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Peter Uzoho Some marginal fieldsâ operators have kicked against the revocation of 11 oil field licences by the Department of Petroleum Resources (DPR) under the guise that the affected fields had been left fallow, stressing that the action of the regulator has jeopardised investments valued in excess of $450 million and exposed them to local litigations and international arbitrations. They appealed to President Muhammadu Buhari to direct the DPR to withdraw all letters of revocation and grant them all pending approvals to enable them to continue with the execution of their field development plans. The affected oil fields and their operators include: Atala operated by Bayelsa Oil/CEPL; Dawes Island operated by Eurafric; Ofa operated by Independent Energy; Ke operated by Del-Sigma/Xenoil; Ororo operated by Guarantee/Owena; and Ekeh operated by Movido. ....
To print this article, all you need is to be registered or login on Mondaq.com. 2020 has been unprecedented in the scale and magnitude of economic turbulence both globally and locally. While the start of the year brought high expectations for the oil and gas sector in Nigeria, the COVID-19 pandemic has had a domino effect on the developments in this sector and has created a need to scale down initial projections. This was clearly demonstrated in the recently released 2021 Proposed Budget, which was aptly themed a Budget of Economic Recovery and Resilience and is expected to accelerate the pace of Nigeria s economic recovery against the backdrop of the ....
Court adjourns hearing on suit by Ijaw leaders on marginal oil fields licencing dailypost.ng - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailypost.ng Daily Mail and Mail on Sunday newspapers.
It is worth reiterating that gas flaring reduction potential was part of the underlying opportunity for the (otherwise laudable) project. PI&D obtained arbitral award against Nigeria, sought to enforce same inclusive of the substantial interests and Nigeria after some initial lethargy and missteps is now actively challenging same, arguing that the entire project was a fraud. See Fikayo Akeredolu, Nigeria and P&ID: The Story Behind the $9.6 Billion Judgement, Nigeria Wins Another Victory Against P&ID , Energy Voice, 30.09.2020: https://www. energyvoice.com/oilandgas/africa/268744/nigeria-pid-court-guarantee/; Kush Amin, Did an Alleged Corrupt Natural Gas Contract Rob Nigeria of US$9.6 Billion? , ....