NEWS REVIEW FOR FRIDAY, MARCH 24, 2017

NEWS REVIEW FOR FRIDAY, MARCH 24, 2017

Oil & Gas

Fall of oil price threatens government’s revenue projections

The fall in price of crude from $50 to $48 a barrel as at yesterday is threatening the revenue projections of the Federal Government.

https://guardian.ng/news/fall-of-oil-price-threatens-governments-revenue-projections/

 

Presidency, Niger Delta stakeholders meeting in Aso Rock

Chief of Staff to President Muhammadu Buhari, Abba Kyari is currently meeting Niger Delta stakeholders at the Presidential Villa, Abuja.

https://guardian.ng/news/presidency-niger-delta-stakeholders-meeting-in-aso-rock/

 

Crude swap: NNPC debunks claims Aiteo is owing

Bonga FPSO shut down will be well managed The Nigerian National Petroleum Corporation (NNPC) has debunked claims that Aiteo Eastern Exploration and Production Company is among the oil firms it is allegedly set to recover crude oil allocation accruals worth $42 million from spanning 2012 through 2014.
http://www.vanguardngr.com/2017/03/crude-swap-nnpc-debunks-claims-aiteo-owing/

 

Ex-militants caution on dangers of non-release of 2016 Amnesty fund

Former militant leaders in the Niger Delta region have again warned that the continuous delay in the release of the 2016 supplementary budgetary allocation for the Presidential Amnesty Programme may derail Federal Government’s peace initiative in the volatile region.

https://guardian.ng/news/ex-militants-caution-on-dangers-of-non-release-of-2016-amnesty-fund/

http://punchng.com/ex-militants-write-adeosun-protest-non-release-of-2016-amnesty-budget/

 

OMPALAN lauds FG over relocation order to oil firms

Delta State wing of the Oil Mineral Producing Areas Landlords’ Association of Nigeria, OMPALAN, has thrown its weight behind the Federal Government over its standing order to the exploratory and mining companies operating in the Niger Delta to move their headquarters to the host communities of their operations, saying, “The directive is the best move at the moment.”
http://www.vanguardngr.com/2017/03/ompalan-lauds-fg-relocation-order-oil-firms/

 

Nigeria – Sao Tome joint oil zone unproductive 15 years after

The commercial viability of over 500 million barrels of crude oil reserves stranded in the Nigeria – São Tomé and Príncipe Joint Development Zone (JDZ) remain uncertain, as the region is yet to produce its first oil 15 years after discovery.

https://guardian.ng/business-services/nigeria-sao-tome-joint-oil-zone-unproductive-15-years-after/

 

$12bn Trans-Sahara Gas Pipeline on track – NNPC

The Nigerian National Petroleum Corporation, NNPC, yesterday, disclosed that it is committed to the Trans Saharan Gas Pipeline, TSGP, and that the project was still on track.
http://www.vanguardngr.com/2017/03/12bn-trans-sahara-gas-pipeline-track-nnpc/

 

Reps invite Emefiele, Kachikwu over alleged forex diversion

The House of Representatives on Thursday invited the Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, and the Minister of State for Petroleum Resources, Dr Ibe Kachikwu  to appear before it on Monday, April 7.

http://punchng.com/reps-invite-emefiele-kachikwu-over-alleged-forex-diversion/

 

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‘The key to economy recovery is motivated and skilled workforce’

Issa Aremu is the National Union of Textile Garment and Tailoring Workers of Nigeria (NUTGTWN). In this interview he granted at the inauguration of Abuja tailors branch into the fold of NUTGTWN, he speaks on the importance of government support to self employed small business operators in the country.

https://www.dailytrust.com.ng/news/labour/-the-key-to-economy-recovery-is-motivated-and-skilled-workforce/189972.html

 

Labour cautions Fed Govt on N500b Paris Club refund to states

Trade Union Congress of Nigeria (TUC) has urged the Federal Government to compel states to invest the N500 billion London-Paris Club refund on projects.

http://thenationonlineng.net/labour-cautions-fed-govt-n500b-paris-club-refund-states/

https://www.dailytrust.com.ng/news/labour/-labour-is-strategic-to-wealth-creation/189973.html

 

NAIRA WATCH: Panic grips forex dealers as Naira rises to N385/$

The Naira Thursday appreciated to N385 per dollar in the Abuja segment of the parallel market, causing panic and confusion among bureaux de change (BDC) operators.
http://www.vanguardngr.com/2017/03/naira-watch-panic-grips-forex-dealers-naira-rises-n385/

 

 

 

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NEWS REVIEW FOR THURSDAY, MARCH 23, 2017

NEWS REVIEW FOR THURSDAY, MARCH 23, 2017

Oil & Gas

Nigerian crude oil emerges from South Africa storage

Nigerian crude oil from South Africa’s Saldanha Bay storage site has come into the market, adding to the glut of the nation’s crude available in the April programme, according to trading sources.

