NEWS REVIEW FOR FRIDAY, FEBRUARY 17, 2017
Oil & Gas
NNPC recorded N197.5bn loss in 2016 –Report
The group total loss of the Nigerian National Petroleum Corporation at the end of the 2016 financial year was N197.49bn.
‘1,200 women to be trained for Ogoni clean-up’
The Federal Government has said money meant for the clean-up of Ogoniland is not for sharing, but for investment that will ultimately lead to the restoration of Ogoniland.
Dogara canvasses utilisation of gas deposits for enhanced economy
The Speaker of the House of Representatives, Yakubu Dogara, has advocated for the robust utilisation of Nigeria’s 187 trillion cubic feet gas reserve for the betterment of the citizenry and economy.
Inadequate gas supply cuts electricity output by 3,000MW
The Federal Government said the Nigerian electricity sector recorded a shortfall of 3,000 Megawatts (MW) due to inadequate gas supply to power plants.
Price of petrol reaches N164.09 per litre in Borno, Oyo
Despite the economic recession, consumers of Premium Motor Spirit (PMS) in Borno, Oyo and Ebonyi paid N164.09, N161, and N156.47 per litre respectively in January 2017.
Government’s N21 billion fails to deliver uniform petrol price
The Federal Government has spent N20.9 billion to bridge the gap in the price of petrol in seven months.
Oil prices fall to $56.25 per barrel
Oil prices fell nearly one percent, yesterday, in response to growing evidence that United States production is rising and as some investors unwound positions ahead of the Organisation of Petroleum Exporting Countries, OPEC’s first report on compliance with its deal to cut production.
Investments in Oil & Gas Free Zones to grow 50% in 3yrs
AHEAD of Nigeria’s recovery from economic recession, the new management at the Oil and Gas Free Zones Authority (OGFZA), last weekend indicated that it has concluded plans to rev up investments in the oil and gas free zones in the country by 50 per cent in the next three years.
Oil, Gas to add 60% of global energy mix supplies
EXXONMOBIL Corporation, an international oil and gas company, has forecast that oil and natural gas will form 60 percent of global energy supplies in 2040, while nuclear energy and renewables will grow about 50 percent and be approaching a 25 percent share of the world’s energy mix.
Reps move to establish agencies to manage 187trn gas reserves
IN a move apparently designed to manage Nigeria’s 187 trillion Standard Cubic feet gas reserves, the House of Representatives Committee on Gas, yesterday, started a public hearing on two bills that would enhance gas management and attract foreign investors into Nigeria.
Host community to oil firm: Give us 40% of contracts or forget new drilling project
TSEKELEWU community in Warri North Local Government Area, Delta State, has vowed that the Nigerian Petroleum Development Company, NPDC/Elcrest will not be allowed to drill a new project in its domain unless they are accorded at least 40 percent of jobs available to contractors for the said project.
Delta community warms up to occupy Chevron as ultimatum expires
KOKODI-AGBENE community of Gbaramatu in Warri South-West Local Government Area, Delta State is warming up to occupy Chevron Nigeria Limited, CNL, facility in the area as the 14-day ultimatum expires today.
Vessel with 13,000 tons of cooking gas to berth soon – Marketers
The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) has said that the price of cooking gas would soon crash with the arrival of a vessel with 13,000 tonnes.
Vandalism: Fulani group offers to protect Kaduna refinery pipelines
The Miyetti Allah Cattle Breeders Association (MACBAN), North West zone has said it will protect pipelines of the Kaduna Refining and Petrochemical Company (KRPC) along stock routes and in Fulani communities from vandals.
Barkindo meets S/Arabia’s Al-Falih to consolidate on production-cut success
OPEC Secretary General, Mohammad Sanusi Barkindo, and an accompanying delegation of OPEC officials met Tuesday afternoon with Khalid A. Al-Falih, Minister of Energy, Industry and Mineral Resources of the Kingdom of Saudi Arabia, in Riyadh.
Nigeria loses $5bn as Forcados pipeline remains shut
The pipeline that ships Nigeria’s Forcados crude oil for export is yet to restart after it was shut down on February 15, 2016 due to militant attack
Debts: Reps threaten arrest warrant against IOCs, uncover billions
A House of Representatives panel has threatened arrest warrants against the chief executive officers of some international oil companies over their non-appearance to defend themselves on the billions of naira debts they allegedly owe the Nigerian government.
Intels Highlights Benefits of Onne Oil and Gas Free Zone
The Chief Commercial Officer (CCO) of Intels Nigeria Limited, Mr. Patrick Bird has declared that the Onne Oil and Gas Free Zone offers enormous advantages and incentives to foreign companies to invest in Nigeria.
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NEC asks CBN to review current forex policy
The National Economic Council on Thursday called on the Central Bank of Nigeria to embark on urgent review of the current foreign exchange policy.
CBN: we don’t allocate forex directly to bank customers
The Central Bank of Nigeria (CBN) yesterday said it does not directly allocate foreign exchange (forex) to bank customers. Forex transactions occur between banks and their customers, the apex bank added.
Naira crashes to 516 as dollar scarcity widens
The naira appears to have entered a free fall mode with the local currency selling for 516 per United States dollar on the streets of Lagos on Thursday.
At NEC, Governors Stop Short of Calling for Devaluation
The governors of the 36 states of the federation yesterday stopped short of calling for the devaluation of the naira, when they expressed concern over the continued free fall of the local currency against U.S. dollar on the parallel market and called on the federal government to urgently review the foreign exchange policy, with a view to reducing the gap between the parallel and official market rates.
DMO: Nigerian Economy Too Strong to Ask for Debt Forgiveness
The Director-General of Debt Management Office (DMO), Dr. Abraham Nwankwo, yesterday rejected a suggestion by the Senate Committee on Local and Foreign Debt that the federal government should seek debt forgiveness in the face of Nigeria’s rising debt.
Prices of foods, energy push inflation to 12-year high at 18.72%
Nigeria’s inflation rate rose to 18.72 per cent in January 2017 from 18.55 per cent recorded in December 2016 over rising prices of consumable goods and energy.
Nigeria’s debt profile rises to N17.36tn
The Director-General of the Debt Management Office, Dr. Abraham Nwankwo said that the nation’s total debt profile as at December 31, 2016, was $57.39bn (N17.36tn).
FG owes retirees N143bn, says PenCom
The National Pension Commission on Thursday said that the Federal Government owed a total of N142.6bn in pension liabilities to retired workers from 2014 to 2016.
N522bn Paris Club refund: We’re ready for probe, govs tell EFCC
State governors, under the aegis of the Nigeria Governors Forum, in the early hours of Thursday, rose from their meeting, saying they were ready for the probe being conducted by the Economic and Financial Crimes Commission on how they spent the N522bn Paris Club loan refund.
Labour warns against breach of industrial peace in the ports
THE leadership of Maritime Workers Union of Nigeria, MWUN, has warned against any act capable of breaching industrial peace in the nation’s ports, urging workers to be vigilant and report any suspicious activity to the security agents or the union.
Nigeria’s total debt profile $57.39bn – DMO boss
The Debt Management Office, DMO, said yesterday that the nation’s total debt profile currently stood at $57.39 billion.
Health workers protest corruption in the sector
Health workers under the aegis of the Nigerian Union of Allied Health Professionals, NUAHP, yesterday staged a rally in Lagos to protest what they described as “endemic corruption” in the health sector even as they threatened to embark on an indefinite strike by February 27 over the state of the health system.
NLC, TUC alert Fed Govt to new trade union
The Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) have alerted the Federal Government to the existence of a new labour union.
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