NEWS REVIEW FOR FRIDAY, AUGUST 25, 2017

NEWS REVIEW FOR FRIDAY, AUGUST 25, 2017

Oil & Gas

FG unveils $200m bailout for oil, gas firms

The Federal Government on Thursday launched a fund with an initial value of $200m to support local oil and gas firms.

http://punchng.com/fg-unveils-200m-bailout-for-oil-gas-firms/

https://guardian.ng/business-services/kachikwu-advocates-more-funds-for-local-content-development/

 

IOCs, Others Responsible for Failure of Oil Sector Reforms, Says Ex-Presidential Aide

A former Adviser on Petroleum to one-time Head of State, Gen. Abdulsalami Abubakar (rtd), Dr. Mohammed Ibrahim, has blamed the failure of petroleum sector reforms to the unwillingness of international oil companies (IOCs) operating in the country to break away from the status quo due to vested interest.

https://www.thisdaylive.com/index.php/2017/08/25/iocs-others-responsible-for-failure-of-oil-sector-reforms-says-ex-presidential-aide/

 

FG to commence 100% local fabrication of modular refineries

The Federal Government, yesterday, said it has initiated plans to achieve 100 per cent local fabrication of modular refineries in Nigeria and has entered into discussions with Original Equipment Manufacturers, OEM, in this regard.
https://www.vanguardngr.com/2017/08/fg-commence-100-local-fabrication-modular-refineries/

 

NUPENG condemns move to whittle down  NAPIMS’s powers

The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has condemned the move to whittle down the regulatory powers of the Nigerian Petroleum Investment Management Services Limited (NAPIMS) in the new petroleum policy approved by the Federal Executive Council.

http://thenationonlineng.net/nupeng-condemns-move-whittle-napimss-powers/

 

FG targets $1bn fund to support local oil, gas firms

The Federal Government yesterday launched a $200 million intervention fund with future plans to raise the value to $ 1 billion to help local oil and gas companies grow their capacities.

https://www.dailytrust.com.ng/news/business/fg-targets-1bn-fund-to-support-local-oil-gas-firms/211467.html

 

OPEC deal: Nigeria, Libya expected at next meeting

The joint ministerial monitoring committee for the Organisation of Petroleum Exporting Countries and non-OPEC oil producers participating in the production cut deal has said it will invite representatives from Nigeria and Libya to its next meeting in September to explain their production outlooks.

http://punchng.com/opec-deal-nigeria-libya-expected-at-next-meeting/

 

Banks lack oil, gas industry knowledge — Kachikwu

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, on Thursday said some Deposit Money Banks in Nigeria lacked sufficient knowledge of the oil and gas sector.

http://punchng.com/banks-lack-oil-gas-industry-knowledge-kachikwu/

 

Other News

VCs, ASUU reject 120 cut-off mark for varsity admission

SOME Vice-Chancellors and the Academic Staff Union of Universities have rejected the decision of the Joint Admissions and Matriculation Board to peg admission cut-off mark at 120 for universities and 100 for polytechnics, monotechnics and colleges of education.

http://punchng.com/vcs-asuu-reject-120-cut-off-mark-for-varsity-admission/

 

No fixed date for negotiation with FG – ASUU

Hopes of early resolution  of  the issues  that led to the declaration of indefinite strike action by  the   Academic Staff Union of Universities (ASUU) were dashed yesterday as the union president Professor  Biodun Ogunyemi said the union had no fixed date or appointment  to meet the Federal Government over the crisis.

https://www.dailytrust.com.ng/news/general/no-fixed-date-for-negotiation-with-fg-asuu/211511.html

 

JAMB cut-off marks : Sad decision for the future – ASUU

The Academic Staff Union of Universities, ASUU, has faulted the Federal Government on the minimum cut-off mark for 2017/2018 admission into the nation’s tertiary institutions.
https://www.vanguardngr.com/2017/08/jamb-cut-off-marks-sad-decision-future-asuu/

 

Minimum Wage: NLC Confirms Submission of Nominees

The Nigeria Labour Congress (NLC) has said it has submitted the names of its nominees for the 29 man-committee for the negotiation of the new National Minimum Wage.

https://www.thisdaylive.com/index.php/2017/08/25/minimum-wage-nlc-confirms-submission-of-nominees/

https://www.dailytrust.com.ng/news/general/-nlc-submits-nominees-for-minimum-wage-c-ttee/211510.html

Illegal Recruitment: Senate to Accelerate Passage of Existing Vacancies Bill, Says Saraki

Senate President, Dr. Abubakar Bukola Saraki, has said that the Senate will accelerate the passage of the Existing Vacancies in the Federal Civil Service (Prohibition) Bill, once it resumes in September.

https://www.thisdaylive.com/index.php/2017/08/25/illegal-recruitment-senate-to-accelerate-passage-of-existing-vacancies-bill-says-saraki/

https://www.dailytrust.com.ng/news/general/senate-moves-to-end-illegal-recruitment-by-federal-agencies/211509.html

 

