Friday, January 22, 2021
We review what happened in Nigeria’s upstream petroleum sector during the previous year – a year that saw a new marginal field bid round, an oil price crash and the onset of a terrible global pandemic. We also consider what we can expect in 2021 and if this will be the year the Petroleum Industry Bill finally overhauls the sector.
What happened in legal matters?
Upon his re-election in 2019, President Buhari set out an ambitious plan to pass the Petroleum Industry Bill (PIB) by the end of 2020. He did not achieve that. However, progress was made: the PIB
passed its second reading in both the Senate and the House of Representatives in Nigeria in Q4 2020 and is now under committee review.
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Shell Completes USD533 Million Sale Of Oil Mining Lease 17 In Nigeria
Fri, 15th Jan 2021 16:41
(Alliance News) - Royal Dutch Shell PLC on Friday said it has now sold its 30% interest in oil mining lease 17, located in the Eastern Niger Delta, for USD533 million.
The 30% interest was sold to TNOG Oil & Gas Ltd, a related company of Heirs Holdings Ltd and Transnational Corp of Nigeria PLC with USD453 million paid at completion with the balance to be paid later.
Completion of the sale follows approvals from Nigeria s federal government.
Shell Petroleum Development Co of Nigeria Ltd, which sold the stake, will keep its interest in the Port Harcourt and residential areas that fall within the lease areas.
Dan Healing
Neil Roszell, CEO of Headwater Exploration, at the company s office in Calgary, Alta., Wednesday, Dec. 9, 2020.THE CANADIAN PRESS/Jeff McIntosh December 20, 2020 - 7:00 AM
CALGARY - The sombre mood that has gripped the Calgary-based oilpatch for several years is starting to show flickers of hope, with more financially secure companies making moves to grow in 2021.
Recent export pipeline news is offsetting the ongoing reality of volatile commodity prices, general investor distaste for the sector and regulatory uncertainty and leading to more mergers and targeted increases in capital spending plans, observers say. The oilpatch has changed again. I think it s changed forever in a few fashions, said veteran oilman Neil Roszell, CEO of newly created Headwater Exploration Inc., in an interview.
Observers see rays of hope for 2021 in Canada s gloomy oil and gas sector
by Dan Healing, The Canadian Press
Posted Dec 20, 2020 10:00 am EDT
Last Updated Dec 20, 2020 at 10:12 am EDT
CALGARY The sombre mood that has gripped the Calgary-based oilpatch for several years is starting to show flickers of hope, with more financially secure companies making moves to grow in 2021.
Recent export pipeline news is offsetting the ongoing reality of volatile commodity prices, general investor distaste for the sector and regulatory uncertainty and leading to more mergers and targeted increases in capital spending plans, observers say.
“The oilpatch has changed again. I think it’s changed forever in a few fashions,” said veteran oilman Neil Roszell, CEO of newly created Headwater Exploration Inc., in an interview.