NEWS REVIEW FOR TUESDAY, JANUARY 16, 2018
Oil & Gas
NNPC Jettisons Long-term Crude Lifting Contracts
Reported plans by Nigeria to move away from holding annual contracts for the lifting and sale of its crude oil grades, to longer term contracts have been sidestepped by the Nigerian National Petroleum Corporation (NNPC).
Diversion: NNPC Stops Petrol Allocation to Marketers
Obviously worried that the petrol it imports and allocates to marketers does not get to retail outlets and motorists at official price, the Nigerian National Petroleum Corporation (NNPC) has stopped allocating product to marketers and resorted to throughput arrangement with selected marketing firms to have affective control of supply and distribution, THISDAY has learnt.
NNPC begins enforcement of N133.28 ex-depot fuel price
The Nigerian National Petroleum Corporation, NNPC, yesterday, said it has deployed more of its depots and other throughput facilities to enforce the N133.28 per litre Ex-Depot price of Premium Motor Spirit, otherwise known as petrol, to marketers directly.
FG, Operators to Brainstorm on Oil Market Challenges
The federal government and operators in Nigeria’s oil and gas industry would be expected to leverage the upcoming Nigerian International Petroleum Summit (NIPS) to find solutions to current and future challenges of the industry, organisers of the maiden edition of conference have disclosed.
Petrol scarcity: IPMAN wants FG to demolish 2,000 illegal stations
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has advocated immediate demolition of over 2,000 identified illegal filling stations operating across the country to check the persistent scarcity of petroleum products.
Nigeria’s crude oil production hit 2.057mbpd in December
Nigeria’s crude oil production, including condensate hit 2.057 million barrels per day (bpd) in the month of December 2017.
NNPC begins direct fuel supply to independent marketers
The Nigerian National Petroleum Corporation has commenced the direct supply of Premium Motor Spirit, popularly known as petrol, to independent oil marketers in order to effectively clear the fuel queues still prevalent in some parts of the country.
Nigeria loses $749m from OPA deals with five oil firms
Nigeria lost $749 million from Offshore Processing Arrangements, OPA, entered into with five companies in 2015, latest audit by the Nigeria Extractive Industries Transparency Initiative, NEITI, has revealed.
Petrol, kerosene record double digit price increase in December — NBS
The average price of Premium Motor Spirit (PMS), commonly called petrol, increased by 17.98 percent, month-on-month (MoM), even as the average price per litre paid by consumers for Kerosene jumped by 22.5 percent year-on-year in December.
NPDC raises crude oil production by 7000b/d – NNPC
Oil production by the Nigerian Petroleum Development Company (NPDC), the flagship upstream subsidiary of the Nigerian National Petroleum Corporation (NNPC), has grown following the successful drilling and completion of wells in Oil Mining Lease (OML) assets operated by the company.
NARTO rejects scrapping of PEF
The National Association of Road Transport Owners (NARTO) has rejected proposal by the National Assembly to scrap the Petroleum Equalisation Fund (PEF).
NEITI: NNPC Illegally Withholding $16bn NLNG Dividends
The Nigerian National Petroleum Corporation (NNPC) has yet to provide documentary evidence to show that the presidency actually authorised it to withhold and disburse funds paid to it as dividends by the Nigeria Liquefied Natural Gas (NLNG) Limited, the Nigeria Extractive Industries Transparency Initiative (NEITI) has said.
Chinese eye Nigeria’s modular refinery, infrastructure
Investors from China have indicated interest in building a multi-billion dollars modular refinery in Nigeria’s Niger Delta region.
Military incapable of securing oil, gas assets, says Delta dep gov
No amount of military deployment would guarantee the safety of oil facilities in the Niger Delta, according to the deputy governor of Delta State, Kingsley Otuaro.
Crude Oil Price Hits $70 P/B Despite Surging US Output
Crude oil price hits $70 per barrel Monday despite surging production by the United States, which is offset by the production cuts led by the Organisation of Petroleum Exporting Countries (OPEC) and Russia.
SNG provides gas to 90 industrial customers in Ogun, Rivers, Abia states – Report
Shell Nigeria Gas, SNG, has provided natural gas to about 90 industrial customers in Ogun, Rivers and Abia states, thus boosting socio-economic development in Nigeria.
Crude oil lifting: Firms deny being ghost contractors
Indigenous companies, Masters Energy Oil and Gas Limited and AMG Petroenergy Limited, said their companies were duly registered at the Corporate Affairs Commission (CAC).
PFAs invest 70% of N7.41tr pension assets in FG securities
PENSION Fund Administrators (PFAs) have invested N6.28 trillion out of the N7.41 trillion pension assets in Federal Government’s securities, as at the end of November 2017.
FG to stop workers salaries over payroll system default
The Federal Government has threatened to stop salaries of workers in some Ministries Departments and Agencies (MDAs) over failure to comply with the Human Resource Module of the Integrated Personnel and Payroll Information System (IPPIS).
NUT directs members not to resume schools in states owing salary arrears
The Nigeria Union of Teachers (NUT) has restated its position that the teachers in 10 states that are still owing salary arrears should not resume work until all arrears were paid.
Inflation rate drops to 15.37% in December – NBS
The National Bureau of Statistics on Tuesday released the Consumer Price Index which measures inflation with the rate dropping from 15.9 per cent in November to 15.37 per cent in December.
Expect economic growth with inflation, SCB tells investors
Standard Chartered Bank’s Wealth Management Advisory has predicted strong economic growth with rising inflation for this year in its Outlook 2018 report.
ASSBIFI wants govt to halt planned recruitment of new staff by NSITF
The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has called on the Federal Government to halt fresh moves by the new management of the Nigeria Social Insurance Trust Fund (NSITF) to recruit new workers.
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