Nigeria, biggest recipient of payment from Shell in 2016.

Nigeria, biggest recipient of payment from Shell in 2016.

Nigeria, biggest recipient of payment from Shell in 2016. Punch Online

Global oil giant, Royal Dutch Shell Plc, said on Tuesday that it paid $3.638bn to the Nigerian government last year for its activities in the country.

Nigeria’s revenue from the oil major was the highest out of the 31 countries to which Shell made payments last year.

Shell, in its ‘Report on Payments to Governments for the Year 2016’ released on Monday, said it paid $2.172bn to the Nigerian National Petroleum Corporation as production entitlement.  Read more

NNPC: Nigeria earns $2.5bn from oil, gas export. Guardian Online

Nigeria’s total crude oil and gas export receipt from March 2016 to March 2017 stood at $2.50 billion, according to the Nigerian National Petroleum Corporation (NNPC).

NNPC, which made this disclosure in its latest financial report released at the weekend, said the sum of $2.29 billion was transferred to Joint Venture (JV) Cash Call in line with the 2016 Approved Budget and pending 2017 budget approval.

It noted that its share of the JV cash call (JVCC) based on equity holding fell short of the 2016 appropriated amount of $8.64 billion, due to a twin effect of production disruption in Niger-Delta and low crude oil prices during the year.  Read more

Fuel subsidy returns, as NNPC records N50bn shortage. Vanguard Online

Fuel subsidy appears to have returned, as the Nigerian National Petroleum Corporation, NNPC, said it recorded ‘under recovery’ of N49.86 billion between January and March 2017.

Under-recovery in downstream petroleum marketing parlance, is when the expected open market price of PMS, which includes the cost of importation and distribution of the commodity, such as marketers’ margins, landing cost and freight cost, is below the approved official retail price at the pump.

Giving a breakdown of the figures, the NNPC in its latest financials, the March 2017 Monthly Financial and Operations Report, stated that it recorded under-recoveries of N37.26 billion, N6.3 billion and N6.3 billion for January, February and March 2017 respectively.  Read more

Malabu Oil Deal: FG Fails to Arraign Former AGF, Adoke, Others. Vows to extradite them. Thisday Online

The federal government Tuesday, again failed to arraigned a former Attorney-General of the Federation (AGF) and Minister of Justice, Mohammed Adoke (SAN), a former Minister of Petroleum Resources, Chief Dan Etete, Shell Nigeria Exploration Production Company, Eni Spa and four others at the Federal High Court in Abuja, over their alleged involvement in $1.1billion Malabu oil deal.

The failure was adduced to the inability of the federal government to secure the attendance of the defendants in the matter.

When the case was mentioned yesterday, the prosecuting counsel, Johnson Ojogbane, told the court that most of the defendants were outside the country and the government was making efforts to make then attend their trial or be extradited.  Read more