May 30, 2013
Budget 2013: Drop in oil output, prices pose a challenge: Dailytrust

This year’s Democracy Day celebration is coming against the backdrop of what appears to be steady drop in oil prices and a drop in oil production from 2.4 million barrels per day in 2012 to about 2.1 million barrels. These observable facts which clearly pose a threat to the country’s economy is also happening just…

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May 30, 2013
EITI sets new benchmarks in oil, mineral data releases – Dailytrust

The Extractive Industries Transparency Initiative (EITI) has raised the bars on standard requirement of 39 countries to release data on individual oil, gas and mining licenses. EITI which is the global body, operating in Nigeria as NEITI, has approved a revised standard of performance requiring its 39 implementing countries to release wide-ranging new information about…

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May 24, 2013
Reps set up committee to probe oil blocks sales – Dailytrust

The House of Representatives yesterday set up an ad-hoc committee to investigate the sales of some oil wells in Estoko and other parts of Delta State. Speaker Aminu Waziri Tambuwal, who announced the names of members of the committee at plenary, said this followed a petition received by the House alleging irregularities in the sales…

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May 24, 2013
IMF tasks Nigeria on passage of Petroleum Industry Bill – The Guardian

THE International Monetary Fund (IMF) has called for early passage of the Petroleum Industry Bill (PIB) to enable massive investments into the country’s oil and gas sector. The international watchdog, noted that the PIB would boost investment, government revenue, and fiscal transparency. The IMF, in a Public Information Notice, (PIN), released recently, said that it…

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May 24, 2013
Africa panel clamours for utilisation of oil, gas resources – The Guardian

THE Africa Progress Panel has emphasised the need for African countries to better manage their vast oil and gas resource by setting out bold national agenda for strengthening transparency and accountability. The panel, which has former Nigerian President, Olusegun Obasanjo as a member, in its 2013 progress report released recently, believed that revenues from minerals,…

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May 22, 2013
Needless Controversy over Four Oil Blocks – Thisday

The transparency, accountability and probity being instilled into the Nigeria oil and gas industry by the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, were almost called to question recently when youths and leaders of the ethnic nationalities of Ndokwa, Itsekiri, Ijaw, Urhobo and Isoko in Delta State, under the aegis of Delta State Oil Producing…

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May 22, 2013
Nigeria Ranks 40th in Quality of Governance in Oil and Gas – Thisday

The 2013 Resource Governance Index (RGI) of the Revenue Watch Institute (RWI), which measures the quality of governance in the oil, gas and mining sector of 58 countries across the globe has placed Nigeria 40th in the overall global ranking. According to the report, which was released in Abuja recently, Nigeria, which remains Africa’s largest…

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May 22, 2013
Navy Smashes Crude Oil Theft Syndicate in Rivers – Thisday

In its continuous quest to curb the menace of crude oil theft as encapsulated in the Strategic Guidance 01 of the Chief of Naval Staff (CNS), Vice Admiral Dele Ezeoba, the Nigerian Navy Ship (NNS) Pathfinder, weekend smashed a top oil theft syndicate in Rivers State. Thisday nvestigations revealed that the syndicate, which has over…

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May 22, 2013
UK, U.S. to assist Nigeria Crude Oil Theft – The Guardian

THE United Kingdom (UK) and United States (U.S.) have indicated interest to assist Nigeria curb the menace of crude oil theft, which President Goodluck Jonathan has described as “blood oil”. The Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, made the announcement at a lecture entitled: “The Future of African Energy in a Changing World,” delivered…

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May 21, 2013
PPPRA: NNPC Petrol Imports Drops by 17% – Punch

Indications have emerged that the Nigerian National Petroleum Corporation’s 50 per cent petrol importation  has dropped by 17 per cent. According to the Petroleum Products Pricing Regulatory Agency, NNPC now imports 33 per cent of petroleum products into the country while major/independent marketers are responsible for the remaining 67 per cent. The general belief is…

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May 15, 2013
NNPC Unveils $16bn Gas Infrastructure Investment Plans – Dailytrust

The Nigerian National Petroleum Corporation, NNPC has outlined a comprehensive gas infrastructure development programme projected to attract an industry wide investment outlay of over $16 billion within the next four years. Providing details of the gas infrastructure development drive in a presentation at the recently concluded Offshore Technology Conference in Houston, Texas, the Group Executive…

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May 15, 2013
Subsidy: EFCC Begins Trials of Arisekola’s Son – Dailytrust

The Economic and Financial Crimes Commission (EFCC) has commenced the trial of Abdullahi Alao, son of the Ibadan-based billionaire, Alhaji Abdullazeez Arisekola-Alao, alongside two other oil marketers, Opeyemi Ajuyah and Olarenwaju Olalusi over allegation of fraudulently obtaining N1.1 billion fuel subsidy payment from the Federal Government. Alao, Ajuyah and Olalusi as well as their companies,…

