Nigeria’s state oil company agrees US$700m joint venture – NNPC: Nigeria’s state oil company said on Thursday it had agreed a joint venture to cover the more than US$700m cost of developing new oil fields in its southern Niger Delta energy hub. The Nigerian National Petroleum Corporation (NNPC) said it had a tripartite agreement with local energy firm, First Exploration and Petroleum Development Company, and international oil services company, Schlumberger, to develop the Anyala and Madu fields under Oil Mining Licence (OML) 83 and 85.
Shell lifts force majeure raising Nigeria’s crude output by 226,000bpd: Nigeria’s crude oil output is expected to rise by 226,000 barrels per day, as the Shell Petroleum Development Company (SPDC) has lifted the force majeure declared on exports of Bonny Light, Nigeria’s reference crude oil grade. This follows the completion of repairs of the Nembe Creek Trunk Line (NCTL) by operator, Aiteo Eastern E & P Company Limited.
NEC extends duration of FG’s financial support to states: The National Executive Council (NEC) on Thursday extended the lifespan of the federal government’s (FG) financial support to various states of the federation to cushion the effects of the recession. Rising from its monthly meeting presided over by Acting President Yemi Osinbajo in the State House, Abuja, the council also said it resolved to extend the support in view of pending settlements to some states and local governments.