September 30, 2013
House: NNPC Figure on Crude Oil Sales, a Ruse

    Following the release, last Thurday, of its crude oil sales from January to July this year, the House of Representatives Committee on Finance has dismissed the $20.9 billion the Nigerian National Petroleum Corporation (NNPC) said it generated on behalf of the federation for the seven-month period, calling it a “ruse”. In a statement…

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September 20, 2013
Angola Rivals Nigeria for Top Spot in African Oil Exports

Angola’s oil exports will rise to around 1.74 million barrels per day (bpd) in November, a shipping list showed yesterday leaving supplies virtually level with top African producer and fellow-OPEC member Nigeria. Nigeria is normally the continent’s top exporter but a series of theft-related supply disruptions on key grades such as Bonny Light and Brass…

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September 20, 2013
ExxonMobil MD Stresses Importance of PIB

Managing Director of Mobil Unlimited, Mr Mark Ward, has stressed the importance of the Petroleum Industry Bill currently before the National Assembly, saying the key to its success will be to create a globally competitive fiscal system and an investor friendly business environment. Mark, who is also the Chairman, Oil Producer Trade Section of the…

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September 20, 2013
NEITI to track solid mineral fund

The Nigeria Extractive Industries Transparency (NEITI) has said it would track solid minerals sector fund collected by various government agencies from the federation account through audit. The Executive Secretary of NEITI, Zainab Ahmed, who made this known yesterday at the template workshop for the 2011 solid minerals sectors audit in Abuja, said one of the…

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September 20, 2013
Brain drain: Nigeria lost 227 doctors last year

About 227 doctors migrated from Nige-ria last year alone for better conditions of service further suppressing growth forecast for the health sector, according to a report measuring the profile of Nigeria’s health workforce. Nigeria has over the years been strug-gling with the crisis of brain drain in all sectors with the medics not an exception….

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September 20, 2013
Navy Refuses to Hand Over Seized Ships to Police

The Nigerian Navy has said that it will not hand over the oil vessels it impounded in July to the police. MT Purity was arrested in Lagos waters in July by naval operatives attached to NNS BEECROFT, Apapa, for allegedly involving in illegal bunkering while MT Arti was arrested three days after for attempting to…

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September 20, 2013
Oil Spill: Ogoni Community Drags Shell to London Court

Following a disagreement on the amount to be paid as compensation over the 2009 major oil spill that devastated their environment, the people of Bodo community in Gokana Local Government Area of Rivers State have again dragged Shell Petroleum Development Company  (SPDC) Limited before a London Court. The action was as a result of the…

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September 20, 2013
Leather overtakes cocoa as second biggest foreign exchange earner

The leather sector has overtaken the cocoa sector as the second biggest foreign exchange earner for the country, Minister of Trade and Investment Olusegun Aganga has said. The minister  who said this at the opening ceremony of the two-day Leather Industry Revival Summit at Transcorp Hilton Hotel, Abuja, also added that he  has directed the…

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September 20, 2013
Dangote: Nigeria Can be Fertiliser, Petroleum Products Exporter by 2016

Dangote Group has said Nigeria would become a net exporter of fertiliser and petroleum products in 2016, when the company’s recently signed loan agreement valued at $3.3 billion for the construction of a petroleum refinery, petrochemical and fertiliser plant in the country comes on stream. The President, Dangote Group, Alhaji Aliko Dangote, explained that the…

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September 20, 2013
Developing Ogogoro Island as Nigeria’s Oil and Gas Facilities Maintenance Hub

Ogogor Island or Gas facility The signing of contract, last week, between Digisteel Integrated Services Ltd and Dredging International Services Nigeria for the development of Ogogoro Island as an offshore facilities fabrication and maintenance centre is indicative of increasing indigenous capacity in areas hitherto dominated by foreign companies. Chika Amanze-Nwachukwu writes

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September 20, 2013
Shell reopens Trans Niger Pipeline

Anglo-Dutch supermajor, Shell, has reopened its 150,000 barrel per day Trans Niger pipeline (TNP) in Nigeria, which had been shut for nearly two months. According to Reuters, Shell spokesperson was quoted as saying the pipeline was reopened on September 8, adding that the force majeure declared in April on Nigeria’s benchmark Bonny Light crude oil…

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September 20, 2013
Sovereign fund to file returns after 5yrs

Returns on investment from the Nigeria Sovereign Wealth Fund is expected after five years of profitability of the funds invested. Speaking at the SEC Learning Series on Friday, Managing Director & Chief Executive Officer of the Nigeria Sovereign Investment Authority Mr. Uche Orji, said that so far the Board has approved the investment allocation formula…

