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Thu Feb 25 2021
Nigeria is one of the globally acclaimed oil producers, priding itself mostly in the Bonny Light brand in the petroleum market governed by the Organisation of Petroleum Exporting Countries (OPEC).
The country also depends largely and to some extent, over 60 per cent of the revenue sources is from oil. The federal government only recently began to intensify efforts to diversify to a non oil-dependent economy, after being hit with the reality of COVID-19 and a protracted glut in the oil prices.
While these efforts are ongoing, the current oil revenue is being threatened, this time not by the slump in oil prices, as hope is rising with over $60 per barrel, but by crude oil theft.
Business/ ENERGY
For a while, insinuations that certain oil companies operating in Nigeria engage in underhand activities in the process of carrying out their businesses had been rife. Emmanuel Addeh writes that the latest dust raised by Aiteo E&P’s accusation that Shell Petroleum Development Company (SPDC) wilfully carried out unfair dealings against it, has again brought the matter to the fore, highlighting that the indigenous oil concern appears to have a strong case against the international oil giant
It started like the usual rumours, mostly unsubstantiated, of how the oil sector is exceptionally dirty, but since documents surfaced about how SPDC allegedly short-changed some local oil firms, it has almost taken the form of a scandal.The bone of contention is that between 2016 and 2018, SPDC putting to use a metering device not approved by the Department of Petroleum Resources (DPR) short-changed local operators, Aiteo, being the hardest hit, to the tune of millions of barrel
Shell Petroleum Development Company of Nigeria Limited (SPDC), a subsidiary of Royal Dutch Shell, will refund about 2.1 million barrels of crude oil from the Trans Niger Pipeline in line with a directive of the Department of Petroleum Resources (DPR). According to a court order seen on Wednesday, a federal high court sitting in Lagos […]
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Royal Dutch Shell has initiated international arbitration against Nigeria over a dispute regarding an oil spill that took place five decades ago, according to a filing with the World Bank's dispute settlement body.