NEWS REVIEW FOR THURSDAY, MAY 24, 2018

 

Oil & Gas

NNPC Retail targets 30% fuel distribution market share

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) Dr. Maikanti Baru, has directed the corporation’s downstream subsidiary, NNPC Retail Limited, to target 30 per cent market share of petroleum products distribution business in Nigeria by 2020.

https://www.dailytrust.com.ng/nnpc-retail-targets-30-fuel-distribution-market-share-252147.html

 

Two modular refineries’ll begin operations next year –FG

Two modular refineries in the Niger Delta will commence operations in the next one year, the Federal Government announced on Wednesday.

http://punchng.com/two-modular-refineriesll-begin-operations-next-year-fg/

 

Trans Forcados oil pipeline resumes operation

Flows of crude oil along Nigeria’s Trans Forcados pipeline have started to ramp up again after an outage of almost a week, several trading sources said on Wednesday.

https://www.dailytrust.com.ng/trans-forcados-oil-pipeline-resumes-operation-252146.html

 

NNPC to settle N2.1bn owed NPA this week

The Nigerian Ports Authority has stated that all debts owed it by the Nigerian National Petroleum Corporation from 2017 to date, amounting to about N2.1bn, for services rendered to the national oil firm are to be settled this week.

http://punchng.com/nnpc-to-settle-n2-1bn-owed-npa-this-week/

 

Safety in focus as more people embrace cooking gas

As more Nigerians shift from kerosene to Liquefied Petroleum Gas for cooking, industry stakeholders have highlighted the need for more sensitisation to safety in order to prevent accidents.

http://punchng.com/safety-in-focus-as-more-people-embrace-cooking-gas/

 

Timely FDP approval good for govt, investors – Kachikwu

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said timely approval of field development plan is a win-win situation for both the government and investors.

http://punchng.com/timely-fdp-approval-good-for-govt-investors-kachikwu/

 

Kachikwu: Niger Delta Militants Almost Crippled Nigeria in 2015

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, wednesday indicated that but for the timely interventions of the government, first through backchannel consultations and then open dialogues with militants who resumed bombing of oil facilities in the Niger Delta in 2015, the country could have been crippled.

https://www.thisdaylive.com/index.php/2018/05/24/kachikwu-niger-delta-militants-almost-crippled-nigeria-in-2015-2/

 

Closure of Trans-Forcados Pipeline May Threaten 2018 Budget

The recent closure of the Trans- Forcados Pipeline (TFP) following the May 7, 2018, suspected explosion on the facility at the Diebiri-Batan community in Warri, South West Local Government Area of Delta State, has raised concerns among stakeholders over the capacity of the federal government to finance the 2018 budget of N9.12 trillion, THISDAY has learnt.

https://www.thisdaylive.com/index.php/2018/05/24/closure-of-trans-forcados-pipeline-may-threaten-2018-budget/

 

NNPC to begin retail of petrol across West Africa

The Nigerian National Petroleum Corporation (NNPC) would begin retailing of petroleum products across markets in the Economic Community of West African States (ECOWAS) in the next two years.

https://guardian.ng/news/nnpc-to-begin-retail-of-petrol-across-west-africa/

 

NNPC, NAOC move to add 500MW to national grid

The Nigerian National Petroleum Corporation (NNPC) and its Joint Venture (JV) Partner, Nigeria Agip Oil Company (NAOC) Ltd., have pledged commitment  to implement  Okpai Phase 2 project to increase electricity generation with 500 megawatts (MW) .

