November 28, 2013
Reps, NNPC and missing $13.9b crude revenue

The Nigerian National Petroleum Corporation (NNPC) sold $20.9 billion crude, but only remitted $7 billion, according to the House of Representatives which has ordered another round of investigation into crude oil sales and remittances by the corporation reports SENIOR CORRESPONDENT, Adeola Yusuf. The Nigerian National Petroleum Corporation (NNPC), for the umpteenth time, made the headlines…

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November 28, 2013
$9.3bn underpayments: NEITI plans regulations against oil firms

The Nigeria Extractive Industry Transparency Initiatives (NEITI) on Monday said it is working on a additional regulation that would allow it impose sanctions on oil companies and oil related government agencies for not complying with remedial issues raised in its latest audit reports. Executive Secretary of NEITI, Mrs. Zainab Ahmed disclosed this shortly after a…

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November 28, 2013
The PIB Oil Workers Want

As the clamour to expedite passage of the Petroleum Industry Bill (PIB) intensifies, oil workers under the umbrella of National Union of Petroleum and Natural Gas Workers (NUPENG) and Petroleum and Natural Gas Senior Staff Association (PENGASSAN) have listed key areas the National Assembly should tinker with to ensure it reproduces a bill that will…

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November 25, 2013
Afren, Lekoil Announce Oil Discovery in OPL310

• Heritage Oil increases output from Nigerian oil field Afren Plc and partner, Lekoil Limited, Tuesday said drilling results at the OPL310 site offshore Nigeria were almost four times higher than previous expectations. The two junior oil and gas exploration and development companies said the OPL310 site showed a gross recoverable P50 resource estimated at…

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November 25, 2013
Sanusi Decries Lack of Fiscal Savings Amid Strong Oil Prices

• CBN Retains Interest Rate at 12% • Targets 6-9% inflation in 2014 The Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, yesterday expressed disappointment over the low rate of reserve accretion in spite of strong oil prices. He blamed the development on the absence of fiscal savings. Also, Sanusi maintained…

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November 25, 2013
Senate moves to establish oil exploration agency

Possibility of oil exploration in the northern part of the country got a major boost on Tuesday when the Senate passed for second reading a bill seeking to establish the National Frontiers Basins and Exploration Agency. Sponsored by Senator Smart Adeyemi (PDP, Kogi), when established the agency will be saddled with the responsibility of exploring…

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November 25, 2013
Oil workers caution FG over planned sale of refineries

Oil workers under Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) have cautioned the federal government over the proposed sale of the nation’s refineries to private investors next year. General-Secretary, Comrade Isaac Aberare, who gave the warning in Lagos yesterday, said stakeholders in the oil sector must be involved for the sale to be…

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November 20, 2013
Oil Sector Lost N60.8 Trillion in 30 Years

NIGERIA’S inability to locally generate local content in men and materials needed in driving its oil and gas industry has resulted in the loss of an estimated $380 billion in the last 30 years, the Executive Secretary of Nigerian Content Development and Monitoring Board (NCDMB), Ernest Nwapa, has said. Speaking Tuesday at the opening of…

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November 20, 2013
Account for Missing $5bn from ECA, PDP Faction Tells FG

The breakaway faction of the Peoples Democratic Party (PDP), led by Alhaji Abubakar Baraje, has challenged the federal government to account for the $5 billion, which is said to have disappeared from the nation’s Excess Crude Account (ECA). Rivers State Governor, Chibuike Amaechi, had said the ECA stood at $9 billion last January but had…

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November 20, 2013
Volpi: It is Wise to Invest Oil Proceeds on Agriculture, Logistics

Managing Director, Integrated Logistics Services Nigeria Limited, Mr. SimoneVolpi, spoke with John Iwori on the huge potential of Nigeria’s maritime sector as well as the oil and gas industry. Excerpts: How will you assess the potential of the oil and gas in the African continent? According to a study by McKinsey in 2010, the future…

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November 20, 2013
Nigeria’s Debt Rises to N8.32 Trillion

Nigeria’s total debt stock increased by 10.20 per cent to N8.32 trillion as at September 30, 2013, compared with the N7.55 trillion it was as at December 31, 2012, the Debt Management Office (DMO) has revealed. This includes both external and domestic debts. A breakdown of the public debt showed the external debt (federal government…

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November 20, 2013
DPR Moves against Erring Petrol Stations

The Department of Petroleum Resources (DPR) is said to be considering more stringent measures in its bid to check fraudulent activities in the downstream petroleum sector. The latest measures, THISDAY gathered, will include sealing off erring filling stations that indulge in malpractices for as long as six months; and handing their managers over to the…

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November 20, 2013
Nigeria’s GDP Increases to 6.81% in Third Quarter