Declare state of emergency on unemployment, says union

Concerned over the alarming rate of unemployment in the country, the President of Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI), Comrade Oyinkansola Olasanoye, has called on the Federal Government to declare a state of emergency on unemployment.

http://thenationonlineng.net/declare-state-emergency-unemployment-says-union/

 

Evolve new strategies on job creation, minister tells NDE

Minister of Labour and Employment, Senator Chris Nigeria has tasked National Directorate of Employment (NDE)  to evolve new strategies that are not only practical but will also adequately address all the relevant and contemporary issues relating to employment generation in the country.

https://www.dailytrust.com.ng/news/business/evolve-new-strategies-on-job-creation-minister-tells-nde/211482.html

 

Adeosun wants FAAC repositioned

Minister of Finance Mrs. Kemi Adeosun has said there is urgent need to reposition the Federation Account Allocation Committee (FAAC)  for enhanced performance through efficient management of accrued scarce resources for national development.

https://www.dailytrust.com.ng/news/business/adeosun-wants-faac-repositioned/211483.html

 

Mass housing construction begins in 33 states

The Federal Government on Thursday announced that it had commenced the construction of mass housing projects in 33 states across the country.

http://punchng.com/mass-housing-construction-begins-in-33-states/

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NEWS REVIEW FOR FRIDAY, AUGUST 18, 2017

NEWS REVIEW FOR FRIDAY, AUGUST 18, 2017

 

Oil & Gas

FG sets up N15bn fund for Niger Delta

The Federal Government has set up N15bn industrial reactivation fund in the Niger Delta partnership with the private sector.

http://punchng.com/fg-sets-up-n15bn-fund-for-niger-delta/

 

Investors to build two refineries in P’Harcourt, Warri –NNPC

The Nigerian National Petroleum Corporation on Thursday said two private Nigerian companies had been selected to build two refineries in Port Harcourt and Warri under the co-location initiative of the Federal Government.

http://punchng.com/investors-to-build-two-refineries-in-pharcourt-warri-nnpc/

 

‘Fed Govt not eager to sell refineries’

The Federal Government is not ready to sell or concession any of its four refineries in whole or in part, Minister of State for Petroleum Resources Dr Ibe Kachikwu said yesterday.

http://thenationonlineng.net/fed-govt-not-eager-sell-refineries/

 

NAPIMS: NUPENG threatens to shut down oil industry

Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, has threatened to shut down the oil industry over perceived moves to reduce the regulatory powers of Nigerian Petroleum Investment Management Services Limited, NAPIMS, in the new petroleum policy approved by the Federal Executive Council.
http://www.vanguardngr.com/2017/08/napims-nupeng-threatens-shut-oil-industry/

Nigeria working to reduce cost of oil production to $15 per barrel – Kachikwu

The Minister of Petroleum Resources, Dr Ibe Kachikwu, has decried the high cost of oil production at $32 per barrel, saying it makes the cost of Foreign Direct Investment very expensive.

http://punchng.com/nigeria-working-to-reduce-cost-of-oil-production-to-15-per-barrel-kachikwu/

 

Oil production at $32 per barrel too high – Kachikwu

The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has decried the high cost of oil production at 32 dollars per barrel, saying it makes cost of Foreign Direct Investment (FDI) very expensive.

https://www.dailytrust.com.ng/news/business/oil-production-at-32-per-barrel-too-high–kachikwu/210554.html

 

Uncertainty over N4.314tr revenue from marginal fields

The nation’s plan to earn additional $14.100 billion (N4.314 trillion) from 300 million barrels of crude oil is uncertain as licensed marginal fields are unable to engage in meaningful exploration and production activities 13 years after.

https://guardian.ng/news/uncertainty-over-n4-314tr-revenue-from-marginal-fields/

 

Oil & gas fiscal strategy: still a long road

Despite the passage of the Petroleum Industry Governance Bill (PIGB), stakeholders still feel that the main issues in the industry have not be tackled.

http://thenationonlineng.net/oil-gas-fiscal-strategy-still-long-road/

 

Nigeria needs $40b for oil infrastructure

No less than $40 billion would be required to fix infrastructural problems in the oil and gas sector, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said

http://thenationonlineng.net/nigeria-needs-40b-oil-infrastructure/

 

IOC books crude cargoes, Nigerian Oct exports low

India’s IOC booked a total of 4 million barrels from traders Shell and Total, while Nigeria’s initial October export plans mostly showed slipping levels.

https://www.dailytrust.com.ng/news/business/ioc-books-crude-cargoes-nigerian-oct-exports-low/210615.html

 

NAPIMS saved $5bn for Nigeria’

The Group General Manager of National Petroleum Investment Management Services (NAPIMS) Mr Dafe Sejebor, said yesterday in Lagos that his organisation has saved the country between  $3 billion and $5 billion.

https://www.dailytrust.com.ng/news/business/-napims-saved-5bn-for-nigeria/210376.html

 

Government woos Ogoni artisanal refiners with modular refinery scheme

The federal government has urged artisanal refiners of crude oil in Ogoni, Rivers State, to form cooperatives and seek partners for the establishment of modular refineries.