 

Other News

HoS plans salary increase, others to boost civil service

The Head of the Civil Service of the Federation, Mrs. Winifred Oyo-Ita, on Wednesday announced plan to ensure that the nation’s civil service was efficient, productive, incorruptible and citizen-centred.

http://punchng.com/hos-plans-salary-increase-others-to-boost-civil-service/

https://www.thisdaylive.com/index.php/2018/05/24/oyo-ita-why-minimum-wage-increase-is-on-the-table/

 

FG, states, LGs share N613bn revenue for April

A total of N701.022 billion has been distributed as federal allocation for the month of April, 2018 between the federal, states and local government councils.

https://www.dailytrust.com.ng/fg-states-lgs-share-n613bn-revenue-for-april-252133.html

 

Strike: Minister urges JOHESU to obey court order

The Minister of Labour and Employment, Chris Ngige has urged the striking members of the Joint Health Sector Union (JOHESU) to obey an order of the National Industrial Court directing it to call off the strike action within 24 hours and return to negotiation.

https://www.dailytrust.com.ng/strike-minister-urges-johesu-to-obey-court-order-252134.html

 

States to push for new revenue allocation formula

Members of the Federation Accounts Allocation Committee have commenced discussions on the review of the current revenue allocation formula among the three tiers of government.

http://punchng.com/states-to-push-for-new-revenue-allocation-formula/

 

Nigeria’s industrial production has fallen by 41% –AfDB

Nigeria’s industrial value dropped by 41 per cent between 2012 and this year, the African Development Bank has said.

http://punchng.com/nigerias-industrial-production-has-fallen-by-41-afdb/

 

NSITF plans to settle workers compensation in 2 weeks

The Executive Director, Operations, of the Nigeria Social Insurance Trust Fund (NSITF), Mrs Kemi Nelson, has said plan is underway to settle claims and compensation of workers that sustained injury in the workplace within 14 working days.

https://www.dailytrust.com.ng/nsitf-plans-to-settle-workers-compensation-in-2-weeks-252168.html

 

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NEWS REVIEW FOR WEDNESDAY, MAY 23, 2018

 

Petrol subsidy: Ezekwesili tackles Buhari, NNPC

A former Minister of Education, Oby Ezekwesili, on Tuesday tackled President Muhammadu Buhari, as the substantive Minister of Petroleum Resources, and the Nigerian National Petroleum Corporation over the lack of transparency in the petrol subsidy arrangement.

http://punchng.com/petrol-subsidy-ezekwesili-tackles-buhari-nnpc/

NNPC Seeks New Measures to Reduce Losses Incurred on Petrol Imports

The Nigerian National Petroleum Corporation (NNPC) yesterday disclosed that it has proposed to the Nigerian Ports Authority (NPA) new measures that could help reduce the loses it incur on imported petrol.

https://www.thisdaylive.com/index.php/2018/05/23/nnpc-seeks-new-measures-to-reduce-losses-incurred-on-petrol-imports/

 

Nigerian crude oil cargoes struggling to find buyers

Nigerian crude oil grades continued to struggle on Tuesday, weighed down by a surplus of unsold June loading cargoes as the July programmes emerged.

http://punchng.com/nigerian-crude-oil-cargoes-struggling-to-find-buyers/

https://www.dailytrust.com.ng/glut-unsold-nigerian-crude-cargoes-liter-market-251968.html

 

N1.4tr spending on fuel subsidy, a misallocation of resources – Emir Sanusi

The Emir of Kano, Malam Muhammadu Sanusi II, has condemned the continued fuel subsidy spending by the Buhari administration, saying it is misallocation of scarce resources.

https://www.dailytrust.com.ng/n1-4tr-spending-on-fuel-subsidy-a-misallocation-of-resources–emir-sanusi-251972.html

 

Shell’s Oil Spill Dispute with Nigerian Villagers Back in UK Court

Lawyers for the Bodo community in Ogoniland of Rivers State, which was devastated by two major oil spills in 2008, went to court in London yesterday to fend off what they said was an attempt by Shell to kill off their litigation.

https://www.thisdaylive.com/index.php/2018/05/23/shells-oil-spill-dispute-with-nigerian-villagers-back-in-uk-court/

 

Petroleum sector generates N12.132b tax in three months

Nigeria’s petroleum sector contributed Value Added Tax (VAT) of N12.132 billion during the first quarter of 2018, data from the National Bureau of Statistics (NBS) has shown.

https://guardian.ng/business-services/petroleum-sector-generates-n12-132b-tax-in-three-months/

 

Tanker drivers call off strike in Rivers

Tanker drivers in Rivers State on Tuesday called off their weeklong strike following the intervention of the Nigerian National Petroleum Corporation in the disagreement between them and security agents in the state.

