NEWS REVIEW FOR THURSDAY, MARCH 15, 2018

Oil & Gas

No money to fix refineries – FG
The Federal Government has said that it has no money to fix the nation’s refineries.
https://www.dailytrust.com.ng/no-money-to-fix-refineries-fg.html

Modular refineries not meant to address fuel scarcity – Kachikwu
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, on Wednesday said the modular refineries being planned for the Niger Delta were not meant to address fuel scarcity.

Modular refineries not meant to address fuel scarcity – Kachikwu

IPMAN tasks NNPC on steady supply of petroleum products
The Independent Petroleum Marketers Association of Nigeria (IPMAN) on Wednesday urged the Nigerian National Petroleum Corporation (NNPC) to intensify the distribution of petroleum products to Western depots, to address shortage in the hinterlands.
https://www.dailytrust.com.ng/ipman-tasks-nnpc-on-steady-supply-of-petroleum-products.html

Reps begin probe of subsidy payment
The joint House of Representatives committee on finance and petroleum (downstream) have resolved to go fully and investigate alleged payments of subsidy by relevant government authorities.
https://www.dailytrust.com.ng/reps-begin-probe-of-subsidy-payment.html

Nigerian crude oil supply weighs on market
Plentiful supplies of Nigerian crude weighed on the market on Wednesday, while Angola’s state oil company sold a Dalia cargo, reducing the number of unsold barrels ahead of the release of May loading programmes.

Nigerian crude oil supply weighs on market

Nigeria’s oil reserves drop by 961 million barrels
Contrary to the Federal Government’s target of increasing crude oil reserves, the country recorded a decline of 961.47 million barrels in four years on the back of low investment in exploration by oil companies.

Nigeria’s oil reserves drop by 961 million barrels

OPEC admits United States shale may crash oil price
The Organisation of Petroleum Exporting Countries (OPEC) has admitted for the first time that the growing crude oil output from the United States (U.S.) may threaten the price of crude oil despite efforts to rebalance the market.

OPEC admits United States shale may crash oil price

FG vs Agip: Court fixes May 28 for $55m debt recovery suit
A Federal High Court in Lagos on Wednesday adjourned until May 28 hearing of a 55 million dollars debt recovery suit by the Federal Government against Agip Oil Company Ltd.

FG vs Agip: Court fixes May 28 for $55m debt recovery suit

UK looking to other countries for gas supply – May
United Kingdom’s Prime Minister, Theresa May, said on Wednesday that the UK was “looking to other countries” for gas supply due to deteriorating relations with Russia triggered by the poisoning of ex-spy Sergei Skripal in the UK.

UK looking to other countries for gas supply – May

FG to reduce sulphur level in diesel by July
After failing to enforce the ban on importation of dirty fuels into the country on July 1, 2017, the Federal Government will cut the sulphur level allowed in diesel by July 1, this year, the Nigerian National Petroleum Corporation has said.

FG to reduce sulphur level in diesel by July

We have stake in solving Nigeria’s petroleum crisis — FUPRE
MANAGEMENT of the Federal University of Petroleum Resources, FUPRe, Effurun, has said that the institution has the potentials to solve Nigeria’s fuel crisis, but lack of funds is destroying the intuition’s vision of being one of the best universities in the world.

We have stake in solving Nigeria’s petroleum crisis — FUPRE VC

Other News

Nigeria’s debt rises by N9.61tn under Buhari
Under President Muhammadu Buhari, Nigeria has grown its debt portfolio by N9.61tn, statistics available from the Debt Management Office have shown.

Nigeria’s debt rises by N9.61tn under Buhari

Inflation falls for 13th consecutive month to 14.33%
The National Bureau of Statistics on Wednesday said the country’s Consumer Price Index, which measures inflation, rose by 14.33 per cent (year-on-year) in February 2018.

Inflation falls for 13th consecutive month to 14.33%

SSANU, NASU, NAAT suspend three-month strike
The non-academic unions of universities, which began an industrial strike since December 4, 2017, has suspended its strike

SSANU, NASU, NAAT suspend three-month strike

Public debt hits N21.7tr, rises by N4.365 trillion
The Nigerian government borrowed N4.365 trillion in 2017, bringing the country’s total debt stock to N21.725 trillion.

Public debt hits N21.7tr, rises by N4.365 trillion

Food prices remain high despite easing inflation
The Consumer Price Index (CPI) which measures inflation increased by 14.33 percent (year-on-year) in February 2018, 0.8 percent points less than January figure, just as food price pressure continued into the month under review as all major food sub-indexes increased.

Food prices remain high despite easing inflation

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NEWS REVIEW FOR WEDNESDAY, MARCH 14, 2018

Refineries’ overhaul to commence in second quarter — NNPC
The Nigerian National Petroleum Corporation, NNPC, Tuesday, disclosed that rehabilitation of the country’s refineries would commence in the second quarter of 2018.

Refineries’ overhaul to commence in second quarter — NNPC

Average price of petrol at N173 — NBS
The National Bureau of Statistics, NBS, yesterday said average price paid by consumers for Premium Motor Spirit, PMS, popularly known as petrol, increased by 15.1 percent year-on-year, YoY, and 9.6 percent month-on-month, MoM, to N172.5 in February 2018.