https://guardian.ng/business-services/government-woos-ogoni-artisanal-refiners-with-modular-refinery-scheme/

 

NNPC’s gas master plan raises stable power supply hope

The countdown to increased power generation may have begun, with the East-West pipeline, popularly called Obiafu/Obrikon-Oben or OB3 pipeline, close to being completed.

http://thenationonlineng.net/nnpcs-gas-master-plan-raises-stable-power-supply-hope/

 

Cooking gas price drops by 30%

The price of Liquefied Petroleum Gas (LPG), otherwise called cooking gas, has dropped by 30 percent from N400 per kilogram (kg) in May to N280 per kg currently.

https://www.dailytrust.com.ng/news/business/cooking-gas-price-drops-by-30/210372.html

 

Wanted: 3m new gas bottles yearly

Nigeria needs to produce about three million gas cylinders yearly to meet consumers’ demand and replace obsolete ones, the Nigerian National Petroleum Corporation (NNPC) has said.

http://thenationonlineng.net/wanted-3m-new-gas-bottles-yearly/

 

Why Niger Delta is no longer attractive to investors – SPDC

Mr Igo Weli, the General Manager, External Relations, Shell Petroleum Development Company (SPDC), on Thursday said the Niger Delta was no longer attractive for investment.

https://www.dailytrust.com.ng/news/business/why-niger-delta-is-no-longer-attractive-to-investors-spdc/210509.html

 

24 ships laden with petroleum products, food items, to arrive Lagos ports

Twenty four ships carrying  petroleum products, food items and other goods are expected to arrive Apapa and Tin-Can Island ports in Lagos from August 16 to 27.

https://www.dailytrust.com.ng/news/business/24-ships-laden-with-petroleum-products-food-items-to-arrive-lagos-ports/210380.html

 

Pan Ocean’s pipeline ‘ll boost crude export by 160,000bpd

Pan Ocean Oil Corporation (POOC), an indigenous exploration and production company and operator of the Nigerian National Petroleum Corporation (NNPC)/Pan Ocean Joint Venture, has awarded a pipeline contract to a local firm to create an alternative export line to avoid attacks by Niger Delta militants.

http://thenationonlineng.net/pan-oceans-pipeline-ll-boost-crude-export-160000bpd/

 

Total invests $10bn in Nigeria’s oil sector in 5 years

Mr Nicolas Terraz, the Managing Director and Chief Executive, Total Upstream Companies in Nigeria, said the companies invested over 10 billion dollars in the country oil and gas sector.

https://guardian.ng/business-services/total-invests-10bn-in-nigerias-oil-sector-in-5-years/

 

Technology has taken away relevance of crude oil – Minister

The Minister of Science and Technology, Dr Ogbonnaya Onu, has said that crude oil lost its relevance in the international market because of innovations in science and technology.

https://www.dailytrust.com.ng/news/business/technology-has-taken-away-relevance-of-crude-oil-minister/210553.html

 

Gridlock returns to Apapa/Wharf axis over fuel loading

Gridlock has returned to Apapa/Wharf Roads in Lagos due to loading by petroleum tanker drivers at private depots in the area.

https://www.dailytrust.com.ng/news/business/gridlock-returns-to-apapa-wharf-axis-over-fuel-loading/210606.html

 

Militant groups asks MEND to steer clear of Niger Delta matters

Niger Delta Creek warriors and other Militant groups in Niger Delta have kicked against activities of the Movement for the Emancipation of the Niger Delta (MEND) in the region and warned them to steer clear of matters of the Niger Delta.
http://www.vanguardngr.com/2017/08/militant-groups-asks-mend-steer-clear-niger-delta-matters/

 

Other News

FG/ASUU’s meeting ends in deadlock • Govt turns down lecturers’ request on TSA

The Federal Government’s efforts to make the Academic Staff Union of Universities to call off its nationwide strike failed

http://punchng.com/fgasuus-meeting-ends-in-deadlock/

http://www.vanguardngr.com/2017/08/strike-fg-asuu-meeting-ends-deadlock-2/

 

Let this ASUU strike end soonest

The Academic Staff Union of Universities (ASUU) has embarked upon another “indefinite and total” strike, which has shut down no less than 40 Federal and 44 state universities.
http://www.vanguardngr.com/2017/08/let-asuu-strike-end-soonest/

 

Govt agrees to pay varsity teachers N23b allowances

The Federal Government granted their request that their N23billion outstanding Earned Allowances be released.

http://thenationonlineng.net/govt-agrees-pay-varsity-teachers-n23b-allowances/

 

Obasanjo: ASUU stampeded govt into 2009 agreement

Former President Olusegun Obasanjo yesterday said university lecturers stampeded the government into signing the 2009 agreement which has been a source of incessant strikes by the teachers.

http://thenationonlineng.net/obasanjo-asuu-stampeded-govt-2009-agreement/

 

FG will treat hate campaigners like terrorists, says Osinbajo

The Acting President, Yemi Osinbajo on Thursday read the riot out to proponents of hate speech in the country, saying they were engaging in terrorism.

