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.
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.
‘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.
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.
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.
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.
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.
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.
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
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.
‘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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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
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.
Govt agrees to pay varsity teachers N23b allowances
The Federal Government granted their request that their N23billion outstanding Earned Allowances be released.
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.
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.
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.
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.
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.
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.
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.
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.
NLC seeks compensation scheme expansion
The Nigeria Labour Congress (NLC) has decried the implementation of the Employees Compensation Scheme (ECS) in the formal sector.
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