April 12, 2016
Nigeria Environmental Groups Wants Eni/Agip Audited Following Frequent Explosions

Premium Times The Environmental Rights Action / Friends of Earth Nigeria (ERA/FoEN), has called for a comprehensive audit of safety procedures at Agip oilfields in Bayelsa following frequent fatal explosions. This is contained in its field report on pipeline explosions in the company’s facility, made available to the News Agency of Nigeria on Monday in…

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April 12, 2016
Nigeria Exports Crude Oil to US

Breaking Times One news item in the international wire service last week caught my attention. It is the fact that the United States of America has turned again to Nigeria for crude oil. The new twist in the US quest for Nigerian oil is coming on the heels of the slow down in shale oil…

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April 12, 2016
Oil Price Slump: Snake Island Free Zone, Nigerdock Target 30% Cost Reduction

This Day By Ejiofor Alike The Chairman of the Snake Island Integrated Free Zone (SIIFZ), Mr. Anwar Jarmakani has said that the free zone and Nigerdock were determined to bring down the operational costs of oil and gas logistics and supply services by 30 percent in the face of the slump in crude oil prices…

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April 12, 2016
Nigeria’s Oil Production Rises Marginally

This Day By Obinna Chima Nigeria produced a total of 66.49 million barrels (mb) of crude oil and condensate for the month of January 2016, representing an average daily production of 2.14 million barrels per day. This represents an increase of about 2.97 per cent, relative to December 2015, according to a report by FSDH…

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April 11, 2016
Refineries Lose N14bn in One Month

Punch By Okechukwu Nnodim The amount of crude oil processed by Nigeria’s three refineries slumped by 224,342 metric tonnes between January and February 2016, the latest financial and operations report of the Nigerian National Petroleum Corporation indicated. It also showed the consolidated revenue from the facilities nosedived by N14.17bn. Nigeria’s refineries include Warri Refining and…

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April 11, 2016
NNPC Loses N24b to Forcados Pipeline Vandalism

The Nation By Emeka Ugwuanyi The Nigerian National Petroleum Corporation (NNPC) said it recorded N24.23 billion loss in February, and that gas supply decline of 70million standard cubic feet per day (mmscf/d) to power plants in the same month occurred due to vandalism of the 48-inch Forcados export line. The corporation stated this in its…

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April 11, 2016
Nigeria Targets Sale of 40% of New NPC

Vanguard By Sebastine Obasi Nigeria plans to split state oil company, Nigerian National Petroleum Corporation, NNPC into two to help ease a planned stake sale and wants to sell at least 40 percent of a newly created National Petroleum Company (NPC) in coming years, according to a draft of a long-awaited oil bill. The bill…

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April 11, 2016
Nigeria’s Oil Production Rises Marginally

This Day By Obinna Chima Nigeria produced a total of 66.49 million barrels (mb) of crude oil and condensate for the month of January 2016, representing an average daily production of 2.14 million barrels per day. This represents an increase of about 2.97 percent, relative to December 2015, according to a report by FSDH Merchant…

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April 11, 2016
Strategies for Diversifying Nigeria’s Economy

The Sun By Okechukwu Emeh, Jr BEING solely dependent on export of crude oil as a major source of foreign earnings, Nigeria, the much-hyped Africa’s biggest economy, is currently bearing the brunt of a sharp decline in the international prices of the hydrocarbon resource since June last year. Chiefly among the adverse effects of this…

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April 11, 2016
US Importing Nigeria Crude Oil Again?

VANGUARD By Omoh Gabriel One news item in the international wire service last week caught my attention. It is the fact that the United States of America has turned again to Nigeria for crude oil. The new twist in the US quest for Nigerian oil is coming on the heels of the slow down in…

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April 8, 2016
Nigeria Targets Sale of 40 Percent of New State OilFirm: Draft Bill

Reuters Africa By Julia Payne and Camillus Eboh ABUJA (Reuters) – Nigeria plans to split state oil company NNPC into two to help ease a planned stake sale and wants to sell at least 40 percent of a newly created National Petroleum Co (NPC) in coming years, according to a draft of a long-awaited oil…

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April 8, 2016
Nigeria: New Oil Industry Bill Exempts Sector From TSA, Due Process

Leadership By Tordue Salem Part 5, Section 62 of the Petroleum Industry Governance Bill, 2016, proposed by the two chambers of the National Assembly, seeks to empower a “National Petroleum Company” that would execute contracts and transact business on behalf of government without recourse to the Bureau for Public Procurement under the Public Procurement Act…

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April 8, 2016
Fuel Crisis: NUPENG Ready to Partner NNPC to End Products Scarcity