http://punchng.com/fg-will-treat-hate-campaigners-like-terrorists-says-osinbajo/

http://www.vanguardngr.com/2017/08/fg-declares-hate-speech-terrorism/

https://guardian.ng/news/well-treat-hate-speech-as-terrorism-osinbajo-warns/

 

61% Nigerians live below one dollar per day, says don

A university teacher, Prof. Joseph Abayomi Olagunju yesterday disclosed that 61 percent of Nigerians still live below one dollar per day.

https://guardian.ng/news/61-nigerians-live-below-one-dollar-per-day-says-don/

 

Minister laments importation of foreigners for Nigeria’s projects

The Minister of Science and Technology, Dr. Ogbonnaya Onu, has lamented the importation of foreign manpower for most projects in Nigeria as well as the huge appetite for imported products by the citizens.

https://guardian.ng/news/minister-laments-importation-of-foreigners-for-nigerias-projects/

 

TSA: FG begins audit of banks’ remittances to CBN

The Federal Government has commenced an independent audit of remittances of its funds into the Treasury Single Account by Deposit Money Banks.

http://punchng.com/tsa-fg-begins-audit-of-banks-remittances-to-cbn/

 

Dangote to invest $50bn in US, Europe

Africa’s richest man, Aliko Dangote, plans to invest $50bn in the United States and Europe by 2025, in renewable energy and petrochemicals.

http://punchng.com/dangote-to-invest-50bn-in-us-europe/

 

Restructure Nigeria before 2019 polls – Eminent Nigerians

NOTABLE Nigerians from different walks of life, including representatives of Afenifere and Ohanaeze converged on Lagos, yesterday, with a call for restructuring of the country before the 2019 general elections.
http://www.vanguardngr.com/2017/08/restructure-nigeria-before-2019-polls-eminent-nigerians/

 

N400bn bribe: Fight against corruption not achieving anything—NLC

The Nigeria Labour Congress, NLC, yesterday, took a swipe at the anti-corruption war of the Federal Government, saying the revelation by the National Bureau of Statistics, NBS, that public officials in the country took N400 billion bribe in one year was an indication that the fight against graft was not yielding any result.
http://www.vanguardngr.com/2017/08/n400bn-bribe-fight-corruption-not-achieving-anything-nlc/

NLC seeks compensation scheme expansion

The Nigeria Labour Congress (NLC) has decried the implementation of the Employees Compensation Scheme (ECS) in the formal sector.

http://thenationonlineng.net/nlc-seeks-compensation-scheme-expansion/

 

 

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NEWS REVIEW FOR WEDNESDAY, AUGUST 16, 2017

NEWS REVIEW FOR WEDNESDAY, AUGUST 16, 2017

 

Oil & Gas

Restructuring will place NNPC on growth path – Baru

The ongoing reforms of the Nigerian National Petroleum Corporation (NNPC) will place the corporation on a long-term growth trajectory for the benefit of all stakeholders, NNPC Group Managing Director, Dr. Maikanti Baru, said on Tuesday.

https://www.dailytrust.com.ng/news/business/restructuring-will-place-nnpc-on-growth-path-baru/210174.html

 

NEITI’s Board Approves New Auditor to Undertake 2015 Oil Sector Review Cycle

The Nigeria Extractive Industries Transparency Initiative (NEITI) Tuesday disclosed that it had appointed an indigenous audit firm to undertake its annual independent audit of operations in Nigeria’s oil and gas industry for the year 2015.

https://www.thisdaylive.com/index.php/2017/08/16/neitis-board-approves-new-auditor-to-undertake-2015-oil-sector-review-cycle/

https://www.dailytrust.com.ng/news/business/neiti-appoints-auditors-to-probe-oil-gas-sector/210175.html

 

Gas production to grow faster than oil, coal by 2022

Gas production will grow faster than oil and coal over the next five years, helped by low prices, ample supply, and its role in reducing air pollution and other emissions, according to a new analysis and forecasts to 2022 by the International Energy Agency (IEA).

https://guardian.ng/energy/gas-production-to-grow-faster-than-oil-coal-by-2022/

 

Modular refiners to get pioneer status, duty waivers

The Federal Government has unveiled plans to assist investors in modular refineries to obtain pioneer status, secure various duty waivers, import facilitation of equipment and engineering review to enable Nigeria become self-sufficient in petroleum refining.

https://guardian.ng/energy/modular-refiners-to-get-pioneer-status-duty-waivers/

 

Minister urges Nigeria to prepare for post crude oil era

The Minister of Science and Technology, Ogbonnaya Onu, wants Nigeria to begin preparing for the post crude oil era by paying adequate attention to science, technology and innovation, as Europe and the industrialised world are shifting attention from fossil fuel.

https://guardian.ng/news/minister-urges-nigeria-to-prepare-for-post-crude-oil-era/

https://www.dailytrust.com.ng/news/business/fg-looks-beyond-crude-oil-era-minister/210177.html

 

