June 24, 2013
NNPC pledges efficient management of acquired shell leases – The Guardian

THE Nigerian National Petroleum Corporation (NNPC) and its subsidiary, the Nigerian Petroleum Development Company (NPDC), have pledged to ensure professional management of assets and oil mining leases acquired from the Shell Petroleum Development Company (SPDC). This is contained in a statement issued by the Acting Group General Manager, Public Affairs of NNPC, Tumini Green, Sunday…

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June 24, 2013
Oil areas want direct payment of derivation fund to beneficiaries – The Guardian

OIL-PRODUCING communities in the coastal stretch of Ondo State have urged the Federal Government to set up a National Administrative Board to be saddled with the disbursement of the 13 per cent Oil Mineral Derivation Fund accruable to oil-bearing communities in the country directly to the beneficiaries instead of the current system of releasing the…

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June 24, 2013
Shell to invest $3.9 billion in new Nigeria Oil, Gas Projects – World Oil

LONDON — A joint venture led by Shell said it will invest $3.9 billion on new oil and gas projects in Nigeria that will maintain the country’s domestic energy supplies and export capability, while reducing the problem of oil theft from pipelines that has caused serious environmental pollution. Shell said the investment demonstrates its long…

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June 24, 2013
Shell may exit more oil leases in Nigeria Reuters

(Reuters) – Royal Dutch/Shell is considering a further reduction in its oil production in the eastern Niger Delta, where decades of spills and oil thefts have damaged the region’s environment and the reputation of the company. Nigeria’s government wants more of its oil and gas owned either by the state oil company or local firms,…

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June 24, 2013
Shell Venture to Invest $1.5 in New Nigeria Pipeline – The Wall Street Journal

LONDON—A joint venture led by Royal Dutch Shell RDSB.LN -1.47% PLC said Friday it will invest $1.5 billion on a new pipeline in Nigeria in a bid to reduce oil theft that has caused serious environmental damage in the country and disrupted crude production. The new pipeline, called the Trans Niger Pipeline Loop-line, should help…

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June 21, 2013
Dwindling oil revenue: FG must fix infrastructure, regulation PWC reports – Daily Independent

More bad times await Nigeria crude earnings, according to the latest report by global audit and consulting giant, PriceWaterhousCoopers, which stresses that the self-reliance in crude oil by the United States would hit the Africa’s biggest oil exporter particularly badly. The 2013 PwC Shale Oil report, a copy of which was made available to Daily…

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June 21, 2013
Nigeria loses N2.36bn daily as Shell shuts down pipeline -Vanguard

NIGERIA’s daily crude oil output declined by 150,000 barrels, as Shell Petroleum Development Company of Nigeria Limited, SPDC, joint venture, Thursday, said it has shut the Trans Niger Pipeline (TNP) following an explosion and fire at a crude theft point on the 28” section of the facility at Bodo West in Ogoni land. To this…

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June 21, 2013
Prospects and Challenges of Two-year Petroleum Sector Reforms – Thisday

As President Goodluck Jonathan marked two years in office last month, many eyes are on some of the key reforms he started when he assumed office.  The petroleum sector reform is counted among the key reforms of his administration due to the strategic nature and of the industry and its importance as the biggest revenue…

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June 21, 2013
Shell Shuts in 150,000bpd of Crude Oil – Thisday

Nigeria’s crude oil export has suffered a major setback as Shell Petroleum Development Company of Nigeria (SPDC) on Wednesday shut the Trans-Niger Pipeline (TNP), following an explosion and fire at a crude theft point on the 28-inch section of the facility at Bodo West in Ogoniland of Rivers State. The TNP is one of Shell’s…

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June 21, 2013
Apampa: PIB may fuel discontent in host communities – Dailytrust

Anti-corruption agency, Integrity Nigeria has advised the federal government to reconsider a section of the Petroleum Industry Bill (PIB) that holds host communities responsible for infrastructural damages, saying it may fuel discontent within the affected communities. Director of the group Mr. Olusoji Apampa said, although government sees it as a good strategy in tackling the…

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June 21, 2013
Nigeria’s Piracy, Another form of Oil Theft – BBC News

The piracy problem off the coast of West Africa highlighted by an International Maritime Bureau (IMB) report is, overwhelmingly, a Nigerian problem. The IMB report said maritime piracy was now more prevalent off the coast of West Africa than around Somalia. This is partly because an international naval task force has been patrolling the coast…

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June 20, 2013
PIB Debate, Oil Theft Stagnate Activities in Oil Industry – Thisday

Ejiofor Alike writes that unlike the period a year ago when Nigeria’s oil industry was booming with activities and landmark developments, the debate over the Petroleum Industry Bill (PIB) and oil theft stagnated activities during the first half of 2013 While 2012 was characterised by a beehive of activities in the Nigeria’s oil and gas…

