Oil & Gas  

Nigeria’s refineries lose N4.54b in one month

The Nigerian National Petroleum Corporation (NNPC) has put the losses made by Nigeria’s three refineries in the month of August at N4.54 billion.

https://guardian.ng/energy/nigerias-refineries-lose-n4-54b-in-one-month/

Senate rejects probing excess crude account, seeks abolition

The Senate has thrown out a motion seeking a thorough investigation into alleged abuse of the Excess Crude Account (ECA) from 2004 to date. https://guardian.ng/news/senate-rejects-probing-excess-crude-account-seeks-abolition/ https://www.vanguardngr.com/2017/11/senate-scraps-excess-crude-account-says-illegal/  

Oil remains relevant, demand to rise by 35% – OPEC

Despite the threat posed by electric vehicles (EV) and targets set by countries to halt petrol-fueled cars, oil will still remain a fuel of choice at least for the foreseeable future, the Organisation of Petroleum Exporting Countries (OPEC) said yesterday. https://www.dailytrust.com.ng/oil-remains-relevant-demand-to-rise-by-35–opec.html  

Nigeria records highest oil production since 2016 –Data

For the first time in the last one year, crude oil and condensate production in Nigeria reached its highest level of 62.46 million barrels in July 2017, latest data from the Nigeria National Petroleum Corporation (NNPC) has shown. https://www.dailytrust.com.ng/nigeria-records-highest-oil-production-since-2016-data.html  

NNPC allays fear of petrol scarcity during festive season

The Nigerian National Petroleum Corporation (NNPC) has dispelled fear of possible scarcity of petroleum products as the festive period approaches. https://guardian.ng/news/nnpc-allays-fear-of-petrol-scarcity-during-festive-season/ http://punchng.com/there-wont-be-fuel-queues-in-december-nnpc/   Key into $200m intervention funds, NCDMB charges oil/gas firms THE Nigerian Content Development and Monitoring Board, NCDMB, has advised the Nigerian oil and gas service providers to key into the $200 million intervention fund earlier launched by the board to grow their local content capability in the country. https://www.vanguardngr.com/2017/11/key-200m-intervention-funds-ncdmb-charges-oilgas-firms/  

Avengers: Military deploys helicopters in N’Delta, destroys oil storage

Residents of Oporoza, the traditional headquarters of Gbaramatu Kingdom, and home town of wanted former Niger Delta militant leader, Chief Government Ekpemupolo, in the Warri South West Local Government  Area of Delta State, were on Tuesday thrown into panic when they saw two military helicopters hovering round the community. http://punchng.com/avengers-military-deploys-helicopters-in-ndelta-destroys-oil-storage/  

HOSCON demands release of N98bn gas flare penalty owed oil producing communities

Host Communities of Nigeria Producing Oil and Gas has called on the Federal Government to release N98bn gas flare penalty money owed oil producing communities. http://punchng.com/hoscon-demands-release-of-n98bn-gas-flare-penalty-owed-oil-producing-communities/  

NCDMB moves to enforce R&D components in industries

The Executive Secretary of the Nigerian Content Development and Monitoring Board, (NCDMB), Simbi Wabote, said the board would henceforth,  enforce and monitor effectively the research and development component of projects in the oil and gas industry. https://guardian.ng/energy/ncdmb-moves-to-enforce-rd-components-in-industries/  

OPEC Seeks Consensus on Duration of Oil Cut Pact Ahead of Nov 30 Meeting

The Organisation of Petroleum Exporting Countries (OPEC) is seeking to achieve consensus agreement before a meeting on November 30, 2017 on how long to extend a global pact to curb oil production, OPEC’s Secretary General, Mohammed Barkindo has said, with no country opposing an extension of the accord. https://www.thisdaylive.com/index.php/2017/11/08/opec-seeks-consensus-on-duration-of-oil-cut-pact-ahead-of-nov-30-meeting/  

Bonga Oil Spill Victims Slam $3.6bn Suit Against Shell in the UK

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://www.thisdaylive.com/index.php/2017/11/08/bonga-oil-spill-victims-slam-3-6bn-suit-against-shell-in-the-uk/  

Government tasks oil companies on renewable energy

The Federal Government has emphasized the need for oil companies in Nigeria to invest heavily in research and development initiatives focused on renewable energy. https://guardian.ng/energy/government-tasks-oil-companies-on-renewable-energy/  

Oil Spills Linked to Infant Deaths in Niger Delta

Babies in Nigeria are twice as likely to die in the first month of life if their mothers were living near an oil spill before falling pregnant, researchers have found. https://www.thisdaylive.com/index.php/2017/11/08/oil-spills-linked-to-infant-deaths-in-niger-delta/  

Lagos Midstream Jetty To Save N43bn Annually

ASPM Limited, a subsidiary of OVH Energy Limited, has achieved a ground-breaking milestone as it launched its Lagos Midstream Jetty (LMJ) located at the Lagos Apapa Harbour. https://www.thisdaylive.com/index.php/2017/11/08/lagos-midstream-jetty-to-save-n43bn-annually/  

Other news

Buhari cuts deficit, presents N8.6trn budget 2018 President Muhammadu Buhari, yesterday, presented the 2018 budget to the National Assembly, indicating a 15 per cent scale back on total deficit at N2.005 trillion, down from N2.36 trillion stated in 2017 budget. https://www.vanguardngr.com/2017/11/buhari-cuts-deficit-presents-n8-6trn-budget-2018/   2018 budget presentation: How Executive sessions saved planned protest FACTS emerged, yesterday, why lawmakers at the Senate and House of Representatives, especially those on the platform of Peoples Democratic Party, PDP, failed to protest against President Muhammadu Buhari’s presentation of 2018 Appropriation Bil. https://www.vanguardngr.com/2017/11/2018-budget-presentation-executive-sessions-saved-planned-protest/   2018 budget: FG’s non-oil revenue projection impresses expert The President, Institute of Fiscal Studies of Nigeria, Mr Godwin Ighedosa, has commended the Federal Government for making non-oil sector as the centre of its revenue projections to execute its plans in 2018. https://www.vanguardngr.com/2017/11/2018-budget-fgs-non-oil-revenue-projection-impresses-expert/  

2018 budget implementation crucial, experts tell Buhari

Economic and financial experts have expressed concerns over the Federal Government’s ability to implement the 2018 proposal, saying the current year’s budget performance has been below average. http://punchng.com/2018-budget-implementation-crucial-experts-tell-buhari/  

NERC to unfold guidelines for consumers to buy electricity from GenCos

Barely six months after the declaration of four categories of eligible customers in the Nigeria Electricity Supply Industry (NESI), the Nigeria Electricity Regulatory Commission (NERC), is today (Monday), expected to unfold the regulatory and operational guidelines for the eligibility operations. https://guardian.ng/business-services/nerc-to-unfold-guidelines-for-consumers-to-buy-electricity-from-gencos/

TRCN opposed to sacking of unqualified teachers – Registrar

The Teachers Registration Council of Nigeria (TRCN) said on Tuesday in Kaduna that it would not support the sacking of unqualified teachers. https://guardian.ng/news/trcn-opposed-to-sacking-of-unqualified-teachers-registrar/  

Our budget system won’t turnaround economy – Osinbajo

Vice President Professor Yemi Osinbajo has said that spending nine months on different budget-related processes before projects are carried out will not lead to a turnaround in the economy. https://www.dailytrust.com.ng/our-budget-system-won-t-turnaround-economy-osinbajo.html  

Bank fees you need to stop paying

Banks still earn plenty of money, and fees are an important source of profits. http://punchng.com/bank-fees-you-need-to-stop-paying/ 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