Compliance audit: NPDC, BPE, Total among 15 lowest performers

The Nigeria Extractive Industries Transparency Initiative on Tuesday announced that its ongoing independent audit of the oil and gas industry covering 2015 recorded 94 per cent compliance by companies and relevant government agencies.

http://punchng.com/compliance-audit-npdc-bpe-total-among-15-lowest-performers/

http://www.vanguardngr.com/2017/08/neiti-indicts-bpe-15-oil-firms-audit-non-compliance/

 

Poop is becoming a new source of fuel for cooking

A Kenyan company is taking the excess faecal waste from residents in Nakuru and transforming it into a usable fuel source for cooking and heating.

http://punchng.com/video-poop-is-becoming-a-new-source-of-fuel-for-cooking/

 

Other news

ASUU strike may end in two days, says government

The Minister of Education, Mallam Adamu Adamu, yesterday assured Nigerians that the industrial action embarked upon by the Academic Staff Union of Universities (ASUU) may end in two days.

https://guardian.ng/news/asuu-strike-may-end-in-two-days-says-government/

https://www.dailytrust.com.ng/news/business/neiti-appoints-auditors-to-probe-oil-gas-sector/210175.html

 

Strike enters third day, ASUU says negotiation hasn’t started with FG

The Federal Government and the leadership of the Academic Staff Union of Universities on Tuesday presented different views on a parley involving both parties over the strike by university teachers.

http://punchng.com/strike-enters-third-day-asuu-says-negotiation-hasnt-started-with-fg/

 

Fashola makes a U-turn, says consumers can pay for meters

The Federal Government has said that it will not oppose the wishes of electricity consumers that are willing to pay for meters from their distribution companies based on agreement between both parties as endorsed by the power sector regulator.

http://punchng.com/fashola-makes-a-u-turn-says-consumers-can-pay-for-meters/

 

ILO links job creation to conflict prevention

The International Labour Organisation says the creation of decent jobs for young people will help to prevent conflict, encourage reconstruction, and build resilience in fragile situations.

http://punchng.com/ilo-links-job-creation-to-conflict-prevention/

Fate of Nigeria’s Infrastructure Master Plan Worries NESG

The Nigerian Economic Summit Group (NESG) has expressed concern about the fate of the federal government’s National Integrated Infrastructure Master Plan (NIIMP) as the current administration’s willingness to review and implement the plan remains bleak.

https://www.thisdaylive.com/index.php/2017/08/16/fate-of-nigerias-infrastructure-master-plan-worries-nesg/

 

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NEWS REVIEW FOR WEDNESDAY, AUGUST 2, 2017

NEWS REVIEW FOR WEDNESDAY, AUGUST 2, 2017

Oil & Gas

How to boost refining capacity – Stakeholders
With Nigeria’s refining industry suffering from low capacity utilisation, the need to become self-sufficient in petroleum refining has been a source of concern to stakeholders in the downstream sector.

How to boost refining capacity – Stakeholders

NNPC to continue oil explorations in Lake Chad Basin despite insurgency
The Minister of State for Petroleum Resources, Dr. Emmanuel Kachikwu has said that the Federal Government will continue with its “oil and gas explorations” in the Lake Chad Basin of Borno state; despite recent Boko Haram attacks in the region.

NNPC to continue oil explorations in Lake Chad Basin despite insurgency

FG to compel IOCs to cut high oil production cost
THE Federal Government is set to compel International Oil Companies (IOCs) to cut the cost of producing oil in Nigeria.

FG to compel IOCs to cut high oil production cost

Stakeholders differ on new FG’s devt roadmap for N’Delta
LEADERS and stakeholders of the Niger Delta, yesterday, were divided on the new Federal Government’s roadmap for the transformation of the region.

Stakeholders differ on new FG’s devt roadmap for N’Delta

Osinbajo, PANDEF meet today
ACTING President Yemi Osinbajo, has invited the Pan Niger Delta Forum, PANDEF, which threatened, on Monday, to pull out of further engagements with the Federal Government if it (government) was not ready to dialogue with the regional body on the 16-point demand it submitted to President Muhammadu Buhari, November, last year, to a meeting tomorrow in Abuja.

Osinbajo, PANDEF meet today

NNPC partners CypherCrescent to boost oil production
The Research & Development (R&D) Division of the Nigerian National Petroleum Corporation (NNPC), has sealed a strategic partnership with CypherCrescent Limited, to enhance oil and gas production using innovative technologies and optimised workflows. https://guardian.ng/energy/nnpc-partners-cyphercrescent-to-boost-oil-production/

Siemens develops 44-megawatt aero derivative gas turbine
Siemens has added the SGT-A45 TR mobile unit to its gas turbine portfolio, with an electrical generating capacity of up to 44 megawatts, to address the growing market for fast power.

Siemens develops 44-megawatt aero derivative gas turbine

MOSOP accuses Nigeria of insincerity in Ogoni cleanup
The President of the Movement for the Survival of Ogoni People (MOSOP), Legborsi Pyagbara has accused the Federal Government of insincerity in the Ogoni cleanup.

MOSOP accuses Nigeria of insincerity in Ogoni cleanup

Oil industry loses $300b to price slump
THE Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has said the global oil and gas industry lost over $300 billion worth of investment in three years due to decline in oil prices.

