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President Goodluck Jonathan

Exclusive: Nigeria favors local firms in $40 billion oil contract awards

Nigeria has awarded most of its long-term oil contracts worth an estimated $40 billion a year to local companies, according to a confidential list seen by Reuters, meaning global traders need to partner with them to access crude from Africa's top producer.Global commodity traders, refiners and Nigerian dealers jockey at an annual tender for access to the OPEC member's prized crude oil, which is easy to refine and produces more high-value fuels.The contracts cover around 340 million barrels of oil, worth close to $40 billion annually based on current Brent prices, and run for a year, though they can be renewed. They were allocated to just 28 companies, versus around 50 in 2012, the last time they were awarded.In a break with tradition, no contracts were given directly to global trading houses Glencore Xstrata , Vitol , Trafigura or Gunvor, with only Switzerland's Mercuria winning a contract, according to a list that four industry sources verified as accurate.The trading companies that m...

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  1. Nigeria Targets 4 Million B/D Crude Within 10 Years - President

    IBADAN, Nigeria -(Dow Jones)- Nigeria aims to produce 4 million barrels of oil a day and have oil reserves of 40 billion barrels within a decade, according to Presid...

  2. GE In Preliminary Pact To Work On Nigeria Power-Project Plans

    DOW JONES NEWSWIRESGeneral Electric Co.'s (GE) energy business reached a five-year memorandum of understanding to work with the Nigerian government to develop roughl...

  3. Report: GE Invests $10B to Help Build Nigerian Power Plants

    General Electric (NYSE:GE) has invested $10 billion to help build power plants in Nigeria, according to a report by Reuters citing a power ministry spokesman.The com...

  4. Oil Climbs Amid Growing Iran Tension

    Oil futures rose on Monday on growing tension between Saudi Arabia and Iran, after the Islamic state told its Gulf Arab neighbours not to make up any shortfall cause...

  5. Oil Gains as Dollar Dips

    U.S. crude oil rose Tuesday while Brent seesawed as a down dollar and firmer equities provided some lift to a market that had slumped on worries over sovereign debt ...

  6. Nigerian leader front-runner as election battle begins

    * Intense lobbying expected ahead of primaries (Adds quotes from president)By Felix Onuah and Camillus EbohABUJA, Sept 18 (Reuters) - Nigerian President Goodluck Jon...

  7. ANALYSIS-Horsetrading ahead if Nigeria leader to contest polls

    By Nick TattersallLAGOS, Sept 9 (Reuters) - Momentum appears to be buildingtowards an election bid by Nigerian President Goodluck Jonathan,but the real political hor...

  8. FACTBOX-Key political risks to watch in Nigeria

    By Nick TattersallLAGOS, Sept 1 (Reuters) - Nigeria is due to hold elections in four months but uncertainty remains over whether President Goodluck Jonathan will sta...

  9. Investors, electorate eye Nigeria power reform plans

    By Nick TattersallLAGOS, Aug 25 (Reuters) - When Nigerian President Goodluck Jonathan presents a roadmap on Thursday for ending chronic power shortages, it is not ju...

  10. Nigerian president appoints northerners to cabinet

    ABUJA, Aug 11 (Reuters) - President Goodluck Jonathan announced a minor cabinet reshuffle on Wednesday, appointing two female opposition politicians from Nigeria's n...

  11. ANALYSIS-Nigeria's Jonathan eyes poll bid but needs the north

    By Nick TattersallLAGOS, Aug 5 (Reuters) - Nigerian President Goodluck Jonathan looks increasingly like a leader who plans to be in office after January polls, but i...

  1. Davos Prepares for Annual Parade of Powerbrokers

    The annual Davos gathering, which draws thousands of the world's most powerful people, will this year welcome more than 40 heads of state and government to focus on ...

  2. Nigeria Offers Korean Firm Majority Stake In Power Plant

    Special to DOW JONES NEWSWIRESIBADAN, Nigeria--Nigeria has offered a South Korean consortium led by Korea Electric Power Corp (015760.SE) a majority stake in the 1,3...

  3. Brazil's Rousseff Meets Nigerian Leader for Trade Talks

    Brazil's President Dilma Rousseff met with Nigeria's leader Goodluck Jonathan in Abuja on Saturday for talks that were expected to focus on boosting trade, notably i...

  4. Exclusive: Nigeria loses billions in cut price oil deals - report

    Nigeria lost out on tens of billions of dollars in oil and gas revenues over the last decade from cut price deals struck between multinational oil companies and gove...

  5. Nigerian Oil Spill Agency Directs Exxon to Clean Up Akwa Ibom Spill

    Nigeria's National Oil Spill Detection and Response Agency, or NOSDRA, has directed Exxon Mobil Corp. (XOM) to clean up oil sighted on Nigeria's shoreline near the c...

  6. Shell Victim To Crude Thefts In Nigeria Niger Delta

    IBADAN, Nigeria -- Shell Petroleum Development Company of Nigeria Ltd. loses at least 43,000 barrels of oil a day to crude theft and illegal bunkering in Nigeria's N...

  7. Shell Says Losing 43,000 Billion/D Oil Due To Thefts In Nigeria Niger Delta

    IBADAN, Nigeria -(Dow Jones)- Shell Petroleum Development Company of Nigeria Ltd. loses at least 43,000 barrels of oil a day to crude theft and illegal bunkering in ...

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