NEWS REVIEW FOR TUESDAY, OCTOBER 31, 2017

NEWS REVIEW FOR TUESDAY, OCTOBER 31, 2017

 

Oil & Gas

PENGASSAN tasks government on comprehensive TAM of refineries

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has charged the federal government to carry out a comprehensive Turn Around Maintenance (TAM) in the nation’s refineries.

https://guardian.ng/appointments/pengassan-tasks-government-on-comprehensive-tam-of-refineries/

 

West African nations set to import products from $12bn Dangote refinery

West African nations have started putting arrangements in place to enable them import petroleum products from Nigeria’s $12 billion Dangote refinery, barely two years ahead of its planned completion in 2019.
https://www.vanguardngr.com/2017/10/west-african-nations-set-import-products-12bn-dangote-refinery/

 

Breaking: FG to commence crude oil tracking by 2019

The Federal Government, Moday, stated that from 2019, the country would begin tracking Nigeria’s crude oil and would be able to account for every drop of the commodity produced in the country.
https://www.vanguardngr.com/2017/10/breaking-fg-commence-crude-oil-tracking-2019/

http://punchng.com/fg-to-begin-crude-oil-tracking-next-year/

 

Kachikwu: IOCs Interested in Investing over $15bn in Nigeria

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, on Monday stated that reforms initiated and executed by the federal government in Nigeria’s oil and gas industry within the last two years had earned the sector the confidence of international oil companies (IOCs) who he noted had requested to invest over $15 billion in the sector.

https://www.thisdaylive.com/index.php/2017/10/31/kachikwu-iocs-interested-in-investing-over-15bn-in-nigeria/

 

Gas flare penalty: FG owing Niger Delta N1trn — CSOs

A civil society organization, Centre for Peace and Environmental Justice, CEPEJ, yesterday, accused the Federal Government of withholding gas flare penalty amounting to over N1 trillion, meant for communities in the Niger Delta.
https://www.vanguardngr.com/2017/10/gas-flare-penalty-fg-owing-niger-delta-n1trn-csos/

 

FG engages N/Delta leaders over ultimatum

The Federal Government said it will commence engagements with critical stakeholders in the Niger Delta region to address some promises it made to people in the region.

https://www.dailytrust.com.ng/fg-engages-n-delta-leaders-over-ultimatum.html

Olujimi: Focus and Integrity are Key to Survival in Downstream Sector

To ease the Apapa gridlock, Emadeb Energy Services Limited recently built an ultra-modern depot in the Ijegun area of Lagos State and has also embarked on the construction of mega filling stations.

http://www.thisdaylive.com/index.php/2017/10/31/olujimi-focus-and-integrity-are-key-to-survival-in-downstream-sector/

 

OML30: Oil firm to execute devt projects in Delta communities

Heritage Energy Operational Services Limited, HEOSL, operator of Oil Mining Lease OML30 has embarked on the construction of several projects in its host communities.
https://www.vanguardngr.com/2017/10/oml30-oil-firm-execute-devt-projects-delta-communities/

 

Aiteo assembles legal team to tackle alleged politically motivated allegations

Aiteo Group, an indigenous Nigerian oil and gas company has set up a legal team to tackle various allegations suspected to be political in nature.
https://www.vanguardngr.com/2017/10/aiteo-assembles-legal-team-tackle-alleged-politically-motivated-allegations/

 

Johnathan’s inability to control crude oil theft grounded our economy – Gov Aregbesola

OSUN- PEEVED by the magnitude of undeclared crude oil and gas during the administration of former President Goodluck Jonathan, Governor of Osun State, Rauf Aregbesola has said the inability of the previous administration to control theft in the sector wrecked the Nigerian economy leading to recession.
https://www.vanguardngr.com/2017/10/johnathans-inability-control-crude-oil-theft-grounded-economy-gov-aregbesola/

 

