December 20, 2013
NNPC admits some oil revenues still unaccounted for

Top Nigerian officials who have been meeting to verify claims that N8 trillion oil revenues had been missing over the last 18 months have narrowed their differences to about N1.9 trillion missing. Central Bank of Nigeria (CBN) Sanusi Lamido Sanusi raised the issue of the missing trillions in a letter he wrote to President Goodluck…

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December 20, 2013
Hope Dims for 2014 Budget as Senate, House Meeting on Oil Benchmark Fails

Hopes of presenting the 2014 budget early dimmed further Thursday as the conference committee set up by both the Senate and House of Representatives to resolve the logjam on oil benchmark for next fiscal year has adjourned indefinitely, following the failure of the conference to harmonise their differences on the matter. Three days of several…

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December 20, 2013
Excess Crude Account Now $3.18 bn as FG, States, LGs Share N675.6bn in Nov

Indications emerged Thursday that the Excess Crude Account (ECA) has been depleted to only $3.18 billion. After some initial delays, the Federation Account Allocation Committee (FAAC) last night finally shared a total distributable revenue amounting to N675.650 billion among the three tiers of government for November. The FAAC meeting for the period under review ought…

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December 20, 2013
Nigeria attracted N16bn non-oil investment in 2013

Minister of Trade and Investment Dr Olusegun Aganga has said Nigeria attracted over N16 billion( $96 million) in non-oil sector of the economy in 2013. Minister Aganga made this disclosure while addressing participants at the 3rd Annual Seminar for trade and investment correspondents and editors in Abuja at the weekend. According to him, the effort…

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December 18, 2013
Is Nigeria Missing $50 Billion? Some Considerations

Nigeria’s latest oil scandal has erupted, and it’s a big one. This week, an online media outlet leaked a letter from the country’s central bank governor to the president accusing the national oil company of failing to transfer $50 billion in oil revenues to the treasury between January 2012 and July 2013. Allegations of mismanagement and revenue…

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December 17, 2013
Chevron Plans $35.8bn Upstream Spending for Nigeria, Others

  United States oil giant, Chevron Corporation has planned $35.8billion upstream spending in 2014 for major capital projects in Nigeria, Angola, Canada, Argentina, United Kingdom and the Republic of Congo.The $35.8billion is part of the $39.8 billion capital and exploratory budget for 2014, which includes $4.8 billion of planned expenditures by affiliates, which do not…

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December 17, 2013
Court Stops Chevron from Sale of Oil Blocks to Seplat Petroleum, Others

A Federal High Court sitting in Lagos has issued an interim junction restraining Chevron Corporation of the United States and its Nigerian subsidiary, Chevron Nigeria Limited (CNL), and their agents from negotiating the sale of Oil Mining Leases (OMLs) 52, 53 and 54, with Seplat Petroleum Development Company (SPDC) Limited or any other bidder, apart…

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December 10, 2013
Local firms to produce 30% of Nigeria’s oil, gas by 2018

Atlantic Energy target 8b barrels of crude in five years Opportunities available to Nigerian indigenous oil and gas companies could hit eight billion barrels of crude oil, and 46 trillion cubic feet of natural gas gross reserves by 2018. According to Scott Aitken, co-chief Executive Officer of Atlantic Energy, the indigenous companies in Nigeria’s multi-billion dollar…

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December 10, 2013
Pipeline Fire Forces Eni to Shut-in 47,000bpd Production

Italian energy company, Eni, which operates in Nigeria as Nigerian Agip Oil Company (NAOC) has started closing some flow stations on a large, after shutting down a key Nigerian pipeline in the eastern Niger Delta. This development, which was caused by pipeline fire, came barely two weeks after a large amount of crude oil was…

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December 10, 2013
Oil Benchmark: Senate, House Meeting Ends in Deadlock

Hope  of an early resolution  of the differences between the two chambers of the National Assembly on the appropriate oil benchmark to be adopted in projecting the federation revenue for the 2014 budget has been dashed as the first meeting of the conference committee of both the Senate and House of Representatives raised to harmonise…

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December 9, 2013
Total Targets 2017 for Oil Production in Egina Field

