Oil & Gas

Budget: PENGASSAN kicks against oil assets sale

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has cautioned the Federal Government against selling profitable oil and gas assets to fund the 2018 budget. https://www.dailytrust.com.ng/budget-pengassan-kicks-against-oil-assets-sale.html  

Nigeria, a potential global crude oil refining hub, say experts

Experts have urged the Federal Government to put in place a clear policy to promote private sector involvement in commercial exploitation of opportunities in building modular refineries. https://guardian.ng/news/nigeria-a-potential-global-crude-oil-refining-hub-say-experts/  

National Assembly defers passage of PIB to first quarter of 2018

The National Assembly has moved the passage of the other three versions of the Petroleum Industry Bill (PIB) to the first quarter of 2018. https://guardian.ng/news/national-assembly-defers-passage-of-pib-to-first-quarter-of-2018/ https://www.thisdaylive.com/index.php/2017/11/10/passage-of-pib-in-2017-not-realistic-says-alasoadura/  

Guidelines for New Oil Lifting Term Contracts Out Soon

The Nigerian National Petroleum Corporation (NNPC) would invite new tenders from the prospective bidders for the sale and purchase of Nigerian crude oil grades in a matter of weeks, a reliable source within the state-owned oil company has disclosed. https://www.thisdaylive.com/index.php/2017/11/10/guidelines-for-new-oil-lifting-term-contracts-out-soon/  

“Nigeria Has Lost $380bn, Two Million Jobs in Oil and Gas Sector in 50 Years’

About $380 billon is said to have been lost in the nation’s oil and gas operations in areas of fabrication, engineering procurement and training in the last 50 years. https://www.thisdaylive.com/index.php/2017/11/10/nigeria-has-lost-380bn-two-million-jobs-in-oil-and-gas-sector-in-50-years/  

FG to approve three modular refineries in Edo

The Federal Government is processing applications received for the establishment of seven modular refineries in Edo State, Minister of State, Petroleum Resources, Dr. Ibe Kachikwu has said. http://citybusinessnews.com/fg-to-approve-three-modular-refineries-in-edo/ https://www.vanguardngr.com/2017/11/fg-approve-3-modular-refineries-edo-kachikwu/  

Petrobras, BTG Pactual to sell Nigerian oil venture

State-controlled oil company Petroleo Brasileiro SA (Petrobras) is leading an effort to sell Petrobras Oil and Gas BV (Petrobras Africa), after being joined in the sale by shareholders Grupo BTG Pactual SA and Helios Investments. http://punchng.com/petrobras-btg-pactual-to-sell-nigerian-oil-venture/    

DPR Affirms Compliance with Process Safety Implementation in Upstream

The Director of the Department of Petroleum Resources, (DPR), Mr. Mordecai Ladan, has stated that process safety implementation in the upstream sector of the oil and gas industry has witnessed relative compliance, when compared with the downstream sector. http://www.thisdaylive.com/index.php/2017/11/10/dpr-affirms-compliance-with-process-safety-implementation-in-upstream/  

NNPC, huge cost centre, says ex-presidential adviser

A former Special Adviser to former Presidents Olusegun Obasanjo and late Umaru Yar’Adua on Petroleum Matters, Dr. Emmanuel Egbogah, has described the Nigerian National Petroleum Corporation as a huge cost centre to the country. http://punchng.com/nnpc-huge-cost-centre-says-ex-presidential-adviser/  

Oil dips on lower China imports

Oil prices fell on Wednesday as Chinese crude imports slipped to their lowest level in a year, although traders said the overall market remains well supported because of Organisation of the Petroleum Exporting Countries (OPEC-led) supply cuts. https://guardian.ng/business-services/oil-dips-on-lower-china-imports/  

Lagos moves to avert hostilities associated with oil exploration

Governor Akinwunmi Ambode of Lagos State yesterday inaugurated a 45-member committee to address oil exploration issues.The governor spoke in Badagry at the inauguration of the ‘state oil producing areas community relations committee.’ https://guardian.ng/news/lagos-moves-to-avert-hostilities-associated-with-oil-exploration/   Reps query Agip over unpaid penalties, royalties THE House of Representatives Ad-hoc Committee probing N6 trillion revenue leakages in the oil sector, yesterday, queried Agip Nigeria Oil Limited over alleged unremitted royalties and penalties arising from gas flaring. https://www.vanguardngr.com/2017/11/reps-query-agip-unpaid-penalties-royalties/   Niger Delta: Nigeria at brink of anarchy —INYC PRESIDENT of Itsekiri National Youth Council, INYC, Mr Esimaje Awani, has warned that if care was not taken, the approach of the Federal Government to the resolution of the Niger Delta crisis would exacerbate it. https://www.vanguardngr.com/2017/11/niger-delta-nigeria-brink-anarchy-inyc/   Close View all results Other News

