• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Energy

Official: Oil majors owe Nigeria $4 billion

4 years ago
in Energy, highlights, Home, home-news, latest News
1 min read
0 0
0
Nigeria oil industry concept, industrial illustration. Nigeria flag and oil wells and the red and blue sunset or sunrise sky background - 3D illustration

Nigeria oil industry concept, industrial illustration. Nigeria flag and oil wells and the red and blue sunset or sunrise sky background - 3D illustration

81
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Official: Oil majors owe Nigeria $4 billion

Big Oil majors operating in Nigeria owe the state $4 billion, a government official has said, as quoted by Reuters.

“International oil companies are expected to pay 3% of their annual budget to NDDC [the Niger Delta Development Commission] as their major income but they have been defaulting for a long period of time,” Tayo Alasoadura told media. “Efforts are being made to get the outstanding payments, which is up to $4 billion from them. All of them are owing,” the official added.

Foreign oil companies operating in Nigeria include Exxon, Shell, TotalEnergies, and Italy’s Eni. Earlier this year, the government inked a massive deal with the four supermajors to develop the Bonga deepwater field, which could bring in $10 billion in fresh investments into the country and 150,000 additional barrels to daily production.

Yet relations between supermajors and the Nigerian authorities have not always been smooth, with the bone of contention most often being the Niger Delta, where the country’s oil production is concentrated.

Read This: Ghanaian SMEs are not ready for AfCFTA – Report says

Just this month, Anglo-Dutch Shell settled a legal dispute running since 1991 regarding an oil spill from a pipeline that occurred in 1970. The supermajor agreed to pay $111 million to a Delta community to settle the case. The company is currently in the process of finding a buyer for its onshore and shallow-water assets in the West African country.

RelatedPosts

Multichoice Rebuffs Minister’s Claim On DSTV Price Cuts, Cites Market Conditions

MTN Nigeria Now the Most Capitalized Stock in Nigeria

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

This is not the only lawsuit against a Big Oil major in Nigeria. Earlier this year, a local company took Shell to court, demanding $4 billion for the poor condition of the Nembe Creek Trunk Line that the Nigerian company bought in 2015 and for Shell’s alleged underreporting of oil exported from the Bonny Terminal.

This latest demand on Big Oil may sour sentiment in the industry towards Africa’s biggest oil producer at a time when most oil majors think twice before making a financial commitment to new production.

Source: oilprice
Via: norvanreports
Tags: Covid-19ExxonNigeriaOilShellTotalEnergies
No Result
View All Result

Highlights

OPEC+ Nears Decision Point on Next Oil Output Hike

Europe’s Energy Future Hinges on Global Powers

US Companies Cut Investments in China to Record Lows, Here’s Why

How AI is Rewriting and Enhancing Water Risk Management

SheFarms Broiler Edition Kicks Off in Greater Accra

PharmAccess Ghana, Healthcare Federation of Ghana sign SafeCare License Agreement; to use Newest ISQua-Certified Version 5

Trending

Business

Multichoice Rebuffs Minister’s Claim On DSTV Price Cuts, Cites Market Conditions

August 3, 2025

Multichoice Rebuffs Minister's Claim On DSTV Price Cuts, Cites Market Conditions MultiChoice Ghana has pushed back against...

MTN Nigeria Now the Most Capitalized Stock in Nigeria

August 3, 2025

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

August 3, 2025

OPEC+ Nears Decision Point on Next Oil Output Hike

August 3, 2025

Europe’s Energy Future Hinges on Global Powers

August 3, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.