http://punchng.com/tanker-drivers-call-off-strike-in-rivers/

 

‘NNPC, NPA partnership will reduce under-recovery, enhance product supply’

Collaboration between the Nigerian National Petroleum Corporation (NNPC) has said that collaboration between it and the Nigerian Ports Authority (NPA) will help the country reduce expenditures made by the state oil company and limit chances of fuel scarcity.

https://guardian.ng/news/nnpc-npa-partnership-will-reduce-under-recovery-enhance-product-supply/

 

Other news

Budget 2018: Something to Cheer?

With a rapidly growing population, Obinna Chima wonders if Nigeria’s 2018 budget has what it takes to drive the much-desired growth in the country

https://www.thisdaylive.com/index.php/2018/05/23/budget-2018-something-to-cheer/

 

CBN: Why We Did Not Reduce Interest Rate

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) rose from its second meeting for the year, expressing apprehension that the late passage and implementation of the 2018 budget, as well as election spending, could trigger inflationary trends and reverse the economic gains made so far, if pre-emptive measures are not adopted.

https://www.thisdaylive.com/index.php/2018/05/23/cbn-why-we-did-not-reduce-interest-rate/

 

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NEWS REVIEW FOR MONDAY, MAY 21, 2018

 

Oil & Gas

NNPC reduces loss by 77.1% as refineries perform poorly

The Nigerian National Petroleum Corporation reduced its group operational loss by 77.1 per cent, cutting it down by N5.3bn within a period of one month.

http://punchng.com/nnpc-reduces-loss-by-77-1-as-refineries-perform-poorly/

PIB: Oil workers reject new regulator’s powers

The Petroleum and Natural Gas Senior Staff Association of Nigeria and the Nigeria Union of Petroleum and Natural Gas Workers have expressed worry over the powers conferred on the proposed Nigeria Petroleum Regulatory Commission under the Petroleum Industry Bill.

http://punchng.com/pib-oil-workers-reject-new-regulators-powers/

Oil workers pick holes in PIB amendment bills

Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) have raised concern over some amendments made in the Petroleum Industry Bill (PIB), saying that some of the recommendations could lead to unnecessary bureaucratic bottlenecks and abuse.

https://www.dailytrust.com.ng/oil-workers-pick-holes-in-pib-amendment-bills-251586.html

PIGB: Fresh concerns over job security, overbearing uncontrollable commission

As stakeholders await President Muhammadu Buhari’s assent to the harmonised Petroleum Industry Bill Governance Bill (PIGB) with sublime hope, not a few workers are worried over job security. Some interest groups also see the bill as an old wine in a new wine skin.

http://thenationonlineng.net/pigb-fresh-concerns-over-job-security-overbearing-uncontrollable-commission/

Oil workers disagree with NCDMB, OPTS on new service pact

The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) have expressed dismay over a new Service Level Agreement (SLA) reached between the Nigerian Content Development and Monitoring Board (NCDMB) and the Oil Producers Trade Section (OPTS).

https://www.dailytrust.com.ng/oil-workers-disagree-with-ncdmb-opts-on-new-service-pact-251539.html

THUMPS UP: Shortening Contracting Cycle in Oil Industry

The federal government through the Nigerian Content Development and Monitoring Board (NCDMB) recently signed a Service Level Agreement (SLA) with the oil companies operating in Nigeria under the aegis of the Oil Producers Trade Section (OPTS), to reduce the long contracting cycle, which had hindered investments in Nigeria’s oil and gas industry.

https://www.thisdaylive.com/index.php/2018/05/21/thumps-up-shortening-contracting-cycle-in-oil-industry/

Oil Prices Rise as US Puts Trade War with China ‘On Hold’

Oil prices rose on Monday, lifted by a rally across stocks and other commodities, after the United States said it had put a possible trade war with China “on hold”.

https://www.thisdaylive.com/index.php/2018/05/21/oil-prices-rise-as-us-puts-trade-war-with-china-on-hold/

