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Production Sharing Contracts

Federal govt moves to amend deep offshore act

The Deep Offshore and Inland Basins PSC Act was enacted in 1993 to provide the fiscal framework for foreign investments in deep offshore and inland basin acreages in the oil and gas sector.

Nigeria’s oil production cost down to $23/barrel

The Nigerian National Petroleum Corporation (NNPC) has driven down the cost of crude oil production from $78 dollars per barrel as at August 2015 to $23 per barrel representing 70.5 per cent reduction.

Nigeria lost $60bn to non-enforcement of PSCs with Oil majors – Kachikwu

The Minister of State for Petroleum Resources, Emmanuel Ibe Kachikwu, says Nigeria has lost about $60 billion to the non-enforcement of the terms of the Production Sharing Contracts signed between the federal government and the international oil companies.

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Boko Haram kills five in Adamawa village

Boko Haram jihadists have killed five people in an attack on a village in Adamawa state, a community leader and a local resident said on Friday.

Emergency communication centers in 36 states ready soon – NCC

The Nigerian Communications Commission (NCC) says the Emergency Communication Centres across the 36 states of the federation will soon be completed.

Lassa fever outbreak: Death toll rises to four in Ebonyi

The death toll of victims of the Lassa fever outbreak in Ebonyi State has risen to four while 139 persons have been under surveillance, this is according to the state’s Health Commissioner, Daniel Umezuruike.

Court nullifies installation of 21 kings by Governor Ajimobi

An Oyo State High Court presided over by Justice Olajumoke Aiki on Friday declared the review of the 1957 Olubadan Chieftaincy Declaration and other Related Chieftaincies in Ibadan land by the Justice Akintunde Boade Review Commission, which was set up by the Oyo State Government, as unconstitutional, illegal, null, void and of no effect.

Carpenter pleads guilty to raping 18-year-old daughter

A 45-year old carpenter, Olumide Akinleye, who allegedly cohabited with and raped his own daughter, is to remain behind bars pending judgment, an Iyaganku Chief Magistrates’ Court ruled in Ibadan on Friday.

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EFCC moves to seize $8.4m, N7.3 billion found in 15 bank accounts linked to...

The Economic and Financial Crimes Commission is in fresh moves to seize funds in 15 bank accounts linked to Mrs. Patience Jonathan.

Edo, Delta constitute 80% of Libya returnees – NEMA

The South-South Zonal Coordinator, National Emergency Management Agency (NEMA), Mr Martins Ejike, has said that Edo state alone recorded 309 out of 484 Libya migrants, while record also showed that over 80 per cent of the returnees were indigenes of Edo and Delta states.

Kogi will give land to herdsmen for cattle colonies – Governor Bello

Governor Yahaya Bello of Kogi State has said his state is ready to be the pioneer testing ground for the cattle colonies being proposed by the Federal Government across the federation.

Politicians dividing Nigeria for selfish reasons – Governor Amosun

Governor Ibikunle Amosun of Ogun State has accused some politicians of causing disunity in the country for selfish reasons.

Kelechi Iheanacho delighted after double strike helps Leicester to FA Cup victory

Nigeria international, Kelechi Iheanacho, is quite delighted with the two goals he scored on Tuesday night for his club, Leicester City, in the English FA Cup.