August 29, 2013
Aliko Dangote to borrow $3.3bn for Refinery Project – Forbes

Dangote Group, the West African conglomerate founded by Africa’s richest man, Aliko Dangote, has announced plans to borrow an additional $3.3 billion to invest in a $9 billion oil refinery and petrochemical complex in Nigeria, Nigeria’s BusinessDay has reported. According to a company official who spoke to BusinessDay, a consortium of local and foreign banks…

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August 29, 2013
Nigeria: Oil – the Conspiracy That Robs Nigeria of Billions of Dollars – Vanguard

Yenagoa/Port Harcourt — Nigeria is in dire straits. This statement summarizes the response of a top security official familiar with the large scale theft of crude oil that is going on at the nation’s oil terminals and as well as other locations en-route. The security official fingered highly placed individuals in a conspiracy that deprives…

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August 29, 2013
Security Operatives Uncover Illegal Oil Wells in Lagos, Kogi – Thisday

Officials of the Nigeria Security and Civil Defence Corps (NSCDC),  Lagos State Command and the Inspector General of Police Special Task Force on Anti-pipeline Vandalism, at the weekend uncovered illegal oil wells in both Lagos and Kogi States respectively. The operatives of the NSCDC had at Alimatu Ilo Street, Ejigbo, Oshodi/Isolo Local Government Area of…

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August 29, 2013
Nigeria loses 100bn to oil lifting by foreign vessels – The Guardian

THE nation may have lost over $100 billion (N15.8 trillion) in five decades through the exclusive lifting of the country’s crude oil by foreign owned tankers, the Executive Secretary of the Nigerian Content Development and Monitoring Board, Ernest Nwapa has said. Nwapa made this disclosure on Friday at the launch of two new 45,000 tonnes…

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August 29, 2013
Nigeria’s Oily Economy – allAfrica

AN erroneous belief that the relevance of oil approximates to the life span of Nigeria’s oil reserves partially fuels the contentment with which the authorities treat the diversification of the economy. Concerns over the dependence of the economy on oil raged more than three decades ago, now the issue is total dependence on oil, yet…

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August 29, 2013
OPTS Disputes Figures on Nigeria’s Daily Crude Oil Theft – Thisday

Members of the Oil Producers Trade Section (OPTS) have said the current figures bandied around as Nigeria’s daily crude oil loss to theft, owing to illegal bunkering activities in the Niger Delta region was inaccurate. It said  Wednesday in Abuja that Nigeria’s actual crude oil loss to theft had for a while hovered around 49,000…

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August 29, 2013
Scramle for NDDC Top Positions Heats Up – allAfrica

The scramble for appointments into top positions of the Niger Delta Development Commission (NDDC) has heated up as indigenes from the oil-producing states are intensifying efforts to outwit one another. The positions up for grab are that of the Managing Director and Executive Directors, Finance, Administration and Projects. Indications on this emerged yesterday with the…

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August 28, 2013
Uncertainty over Nigeria’s daily oil production persists – Daily Independent

Nigeria’s oil production, which now fluctuates between 2 and 2.5 million barrels per day (bpd), may not likely be enhanced by the on-going oil block sales in the short-term, according to report by Reuters on Tuesday revealed. The report however expects that the blocks’ sale may get uplift in future, it says such is achievable…

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August 26, 2013
Launch of Indigenous Oil Vessels Gets Kudos from Jonathan – Thisday

Two marine tankers acquired by an indigenous shipping company have been launched in Warri, Delta State, with President Goodluck Jonathan describing the development as an eloquent testimony to the success of his administration’s transformation agenda. He noted that the launching of the two cargo vessels at the weekend, christened MT Abiola and MT Igbinosa, also…

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August 26, 2013
Usman: FG Disturbed by Shale Gas Discovery – Thisday

The Minister of National Planning, Dr. Shamsuddeen Usman, has said the federal government is not comfortable with the recent discovery of massive shale gas in the United States because of the likely effect on the country’s revenue. Usman revealed this at the weekend while responding to questions from journalists at a media briefing on the…

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August 26, 2013
Oil Theft, Others Cut Revenue by N365bn – Thisday

The Federation Account Allocation Committee Thursday deducted N115 billion from the Excess Crude Account (ECA) to make up for revenue shortfall for July. The withdrawal leaves the ECA at about $5.1 billion. Also, a total statutory revenue of N715.84 billion was shared among the three tiers of government for July. This came as the federal…

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August 26, 2013
Vagrant Torches Bayelsa NNPC Mega Station – Thisday

A 45-year-old vagrant Thursday torched the Nigerian National Petroleum Corporation (NNPC) Mega Filling Station in Yenagoa. His action caused pandemonium among customers, as they abandoned their vehicles and fled to safety. However, the timely response of the station staff stopped the fire from spreading. On his arrest, the police found on him pictures of prominent…

