October 31, 2013
Oil Resource Curse and the Yamani Syndrome

ALL in all, I wish we had discovered water’. These words have been attributed to Ahmed Zaki Yamani, Saudi’s Minister of Petroleum and Mineral Resources from 1962 to 1986. At the height of the 1973 oil embargo, which saw the Arab world virtually re-defining the nature of international economic relations, Yamani cautioned at the peak…

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October 31, 2013
PPPRA Officials in N3.5bn Fraud Scandal

The Independent Corrupt Practices and Other Offences Commission, ICPC, has summoned top management officials of the Petroleum and Products Pricing Regulatory Agency, PPPRA, over alleged N3.5billion fraud in the Petroleum Support Scheme, PSF. The invitation followed a petition by a Port Harcourt-based petroleum products marketer, Ledisi Dagogo-Jack. In a petition dated August 13, 2013, Mr….

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October 31, 2013
Crude Oil Output Fluctuates between 2.2m and 2.3m bpd, says NNPC

• Flays relentless attacks on crude oil arteries                       •Lawmakers give conflicting dates on passage of PIB       Barely three years after the Amnesty Programme introduced by the federal government for repentant militants curbed the destructive attacks on oil workers and facilities, creating conducive environment for oil companies to re-open oil fields, Nigeria’s crude oil production figure…

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October 30, 2013
Fashola Reiterates Opposition to Sovereign Wealth Fund

Lagos State Governor, Mr. Babatunde Fashola (SAN) •Says he needs compelling reason to support initiative By Gboyega Akinsanmi                   Lagos State Governor, Mr. Babatunde Fashola (SAN) Monday reiterated his opposition to the operation of the Nigeria Sovereign Investment Authority (NSIA), better known as the Sovereign Wealth Fund (SWF), noting that the federal government under the…

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October 30, 2013
A New Vista for Nigerian Oil and Gas Independents

International oil companies have hinged their decisions to divest from onshore oil blocks on the need to restructure their asset portfolios as well security concerns in the Niger Delta. This no doubt affords Nigerian independents the opportunity to graduate from mere marginal asset holders to operators of bigger acreages, writes Ejiofor Alike In January 2010,…

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October 30, 2013
Sada Charges Board to Discover New Minerals

Minister of Mines and Steel Development, Mohammed Sada, has charged members of the newly constituted board of the Nigerian Geological Survey Agency (NGSA) to work towards discovering new minerals as part of government’s effort to diversify the economy. Speaking while inaugurating the 15-member board chaired by Chief Duru Iheoma, Sada said the choice of members,…

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October 30, 2013
NDIMRC Faults House Committee Chairman on Missing Oil Revenue

Bayelsa-based Niger Delta Indigenous Movement for Radical Change (NDIMRC), has faulted the Chairman of the House of Representatives’ Committee on Finance, Dr. Abdulmumin Jibrin, on a statement credited to him, where he alleged that the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, should be held responsible for the N321 billion allegedly missing from the Federation…

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October 30, 2013
Crude oil theft: Another face of terrorism, says Alison-Madueke

The Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, has declared that the incidence of oil theft and its global support system represents another face of terrorism.She argued that the development remained a clog in the wheel of the nation’s high economic growth trajectory.Alison-Madueke stated this in London recently while delivering the Keynote at the Powerlist…

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October 30, 2013
Oil resource curse and the Yamani syndrome

ALL in all, I wish we had discovered water’. These words have been attributed to Ahmed Zaki Yamani, Saudi’s Minister of Petroleum and Mineral Resources from 1962 to 1986. At the height of the 1973 oil embargo, which saw the Arab world virtually re-defining the nature of international economic relations, Yamani cautioned at the peak…

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October 30, 2013
Angola in exploration frenzy

Angola is the busiest site for wildcat exploration drilling among Africa’s top three oil producers. Over eight exploration wells were being drilled between August and September 2013. Whereas Nigeria’s rig count is the highest, at 43, in September 2013, the focus by the country is on production wells. Libya’s oilfield activity has been so shaken…

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October 30, 2013
Nigeria’s oil production to hit 2.70mbpd by 2020, says report

THE latest international report in the industry has projected a brighter future for the nation’s oil output, which is estimated to hit 2.70 million barrels per day (mbpd), by 2020. The United Kingdom based Business Monitor International (BMI) also suggested that 2013 oil production would be lower than 2012 output, linking the possible drop to…

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October 30, 2013
Oil marketer forged documents in N963.7m subsidy payment, says witness

A PROSECUTION witness, Mr. Ihechukwu Ireogbu, Tuesday told an Ikeja High Court, Lagos, presided over by Justice Lateefat Okunnu, that an oil marketer, Rowaye Jubril, forged some documents to fraudulently obtain N963.7 million subsidy payment from the Federal Government. Ireogbu, the managing director of MGI Inspection Limited, testified at the ongoing trial of Jubril and…

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October 30, 2013
PIB WILL BECOME LAW BEFORE 2015 –TAMBUWAL

  Speaker of the House of Representatives Hon. Aminu Waziri Tambuwal says the Petroleum Industry Bill (PIB) currently before the National Assembly will become law before 2015. He also said the lower house has been able to deliberate extensively on the bill and reflect stakeholders input therein  in readiness for the passage of the PIB.Tambuwal,…

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October 30, 2013
Crude Oil Output Fluctuates between 2.2m and 2.3m bpd, Says NNPC

  Barely three years after the Amnesty Programme introduced by the federal government for repentant militants curbed the destructive attacks on oil workers and facilities, creating conducive environment for oil companies to re-open oil fields, Nigeria’s crude oil production figure has become very erratic, following several attacks on the major arteries from February to date….

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October 8, 2013
Oil Theft: Is FG Chasing Shadows?

  A critical look at Nigeria’s oil and gas sector in the last nine months shows that bunkering, vandalism and theft dominated the industry more than anything else. This trend, experts say, is even more worrisome than the Boko Haram scourge and if allowed to continue, may leave Nigeria with an empty purse sooner than…

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October 4, 2013
Akwa Ibom plant to generate 100 mmcf of gas daily

INVESTORS in the Akwa Ibom Gas Plant have affirmed that the first phase of the facility will be ready to supply 100 million metric cubic feet (mmcfpd) of gas per day. The gas plant, supported by the Akwa Ibom Government under the Public Private Partnership (PPP), is a joint venture between Seven Energy and Frontier…

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October 4, 2013
Police arraign two new oil subsidy suspects

THE police on Thursday arraigned two new oil marketers, Chinyerem Nweze and Olaniran Ogundipe, before a Federal High Court Lagos, over alleged N1.3 billion subsidy fraud. They were charged together with their companies, Geacan Energy Limited and Petroleum Brokers Limited, on a six-count charge bordering on conspiracy and fraud. But they pleaded not guilty to…

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October 4, 2013
NEC approves N15b to tackle oil theft

• FG gets N4.8b loan to fight poverty DETERMINED to tackle persistent oil theft in the Niger Delta, the National Economic Council (NEC) yesterday approved N15 billion to be used in equipping the security agencies to enable them effectively deal with the matter. Meanwhile, the Federal Government has just obtained N4.8 billion (about $300 million)…

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October 4, 2013
Sovereign wealth fund raises hope for second Niger Bridge, aviation, others

WITH the inauguration Thursday of the Council and Board of the Nigerian Sovereign Investment Authority (NSIA), the provision of such critical infrastructure as the second Niger Bridge, Gurara Dam Phase 2, seaports and aircraft leasing company, would only be a matter of time. At their inauguration in Abuja, President Goodluck Jonathan challenged Nigerians to imbibe…

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