January 6, 2015
Nigeria’s crude oil export to Europe, Asia drop

Nigeria’s crude oil export to Europe and Asia, two of the country’s key markets, declined by 6.6 million barrels in September 2014, further reducing the country’s oil revenue at a time the plunge in global oil prices entered its third month. Report by Ship and Port online reported yesterday that the fall in oil prices,…

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January 6, 2015
NEITI Audit Report And Fiscal Responsibility

The Nigerian Extractive Industries Transparency Initiative (NEITI) presented to the public two independent audit reports on June 25 2014. These were the 2007-2011 Fiscal Allocation and Statutory Disbursement Audit and the Solid Minerals Audit reports. This was the second public presentation of reviews of federal fiscal allocation and statutory disbursement by NEITI covering the 2007-2011…

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January 5, 2015
Stop Losing 400,000 Barrels of Oil Per Day, Fashola Tells FG

Lagos State Governor, Mr. Babatunde Fashola, at the weekend, asked the federal government to stop losing 400,000 barrels of crude oil per day, which he said, could earn the country nearly $7.8 billion per annum at $50 per barrel. The governor also faulted the austerity measures the federal government put in place to stem the…

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December 31, 2014
Why America Stopped Buying Nigeria’s Crude Oil

The lawmaker representing Eti-Osa constituency 2 in the Lagos State House of Assembly, Hon. Gbolahan Yishawu, has said the United State of America (USA) deliberately stopped buying crude oil from Nigeria as a form of sanction, saying it is high time government took drastic action about the parlous state of the economy. He disclosed this…

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December 8, 2014
Nigeria loses $11.5bn to declining oil prices

The federal government and the oil and gas producing companies may have lost an estimated $11.5billion to the drop in the price of Brent crude oil from $115 per barrel in June to $68.62 yesterday, THISDAY has learnt. With Nigeria producing about 2.4 million barrels per day and exporting 2.2 million barrels per day, the…

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November 26, 2014
President Jonathan launches implementation of N100bn Nigerian component of GGW project

President Goodluck Jonathan on Tuesday formally launched the implementation of the Nigerian component of the Great Green Wall (GGW) initiative at Bachaka in Arewa Local Government Area of Kebbi State worth over N100 billion. The GGW is a regional afforestation programme which is designed to create a greenbelt of trees across Africa at the southern…

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November 25, 2014
Global energy demand to rise by 60% — OPEC Report

The falling oil prices will probably be temporary going by the Organisation of Petroleum Exporting Countries, OPEC report just released. The OPEC report as contained in the World Oil Outlook for 2014 stated that by 2040, energy demand is expected to increase by 60 percent to 256 million barrels oil equivalent per day (mb/d). The report…

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November 21, 2014
Oil Price Slump: FG to Increase Taxes, IGR

Owing to the slump in oil prices, the federal government on Thursday disclosed that it had mapped out measures to increase taxes and other forms of internally generated revenue (IGR) in the country. The Lagos State Deputy Governor, Mrs. Victoria Adejoke Orelope-Adefulire, stated this when she briefed State House correspondents after the National Economic Council…

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November 18, 2014
Oil: Nigeria facing stiff competition from East African countries

Apparently referring to the non passage of the petroleum industry bill, PIB, the Managing Director of Total Upstream Company in Nigeria, Elizabeth Proust, said that Nigeria is fast losing oil exploration investments to East African countries. Proust, who stated this at the National Association of Petroleum Explorationists, NAPE, conference in Lagos, said that Nigeria is…

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November 11, 2014
Revolution to put food on Nigerians tables – Minister of Agriculture

To him, inclusive growth in the economy is not complete without the rural dwellers whose life depends on agriculture, so he sees himself as being on a mission to integrate the rural dwellers through transformation of agriculture. Today, Dr. Akinwumi Adesina, Agriculture and Rural Development Minister, sees his journey in the corridor of power as…

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November 10, 2014
Nigeria needs oil at $126 to balance its budget – Deutsche Bank

With less than three weeks to go before the Organisation of Petroleum Exporting Countries, OPEC, meets in Vienna and the selloff in oil showing few signs of letting up, speculation is mounting the group will take action to try to stem the decline. But countries like Nigeria, Iran, Venezuela and Russia, who depend on oil…

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November 9, 2014
Africa: Time to upscale renewable energy

It is no longer a secret. The world is fast running out of traditional energy sources such as coal. Furthermore, emissions from these fossil fuels have increased climate warming and caused environmental damage. Therefore, the global community needs to start preparing for the future by embracing the use of renewable energy services and sources. In…

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November 5, 2014
Nigeria faces twin currency, budget woes as oil price slumps

