NEWS REVIEW FOR TUESDAY, JULY 25, 2017
Oil & Gas
NNPC Reclaims Crude Oil Pipelines to Improve Refineries’ Operations
The Nigerian National Petroleum Corporation (NNPC) said it has regained full access to the pipelines that supply crude oil to its three refineries in Kaduna, Warri, and Port Harcourt, thus making it possible for the refineries to produce up to six million litres of petrol and diesel, respectively.
Nigeria’s refineries worst in Africa – Investigation
The cost of Turn Around Maintenance of Nigeria’s four refineries from year 2000 to date is nearly the total cost of building the refineries, Daily Trust investigation has shown.
Nigeria Agrees to Cap Oil Output at 1.8mbpd
The Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC producers, led by Russia, have approved the decision of the federal government to cap Nigeria’s oil production at a sustainable volume of 1.8 million barrels per day (mbpd).
Militants destroy Trans-Niger pipeline, Nigeria loses 150,000bpd
Suspected militants on Monday vandalised the Trans-Niger pipeline in Ogoniland in the Niger Delta region, reducing the Nigerian National Petroleum Corporation’s crude oil production by 150,000 barrels per day.
Nigeria to lose N57.5b daily as OPEC plans production cut
The Organisation of Petroleum Exporting Countries (OPEC) is planning to cap Nigeria’s crude oil production at 1.8 million barrels per day (mbpd) as a way to boost prices in the market.
OPEC pledges support for Nigerian oil output recovery
OPEC and some non-OPEC states including Russia agreed in 2016 to cut production by 1.8 million barrels per day (bpd) in a deal that has been extended to March 2018.
Zero oil days clearly before us – Osinbajo
Acting President, Prof. Yemi Osinbajo, yesterday, expressed concern over the rising volatility in the global crude oil market, stating that the days of zero oil, where the commodity would become irrelevant, were clearly around the corner.
Marketers blame FG’s policies for drop in downstream operations, importation
STAKEHOLDERS have blamed the Federal Government’s policies for dwindling importation of petroleum products as well as low operations in the downstream sector of Nigeria’s petroleum industry.
UK to Bankroll Upgrade of Nigeria’s Pipeline Infrastructure, Others
The British Government has said it would invest in major upgrade of Nigeria’s pipeline infrastructure, renewable energy, gas, and power.
Operators Want FG to Subject Oil and Gas Dividends to Withholding Tax
Stakeholders in Nigeria’s oil and gas industry have urged the federal government to subject the dividends earned in the oil and gas sector by international oil companies (IOCs) to withholding tax, stressing that Nigeria is the only oil-producing country where dividends in the oil and gas sector are not subjected to withholding tax.
Global upstream FIDs to double in 2017
THE number of upstream projects reaching final investment decision (FID) in 2017 could double to 25 compared to only 12 last year, according to a recent Wood Mackenzie report, “A big year for FIDs: 2017 marks a turning point.”
Dangote refinery to hit 50% utilisation by 2020
THE 650,000 barrels per day Dangote Refinery has been projected to hit 50 per cent capacity utilisation by 2020.
NNPC loses 150,000b to pipeline vandalism
The Nigerian National Petroleum Corporation (NNPC), lost 150,000 barrels of crude yesterday from an attack on its Trans Niger Pipeline in Ogoniland, the Group Managing Director. Dr. Maikanti Baru, has said.
N-Delta talks: Name FG’s team before August 1 — Clark
CONVENER of the Pan Niger Delta Forum, PANDEF and Ijaw national leader, Chief Edwin Clark, has asked President Muhammadu Buhari to, as a matter of urgency, constitute a team to engage in talks with stakeholders in the Niger Delta before August 1, adding that youths of the region were becoming impatient over the delay in the talks.
Neconde targets 60,000bpd evacuation in Q1, 2017
INDIGENOUS company, Neconde Energy Limited, which is the exploration and production arm of Obijackson Group, said it plans to achieve 60,000 barrels per day, bpd, crude evacuation, through barges from oil mining lease, OML 42, by the end of 2017.
Nigeria to save N37.75bn annually as Oando tackles petroleum discharge bottlenecks
Nigeria is expected to save about $120 million or N
37.75 billion (going by the current exchange rate of N314.65 to a dollar) in demurrage annually, following Oando Plc’s construction of first mid-stream jetty in the country.
Cross River threatens to sue NDDC over projects, others
The Cross River government is contemplating suing the Niger Delta Development Commission (NDDC) over its activities in the state.
Bonny Youth coalition decries neglect by NLNG in contract award
The Youth Coalition for Good Governance, Bonny chapter, has urged the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, to call to order management of the Nigeria Liquefied Natural Gas (NLNG) Company on alleged neglect of Niger Delta youths.
25 ships laden with petroleum products, others at Apapa ports
Twenty-FIVE ships are discharging petroleum products and other commodities at the Apapa and Tin-Can Island ports, the Nigerian Ports Authority (NPA) has said.
Nigerian economy to grow faster than S-Africa’s in 2018 — IMF
The International Monetary Fund, IMF, has projected that Nigeria’s economy will grow at a faster pace than South Africa’s in 2018.
Only 10.9% workers have retirement savings account –NBS
THE National Bureau of Statistics, NBS, yesterday, revealed that only 10.93 percent of Nigeria’s total working population have retirement savings account, RSA, as at end of second quarter of 2017, Q2’17.
TSA fund: FG serves forfeiture order on banks
The Federal Government has served seven banks with the order of the Federal High Court in Lagos directing a temporary forfeiture of $793.2m allegedly hidden with the banks in contravention of its Treasury Single Account policy.
Constitution review’ll give states more power – Saraki
The Senate President, Bukola Saraki, has said the ongoing amendments to the 1999 Constitution by the National Assembly will give more powers to state governments.
N/Assembly begins constitution amendment today
Both chambers of the National Assembly will today begin clause-by-clause consideration of the proposed amendments to the 1999 Constitution.
Reps vote on new age for President, govs Wednesday
Members of the House of Representatives will on Wednesday commence voting on amendments to the 1999 Constitutio
Nigeria’s infrastructure investment needs hit $878b
Nigeria has significant infrastructure investment gap put at $878 billion out of $97 trillion global needs, to address economic growth and existing shortfalls from now till 2040.
SSANU wants recovered funds injected into economy for jobs creation
The Senior Staff Association of Nigerian Universities (SSANU) has urged the Federal Government to inject funds recovered from the anti-corruption fight into the economy to create jobs in the country.
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