April 23, 2014
Nigeria’s Power Sector Requires 10,000km Gas Pipelines, Says GE Boss

The President and Chief Executive Officer (CEO) of General Electric (GE) Nigeria, Dr. Lazarus Angbazo, has stated that Nigeria requires 10,000 kilometres of gas pipelines to power the country’s electricity sector. Speaking to select journalists in Lagos at the weekend, Angbazo said gas supply was probably one of the biggest challenges facing the country’s power…

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April 23, 2014
Onshore Divestment by IOCS on the rise

There are growing concerns over the rise in the level of divestment in Nigeria’s Delta region by the international oil companies (IOCs). Records indicated that before the end of this year, about 22 oil blocks mostly in the onshore basin of the Niger Delta, will be sold by the IOCs as part of their efforts…

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April 23, 2014
Nigerian Firms Win Big in $40 billion Oil Contract Awards

The Nigerian National Petroleum Corporation (NNPC) has awarded yearly crude oil lifting contracts worth about $40 billion to mostly Nigerian companies, and by so doing, downsizing contracts awarded to international oil traders.In a break with tradition, no contracts were given directly to foreign traders such as Glencore, Trafigura and Vitol, with only Switzerland’s Mercuria winning…

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April 23, 2014
$5bn Oil blocks sale: EFCC, ICPC, Foreign Govt. to scrutinize bidders

THE allocation of $5 billion four oil wells from which Shell is divesting its holdings in Nigeria will be done under very strict scrutiny by global anti-graft institutions as well as foreign governments.     The agencies are said to be working in league with the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices…

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April 16, 2014
Nigerian power firm secures $255m capital

Nigeria’s oil firm Seven Energy said on Tuesday it had secured $255 million in equity funding from global investors, including Singapore’s Temasek, to boost gas supply to the country’s ailing power sector.

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April 16, 2014
NSE Woos Oil Exploration Firms for Listing

The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema has urged companies in the oil and exploration to list their shares on the Nigerian bourse  and enjoy the benefits that exist in the capital market. Onyema made the call on Monday during the listing of Seplat Petroleum Development Company Plc on…

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April 15, 2014
SEPLAT BECOMES FIRST OIL FIRM LISTED ON STOCKS MARKET

Seplat Petroleum Development Company Plc, yesterday, became the first indigenous Nigeria crude oil production company to be listed simultaneously on the Nigerian Stock Exchange (NSE) and London Stock Exchange (LSE). This development occurred just as the Minister of Petroleum Reourses Diezani Alison Madueke promised to lead other oil firms to the capital market.Seplat has listed…

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April 15, 2014
FG grants Mobil licence to build 575MW power plant

The Nigerian Electricity Regulatory Commission, NERC, has granted operating licence to international oil company, Mobil Producing Nigeria Unlimited, MPN, to build and operate a 575-megawatt power plant in Eket, AkwaIbom State. Head, Public Affairs Department at NERC, Dr. Usman Abba Arabi, said in a statement that the planned power plant will boost Nigeria’s power sector….

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April 15, 2014
Shale: Nigeria’s crude export to US declines by 91%

NIGERIA has started to witness the negative effect of shale oil exploration in the United States of America, USA, and other parts of teh world, as Nigeria’s crude oil export to North America dropped by 91.31 per cent in one year. Specifically, data obtained from the Nigerian National Petroleum Corporation’s, December 2013 Petroleum Information, disclosed…

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April 15, 2014
Nigeria Pays $10m to Ghana over Failure to Meet Gas Supply Agreement

The Federal Government has paid $10 million to Ghana as compensation for Nigeria’s failure to meet the gas supply agreement it entered with latter. Under the agreement signed in 1999,  Nigeria was required to supply Ghana with 123 Million Metric British Thermal Units (MMBtu) per day. However, Nigeria was said to have failed to meet…

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April 15, 2014
Gas supply hits one trillion cubits in Nigeria

The recurrent problem of gas supply to power plants across the country, noted as one of the critical issues that require urgent attention to stimulate efficient power delivery in the country, will soon be a thing of the past, as the nation’s gas reserves has hit over one trillion cubits.   Speaking at the closing…

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April 15, 2014
Nigeria Planning Country’s First Nuclear Power Plant

Nigeria is the largest oil producer in Africa and is currently the world’s 12th largest oil producer, pumping 2.25 million barrels per day. Nigeria in 2012 was also the world’s fourth leading exporter of LNG. According to the U.S. government’s Energy Information Administration, “Nigeria has one of the lowest net electricity generation per capita rates in…

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March 27, 2014
NLNG to remit N220bn into Federation Account