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August 21, 2013
Reliance on Oil Firms’ Support, Blamed for DPR’s Underperformance – Thisday

The National Union of Petroleum and Natural Gas Workers (NUPENG) has expressed dismay at the often reliance of the Department of Petroleum Resources (DPR) on international oil companies (IOCs) for effective regulation of operations in Nigeria’s oil and gas company. The NUPENG-DPR branch, Emuago Emmanuel, stated  obvious statutory funding constraints at DPR had prompted the…

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August 21, 2013
Bury Pipelines Deeper to Check Crude Theft, NNPC, Oil Majors Urged – Thisday

The Nigerian National Petroleum Corporation (NNPC) and multinational oil companies operating in Nigeria’s oil and gas industry have been urged to bury the pipelines deeply underground, to make them inaccessible to oil thieves and vandals. Stakeholders at the recent community-focused conference on ‘Oil Theft and Illegal Oil Bunkering’, organised by the office of the Special…

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August 20, 2013
Conoil profit declines by 76.1% – Dailytrust

Conoil Plc on Friday declared a dip in profit after tax of 76.1 per cent and a drop of 60 per cent in proposed dividend in its audited report for the period ended December 31, 2012. According to the result posting to the Nigerian Stock Exchange, to post the decline in profit after tax, the…

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August 20, 2013
Navy arrests pipeline vandals, recover 3 boats – Dailytrust

Lagos — Navy operatives attached to NNS BEECROFT, Apapa, Lagos at the weekend arrested five suspected pipeline vandals for allegedly siphoning petroleum products from a Nigerian National Petroleum Corporation (NNPC) facility at Majidun area Ikorodu, Lagos. It was gathered that a total of 126 jerry-cans filled with the siphoned petroleum products and three boats were…

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August 19, 2013
We’re doing well even without oil wells – Imoke

Calabar — Since the judgment by the Supreme Court of Nigeria in July last year that ceded the controversial 76 oil wells to Akwa Ibom State thereby impacting against the revenue of Cross River State, the state had no other choice than to look elsewhere. In this interview with our correspondent in Calabar, Governor Liyel…

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August 19, 2013
Official confirms oil leak in Chevron Nigeria’s field – Dailytrust

A leakage in a gas field operated by Chevron in the Atlantic Ocean off Bayelsa coastline has led to the discharge of crude oil and gas into the environment, community sources. The sources said that the incident occurred at Funiwa Deep 1A natural gas well location in the Funiwa field, operated by Chevron Nigeria Ltd….

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August 19, 2013
Nigeria needs $1trn to clean-up Niger Delta – Dailytrust

The Federal government says over $1trillion is required to clean-up the Niger Delta area impacted by the ravaging activities of illegal refineries and oil theft  and pipeline vandalism. Special Adviser to the President on Niger Delta and Chairman, Presidential Amnesty Programme, Kingsley Kuku, who disclosed this in Lagos yesterday at a conference on oil and…

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August 19, 2013
Crude Oil Export FG Orders Registration of all Measuring Equipment – Thisday

The federal government has directed all industries using weight and measurement instruments for both domestic and international trade within the country to get such equipment registered for verification purposes or risk sanction. The verification is in line with section 7 of the weights and measures Act 2004. Chief Executive Officer of Nigerco Nigeria limited, consultant…

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August 16, 2013
Nigeria trades 1.84mbpd, as Brent crude sells for $109pb – Daily Independent

Brent crude on Tuesday sold above its 200-day moving average at $108.16, as it steadied under $109 per barrel before the end of transaction at the global market. This rise, which affected other crude grades, meant a better market day for Nigeria, which traded an average of 1.84 million barrels per day on Tuesday. The…

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August 13, 2013
Fuel Crisis Imminent as Importers Groan under Delayed Subsidy Payments, Bank Charges – Thisday

Unless the Federal Ministry of Finance reviews its strategy and adopts a new approach, which will enthrone a faster method of paying oil marketing and importing companies their accumulated arrears, in compliance with the 2010 guideline for the administration of the Petroleum Support Fund (PSF), which stipulates payment within 45 days of submitting complete documents…

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August 13, 2013
Enhancing Comprehension of NEITI Reports on Oil, Gas Sectors – Thisday

With incessant controversy over the audit reports of the Nigeria Extractive Industries Transparency Initiative (NEITI), particularly the recent one, which observed that there was disparity between subsidy claims paid from the Federation Account and that done by the Petroleum Products Pricing Regulatory Agency (PPPRA), Ejiofor Alike writes on the need for all the stakeholders to…

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August 13, 2013
Oil Theft: Agip Loses 20,000 Barrels Per Day – Thisday

Nigeria Agip Oil Company  (NAOC) has cried out that it loses over 20,000 barrels of crude oil per day to oil theft, saying unless the menace is curbed immediately, the company might be forced to close operation. Following the menace, which the company considered a scourge, the management of the company has asked the Bayelsa…

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