NEWS REVIEW FOR MONDAY, JANUARY 29, 2018
Oil & Gas
NNPC’s losses rise by 1,556% in one month
The group financial and operations losses of the Nigerian National Petroleum Corporation increased by 1,556.1 per cent from October to November 2017, the latest figures released by the oil firm revealed.
How Warri, Kaduna Refineries, Headquarters, PPMC Bleed NNPC
An analysis of the financials of the Nigerian National Petroleum Corporation has revealed that four strategic business units (SBUs) and the corporate headquarters of the corporation collectively recorded a trading shortfall totaling N270.386 billion between January and November last year, causing NNPC to record a huge loss in its operations in the 11-month period.
Kaduna Refinery Shut over Lack of Crude
The Kaduna Refining and Petrochemical Company (KRPC) shut down operations on January 15 due to the non-availability of crude oil.
Crude Oil Projected to Trade within $60-$70/bbl Range in 2018
A monthly report of the International Energy Agency, called the Oil Market Report, has said crude oil would trade within the range of $60 to $70 per barrel this year.
It’s disgraceful no Nigerian refinery performing up to 50% – Buhari
President Muhammadu Buhari on Friday said it was disgraceful that no Nigerian refinery could perform up to 50 per cent of their installed capacities
Rising oil price: The gains, pains for Nigeria
The upsurge in crude oil prices at the beginning of the year has been interpreted as a sign of better days ahead for Nigeria but there is cause for alarm for the ordinary citizen
$16bn Egina probe: NASS to amend Local Content Act
THE Senate has said it will amend the Nigeria Oil and Gas Industry Content Development, NOGICD Act, 2010, noting that the existing law was not achieving the aims for which it was enacted.
EGINA: Liberalizing oil and gas sector good omen – NPA MD
The successful berthing of Africa’s biggest Floating Production Storage Offshore, EGINA, has shown the capacity and efficiency of the technical team of the Nigerian Ports Authority (NPA). Hadiza Bala Usman, has said.
Centre lauds Reps, says passing PIGB not enough
Thursday’s passage of the Petroleum Industry Governance Bill (PIGB) is laudable but not enough to stem the daily huge loss by the country due to the absence of comprehensive sectoral law, the Centre LSD has said.
Customs Nabs Fuel Smugglers at Seme Border
In continuation of its relentless onslaught in combating the smuggling of petroleum products, the Nigeria Customs Service (NCS) Seme Comand has smashed a gang of petroleum products smugglers along the Seme border.
OGFZA, NPA Partner on Free Zone Operations
The Oil and Gas Free Zones Authority (OGFZA) has opened discussions with the Nigerian Ports Authority (NPA) to forge closer ties on a range of issues from use of land in the ports where oil and gas free zones are located to strategic cooperation.
Eroton lists factors responsible for gas fire at Buguma 10 Gas Well
Eroton Exploration and Production Company Limited has attributed illegal third-party activity and sabotage as factors responsible for a gas fire that broke out at the Buguma 10 Gas Well, a gas well located within Oil Mining Lease 18 (OML18).
FG spent N1.54tn to service debts in nine months
The Federal Government spent a total of N1.54tn to service the country’s debt obligations to local and foreign debtors between January and September last year, a report obtained from the Budget Office has indicated.
Nigeria’s external reserves hit 4-year high of $40.3bn
NIGERIA’s external reserves rose to $40.33 billion last week, the highest in four years.
Maritime workers threaten strike over port access roads
The Maritime Workers Union of Nigeria has issued a seven-day ultimatum to the Federal Government to remove all trucks abandoned on the Oshodi-Apapa Expressway and make access roads to the country’s seaports motorable.
Suspended workers vow to mobilise against Okowa’s 2nd term
SUSPENDED workers of Delta State Government have told Governor Ifeanyi Okowa to take urgent steps to recall them, failing which they will mobilise against his second term bid in 2019 with their permanent voter cards, PVCs.
NDE tackles unemployment with training
The National Directorate of Employment in Lagos State says it has commenced another round of employment training to engage the youths.
WAEC exams for private candidates
The West African Examinations Council says it is set for the conduct of its newly introduced January/February West African Senior School Certificate Examination for private candidates.
PenCom enhances pension for retirees on programmed withdrawal
The National Pension Commission (PenCom) has enhanced the pension of existing retirees on programmed withdrawal.
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