July 31, 2013
Survey: 52% of Nigerians buy fuel above N97 – Dailytrust

A recent survey conducted by NOI has revealed that five out of every ten Nigerians buy fuel above the official price of N97. The report attributed the disparity in prices to lack of adequate monitoring of fuel sales by government. The survey, which is the second done this year for the Petrol Pump Price Monitoring…

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July 31, 2013
Crude Theft Threatens Nigeria’s 2020 Oil Production, Reserves Targets – Thisday

Nigeria’s aspiration to increase crude oil production to four million barrels per day (mbpd) and grow the reserves to 40 billion barrels by 2020 may be hindered as the activities of oil thieves have continued to retard the country’s oil output. Managing Director/Country Chair of Shell companies in Nigeria, Mr. Mutiu Sunmonu, disclosed this during…

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July 31, 2013
Oil soars above $105 a barrel after sharp fall – Dailytrust

The price of oil recovered to trade above $105 a barrel yesterday, having earlier fallen on the back of a sharp drop in Japan’s Nikkei stock index. By early afternoon in Europe, West Texas Intermediate, the benchmark for US crude, was up 57 cents to $105.27 a barrel in electronic trading on the New York…

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July 31, 2013
Diezani to speak on refineries prospects – Dailytrust

The Centre for Gas, Refining and Petrochemicals (CGRP) of the University of Port Harcourt  in collaboration with Indorama Eleme Petrochemicals has concluded arrangements to hold its 2nd international conference on petroleum refining and chemicals. The event comes up between August 28th and 29th at the Presidential Hotel,  Port Harcourt,  Rivers State under the theme, “Creating…

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July 31, 2013
Abia communities demand control of 13% derivation fund – Dailytrust

Oil producing communities in Abia state have joined their counterparts in other oil producing states in clamouring for the direct payment of 13 percent derivation fund to them. The communities are insisting that according to the constitution, 13 percent derivation fund is first line charge on the federation account. This was contained in a memorandum…

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July 31, 2013
Kaduna refinery sells kerosene to communities – Dailytrust

Families in the surrounding communities of Kaduna Refining and Petrochemical Company (KRPC) would now get 25 litres of kerosene at N1,250 monthly, the company has said. Managing Director of KRPC, Engr. Bolanle Ayodele, stated this at Ejeg Filling Station, Ungwar Television in Kaduna, saying that 33, 000 litres of kerosene will be disbursed to the…

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July 31, 2013
Chamber: PIB Lacks Strategy to Drive Gas Market – Dailytrust

The draft Petroleum Industry Bill (PIB) currently before the National Assembly does not provide optimal national gas strategy and address the infrastructure gap required to drive the nation’s oil and gas market, the Lagos Chamber of Commerce and Industry (LCCI) has said. The bill did not address federal government’s funding issues of joint ventures of…

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July 31, 2013
Nigeria: Senate PIB Hearing – Oil Workers Protest ‘Exclusion’ – AllAfrica

Lagos — Oil workers in the country have condemned what they described as their exclusion from the recent Senate joint committee hearing on the Petroleum Industry Bill (PIB). The workers under the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the National Union of Petroleum and Natural Gas Workers (NUPENG) said at…

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July 31, 2013
NEITI’s audit report jolts govt, oil industry – The Guardian

Orders PPPRA to pay N4.4b to govt  . NNPC, others to refund N3.7b  . Corporation owes govt N1.305 tr  . Nigeria loses $10b to oil theft AN audit report covering the period of 2009 to 2011 which  was released on Monday by the Nigeria Extractive Industries Transparency Initiative (NEITI) was a catalogue of fraudulent deals…

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July 31, 2013
NNPC’s Duke Oil Records 290% Increase in Crude Revenue – Thisday

The Nigerian National Petroleum Corporation’s (NNPC’s) involvement in international crude trading has over time recorded substantial increase in volume and revenue, the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, has said. Alison-Madueke disclosed at the 2013 ministerial platform to underscore the ministry’s scorecard as part of the mid-term achievement of President Goodluck Jonathan administration, that…

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July 31, 2013
New Oil Discoveries Threaten Nigeria’s Revenue, LCCI Warns – Thisday

The Lagos Chamber of Commerce and Industry (LCCI) has warned that new oil discoveries across various countries pose threats to the nation’s revenue. The President, LCCI, Mr. Goodie Ibru, explained that the United States of America, which is a major importer of Nigeria’s crude oil, is already devising means and methods towards becoming a net…

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July 31, 2013
OPEC Oil Export Revenue Hits $982bn – Thisday

Members of the Organisation of Petroleum Exporting Countries (OPEC), excluding Iran, recorded about $982 billion, or five per cent increase in net oil export revenue in 2012, according to recent estimates of the United States Energy Information Administration (EIA). The Western energy watchdog noted that the amount was estimated to be the largest level over…

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July 31, 2013
NEITI: $10.9 billion lost to crude oil theft in 2 years – Thisday