Crisis looms in Rivers community over oil firms

Ubima community, home town of the Minister of Transportation, Mr Rotimi Amaechi, in Ikwerre local government area of Rivers state has advised two oil companies trying to resume operations in the area to endeavour to meet leaders of the area, saying that any backdoor arrangement could provoke untold crisis in the community.
https://www.vanguardngr.com/2017/10/crisis-looms-rivers-community-oil-firms/

 

Oil spill victims sue Shell in UK over alleged $3.6b compensation

Oil spill victims under the aegis of Oil Spill Victims Vanguard (OSPIVV) have initiated a lawsuit in the United Kingdom against Shell Nigeria Exploration and Production Company (SNEPCO), a subsidiary of the Royal-Dutch Shell Plc., over alleged $3, 600,191, 206 compensation to 168,000 persons and 350 communities affected by the December 20, 2011 spill from its Bonga Oil Field in Delta State.

https://guardian.ng/news/oil-spill-victims-sue-shell-in-uk-over-alleged-3-6b-compensation/

 

Richardson Oil & Gas advocates investment in workforce

Richardson Oil and Gas Limited has urged organisations to enhance safety performance by exploring social investments initiatives, which is about investing in their human resources.

https://guardian.ng/appointments/richardson-oil-gas-advocates-investment-in-workforce/

 

Other News

 

No definite date for census — NPC

National Population Commission, NPC, said, yesterday, that there was no definite date yet for conduct of census in the country.
https://www.vanguardngr.com/2017/10/no-definite-date-census-npc/

 

Nigeria’s debt shift to increase exchange rate risks — IMF

The International Monetary Fund yesterday, said that the proposed borrowing plan restructuring away from domestic to foreign by the Federal Government aimed at reducing debt-servicing cost could create exchange rate risks. Read more at: https://www.vanguardngr.com/2017/10/nigerias-debt-shift-increase-exchange-rate-risks-imf/
https://www.vanguardngr.com/2017/10/nigerias-debt-shift-increase-exchange-rate-risks-imf/

 

AfDB cancels $400m loan to Nigeria

The African Development Bank has called off a loan to Nigeria that would have helped fund the country’s budget, the Vice-President for Power, Energy, Climate Change and Green Growth, AfDB, Amadou Hott, has said.

http://punchng.com/afdb-cancels-400m-loan-to-nigeria/

 

FG Agrees to Pay N88bn as Compensation to Nigerian Civil War Victims

Forty-seven years after the Nigerian Civil War ended under ‘no victor, no vanquished’ terms, the federal government Monday agreed to pay victims of the war N88 billion as compensation.

https://www.thisdaylive.com/index.php/2017/10/31/fg-agrees-to-pay-n88bn-as-compensation-to-nigerian-civil-war-victims/

 

IMF: Debt Service Becoming Burden to Nigeria, Others

The International Monetary Fund (IMF) has stated that debt servicing costs are becoming a burden, especially in oil-producing countries such as Nigeria, Angola and Gabon in Africa.

https://www.thisdaylive.com/index.php/2017/10/31/imf-debt-service-becoming-burden-to-nigeria-others/

 

‘Nigeria’s economic future is in its hands’

In a small, rural community outside Kaduna, a woman is starting her day. Her business is selling produce. Of all the tools she uses, the most important is one that fits in her pocket.

https://guardian.ng/business-services/nigerias-economic-future-is-in-its-hands/

 

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NEWS REVIEW FOR MONDAY, OCTOBER 30, 2017 Oil & Gas

NEWS REVIEW FOR MONDAY, OCTOBER 30, 2017

Oil & Gas

Address oil industry problems — PENGASSAN

Oil workers, under the aegis of the Petroleum and Natural Gas Senior Staff Association of Nigeria, have called on stakeholders, especially the government to embark on a number of coordinated steps to resolve some of the problems affecting the oil and gas industry.

http://punchng.com/address-oil-industry-problems-pengassan/

 

Downstream operators urged to diversify as Nigeria plans to exit fuel import

Following plans by the Nigerian National Petroleum Corporation (NNPC), to stop the importation of petroleum products in the next medium term, operators in the downstream sector, who do not diversify along the value chain, may lose out on business as they may not have a role to play in the market.

