The Nigerian National Petroleum Corporation has concluded plans to move heavy equipment to Bauchi and Gombe States preparatory to oil exploration in an effort to move back to the Lake Chad Basin.
The High Court in Chad has fined Exxon Mobile with $74b for allegedly underpaying royalties for 15 years. The two other companies named in the case are Chevron Corp. and Malaysia’s state-owned Petroliam Nasional Bhd.
The Nigerian National Petroleum Corporation (NNPC) plans to import crude oil from Chad and Niger to nourish its Kaduna refinery since it has been facing shortages as a result of constant militancy in the Niger Delta.
Chad will receive a larger share of royalties in a new deal with China National Petroleum Corp., helping offset revenue losses from lower oil prices, Petroleum Minister Djerassem Le Bemadjiel said.
Chevron Corp, the second-largest U.S.-based oil producer, said on Friday its oil and natural gas reserves fell 1 percent last year largely due to the sale of its stake in a Chad oil field.