Minister of State for Petroleum Resources, Timiprey Sylva, yesterday declared that it is impossible for the Federal Government to recover a total $62 billion from International Oil Companies (IOCs) being revenue lost to oil exploration since 2003.
The minister stated this while briefing State...
Nigeria Nigeria is seeking to recover as much as $62 billion from international oil companies (IOCs), using a 2018 Supreme Court ruling the state says enables it to increase its share of income from production-sharing contracts (PSCs).
The proposal …
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International Oil Companies (IOCs) seeking to renew their expired licences in various locations in Nigeria may be disappointed with the latest development, as the Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari disclosed that the Corporation would...
Major international oil companies (IOCs) operating in Nigeria owe a collective tax arrears of about $20 billion, money the Government is now demanding that they pay.
Earlier this year, letters were sent to the defaulting companies by the Nigerian National Petroleum Commission, NNPC, seeking...
The Nigerian National Petroleum Corporation (NNPC) yesterday disclosed that it had so far paid $993.7 million of the negotiated $5.1 billion cash call debt it owed International Oil Companies (IOCs) whom it is in joint ventures oil production with.
It stated in a report that the payment was …...
A Niger Delta community Communities in the Niger Delta have insisted that international oil companies (IOCs) must relocate their headquarters to the region given the magnitude of their projects and the environmental challenges their operations pose to the people. The leaders …
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OIL services investor, Tein George, has said the absence of a clear national oil and gas policy in Nigeria was responsibile for perceived reluctance by International Oil Companies (IOC) to expand their investments …
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International oil companies have been urged to stop flouting the Nigeria local content law and thwarting maximum utilisation of Nigerian services and assets.
The Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Simbi Wabote, gave the …
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Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, has dragged major International Oil Companies, IOCs, before the ongoing 107th session of the International Labour Organisation, ILO, over alleged anti-labour policies, practices and activities.
Presenting NUPENG’s complaints before...
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Last week, leaders of the Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, issued a 21-day ultimatum to the Nigeria Association of Road Transport Owners, NARTO, International Oil Companies, IOCs, and other companies operating in Nigeria over alleged unfair practices.