https://guardian.ng/business-services/downstream-operators-urged-to-diversify-as-nigeria-plans-to-exit-fuel-import/

 

‘Downstream sector poses major challenge in oil, gas industry’

The Director, Department of Petroleum Resources (DPR), Mordecai Ladan, has said that the downstream sector of the oil and gas industry was facing major challenges in process safety, stating that there was need for discussions and improvement.

https://guardian.ng/business-services/downstream-sector-poses-major-challenge-in-oil-gas-industry/

 

10,000 youths for pipeline surveillance in N/Delta

No fewer than 10,000 youths of oil and gas producing communities in the South south region will secure jobs for pipeline surveillance.

http://thenationonlineng.net/10000-youths-pipeline-surveillance-ndelta/

 

IEA: Global Oil Supply Rose 90,000b/d in September to 97.5mb/d

Global oil supply rose 90,000 b/d in September to 97.5 mb/d as non-OPEC output edged higher with output standing at 620,000 b/d higher than last year, the October edition of Oil Market Report has revealed.

https://www.thisdaylive.com/index.php/2017/10/29/iea-global-oil-supply-rose-90000bd-in-september-to-97-5mbd/

 

Army Ends Operation in N’Delta, Refits Nigeria’s First Oil Well

The Nigerian Army at the weekend rounded off its Crocodile Smile II Operation in the Niger Delta with the rehabilitation of the abandoned  Oloibiri Oil Well 1 in Ogbia Local Government Area, Bayelsa State, where crude oil was first discovered in the country in 1956.

https://www.thisdaylive.com/index.php/2017/10/30/army-ends-operation-in-ndelta-refits-nigerias-first-oil-well/

 

26 firms signify interest in revamping Nigeria’s refineries

About 26 firms have indicated interest to participate in the revamping of Nigeria’s four refineries, which will require investment of about $2billion (N720billion) according to the Minister of States for Petroleum Resources, Dr. Ibe kachikwu.

https://guardian.ng/business-services/26-firms-signify-interest-in-revamping-nigerias-refineries/

 

Oil/gas communities allege marginalisation by Nigerian oil bloc owners

OIL and gas communities in Delta, Edo and Bayelsa states, weekend, cried out that Nigerian oil blocs owners have allegedly foisted “internal colonialism” on the people, urging the Federal Government to call them to order.
https://www.vanguardngr.com/2017/10/oilgas-communities-allege-marginalisation-nigerian-oil-bloc-owners/

 

Crude oil rises above $60, first time since 2015

Brent crude closed at a 27-month high on Friday over comments from Saudi Arabia that signal the likely extension of supply cut deal by OPEC and Non-OPEC members, as data released by the World Bank projected growth in oil price by 2018.

https://www.dailytrust.com.ng/crude-oil-rises-above-60-first-time-since-2015.html

 

Nigeria’s excess oil revenue hits N11.1bn daily

NIGERIA’s excess oil revenue has risen to N11.1 billion ($36.6 million) daily as the price of crude oil hits $60.44 per barrel in the international market.
https://www.vanguardngr.com/2017/10/nigerias-excess-oil-revenue-hits-n11-1bn-daily/

 

We need not burst pipelines to shutdown oil production, PANDEF declares

Following the disruption of its general assembly meeting by security operatives in Port Harcourt last week, the Pan Niger Delta Forum (PANDEF) has warned that it does not need to burst oil pipelines to shutdown crude oil production in the region.

https://guardian.ng/news/we-need-not-burst-pipelines-to-shutdown-oil-production-pandef-declares/

 

PANDEF, militants clash over mandate to represent N’Delta

A coalition of militants’ groups in the Niger Delta and the Chief Edwin Clark-led Pan Niger Delta Forum have engaged in war of words over which group has the people’s mandate to represent the region.

http://punchng.com/pandef-militants-clash-over-mandate-to-represent-ndelta/

 

NNPC, First E&P begin marine oil search

The Nigerian National Petroleum Corporation on Sunday said it was working to grow the nation’s crude oil reserves and increase daily national production by searching for crude in water bodies.