http://punchng.com/nigerian-crude-oil-emerges-from-south-africa-storage/

 

Oil prices sink as US inventories swell

Oil prices slid to almost four-month lows on Wednesday, with Brent briefly falling below $50 per barrel, after data showed the United States’ crude inventories rising faster than expected, piling pressure on the Organisation of Petroleum Exporting Countries to extend output cuts beyond June.

http://punchng.com/oil-prices-sink-as-us-inventories-swell/

 

How to end pipeline vandalism in Niger Delta, by expert

Former United States of America (USA) Air Force veteran, Tanwa Ashiru yesterday said the country must address the burden and the plight of the Niger Delta people to effectively tackle the challenges of securing the oil and gas industry.

http://guardian.ng/news/how-to-end-pipeline-vandalism-in-niger-delta-by-expert/

 

NNPC, Fuel Marketers on Collision over Introduction of Bulk Purchase Agreement Fee

The Nigerian National Petroleum Corporation (NNPC) and the Independent Petroleum Marketers Association of Nigeria (IPMAN) are heading for a collision over the introduction of Bulk Purchase Agreement (BPA) fee by the corporation.

https://www.thisdaylive.com/index.php/2017/03/23/nnpc-fuel-marketers-on-collision-over-introduction-of-bulk-purchase-agreement-fee/

 

Saudi Arabia may insist on Iran oil cuts

Geopolitical rivals, Saudi Arabia and Iran, may be headed for another showdown, as the Organisation of Petroleum Exporting Countries enters negotiations over extending oil production cuts in force since January.

http://punchng.com/saudi-arabia-may-insist-on-iran-oil-cuts/

 

Stop training oil workers abroad, OGTAN tells govt

The Oil and Gas Trainers Association of Nigeria has urged the federal and state governments to stop overseas training for workers in the oil and gas sector.

http://punchng.com/stop-training-oil-workers-abroad-ogtan-tells-govt/

 

NCDMB seeks more local content in new projects

International oil companies and promoters of new deepwater projects in Nigeria must deliver Nigerian Content milestones that will exceed in-country integration of Floating, Production, Storage and Offloading platforms, the Executive Secretary, Nigerian Content Development and Monitoring Board, Mr. Simbi Wabote, has said.

 

http://punchng.com/ncdmb-seeks-more-local-content-in-new-projects-2/

 

NDDC to establish Niger Delta bank

THE Managing Director of the Niger Delta Development Commission, Mr. Nsima Ekere, said on Wednesday that plans were underway to establish a Niger Delta Development Bank.

http://punchng.com/nddc-to-establish-niger-delta-bank/

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Nigerian banks’ll continue to face challenges –Fitch

Global ratings agency, Fitch Ratings, has said Nigerian banks will continue to face challenges this year, following the extreme difficulties of 2016..

http://punchng.com/nigerian-banksll-continue-to-face-challenges-fitch/

 

External reserves drop for first time since December

The nation’s foreign exchange reserves, which had increased significantly in recent months to hit the $30bn mark, fell for the first time this year on Tuesday.

http://punchng.com/external-reserves-drop-for-first-time-since-december/

 

NASS approved Buhari’s request for $500m Eurobond in the overall interest of Nigerians

THE two arms of the National Assembly, NASS, yesterday approved President Muhammadu Buhari’s request to raise additional $500 million eurobond from the international capital market to fund the 2016 Budget deficit.
http://www.vanguardngr.com/2017/03/budget-deficit-nass-approves-buharis-request-for-500m-eurobond/

 

Policy issues: CBN, Finance Ministry rift deepens

HOPES of unanimity of positions and harmony of fiscal and monetary policies appear dim following an alleged demand for a review of the powers of the Central Bank of Nigeria, CBN, by the Ministry of Finance.
http://www.vanguardngr.com/2017/03/policy-issues-rift-deepens-cbn-finance-ministry/

 

FG unveils power sector recovery programme

The Federal Executive Council (FEC) yesterday approved a power sector recovery programme comprising policy actions, operational and financial interventions to improve transparency and service delivery.

 

https://www.dailytrust.com.ng/news/general/fg-unveils-power-sector-recovery-programme/190408.html

Drama as unions picket Arik Air

Aviation unions have made good their threat to shut down Arik Air over labour related issues with members barricading the headquarters of the airline at the Murtala Muhammad Airport (MMA), Lagos as early as 4:00 a.m in the morning.

