Oil firms
Coverage of Oil firms in the Nexus archive.
- Senate panel probes alleged $71.65m, N30.7bn unpaid oil firms’ contributions to NDDC
A Senate panel is investigating alleged $71.65 million and N30.7 billion in unpaid contributions by oil firms to the Niger Delta Development Commission (NDDC). The probe follows a petition by an environmental activist concerning oil companies' refusal to fulfill statutory obligations to the Niger Delta region.
- Venezuela Tells Oil Firms to Bring Their Own Power Plants
Venezuela's draft regulations require oil firms to generate their own electricity due to the country's fragile power grid. Analysts estimate a national power deficit of 2,000 to 3,000 megawatts, with over 95% of a US producer's main-region operations affected.
- Venezuela Wants Oil Firms to Supply Their Own Power for Projects
Venezuela is requiring oil companies to supply their own power for projects. The directive applies to oil rigs in Cabimas, Zulia State. This measure aims to address energy challenges in the region.
- Reeves cuts VAT on summer days out to 5% as part of cost of living support
Chancellor Rachel Reeves announces a VAT cut to 5% on summer attractions like theme parks and softplay centres during school holidays to support households with cost of living pressures. The government will also increase taxes on global oil firms operating in the UK to help fund these measures, while confirming a freeze on fuel duty increases.
- Oil prices soar on fears of long supply disruption, US siege of Iran ports
Oil prices have risen due to concerns over prolonged supply disruptions caused by the US blockade of Iranian ports. US President Trump convened with oil companies to address potential impacts on fuel supplies.