Average price of petrol at N173 — NBS

Buhari Sacks Boroh, Names Dokubo Amnesty Programme Coordinator
President Muhammadu Buharion Tuesday sacked Brigadier-General Paul Boroh (rtd) as the Coordinator of the Presidential Amnesty Programme and replaced him with Professor Charles Quaker Dokubo.

Buhari Sacks Boroh, Names Dokubo Amnesty Programme Coordinator

Shell, Eni Preempt Possible US Probe over Malabu Deal with Filings
Royal Dutch Shell and Eni have voluntarily filed to the United States authorities internal probes into how they acquired Oil Prospecting Lease (OPL) 245 in Nigeria, as the companies seek to fight corruption allegations in Europe and Nigeria.

Shell, Eni Preempt Possible US Probe over Malabu Deal with Filings

50 oil, gas experts storm Lagos for confab
Over 50 leading oil and gas experts will gather in Lagos on March 20 and 21 to brainstorm on the challenges and opportunities in the volatile sector.The event is the 2nd Lawyers in Oil & Gas Conference holding at Eko Hotel & Suites, Lagos.

50 oil, gas experts storm Lagos for confab

DPR partners NSCDC to prosecute illegal petroleum marketers
The Department of Petroleum Resources (DPR), Eket field office says it has strengthened its partnership with the Nigeria Security and Civil Defence Corps (NSCDC) to prosecute petroleum marketers operating illegal petrol stations in the state.

DPR partners NSCDC to prosecute illegal petroleum marketers


Other news

Land Use Charge: Plaudits and Posers for Ambode
First, let’s deal with the praise, the plaudits, before ending this piece with the questions, the posers.

Land Use Charge: Plaudits and Posers for Ambode

No date for passage of 2018 budget yet – Senate
The Senate has said it is uncertain when the 2018 Appropriation Bill will be passed by the National Assembly.

No date for passage of 2018 budget yet – Senate

Stakeholders’ role in sustaining reforms in Pension industry — Takor
One other issue addressed by PenCom in the framework is the issue of Minimum Guarantee Pension as provided for in Section 84 subsection 1 of PRA 2014.

Stakeholders’ role in sustaining reforms in Pension industry — Takor

MAN cautions FG on free trade agreements
The Manufacturers Association of Nigeria (MAN), yesterday, warned Federal Government over signing free trade agreements, saying that hasty implementation of such agreements could lead to dumping of products in the country.

MAN cautions FG on free trade agreements

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NEWS REVIEW FOR TUESDAY, MARCH 13, 2018

NEWS REVIEW FOR TUESDAY, MARCH 13, 2018

Oil & Gas

PENGASSAN Accuses Indigenous Oil Firms of Flouting Labour Laws
Senior oil workers under the aegis of Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has stated that its face-off with indigenous oil companies was premised on their lack of respect for the laws of the land and constitutional provisions guiding their operations and relationship with their employees, especially as regards the rights and privileges of the workers.

PENGASSAN Accuses Indigenous Oil Firms of Flouting Labour Laws

Depot Price of Petrol Slumps as NNPC Floods Market
Motorists and other petrol users may soon experience permanent relief as the ex-depot price of the product, which had hit N160 per litre, was gradually returning to normal at the weekend as the Nigerian National Petroleum Corporation (NNPC) floods the market with petrol

Depot Price of Petrol Slumps as NNPC Floods Market

Kachikwu: How PIGB Will Create Employment, Guarantee Job Security
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu has provided a detailed explanation of how the Petroleum Industry Governance Bill (PIGB) would create new job opportunities and guarantee job security when eventually passed into law.

Kachikwu: How PIGB Will Create Employment, Guarantee Job Security

NNPC has not explained missing $22.7bn – NEITI
The Nigeria Extractive Industries Transparency Initiative, an agency tasked with cleaning up the country’s oil industry, has said even though financial accountability has improved, the Nigerian National Petroleum Corporation still has not explained billions of dollars of missing revenue.

NNPC has not explained missing $22.7bn – NEITI

NEITI: NNPC Yet to Explain Missing Billions

Is NNPC’s claim of subsidy payment justified?
Our position from the beginning has been very clear. If we continue this petrol import regime, we will continue to face this type of situation, given that we do not have control over global crude oil prices and the volatility of the exchange rate.

Is NNPC’s claim of subsidy payment justified?

Gas flaring increased by 17.5% last year – NNPC
The total volume of natural gas flared by oil and gas companies in the country rose by 17.46 per cent year-on-year to 287.59 billion standard cubic feet in 2017.

Gas flaring increased by 17.5% last year – NNPC

Nigeria losing revenue to IOCs over delayed PSC review
International oil companies, which entered into Production Sharing Contracts with the Federal Government more than two decades ago, are still enjoying the generous terms they got as talks of re-negotiation over the past few years have yet to materialise

Nigeria losing revenue to IOCs over delayed PSC review

Fuel distribution to worsen as leadership tussle emerges in NUPENG
THERE are indications that the fuel scarcity in the nation may worsen following the emergence of leadership tussle in the National Union of Petroleum and Natural Gas Workers, NUPENG, whose members, especially tanker drivers, are involved in the distribution of petroleum products nationwide.

