Paul Carsten
NNPC renews OML 118 with Shell, Total, Exxon, Eni
The Nigerian National Petroleum Corp renewed Oil Mining Lease 118 with the local subsidiaries of Shell, Total, Exxon and Eni for another 20 years, the West African country’s state oil firm said in a statement on Tuesday. The deal signals the end of “long-standing disputes over the interpretation of the fiscal terms of the production-sharing contracts” between the investors in the field, the statement said. The Nigerian government will immediately recognise revenues of $780 million from the signing of the agreement, “while it would also free the parties from over $9 billion in contingent liabilities,” the statement said. The deal was signed between NNPC, Shell Nigeria Exploration and Production Company, Total Exploration and Production Nigeria Limited, Esso Exploration and Production Nigeri...
Kidnappers abduct schoolchildren in northwest Nigeria – official
Kidnappers have abducted schoolchildren in northwest Nigeria’s Zamfara state, a spokesman for the state governor said on Friday, but declined to say how many people were taken or provide further details. A police spokesman for the state did not immediately respond to calls and messages seeking comment. This is the second such kidnapping in a little over a week in Nigeria’s north, where a surge in armed militancy in the northwest has led to a widespread and worsening breakdown of security. Last week, unidentified gunmen killed a student in an overnight attack on a boarding school in the north-central Nigerian state of Niger and kidnapped 42 people, including 27 students. The hostages are yet to be released. Get more stories like this on Twitter You Deserve to Make Money Even When you are lo...