2018 Budget: FG won’t Meet 2.3 mbpd Production Target Due to Sabotage, Says FBN

The crude production target of 2.3 million barrels per day proposed in the 2018 budget will not be achieved because of acts of sabotage in the lead-up to the 2019 elections, FBNQuest Capital has predicted.

https://www.thisdaylive.com/index.php/2018/05/20/2018-budget-fg-wont-meet-2-3-mbpd-production-target-due-to-sabotage-says-fbn/

2017 Budget: Net Oil Revenue Dropped by N401bn in Q3

The actual net oil revenue into the Federation Account in the third quarter (Q3) of 2017 stood at ₦692.40 billion, indicating a drop of ₦401.51 billion or 36.7 per cent decline in the quarterly estimated budget of ₦1.093 trillion, the draft third quarter 2017 Budget implementation report has shown.

https://www.thisdaylive.com/index.php/2018/05/20/2017-budget-net-oil-revenue-dropped-by-n401bn-in-q3/

FG Stops Seplat’s Project over Alleged Violation of Nigerian Content Law

The federal government through the Nigerian Content Development and Monitoring Board (NCDMB) has directed Seplat Petroleum Development Company Plc to suspend work on its ANOH Gas Plant project in Oil Mining Lease (OML) 53 over alleged violation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act of 2010 by using a UAE firm for the engineering and fabrication, THISDAY has learnt.

https://www.thisdaylive.com/index.php/2018/05/21/fg-stops-seplats-project-over-alleged-violation-of-nigerian-content-law/

OML 18: San Leon Energy, Six Others Dragged Before Court

Suntrust Oil Company Nigeria Limited has summoned San Leon Energy Plc and six other defendants to appear before a Federal High Court in Lagos within 30 days in the suit number FHC/L/CS/793/2018 in respect of Oil Mining Lease (OML) 18.

https://www.thisdaylive.com/index.php/2018/05/21/oml-18-san-leon-energy-six-others-dragged-before-court/

Court Fixes Tomorrow to Rule on N122bn Judgment Debt against Shell, FBN

Justice Ibrahim Buba of the Federal High Court in Lagos has fixed tomorrow to rule on the garnishee proceedings filed by some Ogoni chiefs from Ejama community in Rivers State against the Central Bank of Nigeria (CBN) and First Bank of Nigeria Limited for their failure to pay a N122 billion judgment debt against Shell Petroleum Development Company Limited (SDPC).

https://www.thisdaylive.com/index.php/2018/05/21/court-fixes-tomorrow-to-rule-on-n122bn-judgment-debt-against-shell-fbn/

PDP accuses Buhari of condoning fuel subsidy fraud

The Peoples Democratic Party has accused President Muhammadu Buhari of superintending over a corrupt fuel subsidy regime.

http://punchng.com/pdp-accuses-buhari-of-condoning-fuel-subsidy-fraud/

Nigerian economy expands in Q1 as oil output rises

Nigeria’s economy expanded for a fourth straight quarter in the first three months of the year, boosted by an increase in oil prices and output.

https://guardian.ng/business-services/nigerian-economy-expands-in-q1-as-oil-output-rises/

Other News

Nigerians Groan Despite Inflation Drops

Though Nigeria’s Consumer Price Index recorded its 15th month of deceleration in April, from 18.97 per cent in January 2017 to 12.48 per cent in April 2018, cost of food still remains high.

https://www.thisdaylive.com/index.php/2018/05/20/nigerians-groan-despite-inflation-drops/

Naira devaluation unlikely before elections —Analysts

Analysts at FBNQuest Capital Limited have said that the monetary authorities are unlikely to devalue the naira or unify the exchange rates before the 2019 elections.

http://punchng.com/naira-devaluation-unlikely-before-elections-analysts/

Buhari’ll receive passed 2018 budget this week – Reps

The House of Representatives has said that a clean copy of the 2018 budget will be on the table of President Muhammadu Buhari within one week from the date of passage.

http://punchng.com/buharill-receive-passed-2018-budget-this-week-reps/

2018 budget: Experts fault oil benchmark increment

Some financial experts on Friday faulted the increase in the oil benchmark of the 2018 appropriation bill from 45 dollars to 51 dollars by the Senate.