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June 20, 2013
Fraudulent Oil Marketers Sabotage Petroleum Trucking – Thisday

The Petroleum Equalisation Fund (Management) Board has raised the alarm on activities of corrupt oil marketers who are hell-bent at subverting the smooth implementation of its ongoing real-time electronic loading scheme. PEF stated that the scheme, “Project Aquilla” which is planned to enhance monitoring and distribution of petroleum products across the country and at the…

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June 20, 2013
Oil Sector Reform: Challenges of Curbing Gas Flaring – Tribune

The ongoing reforms in the oil and gas industry have afforded the country, for the first time, to focus on gas. Until recently, there was no specific legal or organisational framework for the exploitation and development of natural gas reserves in the country. Petroleum experts believe that gas is going to be the fuel of…

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June 17, 2013
Oil, gas deposits to deplete in 40 years – Vanguard

PORT HARCOURT—A PROFESSOR of Medicine and sustainable environment advocate, Prof. Vincent Idemyor, has predicted that Nigerian oil and gas deposits, particularly in the Niger Delta region will not last beyond the next 40 years. The US-based Idemyor, currently visiting the University of Port Harcourt, Rivers State, gave the prediction in a lecture at a one-day…

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June 17, 2013
Nigeria’s crude falls to 1.96mbd – Vanguard

Nigeria’s crude oil output declined to a six-month low of 1.96 million barrels per day, mbd, according to the International Energy Agency, IEA. This means that the country is already losing about 600,000 barrels of its daily production benchmark of 2.567mbd in the 2013 budget. The agency attributed the decline to oil theft and pipeline…

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June 17, 2013
Petroleum Reforms: The Gains, Challenges in the last Two Years – Dailytrust

On May 29th each year, Nigerians celebrate Democracy Day. This year’s celebration marked the second anniversary of President Goodluck Jonathan’s administration as elected president after the 2011 general elections. One of the key reforms he considered dear to his heart is the petroleum sector reform, due to its strategic importance in revenue generation and cross…

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June 14, 2013
Nigeria’s crude oil production slides in May – The Guardian

NIGERIA’S crude oil production declined from the 1.923 million barrels per day (bpd) it recorded in April to 1.902 million bpd in May. The Organisation of Petroleum Exporting Countries (0PEC) disclosed this in its monthly report released on Tuesday. According to OPEC, total crude oil production from member countries averaged 30.57 mbpd in May, representing…

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June 14, 2013
Granting autonomy to refineries will engender profitability, says PENGANSSAN chief – The Guardian

Babatunde Ogun is the National President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), an umbrella body of senior workers in the oil and gas sector of the economy. In this interview with DELE FANIMO, he spoke on the stalled Petroleum Industry Bill (PIB) and other sundry issues in the sector….

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June 14, 2013
Minister: N232bn subsidy claims questionable – Dailytrust

About N232 billion out of N1 trillion of subsidy claims submitted by marketers for verification are questionable, the Coordinating Minister of the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala, has said. Speaking at a ministerial platform to showcase the achievements of the ministry in Abuja, Monday, the minister also said about N14 billion was…

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June 14, 2013
Community appeals to shell to exploit oil – Dailytrust

Leaders and youths of Ohuru community in Ukwa East Local Government of Abia State have appealed to the management of Shell Petroleum Development Company (SPDC) to drill the 50,000 barrel of oil deposit in the four oil mining leases in the area. A representative of the community, who is also former Deputy Speaker, Ukwa East…

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June 14, 2013
Senate: Subsidy ‘thieves’ may return to loot – Dailytrust

Subsidy ‘thieves’ that benefitted in  the 2011 fuel importation scandals are still hanging around, strategising how to come back, the Senate Committee Chairman on Petroleum (Downstream) Magnus Ibe, has said. He was speaking  during an oversight visit to the Petroleum Products Pricing Regulatory Agency (PPPRA) to review the agency’s budget implementation, progress made on products…

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June 12, 2013
Oil Companies, Others Shy Away from FG’s Metering Measures – Thisday

The failure of companies operating in Nigeria’s oil and gas industry to comply with the federal government’s regulation on standard weights and measures has continued to constitute huge sources of revenue losses to the country. Managing Director of Nigerco, Yusuf Sanni, stated in Abuja that companies whose activities fall within the purview of the standard…

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June 12, 2013
Discrepancies in Oil Production, Revenue, Blamed on Weak Regulation – Thisday

Reactions have continued to trail a recent study by Revenue Watch Instituted (RWI), which ranked Nigeria weak among the world’s 58 countries covered in a survey conducted on transparency and accountability, in the governance and management of their oil, gas and mining sectors. The Institute noted in the report that over 80 per cent of…

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