http://punchng.com/nnpc-first-ep-begin-marine-oil-search/

 

Ghana’s regulator to partner Nigeria’s Techno Oil on LNG

A delegation from Ghana’s National Petroleum Authority visited the management of Techno Oil Ltd. in Lagos on Friday to seek collaboration on Liquefied Natural Gas and cylinder marketing in Ghana.

http://punchng.com/ghanas-regulator-to-partner-nigerias-techno-oil-on-lng/

 

PTDF attaches trained welders to Kaduna, Warri refineries

About 75 beneficiaries of the Petroleum Technology Development Fund (PTDF) Welders Training and Certification Programme (WTCP) have commenced a six month post training attachment at the Kaduna and Warri refineries.

https://www.dailytrust.com.ng/ptdf-attaches-trained-welders-to-kaduna-warri-refineries.html

 

Other News

2017 budget: FG records 49% non-oil revenue shortfall

The Federal Government recorded a 49 per cent shortfall in non-oil revenue needed to finance the 2017 budget, figures obtained from the Budget Office of the Federation have revealed.

http://punchng.com/2017-budget-fg-records-49-non-oil-revenue-shortfall/

 

Don’t expect timely passage of 2018 budget, says NASS

The Chairman of House of Representatives committee on Legislative Budget and Research, Mr. Timothy Golu, has ruled out the possibility of passing the 2018 budget into law before the end of the year, even as he disagreed with the executive arm that paucity of funds caused the poor implementation of 2017 estimate.

https://guardian.ng/news/dont-expect-timely-passage-of-2018-budget-says-nass/

 

YET ANOTHER POPULATION WARNING

According to the latest figures from the United Nations International Children’s Emergency Fund (UNICEF), Nigeria currently accounts for 20 per cent of all the births in Africa and five per cent of the global total.

https://www.thisdaylive.com/index.php/2017/10/30/yet-another-population-warning/

 

Pensions should drive economic devt – Atiku

A former Vice-President of Nigeria, Alhaji Abubakar Atiku, has said that pension reforms should be used as a means of social and economic development.

http://punchng.com/pensions-should-drive-economic-devt-atiku/

 

Economic growth to rise to 3.4% in sub-Saharan Africa in 2018 – IMF

Economic growth is expected to rise to 3.4 per cent in sub-Saharan Africa in 2018 from 2.6 per cent in 2017, the IMF said in a report on Monday.

http://thenationonlineng.net/economic-growth-to-rise-to-3-4-in-sub-saharan-africa-in-2018-imf/

 

Employers must open retirement accounts for workers –Stanbic IBTC

The Executive Director, Investment, Stanbic IBTC Pension Management Limited, Mr. Oladele Sotubo, has said the law mandates all employers to open  temporary Retirement Savings Accounts for their workers who fail to open such accounts.

http://punchng.com/employers-must-open-retirement-accounts-for-workers-stanbic-ibtc/

 

What Nigeria must do to exit recession totally-NBS boss

The statistician General of the Federation/CEO, National Bureau of Statistic (NBS) Dr. Yemi Kale has strongly advised that the country needs to step up ongoing economic reforms to forestall a relapse into economic recession in the future.

http://thenationonlineng.net/nigeria-must-exit-recession-totally-nbs-boss/

 

IMF wants Nigeria to stop tax holidays

The International Monetary Fund has advised the Federal Government to urgently revisit tax holidays and exemptions given to companies. It specifically urged Nigeria to implement a reform that would see it phase out tax holidays and exemptions eroding the Company Income Tax base.

http://punchng.com/imf-wants-nigeria-to-stop-tax-holidays/

 

Nigeria’s inflation rate to fall to single digit in mid-2018, says Emefiele

Nigeria’s Central Bank Governor Godwin Emefiele said on Friday he expected the inflation rate to fall at a faster pace and hit high single-digit rates mid-next year.

https://guardian.ng/business-services/nigerias-inflation-rate-to-fall-to-single-digit-in-mid-2018-says-emefiele/

