January 30, 2014
NNPC promises increase in gas supply to power

ABUJA:  The Nigerian National Petroleum Company, NNPC, said that gas supply to power plants will improve over the next five weeks, following the massive repair works on ruptured gas pipeline in the Niger Delta region.   The Corporation also said that a total of N800 million had so far been spent on a number of…

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January 28, 2014
Oil Coys’ divestment may lead to massive job cuts

Two multinational oil companies in Nigeria are on the verge of divesting their assets in the nation’s oil-rich Niger Delta area, Daily Trust can report.   But the exercise would leave a bitter taste in the industry as both companies would sack half of their workforce in the country in order to execute the divestment…

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January 20, 2014
Okonjo-Iweala: NNPC must prove how it spent $10.8bn

0 January 2014, Abuja – Minister of Finance, Dr. Ngozi Okonjo-Iweala, has said the Nigerian National Petroleum Corporation needs to provide evidence that the unmeritted $10.8bn has been judiciously spent. She said the NNPC claimed to have used the unremitted funds for key operational costs. The minister said this in Lagos on Sunday, while responding to questions about…

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January 20, 2014
Sanusi: NNPC Retaining $10.8bn Adds to Nigeria Risks

Nigeria’s central bank Governor Lamido Sanusi said the state oil company had no right to retain $10.8 billion in income, which has contributed to a drop in savings that’s left the nation exposed to possible price shocks. “Given where the oil price is, we should have more in terms of reserves and savings, and because…

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January 20, 2014
PENGASSAN: Non-passage of PIB threatens investments in oil, gas industry

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) on Thursday said that non-passage of the Petroleum Industry Bill (PIB) posed serious challenges to investments in the sector. Mr Sheyi Gambo, the National Public Relations Officer of PENGASSAN, said this in an interview with the News Agency of Nigeria (NAN) in Lagos. Gambo…

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January 20, 2014
Fear of Liquidity Glut

President Goodluck Jonathan Standard & Poor’s said Nigeria’s budget for 2014 may overestimate likely oil output amid increased tensions in the run-up to 2015 presidential elections.“It’s a concern if they have a big rise in pre-election expenditure and there’s a big revision on the oil price or there is a production shortfall due to Niger…

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January 20, 2014
FG Moves to Enforce Petroleum Act on Divestments of Oil Blocks

As part of the strategy to control and monitor the sale of oil blocks by the International Oil Companies (IOCs) operating in the country, the Federal Government has invoked the relevant sections of the Petroleum Act that empower the Minister of Petroleum Resources to have the final say on the divestments of Oil Mining Leases…

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January 20, 2014
NNPC and the Federation Account

Veteran journalist and author, Olusegun Adeniyi, in his article titled – Sanusi’s letter, Jonathan’s burden, offered interesting insights into the disagreement between the Nigerian National Petroleum Corporation [NNPC] and President Goodluck Jonathan on one side and the Central Bank Governor, Sanusi Lamido Sanusi, over the ‘missing’ $49.8 billion dollars. Adeniyi’s prescription on how to resolve…

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January 20, 2014
Governor’s Seek Forensic Audit into Unremitted $49.8bn Oil Money

•  Condemn  excessive use of force by police, increased violence in states The Nigerian Governors’ Forum (NGF) has called on the National Assembly to engage the services of an audit firm to conduct what it described as a ‘comprehensive independent forensic audit into the alleged unremitted $49.8 billion crude oil revenue to the Federation Account….

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January 17, 2014
Oil Revenue Drops to N479.9bn in December

•  FG, states, LGs share N581.4bn Following serious disruptions in crude oil production and lifting operations including vandalism of pipelines, maintenance and the Force Majeure declared at Bonny Terminal, monthly gross oil revenue dropped by N117. 802 billion to N479.950 billion in December compared to N597.752 billion the previous month. Notwithstanding, a total distributable revenue…

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January 16, 2014
Standard & Poor: Nigeria overstates crude production in 2014 budget

Global rating agency, Standard & Poor’s, S&P, yesterday, raised concerns that Nigeria’s crude oil production forecast of 2.39 million barrels a day in the 2014 budget, was over-estimated. This, according to the rating agency, was due to increased tension in the Niger Delta region and the forthcoming 2015 general elections. Ravi Bhatia, an analyst at…

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January 9, 2014
Chinese firm to explore oil, gas deposits, build refinery in Niger

Minna — Following the growing prospect of oil and gas discovery in commercial quantity in Bida Basin, a Chinese firm has indicated interest to invest over N160billion in the construction of a refinery in Baro, Niger State and help in exploring oil and gas deposits in the area. The state government early in 2012 set…

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January 9, 2014
Filling Stations Defy FG, Sell Petrol Above N100 Per Litre in S‘East

Despite federal government’s assurance last week that it had no plan to increase the pump price of petrol from the current N97 per liter, most filling stations in the South-east and the northern parts of the country have continued to dispense the product at above N100 per litre. THISDAY investigation revealed that many filling stations,…

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January 9, 2014
Oil Workers’ Strike Averted as FG Reverses Decision to Sell Refineries

The looming strike by workers in the oil and gas sector has been averted as the federal government has shelved its earlier decision to sell the nation’s four refineries. The government would now work with the unions in the oil sector to formulate workable business models and strategies for the refineries. The Turn Around Maintenance…

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