NEWS REVIEW FOR TUESDAY, JANUARY 30, 2018
Oil & Gas
Fuel subsidy payment rises to N17bn in one month
Fuel subsidy payment incurred by the Nigerian National Petroleum Corporation, NNPC, rose by N9.94 billion to N16.785 billion. This was to ensure that the price of Premium Motor Spirit, also known as petrol, did not rise above the official rate of N145 per litre.
CISLAC Seeks Expeditious Passage of All PIB Components
The Civil Society Legislative Advocacy Centre (CISLAC) has again called for expeditious passage of the remaining components of the Petroleum Industry Bill (PIB), in order to attract significant new investments into the oil and gas sector.
NNPC: FG Owes Us N170.6bn Subsidy Payments
The Nigerian National Petroleum Corporation (NNPC) said on Monday that it was being owed N170.6 billion paid to marketers as subsidy between 2006 and 2015.
Solution to Fuel Crisis is Beyond FG, Says Lawmaker
The Chairman, House of Representatives Committee on Water Resources, Hon. Aliyu Ahman-Pategi, on Monday hinted that the protracted crisis in the downstream sub-sector of Nigeria’s oil economy which led to the current fuel scarcity in the country would not be abated for now as it has gone beyond the federal government power to resolve it
Petrol Crisis May Worsen as Depot Price Hits N165 Per Litre
Despite what seems like its best efforts of the Nigerian National Petroleum Corporation (NNPC) to end the protracted petrol scarcity in the country, the fuel supply situation may worsen as the price has hit N165 per litre at the depots, against the official price of N133.28, THISDAY’s investigation has revealed.
NNPC stinks despite regime change, says Bukola Saraki
Deep-Seated illegality and abuse of financial procedures still bedevil the Nigerian National Petroleum Corporation (NNPC) two years after a regime change, Senate President Abubakar Bukola Saraki declared yesterday in Abuja. Saraki said the problem had continued in spite of efforts to sanitise the oil industry.
Total, NNPC ready to take FID on Ikike oil field project
The dearth of new investments in Nigeria’s upstream oil sub-sector may soon be a thing of the past as Total Exploration and Production Company in Nigeria and the Nigerian National Petroleum Corporation, NNPC are set to take the final investment decision, FID, on the Ikike oil field.
Fuel Crisis: LCCI seeks urgent review of current policy framework
The Lagos Chamber of Commerce and Industry, LCCI, said the recent fuel crisis once again underscores the need to urgently review the current policy framework for the petroleum downstream segment of the oil and gas industry.
Fuel Scarcity: Loading resumes in Ejigbo satelite depot
THE scarcity of petrol is expected to be eased up in Lagos and its environs, as the Nigerian National Petroleum Corporation, NNPC said it has resumed loading at Ejigbo.
N8.9trn assessed as subsidy payment in 11 years, PPPRA tells Senate
THE Senate was, yesterday, told by Petroleum Products Pricing Regulatory Agency, PPPRA, that it has for 11 years assessed petroleum subsidy payment to the tune of N8.9 trillion.
We received N5.1tn as subsidy payment in nine years –NNPC
The Nigerian National Petroleum Corporation has said it received a total of N5.1tn as payments for subsidy on the Premium Motor Spirit (petrol) between 2006 and 2015.
Gas flaring law error costs Nigeria billions of dollars
The Federal Government plans to make gas flaring more costly for companies that have escaped the payment of billions of dollars despite being fined, the Minister of Finance, Mrs. Kemi Adeosun, has said.
Egina Field Set to Flow
With the recent arrival in the country of the $3.3 billion Egina Floating Production Storage Offloading unit from South Korea, Nigeria is set to add 200,000 barrels of crude oil to her daily output from the $16 billion Egina oilfield.
NOSDRA, Oil Company Use Communities for Zero-Sum Game, Group Alleges
The Centre for Peace and Environmental Justice has accused the National Oil Spill Detection and Response Agency (NOSDRA) and Multi-National oil companies of using the oil producing communities for ‘zero-sum game’ to their mutual benefit, as the communities continue to suffer from environmental degradation and pollution.
Eni sees East Med as key to diversifying Europe’s gas imports
Gas projects in east Mediterranean countries such as Egypt, Cyprus and Israel will be key to help Europe diversify its gas imports as output in the North Sea is dropping and Russian supplies are rising.
33 ships laden with petroleum products, food items to arrive Lagos ports
Thirty three ships laden with petroleum products, food items and other goods are expected to arrive Apapa and Tin Can Island Ports in Lagos from Jan. 29 to Feb. 19.
Belemaoil to create 12,000 jobs, awards 374 scholarships in Niger Delta
Belemaoil Producing Limited, an indigenous oil and gas company in Niger Delta region, has said it plans to create an additional 12,000 jobs in the region.
Oando partners Sao Tome and Principe to promote infrastructure development
Oando Plc has announced the commencement of infrastructure development in Sao Tome and Principe (STP).
Nigeria’s stocks among world’s best-performers
Nigeria’s stocks have been rated among the world’s best-performers in the past four months.
NECA introduces platform to tackle youth unemployment
The Nigeria Employers’ Consultative Association (NECA) has introduced an online solution initiative tagged, ‘NECApreneur’ to tackle youth unemployment in the country.
Buhari canvasses single market to create jobs, reduce poverty
President Muhammadu Buhari Monday canvassed for the speedy establishment of a single, unified market in Africa to increase trade, create more jobs and reduce poverty.
Civil servants’ union urges speedy conclusion of minimum wage talks
The Nigeria Civil Service Union (NCSU) has urged the tripartite committee on minimum wage to speed up the process of negotiation for the benefit of Nigerian workers.
Civil servants urge National Assembly to reject plans to deregulate workers’ wage
The Association of Senior Civil Servants of Nigeria (ASCSN) has urged President Muhammadu Buhari and the National Assembly to reject the recommendation by the Committee on True Federalism that wage and other labour-related matters should be removed from Exclusive Legislative List to the Concurrent List.
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