Oil & Gas

Osinbajo Blames NAPIMS for Long Contracting Cycle in Oil and Gas Industry

The Vice President of Nigeria, Prof. Yemi Osinbajo has blamed the National Petroleum Investment Management Services (NAPIMS), a subsidiary of the Nigerian National Petroleum Corporation (NNPC) for the long contracting cycle in the Nigerian oil and gas industry. https://www.thisdaylive.com/index.php/2017/11/07/osinbajo-blames-napims-for-long-contracting-cycle-in-oil-and-gas-industry/  

OPTS: Costs of Nigeria’s Oil and Gas Projects Higher By 100% .Over $500m spent on security in 2016

A new report released by oil and gas companies operating in Nigeria has shown the existence of a Nigeria-specific cost premium for the petroleum sector, with operating costs and projects costs significantly higher than in other countries by as much as 100 per cent. https://www.thisdaylive.com/index.php/2017/11/07/opts-costs-of-nigerias-oil-and-gas-projects-higher-by-100-over-500m-spent-on-security-in-2016/  

Effective Legislation Needed for Gas Devt

The absence of legislation meant to encourage gas development has continued to hamper the implementation of the country’s gas-to-power agenda http://www.thisdaylive.com/index.php/2017/11/07/effective-legislation-needed-for-gas-devt/   Be patient with us, FG begs Avengers THE Federal Government, yesterday, pleaded with militant groups in the Niger Delta region, especially the Niger Delta Avengers, NDA, to be patient with government as efforts were being made to address all their grievances. https://www.vanguardngr.com/2017/11/patient-us-fg-begs-avengers/  

Niger Delta indigenes give terms to avert hostilities

Some indigenes of the Niger Delta have given conditions to avert fresh hostilities that will disrupt crude oil production in the region. https://guardian.ng/news/niger-delta-indigenes-give-terms-to-avert-hostilities/  

NNPC’s IDSL begins sea data search after 30 yrs operations

The Integrated Data Services Limited (IDSL), the seismic data gathering arm of the Nigeria National Petroleum Corporation (NNPC) is set to venture into marine or offshore seismic data capturing for the oil industry. https://www.dailytrust.com.ng/nnpc-s-idsl-begins-sea-data-search-after-30-yrs-operations.html

Barkindo unveils OPEC’s 2017 Oil Outlook

The Organization for Petroleum Exporting Countries (OPEC) will unveil its annual World Oil Outlook in Vienna today, Tuesday. https://www.dailytrust.com.ng/barkindo-unveils-opec-s-2017-oil-outlook.html  

Crude oil prices hit two-year high

Crude oil prices yesterday hit the highest in two years as Organisation of the Petroleum Exporting Countries (OPEC) experienced highest-ever conformity with voluntary production adjustment. https://guardian.ng/news/crude-oil-prices-hit-two-year-high/  

‘Aiteo not selling stake in oil block’

An indigenous oil and gas company, Aiteo Group, has said it has not considered, initiated, or announced the commencement of any plans to sell off any of its stake in Oil Mining Lease 29. http://punchng.com/aiteo-not-selling-stake-in-oil-block/  

Tompolo, militants clash over Avengers’ threats to attack oil facilities

An embattled former Niger Delta militant leader, Chief Government Ekpemupolo, alias Tompolo, on Monday warned Niger Delta Avengers to desist from associating him with planned attacks on oil and gas installations in the region. http://punchng.com/tompolo-militants-clash-over-avengers-threats-to-attack-oil-facilities/ https://www.vanguardngr.com/2017/11/breaking-tompolo-replies-rnda-count-pipeline-bombing/   Oil price rises to $62.53 OIL price rose further, yesterday, with Brent climbing 46 cents to $62.53, while West Texas Intermediate, WTI rose 23 cents to $55.87 a barrel, the highest since July 2015 as Saudi Arabian King Salman’s anti-corruption drive shook the world’s biggest crude exporter. https://www.vanguardngr.com/2017/11/oil-price-rises-62-53/   Amnesty: 400 militants to surrender arms in Ondo No fewer than 400 members of a militant group in Ondo State, United Sea Wolf Avengers, have announced plans to surrender arms in order to be included in the Federal Government’s Amnesty programme. https://www.vanguardngr.com/2017/11/amnesty-400-militants-surrender-arms-ondo/     Other News   Threat to 2018 budget presentation thickens STRONG indications emerged, yesterday, that the presentation of the 2018 Appropriation Bill by President Muhammadu Buhari to the Senate and House of Representatives may be threatened as lawmakers are poised to create tension and make the session very rowdy. https://www.vanguardngr.com/2017/11/threat-2018-budget-presentation-thickens/  

Buhari presents 2018 budget to N’Assembly today

President Muhammadu Buhari will present the 2018 Appropriation Bill to a joint session of the National Assembly today (Tuesday). http://punchng.com/buhari-presents-2018-budget-to-nassembly-today/  

Threat to 2018 budget thickens in National Assembly

Less than 24 hours to President Muhammadu Buhari’s planned presentation of the 2018 budget estimates to the joint session of the National Assembly, lawmakers have intensified their opposition to the exercise. https://guardian.ng/news/threat-to-2018-budget-thickens-in-national-assembly/  

Pension fund assets grow by N332b in Q3

The National Bureau of Statistics (NBS) has disclosed that the pension fund assets under management has increased by N332 billion to N7.164 trillion in the third quarter of this year, from N6.832 trillion in the second quarter, the National Bureau Statistics has revealed. https://guardian.ng/news/pension-fund-assets-grow-by-n332b-in-q3/  

Civil servants urge National Assembly to ensure early release of salary arrears, pensions of workers

The Association of Senior Civil Servants of Nigeria (ASCSN) has urged the National Assembly to drop the idea of querying the legality of the bailout funds to the state governments but rather join hands with the federal government, the trade union movement, and other Nigerians to ensure that arrears of salaries and pensions were paid to affected workers and pensioners. https://guardian.ng/news/civil-servants-urge-national-assembly-to-ensure-early-release-of-salary-arrears-pensions-of-workers/  

FG: Delay in budget approval unacceptable

The Federal Government declared Monday that budgetary delay in a situation of national economic emergency and the hardship encountered by so many is wrong and unacceptable. https://www.dailytrust.com.ng/fg-delay-in-budget-approval-unacceptable.html  

Inflation rate to further in October – Analysts

FSDH Research expects the inflation rate (year-on-year) to drop marginally to 15.91% in October 2017 from 15.98% reported in the month of September 2017. https://www.dailytrust.com.ng/inflation-rate-to-further-in-october-analysts.html   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