• FG to realize $15bn investments from JV cash calls’ elimination

    FG to realize $15bn investments from JV cash calls’ elimination

    It was gathered that the Federal Government on Thursday disclosed that it plans to end the era of joint cash calls with oil companies by next year.

    The move, the Government said would result in investments in excess of $15 billion by oil companies.

    ‎The Minister of State for Petroleum, Dr. Emmanuel Ibe Kachikwu, briefed State House correspondents after making presentation to the National Economic Council (NEC) meeting.

    The Minister sought NEC’s endorsement for the proposal already approved by the Federal Executive Council […]

  • Nigeria seals $15bn upfront payment for crude with India

    Nigeria seals $15bn upfront payment for crude with India

    According to reports, the Federal Government yesterday, sealed a $15 billion deal with India, wherein the latter would make upfront payment for crude oil purchases from Nigeria.

    Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, while cementing the deal on behalf of Nigeria, explained that the terms of the deal would be agreed in due course.

    Under the deal, Kachikwu disclosed that the Indian government would make an upfront payment for crude purchase to Nigeria, to be repaid on the basis […]