 

Reserves near $34b mark despite interventions

The nation’s foreign exchange reserves’ profiles recorded a new increase near $34 billion mark, after gaining about $350 million in one week, with $200 million being recorded cumulatively in three trading days.

https://guardian.ng/business-services/money/reserves-near-34b-mark-despite-interventions/

 

Middle East investors move to take over Nigerian airports

Some stakeholders in the aviation sector, including members of the National Assembly, are worried that investors from some Middle East countries are expressing interest in the planned concession of Nigerian airports.

https://guardian.ng/news/middle-east-investors-move-to-take-over-nigerian-airports/

 

30 states generate N516bn, spend N1.4trn on wages

Thirty states of the federation generate a cumulative internal revenue just enough to settle one-third of their workers’ salaries and allowances, Daily Trust investigations have shown.

https://www.dailytrust.com.ng/30-states-generate-n516bn-spend-n1-4trn-on-wages.html

 

Why food prices remain high despite farming galore

Lack of mechanised farming equipment, easy access to fertiliser, reliable produce marketing outlets and failure to effectively tackle farmers/herders clashes are among major reasons why food prices remain high even as harvest period peaks, experts have said.

https://www.dailytrust.com.ng/why-food-prices-remain-high-despite-farming-galore.html

 

Pensioners, governors lock horns over benefits

The relationship between pensioners and many state governments in Nigeria is far from cordial as both have locked horns over retirement benefits.

https://www.dailytrust.com.ng/pensioners-governors-lock-horns-over-benefits.html

 

Resolving Perennial Excess Bank Charges

Despite the clamour for financial inclusion and against agreed terms, deposit money banks have continued to visit their customers with outrageous charges

http://www.thisdaylive.com/index.php/2017/10/29/resolving-perennial-excess-bank-charges/

 

ExxonMobil’s Q3 earnings rise to $4 bn

Higher oil prices significantly boosted ExxonMobil’s third-quarter earnings, more than offsetting the hit to operations from US hurricanes, the oil giant reported Friday.

http://punchng.com/exxonmobils-q3-earnings-rise-to-4-bn/

 

NACCIMA urges FG on prompt budget implementation

National President, the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, NACCIMA, Iyalode Alaba Lawson has once again called on the federal government to ensure prompt and diligent implementation of budgets so as to sustain momentum in ensuring that the economy stays vibrant.
https://www.vanguardngr.com/2017/10/naccima-urges-fg-prompt-budget-implementation/

 

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NEWS REVIEW FOR MONDAY, OCTOBER 23, 2017

NEWS REVIEW FOR MONDAY, OCTOBER 23, 2017

Oil & Gas

PENGASSAN rejects plan to tax pensions, terminal benefits

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has rejected the plan by the governments at both the federal and state levels to tax pensions, gratuities and terminal benefits of workers in the country.

https://dailytrust.com.ng/pengassan-rejects-plan-to-tax-pensions-terminal-benefits.html

Oil prices to rise above $60 on tightening supply, strong demand

Oil prices rose on Monday over supply concerns in the Middle East and as the U.S. market showed further signs of tightening while demand in Asia keeps rising.

http://punchng.com/oil-prices-to-rise-above-60-on-tightening-supply-strong-demand/

 

Kaduna refinery dormant, PH, Warri producing below 30% — NNPC

There seems to be no end in sight to the downward operational performance of Nigeria’s refineries since the beginning of 2017 despite several interventions made to reinvigorate the facilities by the Nigerian National Petroleum Corporation..

http://punchng.com/kaduna-refinery-dormant-ph-warri-producing-below-30-nnpc/

 

Don’t sell marginal oil fields to Individuals, Falana tells FG

A senior advocate of Nigeria (SAN), Femi Falana (SAN) has advised the Federal Government against selling the country’s marginal oil fields to individuals, saying they should be shared with a view to redistributing national wealth.

https://guardian.ng/news/dont-sell-marginal-oil-fields-to-individuals-falana-tells-fg/

 

