Tag: a02 law
The Nigerian National Petroleum Corporation has signed a $1.5 billion prepayment deal backed by Vitol Group, Matrix Energy, and the African Export-Import Bank. The deal is also by Standard Chartered. Oyeyemi Oke, Oil and Gas Lawyer and Partner at A02 law joins CNBC Africa to discuss the significance of this deal.
Nigeria has launched its first licensing round for marginal oilfields in nearly 20 years, according to the Department of Petroleum Resources. The bid process from announcement to the execution of relevant agreements is expected to last about 6 months. Oyeyemi Oke, Oil and Gas Lawyer and Partner at A02 law joins CNBC Africa for more.
Saudi Arabia's ministry of energy says its crude output topped 12 million barrels for the first time in history on Wednesday, a day after the output cut agreement by OPEC and its allies elapsed. Oil prices shed nearly 70 per cent in the first quarter of the year and uncertainties around the coronavirus pandemic is still weighing on prices. Joining CNBC Africa to discuss how the global oil dynamics impacts Nigeria, Oyeyemi Oke, an Oil & Gas Lawyer and a Partner at A02 Law.
A Federal High Court in Lagos has passed a ruling ordering the Nigerian Electricity Regulatory Commission to retain its status quo in regards to the planned electricity tariff hike by the regulator. Chinedu Anaje, Managing Partner at A02 Law joins CNBC Africa for more.
Nigeria’s Monetary Policy Committee (MPC) has urged Federal Government to reconsider the $57 per barrel oil benchmark assumed in the 2020 budget. Meanwhile, Nigeria’s Senate has suspended the budget of the Niger Delta Development Commission and admonished President Muhammadu Buhari to inaugurate the board members of the commission. Oil and gas Lawyer and a Partner at A02 Law, Oyeyemi Oke joins CNBC Africa for more.
Nigeria’s House of Representatives passes amended PSC Act: What the bill means for Nigeria’s oil & gas sector
Nigeria’s House of Representatives has agreed with the Senate and passed a bill amending the Offshore and Inland Basin Production Sharing Contract Act 2014. The amended PSC Act will among other things allow for royalty based on the changing prices, starting at 2.5 per cent when crude oil exceeds $20 to $60 per barrel and rising upwards to 8 per cent when the price exceeds $100 to $150 per barrel. The PSC Act provisions also cover natural gas and condensate. Oil & Gas Lawyer and Partner at A02 Law, Oyeyemi Oke joins CNBC Africa for more.
At the General Debate of the on-going 74th Session of the United Nations General Assembly, Nigeria’s President Muhammadu Buhari described the controversial $9.6 billion failed gas project case between Nigerian and Process and Industrial Development as an example of a ‘scam’. To breakdown the legalities around the case, Chinedu Anaje, Managing Partner at A02 Law joins CNBC Africa for more.
The United States Department of Justice (USDJ) has accused 80 individuals, including 78 Nigerians, of involvement in a business email scam and money laundering scheme to the tune of 3 billion dollars since 2015. To discuss the growing concerns around cybercrime and the implication for Nigeria’s image on the global scene, Ifure Udofa, Associate Counsel of Corporate and Commercial Practice Group at A02 Law joins CNBC Africa for more.
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