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May 15, 2013
Reps order NNPC to refund N326bn

The House of Representatives, committee on Public Account (PAC) yesterday ordered the Nigerian National Petroleum Corporation (NNPC) to refund N236 billion to the coffers of the federal government within one month as contained in the query of the Auditor-General of the Federation which it failed to defend before the committee despite several invitations. Chairman of…

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May 14, 2013
NLC: Fuel Subsidy Withdrawal will worsen Insecurity- Dailytrust

The Nigeria Labour Congress (NLC) yesterday condemned the call by the International Monetary Fund for Nigeria to totally withdraw oil subsidies. Deputy President of the NLC and Chairman of its Economic Commission Comrade Kiri Mohammed, in a press statement in Abuja said any petroleum price increase will be resisted by Nigerians. “Government must be careful…

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May 14, 2013
Courts Remands 14 NNPC Workers In Prison For Crude Oil Theft – Channels

Fourteen casual workers of the Nigerian National Petroleum Corporation (NNPC) accused of vandalising petroleum pipes to siphon crude oil for sales to foreigners have been sent to Kuje Prison on remand. The defendants arrested by a unit of the Guards of Brigade of the Nigerian Army with 14 tankers loaded with crude oil were sent…

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May 14, 2013
Yakubu: Host Community Fund will Reduce Crude Oil Theft – Thisday

The Group Managing Director (GMD) of the Nigerian National PetroluemCorporation (NNPC), Mr. Andrew Yakubu, has lauded the introduction of the Petroleum Host Community Fund in the Petroleum Industry Bill (PIB), saying it will help to curb pipeline vandalism and crude oil theft in the Niger Delta. In a presentation, “Post PIB Challenges, Prospect and Opportunities”,…

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May 14, 2013
Dealing With Crude Oil Theft – Thisday

Time enough for the government to wield the big stick as crude oil theft continues to darken the economy In the first quarter of this year, that is between January to March 2013, official figures from the Nigerian National Petroleum Corporation (NNPC) confirmed that our nation lost about $1.23 billion (N190 billion), to incessant crude…

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May 14, 2013
Minister Orders Probe of 445,000 Domestic Crude Oil Deals – The Nation

The Minister of Petroleum Resources, Mrs. Deziani Alison-Madueke, has ordered the Group Executive Director, Finance and Administration of the Nigeria National Petroleum Corporation (NNPC), Mr. Bon Otti, to conduct an investigation into the management of the 445,000 Barrel Per Day (BPD) domestic crude oil purchase by and remittances to the Federation Account. To ensure the…

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May 10, 2013
IMF: Oil price below $85 will wipe out excess crude account – Dailytrust

A decline in the price of crude oil to $85 or $80 per barrel would wipe out the Excess Crude Account within a year, the International Monetary Fund has said. The implication of this is that the federal budget would not be well funded, thereby hampering the implementation of budget. The 2013 budget of N4.9…

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May 10, 2013
In search of Solution to Crude Oil Theft – Dailytrust

Former President Olusegun Obasanjo last week, threw a jab at the incumbent President Goodluck Jonathan over his plan to create pipeline protection agency, saying it is an act of “chop chop”. Nigeria’s oil production is dropping as international oil companies in the Niger Delta are operating under trepidation. Oil workers are in quandary and have…

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May 10, 2013
Minister: Nigeria tracing buyers of stolen Crude – Dailytrust

Nigeria is working with the international community to trace its stolen crude, Minister of Petroleum Resources Mrs. Diezani Alison-Madueke has said. Speaking at the presentation of the Keynote Address at the ongoing Offshore Technology Conference (OTC) in Houston, Texas, the minister said it is imperative to halt the appetite for stolen crude oil from Nigeria…

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May 10, 2013
‘NNPC, others not remitting revenue to FG’ – Dailytrust

The Nigeria National Petroleum Corporation (NNPC) and some government agencies have not been remitting revenue to the Federal Government, chairman of the House of Representatives committee on finance, Rep Abdulmuminu Jibril (PDP, Kano) has said. Rep Jibril who made the revelation yesterday at a public hearing said the amount owed by these agencies run into…

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May 10, 2013
National Assembly to Make Sweeping Changes in PIB – Thisday

The National Assembly has pledged to make extensive adjustments on the various sections of the Petroleum Industry Bill (PIB) to ensure that it comes out as a quality law that would address major concerns of various stakeholders as well as put a stop to the arbitrariness in the award of oil blocks. This came as…

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May 9, 2013
‘748 illegal refineries destroyed in N/Delta in four months – Dailytrust

The Joint Task Force (JTF) Operation Pulo Shield has destroyed 748 illegal refineries in the Niger Delta in the last four months. Media Coordinator of the agency Lt. Col. Onyema Nwachukwu, who disclosed this to newsmen at a news conference in Yenagoa, said 498 suspects involved in the illegal activity were arrested within the period….

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