Oil & Gas

Fuel scarcity looms as IPMAN threatens showdown with NNPC in Lagos

Independent petroleum marketers in Lagos State have threatened to withdraw their services from Dec. 11 over NNPC’s breach of bulk purchase agreement to sell fuel to them at N133.28k per litre. https://www.dailytrust.com.ng/fuel-scarcity-looms-as-ipman-threatens-showdown-with-nnpc-in-lagos.html http://punchng.com/breaking-oil-marketers-threaten-service-withdrawal-in-lagos-ogun/  

NNPC GMD, Baru, gets Forbes nomination

The Group Managing Director of the Nigerian National Petroleum Corporation, Maikanti Baru, has been nominated as Forbes Best Africa Oil and Gas Man of the Year 2017. http://punchng.com/nnpc-gmd-baru-gets-forbes-nomination/ https://www.vanguardngr.com/2017/11/baru-clinches-forbes-oil-gas-award/  

Hungary shows interest in Nigerian crude oil, LNG

The Hungarian government has indicated interest in purchasing crude oil and Liquefied Natural Gas from Nigeria. http://punchng.com/hungary-shows-interest-in-nigerian-crude-oil-lng/  

Nigeria’s LNG sale to Japan falls by 49%

Nigeria’s sale of Liquefied Natural Gas to Japan plunged last month, as the Asian country’s total LNG imports slipped  by 2.3 per cent year on year to 6.1 million metric tonnes, data released by the Ministry of Finance showed on Wednesday. http://punchng.com/nigerias-lng-sale-to-japan-falls-by-49/  

NNPC Targets $5bn Cash-for-Crude Prepayments

The Nigerian National Petroleum Corporation (NNPC) is targeting up to a $3.5-$5 billion cash-for-crude prepayments from some of the world’s top commodity traders to fund oil and gas upstream projects as well as related infrastructure. https://www.thisdaylive.com/index.php/2017/11/30/nnpc-targets-5bn-cash-for-crude-prepayments/  

Senate probes $60bn loss in 24-year-old oil deal

The Senate has begun investigation into the alleged loss of about $60bn to the non-enforcement of the terms of Production Sharing Contracts signed between the Federal Government, through the Nigerian National Petroleum Corporation, and International Oil Companies in 1993. http://punchng.com/senate-probes-60bn-loss-in-24-year-old-oil-deal/   2 oil wells in Shell’s field shut down in Bayelsa by community members Some members of a community in Bayelsa on Wednesday disrupted oil production at Adibawa Oil field operated by Shell Petroleum Development Company (SPDC), shutting two oil wells. https://www.vanguardngr.com/2017/11/2-oil-wells-shells-field-shut-bayelsa-community-members/   Paris Club refund: NUPENG seeks independent team to monitor disbursement THE Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, yesterday pleaded with President Muhammadu Buhari, to set up an independent team to monitor how the state governments will disburse the 50 percent Paris Club refund money to the 36 states Governors to enable them pay salary and pension arrears before Christmas. https://www.vanguardngr.com/2017/11/paris-club-refund-nupeng-seeks-independent-team-monitor-disbursement/  

Senate amends NDDC Act, Reps flay violation on board appointment

The Bill for an Act to amend the Niger Delta Development Commission (Establishment) Act 2000 and for other matters connected therewith, was yesterday read the third time and passed by the Senate. https://guardian.ng/news/senate-amends-nddc-act-reps-flay-violation-on-board-appointment/   New NDDC Bill: Gas firms’ll remit 3 percent to N-Delta THE Senate, yesterday, finally reviewed and amended the Niger Delta Development Commission, NDDC, Establishment Act of 2000, to make it mandatory for International Oil and Gas Companies to set aside three percent of their budget for the development of the Niger Delta region. https://www.vanguardngr.com/2017/11/new-nddc-bill-gas-firmsll-remit-3-percent-n-delta/   ‘Why NDDC board’s tenure can’t expire in Dec’ A legal practitioner, Mr. Jesutega Onokpasa, has described calls for termination of the tenure of the present board of Niger Delta Development Commission, NDDC, as “a most perplexing trend” by “rabble-rousers” who want “to unilaterally rewrite the enabling law for the National Assembly.” https://www.vanguardngr.com/2017/11/nddc-boards-tenure-cant-expire-dec/   FG disengages SCC from maintenance of 75km Gurara pipeline contract THE Federal Government Wednesday announced that it has disengaged SCC limited from the maintenance of the 75km Gurara pipeline project. https://www.vanguardngr.com/2017/11/fg-disengages-scc-maintenance-75km-gurara-pipeline-contract/  

Shareholders insist on interim management for Oando

As the crisis rocking Oando Plc continues,  the company’s shareholders have advised the current management under the leadership of Mr Wale Tinubu to step down in the interest of all stakeholders. https://www.dailytrust.com.ng/shareholders-insist-on-interim-management-for-oando.html   Other News Labour to African leaders: No industry, no sustainable jobs FEW days ago affiliates of IndustriALL Global Union, African region, gathered in Abuja, Nigeria, to mark the 2017 Africa industrialization Day, AID. AID is an annual event declared by the United Nations Industrial Development Organisation, UNIDO, for governments, businesses and organized labour linked to industrial development to examine ways and means to stimulate African industrialization process. https://www.vanguardngr.com/2017/11/labour-to-african-leaders-no-industry-no-sustainable-jobs/  

FAAC disburses N4.54trn to FG, others in 9 months – NEITI

The Federation Account Allocation Committee (FAAC) disbursed a total of N4.545 trillion to the federal, states and local governments as allocations between January and September 2017. https://www.dailytrust.com.ng/faac-disburses-n4-54trn-to-fg-others-in-9-months–neiti.html   Train, retrain to save jobs, IndustriALL urges Unions “Whatever forms of Industrialization, 1st or fourth industrial revolution there must be decent sustainable jobs for the workers with job security, living wages and living pensions.” https://www.vanguardngr.com/2017/11/train-retrain-save-jobs-industriall-urges-unions/   ILO decries weak recovery in youth labour markets Young people are estimated to account for over 35 per cent of the unemployed population worldwide in 2017. https://www.vanguardngr.com/2017/11/ilo-decries-weak-recovery-youth-labour-markets/   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