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    ExxonMobil Announces Major Oil Discovery Offshore Nigeria

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    Nigeria’s oil sector has received a major boost as American oil major, ExxonMobil Corporation yesterday revealed discovery of significant oil with a potential recoverable resource of between 500 million and 1 billion barrels of oil on the Owowo field offshore Nigeria The Owowo-3 well, which was spud on September 23, encountered about 460 feet (140…

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    NNPC Moves To Exit JV Cash Call Arrears

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    The Nigerian National Petroleum Corporation (NNPC) has hinted of its plan to restructure its partnership with oil majors. The corporation is therefore looking at a new structure that will help it exit Joint Venture cash call arrears by ensuring that outstanding and future payments are liquidated from oil and gas royalties and taxes under a…

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