Federal Government targets N3.6 trillion investments in oil, gas infrastructure

Federal Government has renewed its commitment to attract over $10 billion (N3.6 trillion) to the Niger Delta between 2017 and 2019 through investments in infrastructure.

https://guardian.ng/business-services/federal-government-targets-n3-6-trillion-investments-in-oil-gas-infrastructure/

 

NNPC $25b Contract: Ethnic, religious sentiments threaten Senate probe

Vested interests, religious and ethnic sentiments could frustrate attempts by the Senate to unravel the true position of the alleged $25b contracts, awarded by the Nigerian National Petroleum Corporation (NNPC).

https://guardian.ng/news/nnpc-25b-contract-ethnic-religious-sentiments-threaten-senate-probe/

 

Nigeria must look beyond oil, says Okowa

Governor Ifeanyi Okowa of Delta State on Sunday called on Nigerians to embrace agriculture and its allied businesses to fully grow the country’s economy.

http://punchng.com/nigeria-must-look-beyond-oil-says-okowa/

 

Kachikwu/Baru: Senate panelists deny pressure from Presidency

Members of the Senate ad hoc committee set up to investigate the contract  crisis in the Nigerian National Petroleum Corporation, have denied being under pressure from the Presidency to “manage” their recommendations.

http://punchng.com/kachikwubaru-senate-panelists-deny-pressure-from-presidency/

 

We contributed $29bn to Nigeria in four years – Shell

Shell Petroleum Development Company has said that its economic contribution to the Nigerian government in four years is $29bn.

http://punchng.com/we-contributed-29bn-to-nigeria-in-four-years-shell/

https://guardian.ng/business-services/fg-gets-29-billion-from-spdc-as-nddc-gulps-1-8b-in-four-years/

 

Other News

Pension assets rise to N7tn

The total assets under the Contributory Pension Scheme rose to N7.09tn as of the end of August, this year.

http://punchng.com/pension-assets-rise-to-n7tn/

 

Federal Government lowers 2017 economic growth projection

Global Markets:   Global markets were mixed this past week amidst continued geopolitical tensions, macro-economic events and earnings releases.

http://punchng.com/federal-government-lowers-2017-economic-growth-projection/

 

Implementing the budget as legislated

The Central Bank of Nigeria has stepped up insensitive campaign to sell unwavering implementation of the flawed monetary and usurped fiscal measures that have underdeveloped the national economy through systematic undermining of the productive sectors to the advantage of interloping corrupt domestic and foreign elements.

https://guardian.ng/opinion/implementing-the-budget-as-legislated/

 

N2bn fraud: Arrest ex-pension boss now, Sagay, Falana tell Buhari

The Chairman, Presidential Advisory Committee Against Corruption, Prof. Itse Sagay (SAN), and prominent lawyer, Femi Falana have called on the President Muhammadu Buhari-led administration to arrest immediately the wanted ex-chairman of the defunct Presidential Task Force on Pension Reforms, Abdulrasheed Maina, who has returned to Nigeria.

http://punchng.com/n2bn-fraud-arrest-ex-pension-boss-now-sagay-falana-tell-buhari/

 

Unpaid salaries: Security guards shut down primary schools in Rivers

Security guards on Monday barred pupils and teachers from getting access into some public primary schools in Port Harcourt over unpaid salaries.

https://www.dailytrust.com.ng/unpaid-salaries-security-guards-shut-down-primary-schools-in-rivers.html

 

PenCom explains delay in gratuity payment

Some retirees under the Contributory Pension Scheme (CPS) have yet to receive gratuity due to unfunded Defined Benefit Scheme (DBS) backlog owed by the Federal Government.

https://guardian.ng/news/pencom-explains-delay-in-gratuity-payment/

 

 

 

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NEWS REVIEW FOR TUESDAY, OCTOBER 17, 2017

