Oil majors in Nigeria have hinged their investment decisions on the outcome of the Petroleum Industry Bill (PIB), and other fiscal frameworks by the Federal Government. According to them, the country did not take any major investment decision in deepwater between 2015 and 2019, despite a number of available potentially viable projects. The African Energy…

Shell Petroleum Development Company of Nigeria Limited has declared force majeure on exports of Bonny Light crude, one of the country’s major sources of oil revenue. Force majeure is a legal clause that allows companies to cancel or delay deliveries due to unforeseen circumstances. Reuters quoted traders as saying that a surplus of unsold cargoes…

Data obtained from oilprice.com confirms that Nigeria’s flagship crude closed at $41.80 on June 19, reaching a four-month high, since early March 9, where its price fell to $37.22. This surge was triggered by oil production cut and growing oil demand for Nigeria’s black gold. “You’re going to see more OPEC compliance,” Phil Flynn, senior…

The suit, filed in the English courts in 2017, relates to the purchase of the offshore OPL 245 oilfield in Nigeria by oil majors, Royal Dutch Shell, and Eni in 2011, which is the subject of an ongoing trial in Milan, Italy. The six-week London trial will start on the first available date after November…