A sharp drop in global oil prices has raised the twin spectres of a potential currency devaluation and budget shortfalls in Nigeria just as Africa’s biggest economy gears up for a closely fought and costly presidential election in February. Nigeria, the continent’s top producer, relies on oil for only 14 percent of its gross domestic…

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October 29, 2014
Nigeria to import petroleum products for 20 years despite the possibility of building new Refineries

Nigeria and other African countries will continue to be net importers of petroleum products despite the availability of functional and quasi-functional refineries, and plans to build more refineries on the continent, the Minister of Petroleum Resources, Mr. Diezani Alison-Madueke, has said. According to her, plans to build more refineries in Angola, Uganda, Mozambique and Nigeria…

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October 21, 2014
Oil Slump Rings Alarm Bells for Nigeria as Elections Loom

Nigeria’s efforts to prop up its currency months before presidential elections are being undone by the slide in oil prices. The naira tumbled to within 0.3 percent of a record low as Brent crude fell to the lowest level in more than four years. While some of the world’s biggest banks say the collapse in…

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September 23, 2014
Nigeria Earns $40bn from Oil Exports in Six Months

Nigeria has been estimated to have realised about $40 billion from crude oil exports in the first half of this year, according to the Organisation of Petroleum Exporting Countries (OPEC). The 12-nation member organisation, in its revenue fact sheet, however stated that the Africa’s oil giant had net earnings of about $84 billion in 2013….

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September 8, 2014
Prof. Igwe: Modular Refineries Will Address Perennial Shortage of Petroleum Products

Prof Godwin Igwe is the Director, Centre for Gas, Refining and Petrochemicals, Institute of Petroleum Studies, University of Port Harcourt. In this interview Chika Amanze-Nwachuku, he posited that setting up modular refineries at strategic demand locations in Nigeria will put an end to persistent shortage of petroleum products in Nigeria. Excerpts: In the recent time…

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August 22, 2014
FG approves N31.2bn electricity evacuation contract for Kashimbila Dam

The Federal Government has awarded a N31.2 billion contract for the evacuation of electricity from the 40-megawatts capacity Kashimbilla Dam in Takum local government area of Taraba. The Minister of State for Power, Mr. Mohammed Wakil, disclosed this to State House correspondents after the weekly Federal Executive Council meeting presided over by President Goodluck Jonathan….

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May 2, 2014
NNPC to increase crude oil reserves, production

THE Nigerian National Petroleum Corporation (NNPC), has embarked on fresh exploration campaigns in offshore, onshore and the inland basins of Chad, Anambra, Benue, Bida and Sokoto Dahomey to increase the country’s crude oil reserve and production.  Specifically, NNPC expects the outcome of the programme to boost the national crude oil reserve and production to 40…

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May 2, 2014
Gas-to-Power: NNPC Turns to Local Security to Protect Pipelines

The Nigerian National Petroleum Corporation (NNPC) has said that it is greatly engaging local vanguards and vigilante groups to provide security coverage for its crude oil and gas pipelines that are located at the creeks of Niger Delta. NNPC said it has opted to maintain such strategies rather than providing financial settlements to local chiefs…

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May 2, 2014
FG, Shell, Others Lose $1bn to Closure of Forcados Export Terminal

The federal government and the International Oil Companies (IOCs), including Shell Petroleum Development Company (SPDC) and Chevron Nigeria Limited may have lost a total of $1billion to the closure of the Forcados Export Terminal, since March 4, 2014, THISDAY has learnt. Shell at the weekend confirmed that the export terminal has remained closed for over…

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April 25, 2014
NNPC Seeks Swift Embrace of Cooking Gas by Nigerians

The Nigerian National Petroleum Corporation (NNPC) has said that it is ready to reinvigorate and increase the domestic consumption of Liquefied Petroleum Gas (LPG), which is also known as cooking gas across the length and breadth of Nigeria. It stated in a statement yesterday in Abuja of its willingness to encourage greater use of cooking…

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April 25, 2014
NOSDRA partners military to tackle oil pollution

The National Oil Spill Detection and Response Agency has entered into partnership with the Nigerian Army to tackle the menace of oil spill and environmental degradation caused by the activities of multinational oil companies across the country. According to the agency, the partnership became critical as a result of the rising cases of oil pollution…

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April 25, 2014
Engota to Acquire Assets in Nigerian Oil Industry

New investment fund, Engota, will begin working internationally within the finance industry to build a portfolio of oil exploration and production assets in the lucrative Nigerian market, the Business Wire reported yesterday. “Nigeria holds some of the richest and lowest cost of production oil deposits in the world. Engota’s indigenous status opens the door to…

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