14 March 2019 : President Muhammadu Buhari has ordered the Nigerian National Petroleum Corporation (NNPC) to take over the operation of the entire Oil Mining Lease 11 (OML 11) from Shell Petroleum Development Company. In a letter addressed to the NNPC, the President directed the Nigeria Petroleum Development company (NPDC), the exploration subsidiary of the NNPC, to take over the operation by 30 April 2019. OML 11 lies in the southeastern Niger Delta and contains 33 oil and gas fields, eight of which were last operational in 2017. The oilfields in OML 11 have an aggregate capacity of about 100,000 barrels of crude a day. There are four partners in the joint venture, NNPC, Shell, Total and Agip, with the NNPC owning 55% share. However, the asset had been under the operatorship of Shell, who has not produced crude oil from Ogoniland for five years. The transference of operation could see the field resume production in the near future, adding to Nigeria’s output capacity and boosting oil production; however, Nigeria’s output would still remain limited in the short to medium term due to OPEC cuts. 

Reporting for EasyKobo on Thursday , 14 March 2019 in Lagos, Nigeria

Source: Vetiva Capital Management Limited