Nigeria | Egypt Oil & Gas - Part 48
Nigeria’s President to Split State Oil Company in Two
Nigerian President Muhammadu Buhari plans to split the state-owned Nigerian National Petroleum Corporation (NNPC) into two entities, his spokesman said on Saturday. Buhari, elected in March on promises to combat corru...
Eni to Weigh Sale of Nigeria Assets Amid Oil Price Drop
Eni SpA, Italy’s largest oil company, is considering selling part or all of its onshore Nigerian operations as it seeks to divest peripheral businesses amid a drop in oil prices, people familiar with the matter said. ...
Nigerian Oil Crisis Takes a Toll on Bureaucrats
It’s been five months since Johnson Umeadi and his wife, Adaku, received their salaries as government workers in southeastern Nigeria. With Nigeria’s finances shot by last year’s collapse in oil prices, they’re strugg... Eni Oil-Pipeline Explosion in Nigeria Kills 12, Injures 3
Twelve people died and three were injured in an explosion during repair work at an Eni SpA crude oil pipeline in Nigeria. The victims worked on a maintenance team for a local service company, Rome-based Eni said in a ...
Nigeria To Share $2.1 Bn of Natural Gas Revenues
Nigeria will share $2.1 billion to federal, state and local governments to reduce a growing backlog of debts and restructure short-term loans as Africa’s biggest oil producer suffers declining revenues, the pres...
Buhari Denies Oil Savings Account Is Depleted
Nigerian President Muhammadu Buhari denied that the oil savings account will be depleted to pay government debts, including civil servants’ salaries. The government will use a $2.1 billion dividend paid into the Treas... Buhari Advised to Overhaul Nigerian Oil Sector
Advisors to Nigerian President Muhammadu Buhari have recommended a root and branch overhaul of Africa’s biggest oil industry and increased borrowing to help pay off $20 billion of government arrears, a reform pr...
Nigeria Runs Down Oil Savings Account to Pay Debt
Nigeria’s government plans to run down its oil savings to offset revenue shortfalls and pay debt, such as salaries for state workers. The Excess Crude Account, which has a balance of about $2 billion, will be drawn do...
