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Addax finally acquires Knock Adoon FPSO after protracted lease
Sopuruchi Onwuka Nigerian based independent petroleum exploration and production company, Addax, as finally taken ownership of the main production vessel which has been pumping and processing oil and gs from operated mining license offshore Niger Delta. The acquisition of the…
Moody’s sees Nigeria’s economy rolling downhill
Sopuruchi Onwuka Nigeria’s prevailing fiscal mess will have no short term fix even though there is no imminent risk of default in the nation’s debt instruments, according to the final assessment of the Nigerian economy by international rating agency, Moody’s….
Uganda to announce next bid round in May
Sopuruchi Onwuka, with agency reports Investors and players seeking assets in Uganda must start early bid packaging ahead of May when the country is scheduled announce its next exploration licensing round. Uganda’s Energy Minister Ruth Nankabirwa Ssentamu in a statement…
NAE, BW Offshore intensify renegotiation on Abo FPSO lease
Sopuruchi Onwuka Eni’s deepwater arm in Nigeria, Nigeria Agip Energy (NAE), is locked in intense negotiation with BW Offshore for retention of is key production facility at the operated Abo deepwater field, offshore Niger Delta. In the interim, the two…
PDP zones vacant Abia guber seat to Isiala Ngwa
Sopuruchi Onwuka The Abia State chapter of the Peoples Democratic Party (PDP) has activated moves to solidify its leading position in the govership race in Abia State, asking Isiala Ngwa North Local Government Area to present a replacement candidate for…
Naira redesign: FG to withdraw N2 trn from circulation
The Central Bank of Nigeria (CBN) has declared that the expected volume of cash that would return to the vaults under the ongoing dumping of old N1000, N500 and N200 notes would breach N2.0 trillion. However, experts say that withdrawal…
Corruption, corruption as Nigeria argues against $11 bn award to P&ID
It mainly stories of corruption and corrupt systems in the Africa’s biggest economy as lawyers stepped up arguments on the case of breach of contract between the federal government and Process and Industrial Development (P&ID) Nigeria’s lawyers in the case…
Uganda targets first oil, transnational pipeline by 2025
Government of Uganda is pushing for delivery of two petroleum industry projects to make the country a major oil export by 2025. The Kingfisher field is part of a $10 billion scheme to develop Uganda’s oil reserves under a lake…
Norway resumes search for more oil
The Scandinavian nation, Norway, declared on Tuesday that it is putting about 92 petroleum exploration blocks on auction as the country shocks environmental NGOs with an “aggressive” promotion of fossil fuels. The announcement came as part of the annual granting…
Lekki deep sea port promises $360 bn benefits
Sopuruchi Onwuka Cumulative economic benefits of the Lekki deep sea port would topple whopping $360 billion, but players in the nation’s maritime industry fear that meeting the economic target might be stalled by channel occlusions that currently plague existing ports…
