Financials and Investment News in Nigeria

Sirius Signs Exclusivity Off-take Agreement with Glencore
5/4/2013 - Sirius is pleased to announce that it has entered into an Exclusivity Off-take Agreement (“the Agreement”) with Glencore Energy UK Limited (“Glencore”) which includes provision for a conditional pre-f...
Nigeria's NNPC Owes Billions of Dollars to Government
1/31/2013 - Nigeria's state oil firm NNPC failed to pay the government billions of dollars in earnings from 2009-2011, an audit showed, adding to a string of reports showing mismanagement of the energy sector. ...
Nigeria to Increase Share of Offshore Oil Profits
9/27/2012 - Nigeria, Africa’s top oil producer, plans to increase its share of offshore oil profits because of “prevailing realities” in the industry, Petroleum Minister Diezani Alison-Madueke said. ...
Nigeria's Cabinet Approves Bill to Overhaul Oil Sector
7/11/2012 - Nigeria's cabinet has approved a final draft of an oil law, years in the making, that will be sent to President Goodluck Jonathan before going to parliament in a few days, the oil minister said. ...
OPEC Member Countries Economy – June 2012
OPEC Member Countries Economy – June 2012 7/2/2012 - Nigeria's inflation rate rose to 12.9% y-o-y in April, driven largely by non-food items and a very price-stable month compared to last year, according to data from the National Bureau of Statistics. T...
Nigeria Government Orders Audit of Oil &Gas Sector
1/18/2012 - Nigeria's government ordered a fresh audit of its entire oil and gas sector covering the last three years, the latest move to clean up corruption in Africa's biggest oil industry after a week of anti-...
Petrofac Increases Investment in Seven Energy
6/10/2011 - Petrofac, the international oil & gas facilities service provider, has agreed to invest up to US$75 million, funded from cash resources, into Seven Energy International Limited (Seven Energy), subject...
Halliburton Confirms Agreement with Nigeria
12/21/2010 - Halliburton announced the resolution of the previously disclosed investigation by the Federal Government of Nigeria (FGN) arising out of allegations of improper payments to government officials in Nig...
Oando Grows 2009 Profit After Tax by 21%
4/12/2010 - Oando PLC, one of Nigeria’s largest indigenous energy groups, announced a N13.5 billion gross profit for the year ending 31 December 2009, representing a 26% increase from N10.7 billion over the same ...
Sirius to Identify Marginal Field Opportunity
12/2/2009 - Sirius Petroleum Plc is delighted to announce that it has identified its first marginal oil field opportunity. In the circular sent to shareholders on 23 July 2008 when the Company embarked on its new...
Velosi announced an increase in the budget for the group's Chevron Escravos contract in Nigeria
11/2/2007 - Velosi announced that there has been an increase in the budget for the Groups Chevron Escravos contract in Nigeria. The Technical Support Services Contract for the Escravos Gas to Liquid Project was i...
Equator Provides Bilabri Update
8/20/2007 - Equator Exploration Limited announces that, given the ongoing delays with the Bilabri project, the contract for the FPSO BW Peace with BW Endeavour Limited , held jointly with the operator and sole li...
Niger Delta Crisis Cost Nigeria $4.47B In 2006
1/9/2007 - Nigeria lost $4.47 billion in oil revenue due to the crisis in the Niger Delta in 2006, Thisday newspaper reports Tuesday, citing the minister of finance. "Early in the second quarter of 2006, there w...
The Economy: OPEC's Cut Aims to Prop Up Prices
12/15/2006 - OPEC, in announcing it plans to slice its output by an additional 1.9% starting Feb. 1, is sending a strong signal that it will try to prevent oil prices from sliding further. The real impact of the c...
Nigeria Oil Min: Recent Weak Oil Demand Data Not a Worry
7/20/2005 - Nigeria's junior Oil Minister, Edmund Daukoru said Tuesday he isn't concerned by recent forecasts that global oil demand growth won't be as strong later this year and in 2006 as previously expected. "...
Statoil Backs Financial Transparency in Nigeria
11/13/2003 - A call from Nigerian president Olusegun Obasanjo for transparency over financial transactions by the extractive industries is being supported by Statoil.

This accords with earlier backing g...
Chevron Supports President Olusegun Obasanjo's Initiative
11/7/2003 - ChevronTexaco announced its support for the commitment by Nigerian President Olusegun Obasanjo to publish a number of key government financial indicators, including revenues received from the oil and ...

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