The Seven Energy Group, a Nigerian oil and gas exploration, development, production and distribution company, has just completed the sale of its assets in an acquisition, by a British firm, Savannah Petroleum Plc. According to Punch, the Chief Executive Officer, Savanah Petroleum, Andrew Knoot expressed his joy about the completion of the acquisition. He said,…
The Federal Government has rallied African Countries Oil producers in a move geared towards ensuring that the continent benefits maximally from hydrocarbon deposits locked in its shelves. The strategic move by Nigeria was spearheaded by the Honourable Minister of State for Petroleum Resources, Chief Timipre Sylva, who, in a one fell swoop, peregrinated three nations…
Nigeria began preliminary talks with international oil companies to settle a dispute over revenue, as reported by Bloomberg. The government, citing a 2018 Supreme Court ruling, says it’s entitled to $62 billion from the companies after they failed to comply with a 1993 law that hands the state a greater share of income when oil…
Nigeria and other members of OPEC are ready to cut crude supplies further if prices continue to tumble, according to the country’s oil minister, reports World Oil. “Everybody agrees in OPEC that we need to stabilize the market. We cannot allow prices just to plummet,” Nigerian Minister of State for Petroleum Resources Timipre Sylva said….