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Nigerian Oil Company Owners

He earned his first million in 1979 at the age of 26 selling lace and distributing soft drinks. In 1990, he obtained a drilling permit. In 1991, Consolidated Oil came across oil in the shallow waters of the southwestern state of Ondo, becoming the first national oil company to do so in commercial quantities. Afolake Lawal is a non-executive director of Eterna Oil and Gas Plc. She owns a total of 49,902,892 shares of the Company through her personal interests, GTI Capital Limited and GTI Securities Limited. With a share price of N6.29 at the closing date, this represents N313 million. Sahara Energy began as an oil and gas company whose main business at the time was trading surplus fuel oil from the Port Harcourt and Warri refineries. Theophilus Danjuma, a former defense minister, went into business after his military career. Its investments in the oil and gas sector are immense.

He is ranked the 21st richest person in Africa by Forbes magazine. He is president of South Atlantic Petroleum, SAPETRO, an oil exploration company. Angola and Nigeria are Africa`s largest oil producers. [19] In Nigeria, the deep seabed sector still has a long way to go for expansion and development. The Agbami oil fields reached full production in 2005 at 250,000 barrels (40,000 m3) per day. Agbami is operated by Chevron`s Star Deep and a company called Fofa and is only an offshore concession. there are others called Akpo, Bonga and Erha. [20] Nigeria`s oil production was expected to increase from 15,000 barrels per day (2,400 m3/d) in 2003 to 1.27 million barrels per day (202,000 m3/d) in 2010. [18] Deepwater oil drilling is particularly attractive to oil companies because the Nigerian government has very little involvement in these activities and it is more difficult for the government to regulate companies` offshore activities. [18] Stella Oduah Before joining President Goodluck Jonathan`s federal cabinet as Minister of Aviation, Princess Stella Oduah was President and CEO of Sea Petroleum and Gas (SPG), a company she founded almost single-handedly.

Recently, Seplat made headlines about its plan to acquire a 100% stake in ExxonMobile, an oil exploration company. The decision was approved by President Muhammadu Buhari and later reversed when regulators said the president`s approval did not follow due process. In July 2022, Nigeria sold 57 marginal oil fields to new owners. He is Chairman of Dubril Oil Company Limited, a national oil exploration company that is a major player in the industry. He is the founder of South Atlantic Petroleum, known as SAPETRO. It is a privately held Nigerian oil and gas exploration and production company with a portfolio of high-quality assets in West Africa. He is the key figure in Conoil, an oil and gas marketing company. Later, it grew from an intermediary to an established trading house, diversifying into storage depots and ship ownership, and depots in Lagos, Onne and Abuja with a total capacity of 55,000 tonnes and a fleet of five vessels transporting products across West Africa. Born on January 5, 1962 in Onitsha, Anambra State, Stella knew exactly what she wanted from an early age. After graduating from St. Paul`s College, Lawrence City, Virginia in the United States In 1983, Oduah joined the Nigeria National Petroleum Company (NNPC), where she probably had the idea and the right connection to own her own oil company. In 2009, his company, Shebah Exploration and Production Company, co-founded SEPLAT.

He has remained President of Seplat from the beginning, leading the development of new businesses and leading strategy and stakeholder relations. A close ally of Nigerian military figures, Indimi founded and now runs Oriental Energy Resources, an offshore oil exploration and production company. Even before the combination of British control over all of Nigeria`s current borders in 1914 by the protectorates of southern and northern Nigeria, British forces had begun to impose drastic political and economic policies on the Nigerian people that would have significant consequences in the future. Originally, this was mainly done by the state-owned Royal Niger Company. The company has been instrumental in securing most of Nigeria`s major ports and monopolizing coastal trade. This led to the severance of the region`s ties to West Africa`s thriving regional trade network for the export of cheap natural resources and cash crops to industrialized countries. Most of the population eventually abandoned food production in favour of these market-dependent crops (groundnuts and cotton in the north, palm oil in the east and cocoa in the west). [29] From the beginning, merchants and administrators used divide-and-rule tactics, emphasizing ethnic and religious differences and pitting groups against each other. After 1914, the North was allowed an indirect system of government under authoritarian rulers, while the South was directly controlled by the British. [29] A very quiet person, with almost no social life, Wale began his growth in the oil sector at Ocean and Oil Services before establishing himself as a Don in the oil and gas industry.

The company he runs, Oando Plc, is a major distributor of petroleum products. He made headlines last year when he bought his mother, Alhaja Bintu Tinubu, a 2009 Honda CRV model car for his 65th birthday. In addition to the many deaths, the war had a largely negative impact on the oil industry. The unrest has led to a significant drop in crude oil production, particularly in Biafra. Total crude oil production fell from 420,000 barrels per day (67,000 cubic metres per day) in 1966 at the start of the war to only 140,000 barrels per day (22,000 cubic metres per day) in 1968. Shell alone recorded a decline from 367,000 barrels per day (58,300 cubic metres per day) in 1966 to 43,000 (6,800) in 1968. And in addition to concerns about production, oil companies began to experience uncertainty about the future of their investments, depending on who won in the war. This led to strained relations between the oil companies and the federal government, with the government once accusing the Safrap oil company (now TotalFinaElf, but Elf until 1974) of favoring Biafra and getting France help in the Biafra cause.

Shell, the other major concession holder in the southeast, was worried but appeased and politically constrained by Britain`s unwavering support for the Nigerian government in the war effort. [ref. His oil company, Conoil Plc, is to lead the bidding process for Chevron`s upstream operations, OMLs 86 and 88. Following the passage of legislation to reform the fossil fuel industry in August 2021, the Nigerian government announced on July 18, 2022 that the NNPC “will henceforth operate as a commercial entity without relying on government funding and direct controls.” NNPC was established as a limited liability company in the hope that a private company would facilitate access to international capital markets. The company will continue to be responsible for the distribution and sale of fuel in Nigeria, but the state will now assume responsibility for subsidizing fuel costs. [6] In 2002, Avuru established Platform Petroleum Limited and served as Managing Director until 2010, when his company merged with A.B.C Orjiakos Shebah Petroleum Development Company to form Seplat Petroleum Development Company Plc. Nigerian businessman Tony Elumelu bought Shell`s assets in 2021 through his company TNOG Oil and Gas Ltd. when the billionaire expanded his influence in the Nigerian economy. His company has various technical partners, from Roc Oil, Pioneer Natural Resources from the United States, Canoxy, Transworld from the United States, LukOil from Russia, Tetra, Noble, Kosmos Energy from the United States, Petronas from Malaysia, DNO from Norway, TransAtlantic Petroleum from the United States and Nexen from Canada. Since the early 90s, he has been active behind the scenes of the political scene. Dantata acquired Chevron`s upstream businesses, OMLs 83 and 85, in 2015 through his oil company MRS Holdings, where he serves as Group CEO. Based on the company`s valuation as of April 6, 2018, net assets are N40.9 billion.

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