must address problems hindering development of Africa’s natural resources

African leaders must address problems hindering development of Africa’s natural resources

This year’s Tana High-Level Forum on Security in Africa, which will take place on April 22 and 23, will focus on natural resources governance in Africa. Africa’s rich natural resource endowment has long been at the heart of both the continent’s many violent conflicts and its hopes for prosperity, so the stakes are high. The resources […]

Two Oil Giants Could Face Trial in Italy Over Nigerian Deal

Two Oil Giants Could Face Trial in Italy Over Nigerian Deal

This Thursday a Milan court is to decide whether to go ahead with criminal proceedings against the oil giant Shell and its Italian partner ENI in connection with the purchase of the rights to a Nigerian oil field. “Etete can smell the money. If, at 70 years old, he does turn his nose up at […]

Oil Production to Increase Despite Multilateral Production Cuts–IEA

Oil Production to Increase Despite Multilateral Production Cuts–IEA

THE International Energy Agency, IEA said that higher oil prices mean more production from the United States, leaving the global market with more oil than last year. “Even after taking into account production cut pledges from the eleven countries that are not members of the Organisation of Petroleum Exporting Countries, OPEC, unplanned outages in Canada […]

Oil giant Shell admits dealing with Nigerian criminal Dan Etete during corruption probe

Oil giant Shell admits dealing with Nigerian criminal Dan Etete during corruption probe

Shell has admitted for the first time it dealt with a convicted money-launderer when negotiating access to a vast oil field in Nigeria. It comes after emails were published showing Shell negotiated with Dan Etete, who was later convicted of money laundering in a separate case. Shell and an Italian oil company paid $1.3bn (£1bn) […]

Oil Firm Returns $202.4 Million to NNPC Aftermath Controversial Crude Swap Deal Under Jonathan

Oil Firm Returns $202.4 Million to NNPC Aftermath Controversial Crude Swap Deal Under Jonathan

The Nigerian National Petroleum Corporation, NNPC, said on Monday it had reached a final settlement with AITEO Group over an outstanding $202.4 million (about N62 billion) debt in respect of under-delivery of petroleum products under the crude swap contract between 2012 and 2014. Under the crude swap deal by the NNPC during the Goodluck Jonathan […]

The Internet of Oil & Gas Set to Shake up Africa

The Internet of Oil & Gas Set to Shake up Africa

The global oil and gas industry is undergoing a period of unprecedented change and disruption. Falling crude oil prices have put immense strain on the entire oil value chain, while the increasing availability and affordability of renewable energy sources means oil & gas is no longer the de facto choice for energy generation. An African […]

Sonangol’s Slush-Fund Salary Payments

Sonangol’s Slush-Fund Salary Payments

Concerns over the mal-administration of the Angolan oil giant, Sonangol, continue to multiply, as the country’s prime source of foreign income haemorrhages millions of dollars on foreign (mainly Portuguese) ‘consultants’ close to the President’s daughter while defaulting on essential payments. Isabel dos Santos, appointed by her father to run Sonangol last June, maintains the PR […]

Aiteo emerges Nigeria’s leading oil & gas company with record 90kpod output in 1 year

Aiteo emerges Nigeria’s leading oil & gas company with record 90kpod output in 1 year

Integrated energy group Aiteo has announced a peak production of 90kpod just one year after its acquisition of sub-Sharan Africa’s reputedly largest onshore oil bloc OML 29. Aiteo acquired OML 29 in September, 2015 when oil major Shell Petroleum Development Company (SPDC) fully exited the facility. At the time of the divestment, average production was […]

The oil deal, the disgraced former Nigerian oil minister, and $800m paid via a UK bank

The oil deal, the disgraced former Nigerian oil minister, and $800m paid via a UK bank

Britain’s commitment to tackling high-end money laundering through the City of London is under serious scrutiny after it emerged that regulators appear to have waved through an $800m bank transfer to a convicted criminal as the proceeds from one of the most corrupt deals in the history of the oil industry. A joint investigation by […]

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