More light is set to be shed on Nigeria’s murky oil sector as a new anti-corruption rule comes into force this week in the U.K.

The UK is the first member state to implement the EU Directive on Extractive Industries, which requires detailed disclosure of a range of payments, including taxes, royalties and dividends made to governments on a country and project basis as of January 1, 2015.

Directors at UK oil and gas companies could face criminal conviction and unlimited fines if they fail to properly disclose payments made to overseas governments, under the rules, which is part of a pan-European drive for greater transparency of dealings between operators in extractive industries and foreign governments.

Other EU member states are set to follow the UK in July.

The new laws would be a welcome development in Nigeria whose NNPC is adjudged to have the poorest transparency record out of 44 national and international energy companies, according to Transparency International and Revenue Watch Institute.

Last year, the former Central Bank of Nigeria (CBN) governor, Sanusi Lamido Sanusi, alleged that up to $20 billion in oil revenues were ‘missing’.

In a 146 page report by Nuhu Ribadu, the former head of the anti-corruption agency EFCC, covering the years 2002 to 2012, released in 2013 concluded that oil majors, Shell, Total and Eni, made bumper profits from undercutting Nigeria on gas prices.

“The estimated cumulative of the deficit between value obtainable on the international market and what is currently being obtained from NLNG, over the 10 year period, amounts to approximately $29 billion,” the report said.

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http://monitor9ja.com/2015/01/new-european-law-may-expose-nigerias-corrupt-oil-deals/

Na now wey oil price don fall like old mama bosom
Dem con dey yarn dust

youngice:
Na now wey oil price don fall like old mama bosom
Dem con dey yarn dust

The price fall is due to international politics and it will go back to it original price once the aim has been achieved.

Flye:

The price fall is due to international politics and it will go back to it original price once the aim has been achieved.

You statement is contradictory mate.

Oil price won't get to the $100 mark again and the reason is that the demand will now be lower due to America's shale oil.

arsetalks:
You statement is contradictory mate.

Oil price won't get to the $100 mark again and the reason is that the demand will now be lower due to America's shale oil.

Yes it may not go back to it original price, but research has shown that america's output is not that much in fact it is less than increase in demand. They just stop buying from Nigeria because they have increased what they buy from Canada, Saudi, Kuwait and Qatar.
Plus the Saudis and co also increased their output , the development that has never happened since the last oil glut b4 OPEC.

arsetalks:
You statement is contradictory mate.

Oil price won't get to the $100 mark again and the reason is that the demand will now be lower due to America's shale oil.

No, T'll certainly go back to at least $98 because Shale Oil is expensive to produce...


Now, as you can remember Just two months ago, Continental Resources Inc. (CLR), the shale driller founded by billionaire Harold Hamm, budgeted for $80-a-barrel oil and planned to spend $4.6 billion in 2015. Six weeks later, with crude down 29 percent in the interim, Continental cut its 2015 budget to $2.7 billion.

Anyway, Some of the largest U.S. shale drillers, such as Irving, Texas-based Pioneer Natural Resources Co. (PXD), Continental and Chesapeake Energy Corp., both based in Oklahoma City iLearnt , have been spending money faster than they make it, borrowing to pay for their expansion, according financial statements filed with the U.S. Securities and Exchange Commission.So you see

Flye:

The price fall is due to international politics and it will go back to it original price once the aim has been achieved.

you do have a point but I don't if it will ever go back to it's original town