Oil industry loses $300b to price slump

MOSOP to Fed Govt, Shell: cease talks on resuming oil production in Ogoni
The Movement for the Survival of the Ogoni People (MOSOP) has given the Federal Government and the Anglo/Dutch oil giant, Shell Petroleum Development Company of Nigeria Limited (SPDC), a seven-day ultimatum to cease engagements on resuming oil production in Ogoni.

MOSOP to Fed Govt, Shell: cease talks on resuming oil production in Ogoni

Ghana wants more Nigerian gas for electricity
The Minister for Energy, Ghana, Mr. Boakye Agyarko, has said his country will like to have more gas supply from Nigeria for power generation.

Ghana wants more Nigerian gas for electricity

Agony as structures on pipelines’ right-of-way in Arepo are demolished
It was a tale of woe, agony and pain for some residents of Arepo in Obafemi Owode Local Government Area of Ogun State yesterday when bulldozers, hired by the a team of Army Engineering Corps. and Nigeria National Petroleum Corporation (NNPC), demolished structures on pipelines’ right-of-way.

Agony as  structures on pipelines’ right-of-way  in Arepo are demolished

Other news
Hope for fiscal federalism as Lagos takes over waterways
The Lagos State Government yesterday gave a seven-day ultimatum to boat operators and dredgers to align their operations with the July 18 ruling of the Court of Appeal regarding control of inland waterways.

Hope for fiscal federalism as Lagos takes over waterways

Nigeria gives fresh condition for passport issuance, permit renewal
From January next year, Nigerians without the National Identity Number (NIN) are to be denied international passport (IPP).The Comptroller General of Nigeria Immigration Service (NIS), Mohammed Babadede, dropped the hint yesterday after a meeting of the National Identity Management Harmonization Committee in Abuja.

Nigeria gives fresh condition for passport issuance, permit renewal

No Nigerian Passport without NIMC in 2018 -Presidency

NIS: No National ID Registration, No Int’l Passport from 2018

National Identity Number now mandatory for passport issuance

ICYMI: No ID number, no passport from 2018 — NIS

Is Nigeria Ready for Industrialisation?
Although policy makers in the country are focused on steering the economy out of recession, Obinna Chima wonders if the country is ready for industrialisation

Is Nigeria Ready for Industrialisation?

House Says Rejection of Power Devolution, A Mistake
Apparently feeling the heat of public anger against the killing of the devolution of powers bill by the National Assembly, the House of Representatives has said the legislative act was a mistake that would be corrected upon its resumption from summer vacation in September.

House Says Rejection of Power Devolution, A Mistake

Constitution review: Reps to revisit power devolution in September

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NEWS REVIEW FOR TUESDAY, AUGUST 1, 2017

NEWS REVIEW FOR TUESDAY, AUGUST 1, 2017

Oil & Gas

 

PENGASSAN issues 21-day ultimatum over anti-labour practices

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has threatened to embark on a nationwide strike if anti-labour practices by some employers in the oil and gas industry were not addressed within 21 days.

https://guardian.ng/appointments/pengassan-issues-21-day-ultimatum-over-anti-labour-practices/

 

NUPENG may begin strike over unpaid terminal benefits of members

The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) will withdraw its services from Abuja and its environs over unpaid terminal benefits of its members by the Asset Management Corporation of Nigeria (AMCON).

https://guardian.ng/appointments/nupeng-may-begin-strike-over-unpaid-terminal-benefits-of-members/

 

Government vows to halt oil production if cost remains high

International Oil Companies (IOCs) and their indigenous counterparts may soon be forced to halt operation, as the cost of producing a barrel of crude oil remains high.

https://guardian.ng/business-services/government-vows-to-halt-oil-production-if-cost-remains-high/

http://punchng.com/breaking-well-stop-oil-production-if-cost-remains-high-kachikwu/

 

Trouble Looms in N’Delta as PANDEF Gives Ultimatum on 16-Point Agenda

Resurgence of hostilities in the Niger Delta became palpable Monday as the Pan Niger Delta Forum (PANDEF), a coalition of elders and leaders of the region, asked the federal government to meet its 16-point agenda by November 1, 2017, or risk its withdrawal from ongoing negotiations that had calmed nerves in the oil-rich zone in the last one year.

https://www.thisdaylive.com/index.php/2017/08/01/trouble-looms-in-ndelta-as-pandef-gives-ultimatum-on-16-point-agenda/

http://www.vanguardngr.com/2017/08/pandef-fg-well-pull-theres-no-dialogue/

https://guardian.ng/news/niger-delta-elders-threaten-to-withdraw-from-peace-talks-with-fg/

http://punchng.com/niger-delta-leaders-give-fg-ultimatum-on-peace-talks/

 

FEC Approves New Petroleum Policy

The Federal Executive Council (FEC) has approved a new petroleum policy, restructuring the Nigerian Petroleum Investment Management Services Limited (NAPIMS) and stripping it of its responsibility of regulating costing of projects.

