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.
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).
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.
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.
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.
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.
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.
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.
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.
$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.
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.
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.
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.
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.
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
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.
‘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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
‘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.
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.
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