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.
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.
‘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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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
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.
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.
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