Oil & Gas

Oil prices surpass World Bank’s forecast at over $60 a barrel

Global crude oil benchmark -Brent has increased from $58.15 a barrel to $60.75 a barrel while West Texas Intermediate (WTI) from $51.61 to $54.19 a barrel as at yesterday. https://guardian.ng/business-services/oil-prices-surpass-world-banks-forecast-at-over-60-a-barrel/  

‘Petroleum laws not in favour of host communities’

The speaker of the Rivers State House of Assembly,  Hon. Ikuinyi Owaji-Ibani, has lamented that the laws backing the activities of multinational oil companies have never favoured the host communities in the state.

https://guardian.ng/energy/petroleum-laws-not-in-favour-of-host-communities/

Stakeholders proffer solutions to downstream challenges

Lack of access to loans, inconsistency in government policies, infrastructural decay, and political interference are some of the challenges identified by stakeholders at the just concluded Oil Trading and Logistics Africa Downstream Week in Lagos. https://guardian.ng/energy/stakeholders-proffer-solutions-to-downstream-challenges/   NNPC denies trying to influence, subvert Senate probe The Nigerian National Petroleum Corporation, NNPC, Tueday, denied trying to influence members of the National Assembly and subvert the planned probe of its activities and its Group Managing Director, Mr. Maikanti Baru, by the senate.
NNPC denies trying to influence, subvert Senate probe
  Nigeria’s crude oil production dips by 70, 000 bpd Nigerian crude oil output slipped by 70,000 bpd, last month, as exports of Bonny Light crude were under force majeure for part of the month, even as traders said loadings of some other grades, including Qua Iboe and Forcados, also faced delays.
Nigeria’s crude oil production dips by 70, 000 bpd

NNPC’ll find crude in commercial quantities in inland basins’ The Group Managing Director, Nigerian National Petroleum Corporation, Maikanti Baru, on Tuesday announced that the aggressive exploration of the inland basins would soon yield result with hydrocarbon finds in commercial quantities. http://punchng.com/nnpcll-find-crude-in-commercial-quantities-in-inland-basins/

Oil price rises to $61 per barrel

Global oil benchmark, Brent crude, rose above $61 per barrels on Tuesday after a week of gains as the prospect of increasing United States exports dampened bullish sentiment that has driven Brent crude to more than two-year highs above $60 per barrel. http://punchng.com/oil-price-rises-to-61-per-barrel/  

NNPC: Why We Went Back to Oil Exploration in Benue Trough

The Nigerian National Petroleum Corporation (NNPC) has given reasons why it went back to search for oil in the Benue trough, saying that Total, Chevron and Shell Nigeria Exploration and Production Company (SNEPCO) which had previously explored the region did not drill deep enough in their search for oil. https://www.thisdaylive.com/index.php/2017/11/01/nnpc-why-we-went-back-to-oil-exploration-in-benue-trough/  

Shell, Eni may face trial over $1.3bn Nigerian deal

An Italian judge is expected to decide on December 20 whether to send two oil majors, Eni and Shell, to trial over alleged corruption in Nigeria, two legal sources said on Tuesday. http://punchng.com/shell-eni-may-face-trial-over-1-3bn-nigerian-deal/  

Nigeria, Iraq, others lead OPEC oil output fall in October

OPEC oil output fell this month by 80,000 barrels per day (bpd), a Reuters survey found, as exports from northern Iraq dropped and other producers maintained adherence to a supply cut deal. https://www.dailytrust.com.ng/nigeria-iraq-others-lead-opec-oil-output-fall-in-october.html  

Senate probes abuse of expatriate quota

The Senate yesterday mandated its committees on interior and employment, labour and productivity to investigate alleged abuse of expatriate quota by foreign multinationals operating in the country. https://guardian.ng/news/senate-probes-abuse-of-expatriate-quota/  

Other news

NLC takes Nigeria to ILO over minimum wage

The Nigeria Labour Congress (NLC) has dragged Nigeria to the International Labour Organisation (ILO) for non-payment of salaries and proscription of trade unions in Kogi State. https://guardian.ng/news/nlc-takes-nigeria-to-ilo-over-minimum-wage/  

Buhari to present 2018 budget tomorrow

President Muhammadu Buhari will tomorrow present the 2018 budget estimates to a joint session of the National Assembly, Daily Trust learnt yesterday. https://www.dailytrust.com.ng/buhari-to-present-2018-budget-tomorrow.html  

Buhari: More ministers coming

President Muhammadu Buhari yesterday in Abuja disclosed that he would expand the Federal Executive Council (FEC). https://www.dailytrust.com.ng/buhari-more-ministers-coming.html  

N797bn VAT revenue recorded in 10 months – Adeosun

The Federation Account recorded a revenue inflow of N797.51bn from Value Added Tax between January and October this year, the Minister of Finance, Mrs. Kemi Adeosun, has said. http://punchng.com/n797bn-vat-revenue-recorded-in-10-months-adeosun/   Tax holidays: OPS faults IMF’s position THE Organised Private Sector, OPS, yesterday, faulted the call on the Federal Government by the International Monetary Fund, IMF, to scrap tax holidays and exemptions given to companies. The Senior Resident Representative and Mission Chief for Nigeria, Africa Department, IMF, Mr. Amine Mati, had described the tax holidays and exemptions as forms of corruption while making a presentation at a forum organised by the Chartered Institute of Bankers of Nigeria, CIBN, recently.
Tax holidays: OPS faults IMF’s position
  2018 budget: We’ll receive Buhari when he’s ready – Saraki SENATE President, Bukola Saraki last night said that the National Assembly was ready to receive President Muhammadu Buhari whenever he was ready for the presentation of the 2018 Appropriation Bill.
2018 budget: We’ll receive Buhari when he’s ready – Saraki
 

Nigeria Moves up 24 Places in World Bank’s Doing Business Report

Nigeria has moved up 24 places in the World Bank’s Doing Business report released Tuesday and was also recognised as one of the top 10 most improved economies in the world. https://www.thisdaylive.com/index.php/2017/11/01/nigeria-moves-up-24-places-in-world-banks-doing-business-report/  

Again, Nigeria’s Manufacturing Index Sustains Expansion

The Manufacturing Purchasing Managers’ Index (PMI) stood at 55 index points in October 2017, indicating an expansion in the manufacturing sector for the seventh consecutive month. https://www.thisdaylive.com/index.php/2017/11/01/again-nigerias-manufacturing-index-sustains-expansion/  

Pension Fund Key to FG PPP Plan, Says ICRC Boss

The acting Director-General of the Infrastructure Concession Regulatory Commission (ICRC), Chidi Izuwah, has said that private capital funds as well as the pension fund are key drivers to federal government’s Public Private Partnership (PPP) plan. https://www.thisdaylive.com/index.php/2017/11/01/pension-fund-key-to-fg-ppp-plan-says-icrc-boss/  

Is Nigeria Ripe for Another Round of Banking Sector Consolidation?

With the weakness in Nigeria’s macroeconomy and the attendant strain on the banking sector, Obinna Chima wonders if the Central Bank of Nigeria should raise the minimum capital base for Nigerian banks, 12 years after a similar exercise was carried out http://www.thisdaylive.com/index.php/2017/11/01/is-nigeria-ripe-for-another-round-of-banking-sector-consolidation/    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