* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Tuesday, October 21, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    Hetzel Design: blending architecture and entertainment – Blooloop

    Hetzel Design: Where Architecture and Entertainment Unite in Perfect Harmony

    Country music legend rushed to hospital year after heart surgery. Here’s what we know – PennLive.com

    Country Music Legend Rushed to Hospital One Year After Heart Surgery – What’s Happening Now?

    Strictly Come Dancing results: Chris Robshaw is eliminated while drag queen La Voix escapes dance-off – Yahoo

    Strictly Come Dancing results: Chris Robshaw is eliminated while drag queen La Voix escapes dance-off – Yahoo

    Placer County town of Loomis considers entertainment zone for downtown – CBS News

    Loomis Unveils Thrilling New Entertainment Zone to Revitalize Downtown

    CT Culture Corner: Robert Redford films to watch – CT Insider

    CT Culture Corner: Robert Redford films to watch – CT Insider

    Elmira’s New Entertainment Venue ‘Centertown Social’ Adding its Final Touches – WENY News

    Elmira’s New Entertainment Venue ‘Centertown Social’ Adding its Final Touches – WENY News

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Office Technology: Dealers’ Managed IT Revenue up Nearly 30% – The Cannata Report –

    Office Technology: Dealers’ Managed IT Revenue up Nearly 30% – The Cannata Report –

    3 E Network Technology Group Limited Closes $1.5 Million Convertible Promissory Note Offering – Quiver Quantitative

    3 E Network Technology Group Limited Closes $1.5 Million Convertible Promissory Note Offering – Quiver Quantitative

    3 Technology Stocks to Buy Now – Yahoo Finance

    3 Must-Buy Tech Stocks You Can’t Afford to Miss Right Now

    ‘New frontier’: Austin leaders start discussions on air taxi technology – KXAN Austin

    Austin Leaders Ignite Exciting Conversations on the Future of Air Taxi Technology

    How a Gemma model helped discover a new potential cancer therapy pathway – blog.google

    How a Gemma Model Revealed a Breakthrough Pathway for Cancer Treatment

    Italian Technology in Manufacturing: Supporting North American Industries and Keeping Production Local – Thomasnet

    How Italian Technology is Revolutionizing North American Manufacturing and Boosting Local Production

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    Hetzel Design: blending architecture and entertainment – Blooloop

    Hetzel Design: Where Architecture and Entertainment Unite in Perfect Harmony

    Country music legend rushed to hospital year after heart surgery. Here’s what we know – PennLive.com

    Country Music Legend Rushed to Hospital One Year After Heart Surgery – What’s Happening Now?

    Strictly Come Dancing results: Chris Robshaw is eliminated while drag queen La Voix escapes dance-off – Yahoo

    Strictly Come Dancing results: Chris Robshaw is eliminated while drag queen La Voix escapes dance-off – Yahoo

    Placer County town of Loomis considers entertainment zone for downtown – CBS News

    Loomis Unveils Thrilling New Entertainment Zone to Revitalize Downtown

    CT Culture Corner: Robert Redford films to watch – CT Insider

    CT Culture Corner: Robert Redford films to watch – CT Insider

    Elmira’s New Entertainment Venue ‘Centertown Social’ Adding its Final Touches – WENY News

    Elmira’s New Entertainment Venue ‘Centertown Social’ Adding its Final Touches – WENY News

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Office Technology: Dealers’ Managed IT Revenue up Nearly 30% – The Cannata Report –

    Office Technology: Dealers’ Managed IT Revenue up Nearly 30% – The Cannata Report –

    3 E Network Technology Group Limited Closes $1.5 Million Convertible Promissory Note Offering – Quiver Quantitative

    3 E Network Technology Group Limited Closes $1.5 Million Convertible Promissory Note Offering – Quiver Quantitative

    3 Technology Stocks to Buy Now – Yahoo Finance

    3 Must-Buy Tech Stocks You Can’t Afford to Miss Right Now

    ‘New frontier’: Austin leaders start discussions on air taxi technology – KXAN Austin

    Austin Leaders Ignite Exciting Conversations on the Future of Air Taxi Technology

    How a Gemma model helped discover a new potential cancer therapy pathway – blog.google

    How a Gemma Model Revealed a Breakthrough Pathway for Cancer Treatment

    Italian Technology in Manufacturing: Supporting North American Industries and Keeping Production Local – Thomasnet

    How Italian Technology is Revolutionizing North American Manufacturing and Boosting Local Production

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Business

1yr after suing to stop IOCs divestments, NNPCL denies role

July 11, 2023
in Business
1yr after suing to stop IOCs divestments, NNPCL denies role
Share on FacebookShare on Twitter

A year after Nigeria’s state-oil firm secured an injunction from an Abuja high court restraining the sale of shares of ExxonMobil Nigerian units to any third party, Mele Kyari, head of the NNPCL, claims the corporation had no hand in scuttling divestment plans of multinational oil companies.

In a speech at an oil conference in Abuja on Tuesday, Kyari NNPC is not blocking any deal even with competitors, as he challenged operators on how much of the aspirations of the 2012 divestment have been met.

He severally restated that the NNPCL is not a regulator but equally a business-oriented organisation that is in competition with other players. However, this might just be a reflection of the change of guard at Aso Rock, because while Buhari held sway, NNPC was not only cavalier in its approach even with its joint partners, some operators viewed it as a regulator.

The order granted on July 6, 2022, at NNPC’s insistence, restrained ExxonMobil Nigerian units – Mobil Producing Nigeria Ltd and Mobil Development Nigeria Plc from selling, trading, allocating transferring, or disposing of their shares in their interests covered by or connected to the Joint Operating Agreement (JOA) between them and the NNPC.