THE management of the Nigeria LNG Limited, NLNG, said it will soon remit over N220billion from the 2013 company income tax to the Federation Account. The Managing Director and Chief Executive Officer of the company, Mr. Babs Omotowa, who disclosed this in Abuja, said the remittance would place the NLNG as the largest tax payer…

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March 4, 2014
Profit in paradox: Why Dangote’s new oil refinery makes sense for him, and Nigeria

There aren’t many people who can raise enough money to build a $9 billion oil refinery in Nigeria. Fortunately, Aliko Dangote is one of them. His new project, when it gets off the ground, could revolutionise the Nigerian economy – and, for the first time, allow oil-rich Nigeria to stop importing all its petrol. Nigeria’s…

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March 4, 2014
NEITI Seeks Review of 445,000bpd Domestic Crude Oil Allocation to NNPC

The Nigeria Extractive Industries Transparency Initiative (NEITI) has asked for a quick review of the 445,000 barrels per day (bpd) domestic crude oil allocation to the Nigerian National Petroleum Corporation (NNPC). NEITI in a presentation to the House of Representatives on the Berne Declaration Report, which indicted the NNPC of inordinate crude oil trades, hinged…

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March 4, 2014
Ogbeifun: No Country Takes 13 Years to Sign a Bill Like PIB

Dr Brown Ogbeifun, Former President of Petroleum and Natural Gas Senior Staff Association of Nigeria, and former Deputy President-General of Trade Union Congress of Nigeria, Dr. Brown Ogbeifun, spoke with journalists on the protracted Petroleum Industry Bill before the National Assembly. Linda Eroke presents the excerpts What is your impression on the state of oil…

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March 4, 2014
NNPC’s crude oil transactions conform with int’l best practices— Sahara Energy boss

The Executive Director, Sahara Energy, Mr. Wale Ajibade said the Nigeria National Petroleum Corporation, NNPC, has conformed with international best practices in all dealings with their international and Nigerian-owned trading partners.   Mr. Ajibade, who made the declaration in his presentation to the House of Representatives Committee on Upstream currently investigating the alleged connivance of…

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March 4, 2014
Between illegal and modular refineries in Niger Delta

Ilegal oil refineries in Nigeria thrive on illegal oil bunkering, stolen crude oil, and vandalism of oil pipelines and other installations. Without a doubt, these illegal oil operations are reprehensible and should not be condoned for a number of reasons.   Firstly, it is improper for citizens of this country to destroy oil installations in…

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March 4, 2014
Auditor-General: Constitution Bars Us from Auditing NNPC

Contrary to the testimony made last week by the Auditor-General for the Federation (AuGF), Mr. Samuel Ukura, before the House of Representatives’ Committee on Public Accounts that it had commenced the audit of the Nigerian National Petroleum Corporation (NNPC), his office has in another breadth disclosed that it is not empowered to audit the oil…

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March 3, 2014
Oil swap: NNPC denies alleged shady deals

Management of the Nigerian National Petroleum Corporation, (NNPC) on Tuesday at the House of Representatives denied claims that its crude oil exchanged under swap deals were given out at lower prices to Swiss oil trading companies. The denial became necessary due to summon the corporation received from the House to appear and explain rationale behind allegations…

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March 3, 2014
NUPENG Accuses IOCs of Stalling Passage of PIB

The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), has accused international oil companies (IOCs) of stalling the passage of the Petroleum Industry Bill (PIB) currently before the National Assembly. The PIB was set up by the federal government to carry out a comprehensive review of the oil and gas industry, with the underlying…

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March 3, 2014
Nigeria: NEITI Accuses NNPC of Failing to Remit Another N3.65 Trillion Oil Revenue

Almost every agency of the Nigerian government seems to agree that NNPC is a cesspool of corruption but the state oil company says there’s an orchestrated campaign of calumny to discredit it. The Nigeria Extractive Industries Transparency Initiative, NEITI on Wednesday said the Nigerian National Petroleum Corporation, NNPC, may again be hiding significant liabilities on…

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March 3, 2014
The Sanusi Drama

WHEN Mallam Lamido Sanusi Lamido, the suspended Central Bank of Nigeria, CBN, Governor, decided to publicly query the financial dealings and modus operandi of the state oil company (NNPC), my knee-jerk reaction was that he was behaving inappropriately for a government official and must have a murky hidden agenda. I felt he should have addressed…

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March 3, 2014
NEITI: Nigeria Loses $8bn Through Crude Oil Swaps

Nigeria may be losing an estimated $8 billion annually through the crude oil-for-refined products exchange arrangement, better known as crude oil swaps, which the Nigerian National Petroleum Corporation (NNPC) has with oil traders such as Trafigura, Vitol, Aiteo Energy Resources, Mercuria, Glencore, Taleveras Group Nigeria Limited, Sahara Energy Limited, Etena Oil and Gas Limited, Ontario…

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