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September 17, 2013
Nigeria: NGF Meets Tomorrow to Discuss Oil Theft, SWF, Deductions From ECA

The governors of the 36 states of the federation are expected to meet tomorrow to discuss crude oil theft, the continued deductions from excess crude account and the Sovereign Wealth Fund (SWF). The meeting is expected to take place at the Rivers State Governor’s Lodge in Abuja The Director General of the Governor Rotimi Amaechi’s…

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September 17, 2013
Constitution review, PIB, others top agenda as Reps resume

KEY issues, including the task of completing the constitution review process, the Petroleum Industries Bill (PIB), consideration of committee reports and strengthening of the oversight functions of the legislature will form the crux of business in the House of Representatives when the parliament resumes on Tuesday from its annual recess.  Chairman, House Committee on Media…

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September 12, 2013
Budget: Oil production estimates short by N1.1tr

About 65 million barrels of crude oil worth N1.1 trillion was short in the first half of this year, using the 2013 budget estimate by government, Daily Trust can reveal. The National Assembly passed a N4.987 trillion budget for 2013 last December, based on oil production of 2.562 million barrel per day but statistics from…

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September 10, 2013
PENGASSAN Decry Disturbing Threats to Oil and Gas Operations

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has expressed concern over the disconcerting resurgence of kidnapping, abduction and gruesome killing of oil workers in the Niger Delta area, most especially in Rivers state. The oil workers union is also lamenting the seemingly uncontrollable oil theft, illegal bunkering and abysmal petroleum refining,…

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September 10, 2013
Progress amidst Challenges in Nigeria’s Petroleum Sector

Apart from the massive disruptions to the nation’s economy caused by the problem of huge crude oil theft and a few other politically coloured challenges, Nosa Alekhuogie reports that there may be a few results worthy of commendation that have trailed the activities of the ministry of petroleum resources The most notable story in the…

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September 10, 2013
Nigeria on the Brink of Becoming Self-sufficient in Domestic Petroleum Needs

With an anticipated additional 400,000bpd refining and petrochemical plant, Nigeria, no doubt is on the verge of becoming self-sufficient in meeting her domestic petroleum requirements, writes Chika Amanze-Nwachuku Nigeria’s refined oil deficit has been a matter of national concern, yet there has not been any addition to the refinery capacity in the past 22 years….

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September 10, 2013
NEITI Insists on Transparency in Acquisition, Awards of OMLs

The Nigeria Extractive Industries Transparency Initiative (NEITI) has stressed the importance of transparency in the acquisition and awards of crude oil prospecting licences and mining leases in Nigeria’s hydrocarbon industry. NEITI in this regard asked the Department of Petroleum Resources (DPR) to follow extant international practices and place all crude oil licenses and contracts in…

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September 10, 2013
IPMAN Tasks Stakeholders on Pipeline Vandalism, Crude Theft

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has charged all the stakeholders in the oil and gas industry to tackle pipeline vandalism. It said crude oil theft had been a great challenge against optimum output from the refineries. Speaking after a recent meeting of the National Executive Committee (NEC) of IPMAN in Lagos, the…

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September 10, 2013
Firm Acquires N6bn Vessels for Offshore Operations

CNS Marine Nigeria Limited said that it has acquired three vessels worth over $50 million (N6 billion) for offshore services in Nigeria. Speaking at the weekend during the official commissioning of the new vessels, the Managing Director/Chief Executive Officer of CNS Marine Limited, Mr Barry Adedamola, disclosed that the company has acquired three vessels to…

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September 10, 2013
FG says gas flaring reduced by 20%

The Federal Government has disclosed that gas flaring has been reduced in the country to about 20 per cent over the last two years. The Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, who disclosed this last week at the plenary session of the 19th Nigerian Economic Summit in Abuja. She said that a further reduction…

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September 10, 2013
NEITI cautions against indiscriminate award of oil prospecting licences

THE Nigeria Extractive Industries Transparency Initiative (NEITI) has called for transparency in the acquisition and awards of oil prospecting licences and mining leases. The Executive Secretary of NEITI, Mrs. Zainab Ahmed, made the call at the appraisal workshop for awardees of oil prospecting licenses organised by the Directorate of Petroleum Resources (DPR). Represented by the…

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September 10, 2013
PIB: Why NASS needs patriotism

SINCE the latest drafting of the Petroleum Industry Bill (PIB) by its Technical team led by Group Executive Director of Nigerian National Petroleum Corporation, (NNPC), Engr. Abiye Membere, the sector has expectedly been witnessing deluge of reactions from stakeholders. The exercise is viewed by most opinion leaders as an excellent effort by the foresighted honourable…

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