Total has said it is targeting production of crude oil from the 150,000 barrels-per-day-capacity Egina deepwater field located 150 kilometres off the coast of Nigeria by the end of 2017. Speaking at the weekend during the celebration of the completion of the detailed engineering of the living quarters of the Floating Production Storage Offloading (FPSO)…

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December 6, 2013
Oil Revenue Decline Raises Concern over 2014 Budget

The decline in Nigeria’s crude oil revenue this year may negatively affect the budget framework for 2014, a report has stated. The report noted that this might make the federal government to initiate policies such as an increase in taxation, subsidy removal or the enforcement of due process going forward. The Managing Director/Chief Executive Officer,…

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December 6, 2013
Amaechi, Okonjo-Iweala in Fresh War of Words Over Nigeria’s Crude Oil Earnings

Rivers Governor challenges minister to tell Nigerians how much the nation earned from oil sales in the last one year The Rivers State Government on Thursday challenged the Finance Minister, Ngozi Okonjo-Iweala, to disclose publicly how much oil Nigeria produces, the price it is being sold and how much the country earned from crude oil…

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December 5, 2013
N6bn Subsidy Fraud: SFU Launches Manhunt for Suspects

The Special Fraud Unit (SFU) of the Nigeria Police in Lagos has launched a manhunt for three alleged fuel subsidy fraudsters who swindled the federal government to the tune of over N6 billion. The SFU in a statement signed by the Police Public Relations Officer (PPRO), DSP Ngozi Isintume-Agu, declared that the Managing Director of Eurafric…

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December 5, 2013
NLNG Floats $1b Financing Scheme for Contractors

 As part of its efforts to ensure that its registered contractors and vendors have access to bank loans at very competitive terms and rates, the Nigeria Liquefied Natural Gas Limited (NLNG) Limited has launched a $1 billion local vendors financing scheme. The company has also signed a Memorandum of Understanding (MoU) with five participating banks –…

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December 5, 2013
SURE-P: Petroleum Ministry Has Something to Hide, Says Senate Panel

Upper chamber queries N3.85bn Manitoba power deal The Senate Ad hoc Committee on the Subsidy Reinvestment Empowerment Programme (SURE-P) yesterday read a riot act to the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, accusing her and the ministry of shady deals in the administration of SURE-P funds. This came as the Committee on Power, Steel Development…

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December 5, 2013
House Still Devided over Oil Benchmark, Denies $100,000 Bribe from Executive

Re-alignment of parties may affect Ihedioha, others Tambuwal wants US assistance on elections, Boko Haram The division among lawmakers over the appropriate oil benchmark for the 2014 budget resurfaced yesterday in the House of Representatives as they failed to forge a consensus after about two hours meeting behind closed doors. The meeting was held preparatory…

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December 2, 2013
House Probes NNPC on Kerosene subsidy

Queue for kerosene For the second time in less than a fortnight, the Nigerian National Petroleum Corporation (NNPC) has come under the spotlight of the House of Representatives, this time to account for expenditure and subsidy on kerosene. Worried that the country had spent N634 billion on subsidising kerosene in the last three years, the…

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December 2, 2013
Why kerosene price remains high, by PPPRA

The Executive Secretary of the PPPRA, Reginald Stanley, has identified factors responsible for the high cost of kerosene at the retail end in the country. He listed the challenges to include long chain of handling, smuggling because of the huge arbitrage in price, use of kerosene in diesel blending and fuelling aircraft as well as…

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December 2, 2013
AfDB commits N10.4b to Africa energy fund

African Development Bank (AfDB) has approved a $65-million (N10.4 billion) equity investment package in the Africa Renewable Energy Fund (AREF) comprising $25 million from its statutory resources, $35 million from the Sustainable Energy Fund for Africa (SEFA) and $4.5 million from the Global Environment Facility (GEF). AREF is a private equity fund that will invest…

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December 2, 2013
Nigeria’s refineries, battle for survival

Nigeria, a nation blessed with abundant hydrocarbon resources, has been known for its much brouhaha on issues that border on its energy sector, due to reliance on the industry for the nation’s economic survival. From fuel pump price increase to subsidy saga, crude oil theft to pipeline vandalism, the debate has now shifted to the…

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