NEWS REVIEW FOR TUESDAY, OCTOBER 17, 2017

Oil & Gas

Senate summons NNPC GMD, Shell MD over revocation, re-award of OML 13

FRESH troubles appear to be looming for the Group Managing Director of Nigerian National Petroleum Corporation, NNPC, Mr. Maikanti Baru, as the Senate has begun a probe into alleged revocation of OML 13 and re-award to Nigerian Petroleum Development Company, a subsidiary of NNPC, through executive fiat.
https://www.vanguardngr.com/2017/10/senate-summons-nnpc-gmd-shell-md-revocation-re-award-oml-13/

Senate panel summons Baru, Shell boss in oilfield probe

The Senate Committee on Ethics, Privileges and Public Petitions has invited the Group Managing Director of the Nigerian National Petroleum Corporation, Maikanti Baru; and the Managing Director of Shell Petroleum Development Company of Nigeria Limited, Osagie Okubor, over the revocation of the licence of an oilfield, OML 13.

http://punchng.com/senate-panel-summons-baru-shell-boss-in-oilfield-probe/

https://www.dailytrust.com.ng/senate-panel-begins-probe-of-nnpc.html

 NNPC supplies 1,200mmscf/d gas to power sector, others

The Nigerian National Petroleum Corporation on Monday said it supplied 1,200 million standard cubic feet per day of gas to domestic, industrial, commercial and power sectors in the month of September 2017.

http://punchng.com/nnpc-supplies-1200mmscfd-gas-to-power-sector-others/

Oil Sales: India dumps Nigeria for US

There are indications that Nigeria’s crude oil biggest buyer, India has started looking up to the United States for the product. According to Platts, “Indian Oil Corporation (IOC) issued a tender for one Suezmax or VLCC cargo of US crude loading in December, along with one Suezmax or VLCC of West African crude.
https://www.vanguardngr.com/2017/10/oil-sales-india-dumps-nigeria-us/

NNPC clears N80bn transport owners debt – NARTO

The Nigerian Association of Road Transport Owners (NARTO) and the Petroleum Tanker Drivers branch of the National Union of Petroleum and Natural Gas Workers (NUPENG) has said that freight bills of about N80 billion owed its members by the Petroleum Equalization Fund (PEF) Management Board have been cleared.

https://www.dailytrust.com.ng/nnpc-clears-n80bn-transport-owners-debt-narto.html

RISAA reaches out to NLNG for collaboration

In a bid to harness the untapped potentials in the outdoor landscape and showcase business and Corporate Social Responsibility(CSR) opportunities, the Rivers State Signage and Advertisement Agency (RISAA) has embarked on business tours to reach out to existing and potential clients.

https://guardian.ng/news/risaa-reaches-out-to-nlng-for-collaboration/

Agbakoba asks court to determine Buhari’s qualification as oil minister

Former President of the Nigerian Bar Association (NBA), Dr. Olisa Agbakoba has filed a claim asking the court to determine the constitutional qualification of the President of Nigeria to also hold office as Minister of Petroleum Resources.

https://www.dailytrust.com.ng/agbakoba-asks-court-to-determine-buhari-s-qualification-as-oil-minister.html

NLNG demands $315m judgement debt from NIMASA

The Nigeria LNG Limited, on Monday, said it had formally issued a demand notice for $315,598,823.29 judgment debt to the Nigerian Maritime Administration and Safety Agency.

http://punchng.com/nlng-demands-315m-judgement-debt-from-nimasa/

http://thenationonlineng.net/nlng-demands-315m-refund-nimasa/

JIV controversy: Delta, Bayelsa villages accuse oil firm of attempting to bribe envoys

BOMADI, Tuomo and Ayamasa communities in Delta and Bayelsa States, at loggerheads with the Nigeria Agip Oil Company, NAOC, over a rupture, July, on the Tuomo/Ogbonbiri gas pipeline, have alleged that officials of the company tried to entice their representatives with money to falsify the details of a Joint Investigation Visit, JIV.
https://www.vanguardngr.com/2017/10/jiv-controversy-delta-bayelsa-villages-accuse-oil-firm-attempting-bribe-envoys/

