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/   This message contains confidential information and is intended only for the individual named. If you are not the named addressee you should not disseminate, distribute or copy this e-mail. Please notify the sender immediately by e-mail if you have received this e-mail by mistake and delete this e-mail from your system