https://www.thisdaylive.com/index.php/2017/08/01/fec-approves-new-petroleum-policy/

 

OPEC oil output rises to 2017 high

THE Organisation of Petroleum Exporting Countries, OPEC oil output rose in July by 90,000 barrels per day (bpd) to a 2017 high, led by a further recovery in supply from Libya, one of the countries exempt from a production-cutting deal, a Reuters survey showed.
http://www.vanguardngr.com/2017/08/opec-oil-output-rises-2017-high/

 

Oil price hits two months high at $53 per barrel

Oil prices hit a two-month high, yesterday, lifted by a tightening US crude market and the threat of sanctions against OPEC member, Venezuela.
http://www.vanguardngr.com/2017/08/oil-price-hits-two-months-high-53-per-barrel/

https://www.dailytrust.com.ng/news/business/oil-nears-53-on-tighter-u-s-market/207895.html

 

Oil prices rise as dollar continues slide against the yen

Oil prices surged Monday to build on last week’s rally as the dollar clawed back losses following concerns over gridlock in Washington and renewed tensions on the Korean peninsula.

http://punchng.com/oil-prices-rise-as-dollar-continues-slide-against-the-yen/

 

3 yrs of low oil price and Nigeria’s struggle for survival

Three years on since the collapse in the price of crude oil, our reporter writes that although Nigeria is struggling to survive the tough times, the prospects of an economic recovery remain positive.

https://www.dailytrust.com.ng/news/business/3-yrs-of-low-oil-price-and-nigeria-s-struggle-for-survival/207903.html

 

$300bn in oil investments lost globally in three years – Kachikwu

The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, on Monday, lamented the loss of $300bn in oil investments globally in three years, due to the decline in oil price.

http://punchng.com/300bn-in-oil-investments-lost-globally-in-three-years-kachikwu/

 

Refineries should be located where oil is explored – Emmanuel

The Akwa Ibom State Governor and Interim Chairman, South-East/South-South Governors’ Forum, Mr. Udom Emmanuel, has said that refineries and petrochemical industries should be located in areas where oil is being explored.

http://punchng.com/refineries-should-be-located-where-oil-is-explored-emmanuel/

 

Kachikwu assures Dangote’s $18bn refinery of government support

Dr Ibe Kachikwu, Minister of State for Petroleum Resources, has promised adequate incentive support to the 18-billion dollar Dangote refinery to fast track its completion in Lagos.

https://guardian.ng/business-services/kachikwu-assures-dangotes-18bn-refinery-of-government-support/

 

FG pleads with Dangote to finish refinery before 2019

The Federal Government has said it relied heavily on Dangote refinery to fulfil its promise to Nigerians to end fuel importation by December 2019.
http://www.vanguardngr.com/2017/08/fg-pleads-dangote-finish-refinery-2019/

http://punchng.com/complete-your-refinery-before-dec-2019-fg-urges-dangote/

 

How senate indicted Kachikwu, Baru over P/Harcourt refinery

The senate, last week, accused the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, and the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr. Maikanti Barau, of violating due process in engaging AGIP/ENI/Oando for the rehabilitation of the Port Harcourt Refinery.

https://www.dailytrust.com.ng/news/business/how-senate-indicted-kachikwu-baru-over-p-harcourt-refinery/207904.html

 

As EFCC Goes Tough on Major Oil Marketers

Ejiofor Alike takes a look at the EFCC’s recent recovery of the N329 billion debt owed the Nigerian National Petroleum Corporation by eight major oil marketers and NNPC Retail Lim

http://www.thisdaylive.com/index.php/2017/08/01/as-efcc-goes-tough-on-major-oil-marketers/

 

NCDMB Targets 100% Local Integration of FPSOs By 2027

The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Kesiye Wabote has stated that the Nigerian oil and gas industry will domesticate the full capacity and capability required for the integration of Floating Production Storage and Offloading vessels (FPSO) by 2027.

http://www.thisdaylive.com/index.php/2017/08/01/ncdmb-targets-100-local-integration-of-fpsos-by-2027/

 

‘Why Cooking Gas Price Has Not Crashed in Nigeria’

The President of the Nigerian Liquefied Petroleum Gas Association (NLPGA), Mr. Dayo Adeshina has explained that the price of Liquefied Petroleum Gas (LPG), better known is cooking gas has not crashed to the expectations of Nigerians because infrastructural challenges have hindered the plan by the Nigeria LNG Limited to bring one LPG vessel from its Bonny Island plant in Rivers State and discharge in Lagos every week.

https://www.thisdaylive.com/index.php/2017/08/01/why-cooking-gas-price-has-not-crashed-in-nigeria/

PEF, Bureau of Statistics Collaborate to Determine Nigeria’s Petrol Consumption

The Petroleum Equalisation Fund (PEF) and the National Bureau of Statistics (NBS) have initiated a research partnership to find out the exact volume of petrol consumed daily across Nigeria.

https://www.thisdaylive.com/index.php/2017/08/01/pef-bureau-of-statistics-collaborate-to-determine-nigerias-petrol-consumption/