https://guardian.ng/business-services/2018-budget-experts-fault-oil-benchmark-increment/

 

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NEWS REVIEW FOR FRIDAY, MAY 18, 2018

 

Oil & Gas

PENGASSAN hails Reps’ decision on NLNG

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has praised the House of Representatives’ decision on the proposed sale of the Federal Government’s shares in Nigerian Liquefied Natural Gas (NLNG).

http://thenationonlineng.net/pengassan-hails-reps-decision-on-nlng/

https://www.vanguardngr.com/2018/05/pengassan-lauds-reps-stance-nlng-sale/

https://www.thisdaylive.com/index.php/2018/05/18/pengassan-hails-lawmakers-decision-on-nlngs-sale/

 

NUPENG expresses concerns over non-passage of remaining parts of PIB

Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) is worried about the delay in the passage of the remaining parts of the Petroleum Industry Bill, PIB, and called on the National Assembly to expedite action on the passage.

https://www.vanguardngr.com/2018/05/nupeng-expresses-concerns-non-passage-remaining-parts-pib/

 

Nigeria loses N4.7bn daily as Shell, others cut export

Nigeria is losing roughly N4.7 billion daily as a result of the suspension of export of Bonny Light crude, the country’s premium crude oil.

https://www.dailytrust.com.ng/nigeria-loses-n4-7bn-daily-as-shell-others-cut-export-251128.html

 

Declare emergency on roads, NUPENG advises Fed Govt

The National Union of Petroleum and Natural Gas Workers (NUPENG) has urged the Federal Government to declare a state of emergency on roads. The measure, it said, would end carnage on them and ease road transportation.

http://thenationonlineng.net/declare-emergency-on-roads-nupeng-advises-fed-govt/

 

BudgIT hails NNPC on plan to reduce gas flaring

A civic technology organisation, BudgIT, has commended plans to end gas flaring by the Nigerian National Petroleum Corporation ( NNPC ).

http://thenationonlineng.net/budgit-hails-nnpc-on-plan-to-reduce-gas-flaring/

 

NNPC, NPA, FIRS, others failed to remit N526bn, $21bn –NEC

Eighteen Federal Government’s revenue generating agencies failed to remit N526bn and $21bn into the Federation Account between 2010 and June 2015, an audit commissioned by the National Economic Council has revealed.

http://punchng.com/nnpc-npa-firs-others-failed-to-remit-n526bn-21bn-nec/

https://guardian.ng/news/economic-council-directs-nnpc-others-to-refund-n8tr/

 

Shell declares force majeure on Bonny Light exports

Shell Petroleum Development Company of Nigeria Limited has declared force majeure on exports of Bonny Light crude, one of the country’s major sources of oil revenue.

http://punchng.com/shell-declares-force-majeure-on-bonny-light-exports/

 

Oil price could hit $100 ‘in coming months’ – Total CEO

The CEO of French oil giant Total said Thursday he would not be surprised to see the price of a barrel of crude reach $100 later this year.

http://punchng.com/oil-price-could-hit-100-in-coming-months-total-ceo/

 

NNPC earns N1.554 trillion from oil export

Nigeria’s oil and gas sector recorded total revenue of $4.29billion (N1.554trillion) from exports between January 2017 and January 2018.On a monthly basis, total export sale of $439.60million was recorded in January 2018, representing 1.79 per cent lower than the previous month.

https://guardian.ng/business-services/nnpc-earns-n1-554-trillion-from-oil-export/

 

Kachikwu seeks approval of FDP to attract investments in oil, gas

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has urged the Federal Government to act quickly to evaluate and approve Field Development Proposals (FDPs).

https://guardian.ng/news/kachikwu-seeks-approval-of-fdp-to-attract-investments-in-oil-gas/

 

Shell boosts domestic gas supply by 150%

Shell Nigeria Gas (SNG) Limited has increased its domestic gas distribution capacity by 150 per cent in the last six months.

