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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