 

Chevron Reverses Losses, Nets $1.5bn in Q2 2017

The recent recovery of crude oil prices and the cost reduction measures embarked upon by Chevron Corporation have yielded positive results on the company’s performance as it reported earnings of $1.5 billion for second quarter 2017, compared with a loss of $1.5 billion in the second quarter of 2016.

http://www.thisdaylive.com/index.php/2017/08/01/chevron-reverses-losses-nets-1-5bn-in-q2-2017/

 

ExxonMobil Earns $3.4bn in Half-year

With the gradual recovery of crude oil prices, Exxon Mobil Corporation at the weekend announced estimated second quarter 2017 earnings of $3.4 billion, compared with $1.7 billion earned in the second quarter of 2016.

http://www.thisdaylive.com/index.php/2017/08/01/exxonmobil-earns-3-4bn-in-half-year/

 

Oil spill: Mobil hasn’t paid any A’Ibom community compensation in 46 years – Chief Nduese Essien

FORMER Minister of Housing and Urban Development and Atta of Ekid, Eket Local Government Area, Akwa Ibom State, Chief Nduese Essien, says that for about 46 years, Exxon Mobil Oil Company had never paid compensation for oil spills to any community in the state, instead, it ran around to pay token money as palliative.
http://www.vanguardngr.com/2017/08/oil-spill-mobil-hasnt-paid-aibom-community-compensation-46-years-chief-nduese-essien/

 

Youths lay siege to oil firm in Rivers over disagreement on GMoU

YOUTHS and other stakeholders from the host community to Eroton Exploration and Production Limited, in Bakana, Degema Local Government Area, Rivers State, barricaded the entrance to the oil firm in Port-Harcourt, weekend, following a disagreement on Global Memorandum of Understanding, GMoU.
http://www.vanguardngr.com/2017/08/youths-lay-siege-oil-firm-rivers-disagreement-gmou/

 

Bayelsa community protests as explosion rocks Agip trunkline

The people of Ayamassa community in Ekeremor Local Government Area of Bayelsa State say they are prepared for a showdown with the Nigerian Agip Oil Company over a pipeline explosion that occurred in the community last week.

http://punchng.com/bayelsa-community-protests-as-explosion-rocks-agip-trunkline-2/

 

Weir oil completes KOP acquisition for $114m

Weir Oil and Gas, a leading upstream provider of pressure pumping and pressure control equipment and services, has completed its acquisition of KOP Surface Products, a provider of advanced pressure control wellhead technologies, systems and services.

https://www.dailytrust.com.ng/news/business/weir-oil-completes-kop-acquisition-for-114m/207906.html

 

Other News

 

Restructuring: N-Delta group faults NASS, says rejection a threat to unity

NIGER Delta Youth Council of Nigeria, NDYCN, has berated the National Assembly for rejecting restructuring of the country, saying it was an affront on the Nigeria’s unity.
http://www.vanguardngr.com/2017/08/restructuring-n-delta-group-faults-nass-says-rejection-threat-unity/

 

Nigeria loses N9.74b to public holidays in one year

Nigeria lost at least N9.74 billion in 2016 as a result of multiple public holidays observed during the year. The Guardian’s investigation revealed that in 2016 alone, about 15 national public holidays were observed, excluding others declared in some states.

https://guardian.ng/business-services/nigeria-loses-n9-74b-to-public-holidays-in-one-year/

 

Labour unions seek inclusion of teachers’ salaries in first line charge

The Nigeria Labour Congress (NLC), the Nigeria Union of Local Government Employees (NULGE), Nigeria Union of Teachers (NUT) and the Medical and Health Workers Union of Nigeria (MHWUN) have expressed their support for a strong local government system in the country.

https://guardian.ng/appointments/labour-unions-seek-inclusion-of-teachers-salaries-in-first-line-charge/

 

Bank of England staff strike for first time in 50 years

Staff at the Bank of England began a three-day strike Tuesday, the first at Britain’s central bank in more than 50 years, as part of a dispute over pay.

http://punchng.com/bank-of-england-staff-strike-for-first-time-in-50-years/

 

FG adopts automated system for 2018 budget preparation

For the first time since it was acquired over five years ago, the Federal Government will be using the Government Integrated Financial Management Information System for the preparation of the 2018 budget.

http://punchng.com/fg-adopts-automated-system-for-2018-budget-preparation-2/

 

‘2018 budget MTEF unrealistic, below standard’

The Centre for Social Justice (CSJ) has said that the Medium Term Expenditure Framework 2018-2020 for the proposed N7.9 trillion 2018 budget does not meet standard and is unachievable.

https://www.dailytrust.com.ng/news/business/-2018-budget-mtef-unrealistic-below-standard/207885.html

 

Constitution: Rejected bills can still sail through, says Ekweremadu

The Deputy President of the Senate, Ike Ekweremadu, has said that some proposed amendments to the 1999 Constitution recently rejected by the National Assembly may still be passed when revisited.

http://punchng.com/constitution-rejected-bills-can-still-sail-through-says-ekweremadu/

 

 

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