http://thenationonlineng.net/shell-boosts-domestic-gas-supply-by-150/

 

Kachikwu lauds DPR over digitalisation of crude account

The Minister of State, Petroleum Resources, Dr. Ibe Kachikwu, has lauded the Department of Petroleum Resources, DPR, for its strides towards achieving digital technological breakthrough in crude oil accounting through the deployment of the National Production Monitoring System (NPMS) platform.
https://www.vanguardngr.com/2018/05/kachikwu-lauds-dpr-over-digitalisation-of-crude-account/

 

OML 30 community leaders unite to tackle oil firm

Following the crisis in communities hosting Oil Mining Lease (OML) 30, stakeholders have called for a common front to tackle Heritage Energy Operational Services Limited (HEOSL).

http://thenationonlineng.net/oml-30-community-leaders-unite-to-tackle-oil-firm/

 

2018 budget: Experts fault oil benchmark increment

Some financial experts on Friday faulted the increase in the oil benchmark of the 2018 appropriation bill from 45 dollars to 51 dollars by the Senate.

https://guardian.ng/business-services/2018-budget-experts-fault-oil-benchmark-increment/

 

NOSDRA holds Oil Spill Summit May 24

Stakeholders in the oil and gas industry will meet to exchange ideas on issues relating to spills as the National Oil Spill Detection and Response Agency, NOSDRA, has concluded plans to organise a sensitization summit on oil spill incidents, the appropriate response and management required in oil producing areas in the Niger Delta.
https://www.vanguardngr.com/2018/05/nosdra-holds-oil-spill-summit-may-24/

 

Governors threaten to takeover fuel subsidy payment from NNPC

National Economic Council (NEC), comprising the 36 State Governors in the country, has threatened to take over the responsibility of subsidising petroleum products in their states based on consumption following the huge amount of money being spent by the NNPC as fuel subsidy payment annually.
https://www.vanguardngr.com/2018/05/governors-threaten-takeover-fuel-subsidy-payment-nnpc/

 

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Other News

FG, states, others diverted N320bn Natural Resources Fund – Dogara

The Speaker of the House of Representatives, Mr. Yakubu Dogara, on Thursday disclosed how the Federal Government, states and private organisations allegedly diverted N320bn from the Natural Resources Fund over the years.

http://punchng.com/fg-states-others-diverted-n320bn-natural-resources-fund-dogara/

 

Court orders JOHESU to end strike and resume work within 24 hours

The National Industrial Court, Abuja, on Thursday ordered striking members of Joint Health Sector Union to suspend its on-going strike and resume duties across the nation within 24 hours.

http://punchng.com/court-orders-johesu-to-end-strike-and-resume-work-within-24-hours/

 

Pension fund rises to N7.94tn

The total pension fund under management by pension operators rose to N7.94tn at the end of March this year, figures released by the National Pension Commission on Wednesday showed.

http://punchng.com/pension-fund-rises-to-n7-94tn/

 

ILO tackles Nigeria over gender rule

The International Labour Organisation (ILO) is not happy with Nigeria for not adhering to its policy of fair gender representation in delegations attending its conference (ILC), Nigeria Labour Congress (NLC) president Comrade Ayuba Wabba has said.

http://thenationonlineng.net/ilo-tackles-nigeria-over-gender-rule/

 

Nigeria to add 189m people 2050, says UN

Nigeria has been projected to add no fewer than 189 million people to its present population between 2018 and 2050, the United Nations Department of Economic and Social Affairs (DESA) has said.

http://thenationonlineng.net/nigeria-to-add-189m-people-2050-says-un/

 

Labour, manufacturers set to endorse free trade agreement

General Secretary of the Nigeria Labour Congress (NLC), Dr. Peter Ozo-Eson, has disclosed readiness to endorse the Continental Free Trade Agreement (CFTA).

https://guardian.ng/news/labour-manufacturers-set-to-endorse-free-trade-agreement/

 

Ngige says Nigeria lags behind in productivity, competitiveness

Senator Chris Ngige, Minister of Labour and Employment, says Nigeria is abundantly blessed in human and natural resources, but unfortunately lags behind smaller or even less-endowed African countries in productivity and competitiveness.