•Pipeline vandalism in downstream sector denies federation of $894m •Okonjo-Iweala invites NNPC to clarify $8.476 billion unremitted fund The Nigeria Extractive Industries Transparency Initiative (NEITI) Monday painted a worrisome picture of the effects of oil theft on Nigerian economy, saying the nation has lost over 136 million barrels of crude oil estimated at $10.9 billion…

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July 30, 2013
Nigeria’s crude oil earnings hit N6.7 trillion in first half – The Guardian

Receives N14.8tr revenue in 2012 NIGERIA earned $42 billion (N6.7 trillion) revenue from crude oil export between January and June 2013. Meanwhile, the United States Energy Information Administration (EIA) has put the country’s earnings from the commodity in 2012 at $93 billion (N14.8 trillion). EIA, which made this disclosure in its fact sheet on international…

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July 30, 2013
Hot Air In Nigeria Over Bonga Oil Spill – Scoop

PROCEEDINGS at an environmental training workshop and capacity building for civil society groups on offshore oil exploration and exploitation in Nigeria and , Its Impact on lives and livelihoods, was characterized with some hot exchanges between pro and anti-establishment groups in Port Harcourt, the Rivers State capital in Southern Nigeria, on Thursday.  Leading the controversial…

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July 30, 2013
Nigeria to Keep Crude Oil Exports Little Changed in September – Blomberg

Nigeria, Africa’s largest oil producer, will keep daily crude exports for September little changed from August, according to loading programs obtained by Bloomberg News covering 17 grades excluding Bonny Light. The nation will ship 63 cargoes totaling 1.94 million barrels a day, the schedules showed. Exports will comprise 12 consignments of Qua Iboe grade, seven…

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July 30, 2013
Nigeria: Group Launches ‘Publish What You Pump’ Campaign in Nigeria – All Africa

The ‘Publish What You Pump’ initiative, a new campaign that requests that oil companies meter their oil and gas production, was launched in Port Harcourt, Wednesday. The launch, attended by representatives of civil society groups as well as community based organizations, was organized by the Environmental Rights Action/Friends of the Earth Nigeria, ERA/FoEN. The group…

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July 30, 2013
Gas Flaring in Nigeria 51 Years After: Why no solution yet? – Daily Independent

A Daily Independent investigations recently revealed that International Oil Companies operating in Nigeria’s multi-million dollar oil and gas industry would continue to flare gas   indefinitely because the Department of Petroleum Resources (DPR), the regulatory authority in the petroleum industry, “is rendered incompetent to effect the zero gas flaring in the industry which began 50 years…

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July 30, 2013
UK police probing Shell, ENI over Nigerian Oil block deal – Reuters

* Deal concerns multi-billion barrel oil block OPL 245 * Shell, ENI say they bought from government for $1.3 billion * Gov’t then paid $1.09 bln to firm linked to former oil minister Etete * Etete had awarded block to the same firm for $2 mln in 1998 * Court documents show ENI, Shell both…

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July 26, 2013
PIB as currently drafted will set back Nigeria’s oil, gas industry – Daily Independent

In this speech at the business forum of the Nigerian Gas Association (NGA), Chairman, Oil Producers Trade Section (OPTS) of the Lagos Chamber of Commerce and Industry, Mark Ward, explains reasons for the opposition by International Oil Companies (IOCs) to the controversial Petroleum Industry Bill (PIB). Introduction Nigeria is a nation with big ambitions. It…

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July 26, 2013
Global oil industry gets a quality shock – Reuters

Rising shale oil production in the United States has slashed light oil imports from countries such as Nigeria and Algeria by more than half in the past two years. The unexpectedly rapid growth in shale oil output has rightly been termed a supply shock by seasoned observers, but it is also a quality shock. “US…

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July 26, 2013
Oil theft: Defence minister seeks UK’s assistance – Punch

The Minister of State for Defence, Erelu Olusola Obada, has challenged the United Kingdom and other international communities to help Nigeria to curtail the growing incidence of crude oil theft in the country by rejecting stolen Nigerian crude destined for their refineries. Obada spoke on, “Nigerian defence priorities: Domestic stability for regional security” at Chatham…

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July 26, 2013
Navy raids oil thieves, razes 33 unlawful refineries in Delta – Vanguard

WARRI- MEN of the Nigerian Navy, Warri Naval Base, cracked down on oil thieves in Opumami and Olero creek in the riverside areas of Delta State, during the week, and razed over 33 unlawful crude oil refineries. The operatives also destroyed illegally refined crude oil in over 33 Cotonou boats intercepted during the offensive. Commanding…

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July 26, 2013
Petroleum Minister: PIB has been politicised – Dailytrust

Citing bunkering and sabotage, constant security threats to oil sites and employees, shortfalls in Joint Venture funding, lengthy delays in project and contracting approvals, lack of domestic gas infrastructure and low domestic gas prices, International Oil Companies (IOCs) yesterday rejected the Petroleum Industry Bill (PIB) on the grounds that the Bill has failed to resolve…

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