FG raises infrastructure allocation by 75% in two years

The Federal Government has in the last two years increased the capital allocation to five key ministries by 75 per cent, an analysis of the 2018 budget provisions before the National Assembly has shown. http://punchng.com/fg-raises-infrastructure-allocation-by-75-in-two-years/  

Budget: N2tn debt service provision unsustainable, says LCCI

The Lagos Chamber of Commerce and Industry has described as unsustainable the debt service provision of N2.014tn in the 2018 budget proposal submitted by President Muhammadu Buhari to the National Assembly on Tuesday. http://punchng.com/budget-n2tn-debt-service-provision-unsustainable-says-lcci/  

Experts trace loophole in contributory pension, accrued rights payment

There is a loophole in the Contributory Pension Scheme (CPS) with respect to the accrued rights of some pensioners who worked with the Federal Government before the new scheme came into being. https://www.dailytrust.com.ng/experts-trace-loophole-in-contributory-pension-accrued-rights-payment.html  

Number of registered pensioners rises in Q3 of 2017 – NBS

The National Bureau of Statistics has revealed that The Pension Asset and Retirement Savings Account (RSA) Membership Data from Q1 – Q3 of  2017 indicated that 7,710,564 workers have been registered under the Contributory Pension Scheme (CPS) compared to 7,589,936 590 registered workers in Q2 of 2017 https://www.dailytrust.com.ng/number-of-registered-pensioners-rises-in-q3-of-2017-nbs.html  

2018 budget: GDP growth target, oil output unrealistic says Expert

A financial expert, Dr Uche Uwaleke says the Federal Government Gross Domestic Product (GDP) figure of 3.5 per cent and oil output benchmark of 2.3 million barrels per day in the 2018 budget is unrealistic. https://www.dailytrust.com.ng/2018-budget-gdp-growth-target-oil-output-unrealistic-says-expert.html

The Do’s and Don’ts of the Economic Partnership Agreement

Being a position paper on the Economic Partnership Agreement (EPA) submitted to the High-level roundtable on the EU-West Africa Economic Partnership Agreement EPA on the 24th October, 2017, Lagos http://www.thisdaylive.com/index.php/2017/11/10/the-dos-and-donts-of-the-economic-partnership-agreement/  

Kaduna teachers and the dilemmas of reform

On Monday, in an update of the raging feud between Kaduna State Governor, Mallam Nasir el-Rufai, and the Nigeria Union of Teachers, the union handed down a two-week ultimatum to the governor to reverse the planned sack of close to two-thirds of primary school teachers in the state. http://punchng.com/kaduna-teachers-and-the-dilemmas-of-reform/  

El-Rufai flays workers’ protest, insists on sacking teachers

The Kaduna State Governor, Nasir El-Rufai, yesterday condemned the protest by the Nigerian Labour Congress (NLC) against the planned sacking of teachers in the state. https://guardian.ng/news/el-rufai-flays-workers-protest-insists-on-sacking-teachers/   Labour insists on fair trade, national development https://www.vanguardngr.com/2017/11/labour-insists-fair-trade-national-development/   Inflation rate to decline marginally in October — FSDH RESEARCH analysts at FSDH Merchant Bank Limited have forecasted a marginal decline in the headline inflation rate for the month of October 2017 to 15.91 percent against 15.98 percent recorded in preceding month. https://www.vanguardngr.com/2017/11/inflation-rate-decline-marginally-october-fsdh/  

MAN, TUC, Falana, others oppose Morocco’s admission into ECOWAS

The Manufacturing Association of Nigeria (MAN) has stoutly opposed on-going moves to admit Morocco into the Economic Community of West African States (ECOWAS). https://guardian.ng/news/man-tuc-falana-others-oppose-moroccos-admission-into-ecowas/  

Another strike looms in varsities over threat by NASU, others

There are indications that the three non-academic unions in the university may declare a fresh strike over the non-implementation of agreements reached with the Federal Government. https://guardian.ng/news/another-strike-looms-in-varsities-over-threat-by-nasu-others/     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