The order restrains “sale of assets covered in Oil Mining Lease 68, Oil Mining Lease 69, Oil Mining Lease 70 and Oil Prospecting License 94, to anybody, person(s), company, consortium or entity howsoever described pending the determination of the Claimant/Applicant’s motion filed on the 5th of July or when the judicial tribunal is duly constituted and can make interim preservation orders..” the motion reads.

In February 2022, Seplat Energy Plc, had agreed to buy the entire onshore and shallow water asset of ExxonMobil in Nigeria, but the NNPC had opposed the deal.

Then Kyari had said that International Oil Companies (IOCs) that divested from Nigeria’s upstream sector have failed to address issues of abandonment and decommissioning of oil assets.

Read also: Tinubu asks Senate to confirm new service chiefs’ appointment

Decommissioning, which is the general term for returning an oil production site to its pre-lease condition at the end of the useful life of the oil asset, can be a costly exercise for the companies involved. IOCs prefer to sell their stake in these assets, leaving local oil firms to deal with those issues.

The NNPCL also objected that as a joint venture partner with Exxon’s Nigerian units, it had preemptive rights over any sale of the company’s assets. These pre-emption rights usually give the NNPC the right to match the best (financial) terms for any such acquisition and acquire the asset

ExxonMobil’s argument that the deal was not an asset sale but merely a sale of its shares to another entity did not convince the NNPC. This effectively scuttled the $1.2bn deal
Similar concerns were also adduced to scuttle divestment deals planned by Shell’s Nigerian units.

“It’s curious the NNPC boss will say this,” an official of one multinational company said.
It’s not clear why Kyari will deny NNPC’s role but there are whispers of President Tinubu’s house-cleaning operation headed for the NNPC. The central bank governor, the EFCC chairman, and heads of security agencies have been swept away in the exercise.

Speaking at the Nigerian Oil and Gas Conference, Kyari also said the NNPC was now a state agent helping to facilitate Production Sharing Agreements (PSA), and ensuring value is delivered.

“The PSA is not on the balance sheet of the NNPC, but we make sure you do your work because when you do it we are compensated 40 percent of your profit, so it is important for us, it is business for us,” he said.
He said previously that issues around the fiscal environment, capacity, and regulatory environment posed challenges, however, this is changing with the implementation of the PIA that enables everything.

“We will like to see more private sector people come in, we will not block their assets, as a business decision; we have to see how we can work together to build our divestments, we have seen the numbers and they work, we will complete our projects and for those waiting for us, I want them to start their own framework; we are not begging you bring but we are sharing how you can make money from you assets,” he said.

megamillion

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Businessday.ng – https://businessday.ng/news/article/1yr-after-suing-to-stop-iocs-divestments-nnpcl-denies-role/

Tags: businessdivestmentssuing
Previous Post

IPRA Shortlists PRNigeria, NAF, NITDA as Finalists for PR Golden World Award 2023

Next Post

TECNO and VOGUE present the highly anticipated fashion film to capture “Style in Motion” at London fashion week, redefining fashion narratives

Fusobacterium nucleatum : ecology, pathogenesis and clinical implications – Nature

Unveiling Fusobacterium nucleatum: Exploring Its Ecology, Disease Connections, and Health Impact

October 21, 2025
Escherichia coli with a 57-codon genetic code – Science | AAAS

Escherichia coli Engineered with a Revolutionary 57-Codon Genetic Code

October 21, 2025
LOCALIZE IT: Over 420 anti-science bills target public health protections in statehouses across US – newspressnow.com

More Than 420 Anti-Science Bills Jeopardize Public Health Across the Nation

October 21, 2025
Halloween not your thing? Here’s when Christmas at the Newport mansions will start. – The Providence Journal

Not a Halloween Fan? Find Out When Christmas Magic Begins at the Newport Mansions!

October 21, 2025
Office Technology: Dealers’ Managed IT Revenue up Nearly 30% – The Cannata Report –

Office Technology: Dealers’ Managed IT Revenue up Nearly 30% – The Cannata Report –

October 21, 2025
UEFA becomes first sporting body to sign up to global anti-piracy coalition – The New York Times

UEFA Takes the Lead as First Sports Organization to Join Global Anti-Piracy Coalition

October 21, 2025
The lover’s guide to the 2025 World Series – The New York Times

Your Ultimate Lover’s Guide to the 2025 World Series

October 21, 2025
Rethinking Growth In A Broadening Economy – Seeking Alpha

Unlocking Success: New Insights for Thriving in a Booming Economy

October 21, 2025
Hetzel Design: blending architecture and entertainment – Blooloop

Hetzel Design: Where Architecture and Entertainment Unite in Perfect Harmony

October 21, 2025
Study suggests earlier start of hormone therapy optimizes long-term health outcomes – News-Medical

Starting Hormone Therapy Sooner May Boost Long-Term Health Benefits

October 21, 2025

Categories

Archives

October 2025
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728293031  
« Sep    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (879)
  • Economy (900)
  • Entertainment (21,771)
  • General (17,724)
  • Health (9,941)
  • Lifestyle (913)
  • News (22,149)
  • People (901)
  • Politics (910)
  • Science (16,111)
  • Sports (21,400)
  • Technology (15,880)
  • World (883)

Recent News

Fusobacterium nucleatum : ecology, pathogenesis and clinical implications – Nature

Unveiling Fusobacterium nucleatum: Exploring Its Ecology, Disease Connections, and Health Impact

October 21, 2025
Escherichia coli with a 57-codon genetic code – Science | AAAS

Escherichia coli Engineered with a Revolutionary 57-Codon Genetic Code

October 21, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version