NEWS REVIEW FOR MONDAY, JULY 31, 2017
Oil & Gas
PENGASSAN serves strike notice over labour issues
The Petroleum and Natural Gas Senior Staff Association of Nigeria has issued a 21-day ultimatum to employers in the oil and gas industry to address lingering anti-labour issues or face a nationwide strike.
PENGASSAN issues 21-day nationwide strike notice
Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has threatened a nationwide over what it termed anti-labour practices by several oil companies operating in the country.
2.3 million oil production target achievable —Udoma
The Minister of Budget and National Planning, Senator Udo Udoma, has said that the target of 2.3 million barrels per day oil production volume for the 2018 fiscal year is achievable.
Rescue of NNPC staff: Army apologises, says misinformation not deliberate
The Nigerian Army has apologised for misinforming Nigerians about the rescue of 10 Nigerian National Petroleum Corporation workers that were kidnapped by Boko Haram recently.
Osinbajo orders oil workers’ rescue, Army recovers 21 more corpses
The Nigerian Army on Sunday said it had recovered 21 additional bodies in an operation to rescue oil exploration crew abducted by the Boko Haram insurgents in Borno.
NEW ROAD MAP: FG, IOCs earmark N2trn for 457 projects in N’Delta
MONTHS after the Acting President, Prof Yemi Osinbajo’s fact-finding tour of Niger-Delta, the Federal Government has come up with a two-year Strategic Implementation Work Plan, SWIP, involving the execution of 457 short, medium and long-term projects, to the tune of N2,065,140,035,959, across the nine states of the region, starting from this year. Osinbajo
FG adopts $11bn Dangote refinery under new petroleum policy
The Federal Government has adopted the $11billion Dangote refinery, under its new National Petroleum Policy in order to add value to crude oil, reduce high dependence on imported petroleum products and conserve foreign exchange for other developmental projects.
New Policy Seeks Significant Drop in Oil Production Cost to $10/bbl
Contents of Nigeria’s new national petroleum policy recently approved by the Federal Executive Council (FEC) and obtained by THISDAY has revealed that the country would be seeking to significantly reduce the cost of producing a barrel of crude oil in her fields to $10 from the current $27, which it considers not quite competitive.
Katsina to establish refinery – Commissioner
Katsina State Commissioner of Commerce, Industry and Tourism, Alhaji Abubakar Yusuf has on Sunday disclosed plans by the Governor Aminu Bello Masari’s led administration to establish a refinery in the state.
African LNG exports to get boost from offshore projects
Cameroon plans to begin exporting liquefied natural gas later this year using a newly designed offshore plant that analysts say could slash production costs and unlock African reserves not previously considered economically viable.
Shell shuts down Europe’s largest refinery after fire
The British-Dutch oil giant Shell said it was shutting down Europe’s biggest refinery after a pre-dawn fire broke out at a power station on the vast site on Sunday.
OPEC Cut, Resumed Militancy Pose Danger to Nigeria’s Oil Output
In the course of the week, two crucial developments with the propensity to affect Nigeria’s crude oil production and, thus, its execution of the 2017 budget marks, took place.
Without Deeper Output Cut, Crude Projected to Fall Below $40/bbl in Q1 2018
Crude Oil, Brent Crude in particular, is projected to fall to $40 per barrel or below in the first quarter of 2018, except the Organisation for Petroleum Exporting Countries (OPEC) implements a deeper cut in oil production.
Ijaw Youths Threaten to Halt Agip Operations in Bayelsa
Two oil-bearing towns in Bayelsa State at the weekend threatened to shut down the operations of Nigeria Agip Oil Company (NAOC) over the oil giant’s alleged refusal to honour a Memorandum of Understanding (MoU) entered with the communities.
N-Delta militants to resume fresh attacks
NIGER DELTA Revolutionary Crusaders, NDRC, one of the militant groups that asked the Pan-Niger Delta Forum, PANDEF, led by Chief Edwin Clark, to stop all engagements with the Federal Government, has announced that it will commence fresh attacks on oil facilities across the Niger Delta on September 31.
Respect agreement with host communities, IYC tells AGIP
THE Eric Omare-led faction of Ijaw Youth Council, IYC, worldwide, has called on Nigeria Agip Oil Company, NAOC, to comply with the memorandum of understanding entered into with its host communities and observe international best practices in its oil and gas operations to avert a shutdown of the company’s operations.
Ijaw youth group splits over alleged marginalisation
The Ijaw Youth Council in Ahoada West and Abua-Odual local government areas of Rivers State has created a special chapter, alleging marginalisation in the council’s central zone.
Marketers task DPR on indiscriminate citing of gas plants
The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) yesterday tasked the Department of Petroleum Resources (DPR) on the indiscriminate citing of gas plants without recourse to safety of the environment and the people.
Passage of fiscal PIB will clear uncertainty in oil industry, says Saka Matemilola
The passage of Petroleum Industry Governance Bill (PIGB) is a step in the right direction. The industry is also eagerly awaiting the passage of the fiscal policy bill.
Contributory Pension Scheme’ll protect workers’ future — NLPC
The Executive Director, NLPC Pension Fund Administrators Limited, Mrs. Bunmi Oyeleye, has said that it is relevant for employers to protect the future of their workers by ensuring that they open pension accounts.
Boko Haram: ASUU threatens strike if FG doesn’t rescue abducted lecturers
The Peoples Democratic Party, the Nigeria Labour Congress and civil rights groups, on Sunday, lashed out at the Federal Government for the killing of lecturers and oil workers on their way to the Lake Chad Basin by the Boko Haram sect.
Constitution amendment’ll birth new Nigeria – State assembly speakers
The Conference of Speakers of State Houses of Assembly in Nigeria has said that the ongoing constitution amendment by the National Assembly has prepared the ground for the emergence of a new Nigeria with a more viable democracy.
How we will handle N2.5tr budget deficit – FG
The Federal Government has allayed fears and concerns raised by the Central Bank of Nigeria (CBN), that the nation’s economy may relapse into another recession, citing the N2.5 trillion budget deficit recorded by the government in six months and other factors as major threats to a economic recovery.
Economy: FGN as unrepentant saboteur
Following nearly two years of failed efforts to break through the fence of conditionalities for the release of multilateral loans being dangled by the IMF/World Bank and the European Union, the Finance Minister Kemi Adeosun, threw up her arms and confessed at the quarterly business forum held in July at the Aso Villa, “We cannot borrow any more; we just have to generate funds domestically enough to fund our budget.”
Budget minister explains projections for MTEF, FSP 2018-2020
Minister of Budget and National Planning, Senator Udoma Udo Udoma, at the weekend took the 2018-2020 MTEF and FSP consultations exercise to Lagos where he met with Civil Society Organisations (CSOs), private sector operators (PSO) and the general public.
You can’t lose money in fixed income funds – Expert
The vice chairman of Capital Express, Mr. Tony Aletor, has urged Nigerians to reconsider their stand and invest in fixed income funds as a guarantee investment vehicle.
Resident Doctors Give FG 21-day Ultimatum to Avert Nationwide Strike
Resident doctors have issued a 21-day ultimatum to the federal government to meet their demands, else they will embark on a nationwide strike.
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