Vanguard By Victor Ahiuma-Young Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, yesterday, said it was ready to partner with the Nigerian National Petroleum Corporation, NNPC, to end the perennial fuel scarcity in the country. In a statement by its President, Mr. Achese Igwe, the union noted that it had the capacity, men and…

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April 8, 2016
Nigeria: Crude Price – Group Tasks NEPC on Economic Recovery

This Day By Adebiyi Adedapo Abuja — The New Initiative for Credible Leadership (NICL) has enjoined the Nigerian Export promotion Council (NEPC) to increase its activities towards ensuring increase in non-oil export as solution to the economic hardship caused by dwindling crude oil price. The group in a statement noted that NEPC has a crucial…

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April 6, 2016
Tumbling Oil Price Hits Nigeria’s Public Finances, says IMF

Public Finance International by Emma Rumney The fall in oil prices has “decimated” Nigerian government revenues and slashed the country’s GDP growth from 6.3% in 2014 to an estimated 2.7% last year, the International Monetary Fund has said. IMF executive directors called for significant macroeconomic adjustments, tax increases and stronger public financial management as the…

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April 6, 2016
Nigeria in Darkness Due to Pipeline Vandalism, Transmission Failure

Energy Mix Report Recent attacks on crude oil and gas pipelines may have signaled the end of the honeymoon enjoyed by the administration of President Muhammadu Buhari with respect to pipeline vandalism. This has ushered in a period of darkness witnessed in recent weeks, as vandalism of gas pipelines disrupted supply of feedstock to gas-fired…

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April 6, 2016
Buhari: Fall in Crude Oil Price Blessing for Nigeria

This day Osinbajo says patronising made-in-Nigeria products, good for the country Tobi Soniyi in Abuja and Adams Abonu in Lafia President Muhammadu Buhari has declared the current slump in the price of crude oil at the international market was a blessing for Nigeria in the country’s bid to “diversify and revitalise the national economy.” Speaking…

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April 5, 2016
OPEC Daily Basket Price Close at $34.47/b

Sweet Crude Reports The price of OPEC basket of thirteen crudes stood at $34.47 a barrel on Friday, compared with $34.33 the previous day, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Minas (Indonesia), Iran Heavy (Islamic…

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April 5, 2016
FG returns petrol subsidy

Energy Mix Report The Federal Government on Saturday recommenced the payment of subsidy on petrol as it subsidised the commodity by N5.84 for every litre of premium motor spirit consumed in Nigeria, The Punch reports. Subsidy on petrol was stopped in January after the review of the pricing template of the product by the government….

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April 5, 2016
Kaduna Refinery to ‘End Petrol Scarcity in North in Two Weeks’

This Day Newspaper John Shiklam Kaduna — Officials of the Nigerian National Petroleum Company (NNPC)‎ on Saturday stated that the crippling fuel scarcity in the northern part of the country will be over in the next two weeks following the completion of repairs on the vandalized pipelines supplying crude oil to Kaduna Refining and Petro-chemical…

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April 5, 2016
Fuel Scarcity May Linger as Oil Processing Falls by 87.4%

Punch OkeChukwu Nnodim The scarcity of petroleum products across the country may linger much longer considering the fall in the amount of crude oil being processed by Nigeria’s three refineries. Latest data from the financial and operations report of the Nigerian National Petroleum Corporation showed that the processing of crude oil by Nigeria’s refineries fell…

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April 5, 2016
Iheanacho Announces $116m Oil Refinery

PM News Nigeria Integrated Oil and Gas Limited on Saturday, said its 116 million dollars modular refinery would come on stream before the end of 2016. Group Managing Director of the company, Mr Anthony Iheanacho, told newsmen in Lagos that the company had been given provisional licence to commence preliminary work for a 20,000-barrel capacity…

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April 5, 2016
Sovereign Wealth Fund Rises to N213.674 Billion

The Guardian By Mathias Okwe Despite the slow economic growth in the country as a result of the failing crude oil receipts, the country’s Sovereign Wealth Fund ( SWF) has recorded an increase in assets from N177.838 billion the previous year to N213.674 billion as at the end of December last year. According to the…

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April 5, 2016
Neglect of Petrochemical Industry Costing Nigeria $30bn Yearly

The Sun Adewale Sanyaolu The inability of the Nigerian government to utilise its refiner­ies to full capacity has led to the abysmal deterioration of the pet­rochemicals industry, making the country to lose over $29.7 billion annually in revenue. The signifi­cance of a vibrant petrochemical industry to an economy with dai­ly crude consumption of about 445,000…

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