Understanding the toxic international petroleum politics in Nigeria – By Magnus Onyibe

Understanding the toxic international petroleum politics in Nigeria – By Magnus Onyibe …C0NTINUE READING HERE >>>

The alarm in Nigeria’s oil and gas industry, now blaring loudly, was first sounded by Mr. Tony Elumelu. In 2021, Elumelu invested over $1.1 billion to acquire a 45% stake in the OML 17 oil drilling asset, a venture in which Shell, Total, and Eni relinquished their shares, leaving the Nigerian National Petroleum Corporation Ltd (NNPCL) with the remaining 55% on behalf of Nigerians.

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To his dismay, in 2022, Elumelu discovered that only a small portion of the crude oil…

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