NEWS REVIEW FOR WEDNESDAY, JANUARY 24, 2018
Oil & Gas
NNPC faults Senate, exonerates Total from inflating $16bn Egina
The Nigerian National Petroleum Corporation, NNPC, Tuesday, exonerated Total Upstream Nigeria Limited, TUPNI, from inflating the cost of the Egina project, stating that from inception the project had been agreed at $16.35 billion.
‘Refinery licences expiration won’t undermine self-sufficiency plan’
Stakeholders in Nigeria’s downstream oil and gas sector have said the expiration of licences issued to investors to build private refineries will not hinder the country’s 2019 self-sufficiency target.
NNPC to build more depots nationwide
The Nigerian National Petroleum Corporation on Monday announced that it would build more depots across the country.
Petrol scarcity persists, new vessels arrive Apapa
As motorists and other users of Premium Motor Spirit (petrol) struggled to get the product at filling stations in Lagos, Ogun, Kaduna and Nasarawa states as well as the Federal Capital Territory on Monday, it was gathered that new vessels conveying the product arrived Apapa in Lagos.
NNPC close to selecting financiers for refineries — Baru
The Nigerian National Petroleum Corporation is inching closer to choosing financiers for the Port Harcourt Refining Company Limited, Warri Refining and Petrochemical Company Limited and Kaduna Refining and Petrochemical Company Limited.
Senate probes NNPC over $141m in private account
THE Senate yesterday resolved to investigate the Nigeria National Petroleum Corporation, NNPC, to know how Brass Liquefied Natural Gas, LNG, account worth $141 million allegedly ended in a private account domiciled with Keystone Bank.
NEITI berates NNPC, DPR, accuses oil firms of manipulating data
THE Nigeria Extractive Industries Transparency Initiative, NEITI, has berated the Nigerian National Petroleum Corporation, NNPC, Department of Petroleum Resources, DPR and oil and gas companies operating in the country, for inconsistencies in Nigeria’s crude oil production and lifting data
Akwa Ibom woos oil, gas firms to invest in Ibom Deep Seaport
The Akwa Ibom State Government has started wooing local and foreign investors to invest in Ibom Deep Seaport in order to harness commercial oil reserves in the area.
Oil market to stabilise on increased OPEC cut, swells FG’s excess revenue
The global oil market was very unstable in 2017, as a result of many factors, especially over-supply, speculation and politics, thus causing anxiety in major oil producing nations such as Nigeria, Algeria, Angola, Ecuador, Equatorial Guinea, Gabon, Islamic Republic of Iran, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, United Arab Emirate and Venezuela.
LPG sector can stimulate economic growth – NLPGA
The President of Nigeria Liquefied Petroleum Gas Association, NLPGA, Nuhu Yakubu, has identified the LPG sector as very strategic, capable of stimulating economic growth in the country.
Oando ownership tussle: Peace, stability return as Tinubu, Mangal reconcile
THE ownership tussle between Mr. Wale Tinubu, Group Chief Executive and Alhaji Dahiru Mangal, shareholder in Oando Plc, has been resolved, thus paving way for peace and stability in the company.
Sanusi, Mangal can’t stop Oando’s forensic audit – Group
The Oando Shareholders Solidarity Group has said the intervention of the Emir of Kano, Muhammadu Sanusi II, in the face-off between the company and one of its aggrieved shareholders cannot stop a forensic audit planned by the Securities and Exchange Commission.
Oil prices rise to $70 on strong economy amid OPEC cuts
Oil prices were firm on Wednesday, receiving ongoing support from healthy economic growth as well as from supply restrictions led by a group of producers around the Organisation of the Petroleum Exporting Countries (OPEC) and Russia.
Osinbajo leads Nigeria’s delegation to economic forum in Davos
Vice President Yemi Osinbajo is leading Nigerian delegation to Davos, Switzerland for the 48th World Economic Forum Annual Meeting taking place from Tuesday to Friday.
PETAN announces speakers at WAIPEC forum
The Petroleum Technology Association of Nigeria (PETAN) has announced the first set of speakers to feature on the programme at the West African International Petroleum Exhibition and Conference 2018 (WAIPEC), a two day major platform for the oil and gas industry, taking place next month 7-8th February at the Eko Convention Centre, Lagos, Nigeria.
Nigeria loses N1.74 trillion to absence of petroleum law
Nigeria lost N1.74trillion to the absence of the Petroleum Industry Governance Bill (PIGB) in 2013, according to the Nigeria Extractive Industries Transparency Initiative (NEITI).
NNPC to boost share to 30% with depots, market expansion
Nigerian National Petroleum Corporation (NNPC) is targeting boosting its investment in the downstream sector of the Petroleum industry and improving supply challenges by building more depots across the Country.
Construction of Greenfield refineries in Kano, Kaduna to commence soon – Baru
The construction of Greenfield refineries will commence this year in Kano and Kaduna, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru has said.
Fuel scarcity: Sell at N145 or lose your petrol, DPR warns marketers
The Department of Petroleum Resources (DPR) has warned marketers within its Enugu Zone to comply with N145 pump price of Premium Motor Spirit (PMS) or have their products dispensed to customers free.
$3.3b Egina FPSO expected to sail into Nigeria today
History will be made today, as the energy and maritime industry expect the $3.3 billion Egina Floating Production Storage Offloading (FPSO) vessel to sail into Lagos, making Nigeria the first in Africa to fulfill the local content integration.
NLPGA to partner regulatory agencies on safety as DPR probes Lagos gas explosion
The Nigeria Liquefied Petroleum Gas Association (NLPGA), the umbrella body for the LPG industry in Nigeria, is collaborating with government regulatory agencies to prevent the incidence of explosion in gas plants across the country.
Afrinvest scores FG low on ERGP performance
Lagos based investment firm, Afrinvest said the federal government has underperformed in the implementation of the Economic Recovery and Growth Plan (ERGP). Chief Executive Officer/ Group Managing Director, Afrinvest LTD, Mr Ike Chioke stated this in Lagos, while presenting the firm’s outlook for the economy in 2018, titled: ‘The Nigerian Economy and Financial Markets 2017 Review & 2018 Outlook’.
Nigeria’s unemployment rate, a national threat — LABOUR
ORGANISED Labour yesterday, yesterday warned that the latest unemployment report released by the National Bureau of Statistics, NBS, showing that 7.53 million out of Nigeria’s labour force of 85.08 million were unemployed, was a threat to national development.
2019: FG alarmed over porous borders
In what looks like a frightening statistic, the Federal Government has lamented the proliferation of small arms and light weapons in Nigeria, saying 70 per cent of the 500 million of such weapons in West Africa, translating to 350 million, are found in the country..
FG, States, LGs share N655b
The federal and the other tiers of government, Tuesday shared a total of N655.177 billion as revenue that acrues to the Federation Account and proceeds of the Value Added Tax in December, last year.
Prevent reversal of economic progress, NESG urges Buhari
The Nigerian Economic Summit Group has urged President Muhammadu Buhari to avert the reversal of the progress made last year in the economy.
Reps change election timetable, presidential poll comes last
The House of Representatives on Tuesday changed the order of elections ahead of the 2019 general elections.
Nigerians want FG, others to prioritise job creation – Report
About 39 per cent of Nigerians want the federal, state and local governments to focus on job creation to lift people out of poverty, a report has said.
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