Ngozi Okonjo Iweala, Finance Minister • Crude oil production up to 2.26mbpd Nigeria’s real Gross Domestic Product (GDP) increased to 6.81 per cent in the third quarter of the year, compared to 6.18 per cent in the previous quarter, the National Bureau of Statistics (NBS) has said. Nominal GDP for Q3 was estimated at about…

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November 19, 2013
OPEC: Nigeria’s Oil Reserves Remains Stagnant at 37bbl

As Venezuela upstages Saudi Arabia as world best Nigeria’s crude oil reserve has been stagnant since the past three years at 37 billion barrels it achieved in 2010 while Libya sustained its lead as Africa’s highest reserve. Organisation of Petroleum Exporting Countries (OPEC) in its 2012 latest report also disclosed that Venezuela with 297.7 billion…

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November 19, 2013
Oil Traders Accused of Fraud to Sue Swiss NGO

Local and international oil traders, indicted in a recent report by a Swiss-based Non- Government Organisation (NGO), the Berne Declaration, have commenced moves to institute legal proceedings against the organisation, THISDAY has learnt. The traders were alleged to have colluded with the Nigerian National Petroleum Corporation (NNPC) and defrauded Nigeria of billions of dollars through…

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November 19, 2013
Excess Crude Account Drawn Down to $3.5bn

The Federation Account Allocation Committee (FAAC) Thursday withdrew $1 billion from the Excess Crude Account (ECA) to augment the revenue for October, leaving the ECA at about $3.598 billion. It was gathered that President Goodluck Jonathan approved the withdrawal in order to shore up revenue shortfall. Also, total statutory allocation amounting to about N525.2billion was…

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November 19, 2013
SURE-P Votes N15bn As Allowance To Unemployed Graduates

MINNA – The Subsidy Reinvestment and Empowerment Programme (SURE-P) has set aside N15 billion to pay allowances of unemployed graduates participating in its Graduate Internship Scheme (GIS). Head of its GIS, Mr Akubo Adegbe, disclosed this to newsmen in Minna during an interactive session. Adegbe said each of the 50,000 participants to be recruited for…

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November 18, 2013
Nigeria shares N568bn for Oct, lowest in 2013

The three tiers of government yesterday shared N568.413 billion from the federation account as October allocation, the lowest figure for any month this year. Forum of Commissioners of Finance yesterday bemoaned the low allocation even with the $1 billion dollar augmentation from the Excess Crude Account. Chairman of the forum and Ebonyi State Finance Commissioner,…

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November 13, 2013
Plan ahead of decline in US crude import, stakeholders tell FG

The Federal Government was on Tuesday reminded of the urgent need to plan ahead of the eventual shift to Shale gas production in United States, which has already cost Nigeria over one million barrels per day export to the world’s largest economy. This was the submission of stakeholders at the on-going Annual International Conference and Exhibition…

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November 11, 2013
Total invests N15b in downstream operations since 2010

•Plans 60 new filling stations TOTAL Nigeria Plc has estimated its downstream investment in Nigeria between 2010 and 2013 at about N15 billion ($100 million), even as it unfolds plans to build additional 60 new filling stations across the country. According to the company’s Managing Director, Alex Vovk, the investment profile was made in line…

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November 11, 2013
NNPC says no company enjoys monopoly in crude oil lifting

The Management of the Nigerian National Petroleum Corporation (NNPC) yesterday denounced the recent report by Swiss-based NGO (The Berne Declaration) accusing the Corporation of collusion with some local and international oil traders to execute unfair industry practices. In a statement signed by the corporation’s spokesperson, Mrs Tumini Green, NNPC stated that the publication is not…

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November 11, 2013
NNPC rejects allegations of sharp practices in crude oil sales

The management of NNPC on Sunday denied a report by a Swiss-based agency which accused the corporation of colluding with some local and international oil traders to execute unfair industry practices. Ms Tumini Green, the Acting Group General Manager (Public Affairs) of NNPC, made the denial in Abuja at a news conference.

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November 11, 2013
FG Secures $1bn Loan to Ease Gas Supply

    The problem of gas supply to power stations and other relevant sectors will soon be over as the federal government has secured a $1 billion loan to tackle the problem. The Director General, Bureau of Public Enterprises (BPE), Mr. Benjamin Diki, disclosed this at the weekend, during a visit to the Aluminium Smelter…

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November 8, 2013
NNPC silent on $6.8bn alledged fraudulent oil deals with Swiss firms

The Nigerian National Petro-leum Corporation (NNPC) has kept mum days after a Swiss-based non-governmental group, Berne Declaration, accused the corporation of conniving with major Swiss oil firms to defraud Nigeria of billions of dollars from crude oil deals. The group, through its recently released report, “Swiss Traders’ Opaque Deals in Nigeria,” described NNPC’s oil deals…

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