Dangote Refinery Africa’s biggest refinery takes shape

The completion of Dangote Refinery in 2019 will mark another milestone in the Nigerian oil and gas industry as the $11 billion refinery hold the prospect of stopping of refined petroleum products by Nigeria.
https://www.vanguardngr.com/2017/10/dangote-refinery-africas-biggest-refinery-takes-shape/

NNPC to partner BUK in hydrocarbon search in frontier basins

The Nigerian National Petroleum Corporation, NNPC, yesterday, promised to partner, with Bayero University Kano, BUK, in the ongoing exploratory activities in the frontier basins across the country.
https://www.vanguardngr.com/2017/10/nnpc-partner-buk-hydrocarbon-search-frontier-basins/

Agip Spends $5.4bn on Local Content in Six Years

The Nigerian Agip Oil Company (NAOC) Monday stated that it had expended over $ 5.4 billion in-country to grow Nigerian content in the last six years.

https://www.thisdaylive.com/index.php/2017/10/17/agip-spends-5-4bn-on-local-content-in-six-years/

NNPC: Western Europe, Asian Countries Major Destinations for Nigeria’s Oil

Demands for Nigeria’s crude oil blends have remained quite high from countries in Western Europe and Asia, a report of the Nigerian National Petroleum Corporation (NNPC) has disclosed.

http://www.thisdaylive.com/index.php/2017/10/16/nnpc-western-europe-asian-countries-major-destinations-for-nigerias-oil/

Shell Executives Charged in Italy over Malabu Deal

Senior Royal Dutch Shell executives have been charged in Italy for their role in an alleged vast “bribery scheme” that deprived Nigeria of over a billion dollars from the sale of a prolific oil block – Oil Prospecting Lease (OPL) 245 – by Malabu Oil and Gas Limited to Shell and Italian oil giant, Eni, in 2011, the Milan Public Prosecutor’s Office confirmed last Friday to Global Witness, a non-governmental organisation fighting corruption.

https://www.thisdaylive.com/index.php/2017/10/17/shell-executives-charged-in-italy-over-malabu-deal/

Fire guts petrol minister Kachikwu’s house

The residence of the Minister of State for Petroleum Resources, Ibe Kachikwu, was gutted by fire on Sunday.

http://punchng.com/fire-guts-petrol-minister-kachikwus-house/

Oil price jumps to $57.8

Oil markets jumped yesterday on concerns over potential renewed United States sanctions against Iran as well as the conflict in Iraq.

http://thenationonlineng.net/oil-price-jumps-57-8/

Other News

Rising debt: Nigeria heading towards the precipice

The recent letter from President Muhammadu Buhari to the National Assembly requesting approval to borrow additional $5.5bn from the International Capital Market has brought to the fore the issue of huge debt stock being carried by the country.

http://punchng.com/rising-debt-nigeria-heading-towards-the-precipice/

 

How Nigeria, others can tackle corruption, by IMF, Okonjo-Iweala

The Managing Director of the International Monetary Fund, Christine Lagarde; a former Minister of Finance, Dr. Ngozi Okonjo-Iweala, and key global experts have advised Nigeria, Argentina and other top countries battling corruption to use tools that can help reduce procurement costs by about 60 per cent.

http://punchng.com/how-nigeria-others-can-tackle-corruption-by-imf-okonjo-iweala/

World Bank disagrees with Adeosun on borrowing … says cost of debts not sustainable

The World Bank has disagreed with the Minister of Finance, Mrs. Kemi Adeosun, on the need for the Federal Government to borrow more in order to develop the nation’s infrastructure and stimulate the economy.

http://punchng.com/world-bank-disagrees-with-adeosun-on-borrowing/

What is identity theft?

Identity theft is a crime whereby criminals impersonate individuals, usually for financial gain.

http://punchng.com/what-is-identity-theft/

Mitigating human losses at the workplace

Human losses and suffering resulting from workplace injury are, most times, immeasurable. They can trigger major crises for affected families. Such crises could come in form of financial burden and can impose substantial time demands on family members.
https://www.vanguardngr.com/2017/10/mitigating-human-losses-workplace/

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