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LONDON (Reuters) -Nigeria is off the hook for an $11 billion damages bill over a collapsed gas processing project that was procured by bribery after the award was thrown out by London's High Court.
The Nigerian National Petroleum Company (NNPC) Limited is a state-owned oil company in Nigeria. Still a fully-owned government company, it was transformed from a corporation into a limited liability company in July 2022. [1] NNPC Limited is the only entity licensed to operate in the country's petroleum industry.
The history of oil exploration in Nigeria goes back to 1903, when the Nigerian Bitumen Corporation conducted exploratory work in the country. At the onset of World War I, the firm's operations were stopped. Due to lack of technological and financial resources of small oil companies, large and strong other oil companies took over the exploration ...
It monitors the oil and gas industry to ensure compliance with relevant regulations and laws. [1] It also oversees the safety and other regulations that relate to the exportation and importation of the products into the country. [2] As part of its activities, the department manages the upstream and downstream sectors in Nigeria petroleum ...
Aiteo’s acquisition of Shell’s assets, specifically OML 29 and the Nembe Creek Trunk Line, was a significant event in the Nigerian petroleum sector. [13] The transaction was finalized in the third quarter of 2014 and had a transformative impact on both Aiteo and the Nigerian oil and gas industry.
Oil company Phillips 66 announced Wednesday that it plans to shut down a Los Angeles-area refinery by the end of 2025, citing market concerns. The company said it will remain operating in the state.
In 1971, the Nigerian National Oil Corporation (NNOC) was created to handle direct commercial operational activities in the oil industry on behalf of the Federal Government. [4] However, the Department of Petroleum Resources in the Federal Ministry of Mines and Power continued to exercise statutory supervision and control of the industry. In ...
Stock market news live updates: Stocks crater, Dow hits 2022 low, and oil plunges as Fed and growth fears roil markets. Alexandra Semenova. Updated September 23, 2022 at 7:35 PM.