Fuel distribution to worsen as leadership tussle emerges in NUPENG

Nigeria earns N3.8trn from crude oil, gas export in 3 months
Nigeria earned N3.738 trillion from the export of crude oil and petroleum products in three months, from October to December 2017, according to latest data released by the National Bureau of Statistics, NBS.

Nigeria earns N3.8trn from crude oil, gas export in 3 months

How militancy affected oil output, revenue
THE nation has been cautioned to tame militancy as it culminated in a significant drop in output and revenue a few years ago.

How militancy affected oil output, revenue

Shipments for 2 modular refineries to be installed in Delta, Rivers coming soon – FG
Shipments for two modular refineries that will be installed in Delta and River States will be arriving very soon.

Shipments for 2 modular refineries to be installed in Delta, Rivers coming soon – FG

Return of fuel subsidy
APPARENTLY, the more things change the more they remain the same in Nigeria.

Return of fuel subsidy


Modular refineries will end youth restiveness in Niger Delta -Boroh
The Coordinator of the Presidential Amnesty Programme (PAP),Brig-Gen. Paul Boroh, says the establishment and operations of modular refineries in the Niger Delta will end youth restiveness in the region.
https://www.dailytrust.com.ng/modular-refineries-will-end-youth-restiveness-in-niger-delta-boroh.html

Oil production to contribute 2% growth to Nigeria’s GDP in 2018 – PWC
PricewaterhouseCoopers, PwC, Nigeria said that Nigeria’s real Gross Domestic Product, GDP, will grow at 2.0 per cent year-on-year in 2018, propelled by oil production increase and government spending.

Oil production to contribute 2% growth to Nigeria’s GDP in 2018 – PWC

Business
FG hails NNPC’s foray into renewable energy
The Federal Government has commended the Nigerian National Petroleum Corporation (NNPC) for venturing into the development of renewable energy across the country.
https://www.dailytrust.com.ng/fg-hails-nnpc-s-foray-into-renewable-energy.html

Dr. Parra was true OPEC pioneer, industry innovator – Barkindo
Mohammad Sanusi Barkindo, Secretary General, Organisation of Petroleum Exporting Countries, OPEC has described the late Dr. Alirio Parra, former Energy and Mines Minister of Venezuela as a true OPEC pioneer and great oil industry innovator.

Dr. Parra was true OPEC pioneer, industry innovator – Barkindo

A’Ibom oil communities knock NDDC over messy, second-rate projects
OIL-BEARING communities in Akwa Ibom State have again slammed the Niger-Delta Development Commission, NDDC, for the purported shambolic execution and abandonment of projects across the state.

A’Ibom oil communities knock NDDC over messy, second-rate projects

NCDMB to Drag Violators of Local Content Law to Court, Says Wabote
The Executive Secretary of Nigerian Content Development Management Board (NCDMB), Mr. Simbi Wabote has stated that the NDCMB would be stepping up its enforcement of the local content law among oil and gas operators in Nigeria, adding that it was moving from just notifying operators of their infractions of the law to actually taking legal action against them.

NCDMB to Drag Violators of Local Content Law to Court, Says Wabote


Lessons from UK Court’s Judgment on N’Delta Oil Spills
The recent judgment by the UK Appeal Court on the dispute between Shell and two Niger Delta communities underscores the need for people of the environmentally-polluted region to seek redress in disputes that do not require international arbitration within Nigeria’s judicial system

Lessons from UK Court’s Judgment on N’Delta Oil Spills

EFCC investigates 16 foreigners over crude oil theft
The Economic and Financial Crimes Commission (EFCC) has launched investigation of 16 foreigners arrested for alleged oil theft in Rivers.
https://www.dailytrust.com.ng/efcc-investigates-16-foreigners-over-crude-oil-theft.html

Other News
External reserves hit $46bn, says CBN
The nation’s external reserves hit $46bn on Friday, the Central Bank of Nigeria disclosed in a statement on Friday.

External reserves hit $46bn, says CBN

Group sues Lagos over Land Use Charge
A coalition of citizens, under the aegis of The EIE Project Ltd./GTE, has dragged the Lagos State Government to court, seeking the reversal of some portions of the state’s Land Use Charge Law 2018.

Group sues Lagos over Land Use Charge

Land Use Charge: Lagos to Address Concerns of Residents This Week
Amid the sustained public objection to the enforcement of the recently enacted Land Use Charge (LUC) Law, the Lagos State Government Monday said that it would ameliorate the concerns of stakeholders in the state, mainly business executives and captains of industries, this week.

Land Use Charge: Lagos to Address Concerns of Residents This Week

US cautions Nigeria, others on foreign loans
The United States does not seek to stop Chinese investments in Nigeria and other African nations, but advises them to be careful in taking foreign loans.

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