 

 

This message contains confidential information and is intended only for the individual named. If you are not the named addressee you should not disseminate, distribute or copy this e-mail. Please notify the sender immediately by e-mail if you have received this e-mail by mistake and delete this e-mail from your system

 

 

 

 

 

 

 

NEWS REVIEW FOR THURSDAY, MARCH 23, 2017

Oil & Gas

Nigerian crude oil emerges from South Africa storage

Nigerian crude oil from South Africa’s Saldanha Bay storage site has come into the market, adding to the glut of the nation’s crude available in the April programme, according to trading sources.

http://punchng.com/nigerian-crude-oil-emerges-from-south-africa-storage/

 

Oil prices sink as US inventories swell

Oil prices slid to almost four-month lows on Wednesday, with Brent briefly falling below $50 per barrel, after data showed the United States’ crude inventories rising faster than expected, piling pressure on the Organisation of Petroleum Exporting Countries to extend output cuts beyond June.

http://punchng.com/oil-prices-sink-as-us-inventories-swell/

 

How to end pipeline vandalism in Niger Delta, by expert

Former United States of America (USA) Air Force veteran, Tanwa Ashiru yesterday said the country must address the burden and the plight of the Niger Delta people to effectively tackle the challenges of securing the oil and gas industry.

http://guardian.ng/news/how-to-end-pipeline-vandalism-in-niger-delta-by-expert/

 

NNPC, Fuel Marketers on Collision over Introduction of Bulk Purchase Agreement Fee

The Nigerian National Petroleum Corporation (NNPC) and the Independent Petroleum Marketers Association of Nigeria (IPMAN) are heading for a collision over the introduction of Bulk Purchase Agreement (BPA) fee by the corporation.

https://www.thisdaylive.com/index.php/2017/03/23/nnpc-fuel-marketers-on-collision-over-introduction-of-bulk-purchase-agreement-fee/

 

Saudi Arabia may insist on Iran oil cuts

Geopolitical rivals, Saudi Arabia and Iran, may be headed for another showdown, as the Organisation of Petroleum Exporting Countries enters negotiations over extending oil production cuts in force since January.

http://punchng.com/saudi-arabia-may-insist-on-iran-oil-cuts/

 

Stop training oil workers abroad, OGTAN tells govt

The Oil and Gas Trainers Association of Nigeria has urged the federal and state governments to stop overseas training for workers in the oil and gas sector.

http://punchng.com/stop-training-oil-workers-abroad-ogtan-tells-govt/

 

NCDMB seeks more local content in new projects

International oil companies and promoters of new deepwater projects in Nigeria must deliver Nigerian Content milestones that will exceed in-country integration of Floating, Production, Storage and Offloading platforms, the Executive Secretary, Nigerian Content Development and Monitoring Board, Mr. Simbi Wabote, has said.

 

http://punchng.com/ncdmb-seeks-more-local-content-in-new-projects-2/

 

NDDC to establish Niger Delta bank

THE Managing Director of the Niger Delta Development Commission, Mr. Nsima Ekere, said on Wednesday that plans were underway to establish a Niger Delta Development Bank.

http://punchng.com/nddc-to-establish-niger-delta-bank/

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Other News

Nigerian banks’ll continue to face challenges –Fitch

Global ratings agency, Fitch Ratings, has said Nigerian banks will continue to face challenges this year, following the extreme difficulties of 2016..

http://punchng.com/nigerian-banksll-continue-to-face-challenges-fitch/

 

External reserves drop for first time since December

The nation’s foreign exchange reserves, which had increased significantly in recent months to hit the $30bn mark, fell for the first time this year on Tuesday.

http://punchng.com/external-reserves-drop-for-first-time-since-december/

 

NASS approved Buhari’s request for $500m Eurobond in the overall interest of Nigerians

THE two arms of the National Assembly, NASS, yesterday approved President Muhammadu Buhari’s request to raise additional $500 million eurobond from the international capital market to fund the 2016 Budget deficit.
http://www.vanguardngr.com/2017/03/budget-deficit-nass-approves-buharis-request-for-500m-eurobond/

 

Policy issues: CBN, Finance Ministry rift deepens

HOPES of unanimity of positions and harmony of fiscal and monetary policies appear dim following an alleged demand for a review of the powers of the Central Bank of Nigeria, CBN, by the Ministry of Finance.
http://www.vanguardngr.com/2017/03/policy-issues-rift-deepens-cbn-finance-ministry/

 

FG unveils power sector recovery programme

The Federal Executive Council (FEC) yesterday approved a power sector recovery programme comprising policy actions, operational and financial interventions to improve transparency and service delivery.

 

https://www.dailytrust.com.ng/news/general/fg-unveils-power-sector-recovery-programme/190408.html

Drama as unions picket Arik Air

Aviation unions have made good their threat to shut down Arik Air over labour related issues with members barricading the headquarters of the airline at the Murtala Muhammad Airport (MMA), Lagos as early as 4:00 a.m in the morning.

 

 

This message contains confidential information and is intended only for the individual named. If you are not the named addressee you should not disseminate, distribute or copy this e-mail. Please notify the sender immediately by e-mail if you have received this e-mail by mistake and delete this e-mail from your system