• 3 hours Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 4 hours Oil Gains Spur Growth In Canada’s Oil Cities
  • 5 hours China To Take 5% Of Rosneft’s Output In New Deal
  • 5 hours UAE Oil Giant Seeks Partnership For Possible IPO
  • 6 hours Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 7 hours VW Fails To Secure Critical Commodity For EVs
  • 8 hours Enbridge Pipeline Expansion Finally Approved
  • 9 hours Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 9 hours OPEC Oil Deal Compliance Falls To 86%
  • 1 day U.S. Oil Production To Increase in November As Rig Count Falls
  • 1 day Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 1 day Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 1 day EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 1 day Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 1 day Aramco Says No Plans To Shelve IPO
  • 4 days Trump Passes Iran Nuclear Deal Back to Congress
  • 4 days Texas Shutters More Coal-Fired Plants
  • 4 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 4 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 4 days Chevron Quits Australian Deepwater Oil Exploration
  • 5 days Europe Braces For End Of Iran Nuclear Deal
  • 5 days Renewable Energy Startup Powering Native American Protest Camp
  • 5 days Husky Energy Set To Restart Pipeline
  • 5 days Russia, Morocco Sign String Of Energy And Military Deals
  • 5 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 5 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 5 days India Needs Help To Boost Oil Production
  • 5 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 5 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 5 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 5 days District Judge Rules Dakota Access Can Continue Operating
  • 6 days Surprise Oil Inventory Build Shocks Markets
  • 6 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
  • 6 days Syria’s Kurds Aim To Control Oil-Rich Areas
  • 6 days Chinese Teapots Create $5B JV To Compete With State Firms
  • 6 days Oil M&A Deals Set To Rise
  • 6 days South Sudan Tightens Oil Industry Security
  • 7 days Over 1 Million Bpd Remain Offline In Gulf Of Mexico
  • 7 days Turkmenistan To Spend $93-Billion On Oil And Gas Sector
  • 7 days Indian Hydrocarbon Projects Get $300 Billion Boost Over 10 Years
Is Iraq On The Brink Of Civil War?

Is Iraq On The Brink Of Civil War?

Kurdistan has dominated Middle Eastern…

Oil Prices Rise Amid Falling U.S. Rig Count

Oil Prices Rise Amid Falling U.S. Rig Count

Oil prices inched higher on…

Nigeria Launches $100 Million Oil Fund

Nigeria Pipeline

Nigeria’s government has launched a special fund worth US$100 million to take care of securing the credit that the oil industry of the country needs. Called a Nigerian Content Intervention Fund, the vehicle will be managed by the Nigerian Content Development and Monitoring Board and the Bank of Industry.

Until now, Nigerian oil service companies could benefit from a 50 percent interest rebate on loans from commercial banks plus partial security. These were provided by the Nigeria Content Development Fund, which was launched in 2012.

The Acting Executive Secretary of the NCDMB said the new fund was set up in response to difficulties cited by local oil industry players in obtaining borrowed funds for their operations. Patrick Obah added that the board and the Bank of Industry were dedicated to providing assistance to oil services companies that wanted to create more jobs locally, retain their revenues in-country and add value to the economy.

Nigeria’s oil sector has been deeply troubled by falling oil prices, and more recently, by a long string of attacks on oil production and transport infrastructure. Some of these attacks, though not targeting people, have ended with human casualties. The groups taking responsibility for the attacks have stated that their aim is to redirect a bigger portion of state oil revenues from Lagos to the impoverished region of the Niger Delta, where the country’s oil industry is concentrated.

Just the other day, senior government officials from the two southern provinces of Nigeria urged the central government to revise the oil well ownership regulations in such a way as to give Niger Delta communities a bigger share of the profits. “The people of the Niger Delta region should possess at least 65 percent of the oil wells contrary to the present ownership structure where less than 10 percent of the oil blocks belong to our people,” the legislators said.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News