Tag: Oyeyemi Oke
Nigeria enters $1.5bn oil prepay deal
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.
Breaking down Nigeria’s licensing round for marginal oilfields
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.
COVID-19 headwinds weigh on Nigerian oil companies
Capital imported to Nigeria’s oil and gas sector in the first quarter of the year was about 10.1 million dollars according to data by the National Burea of Statistics. The bureau also says the oil and gas sector grew by 5.06 per cent, recording an average oil daily production of 2.07 million barrels per day in the same quarter. Oyeyemi Oke, Oil and Gas Lawyer and a Partner at A02 Law joins CNBC Africa for more.
How COVID-19, oil price war impacts Nigeria
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.
MPC urges FG to reconsider $57 oil benchmark for 2020
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.
OPEC agrees to extend production cuts by nine months
OPEC agreed to extend production cuts by nine months after several members endorsed the move aimed at supporting oil prices amid a weakening global economy. The deal will take effect once non-OPEC allies give their approval at a meeting scheduled to hold today. Oyeyemi Oke, Oil and Gas Lawyer and Partner at A02 Law joins CNBC Africa to discuss this and other stories impacting the global oil market.
Oando secures court injunction to restrain SEC
Oando Plc secured a court injunction restraining Nigeria's Securities and Exchange Commission from executing sanctions against the company. Oyeyemi Oke, Oil and Gas Lawyer and Partner at A02 Law joins CNBC Africa for more.
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