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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