https://guardian.ng/news/ngige-says-nigeria-lags-behind-in-productivity-competitiveness/

 

 

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NEWS REVIEW FOR THURSDAY, MAY 17, 2018

 

 

NEWS REVIEW FOR THURSDAY, MAY 17, 2018

Oil & Gas

plit petroleum licences in PIB, NNPC tells N’Assembly

The Nigerian National Petroleum Corporation on Wednesday called for the splitting of petroleum licences into prospecting and production phases under the draft Petroleum Industry Administrative legislation currently before the National Assembly.

http://punchng.com/split-petroleum-licences-in-pib-nnpc-tells-nassembly/

https://www.dailytrust.com.ng/pib-nnpc-seeks-split-of-petroleum-licences-250991.html

Presidency denies receipt of PIB

The Presidency on Wednesday said President Muhammadu Buhari had yet to receive a copy of the Petroleum Industry Governance Bill recently passed into law by the National Assembly.

http://punchng.com/presidency-denies-receipt-of-pib/

 

Govs want petrol subsidy payments probed

The 36 state governors have moved against the Nigerian National Petroleum Corporation for allegedly falsifying some figures.

http://punchng.com/govs-want-petrol-subsidy-payments-probed/

https://www.dailytrust.com.ng/governors-accuse-nnpc-of-fraudulent-subsidy-payment-250919.html

NNPC earns N1.554 trillion from oil export

Nigeria’s oil and gas sector recorded total revenue of $4.29billion (N1.554trillion) from exports between January 2017 and January 2018.On a monthly basis, total export sale of $439.60million was recorded in January 2018, representing 1.79 per cent lower than the previous month.

https://guardian.ng/business-services/nnpc-earns-n1-554-trillion-from-oil-export/

NCDMB, OPTS sign agreement to shorten contract cycles

The Nigerian Content Development and Monitoring Board (NCDMB), and the Oil Producers Trade Section (OPTS), the umbrella body of major international and indigenous operating oil companies have signed a Service Level Agreement (SLA), aimed at shortening the often protracted industry contracting cycle.

https://guardian.ng/business-services/ncdmb-opts-sign-agreement-to-shorten-contract-cycles/

New gas, oil policy to improve business environment, investors’ activities, says Kachikwu

Following the approval of a new gas and oil policy, the Federal Government is working to improve business environment, leading to increased investor activity and energy supply, thus improving prices of goods and services.

https://guardian.ng/business-services/new-gas-oil-policy-to-improve-business-environment-investors-activities-says-kachikwu/

PIB will ensure strong regulation in oil, gas industry, says expert

The Chairman Board of Governors, the Petroleum Club, Lagos, Godswill Ihetu, has said the Petroleum Industry Bill (PIB), if passed into law would address inefficiencies, and ensure strong regulations in the Oil and Gas industry.

https://guardian.ng/business-services/pib-will-ensure-strong-regulation-in-oil-gas-industry-says-expert/

Oil hits $80, highest since Nov 2014

Oil prices hit $80 a barrel on Thursday for the first time since November 2014 on concerns that Iranian exports could fall due to renewed U.S. sanctions and reduce supply in an already tightening market.

https://www.dailytrust.com.ng/oil-hits-80-highest-since-nov-2014-251076.html

How to avoid another round of oil price crash – Barkindo

To avoid another around of oil price downfall, the producers must always be vigilant of market signs and indicators and always have the mid-and long-term in mind  before making calculations and decisions, the Secretary General of the Organisation of Petroleum Exporting Countries, Mohammed S. Barkindo has said.

https://www.dailytrust.com.ng/how-to-avoid-another-round-of-oil-price-crash-barkindo-250999.html

NNPC doubles local firms in crude lifting contract list

The Nigerian National Petroleum Corporation (NNPC) has awarded 50 companies with contracts to buy Nigerian crude and more than half of them are local firms, foreign and Nigerian trading sources told Reuters.

https://www.dailytrust.com.ng/nnpc-doubles-local-firms-in-crude-lifting-contract-list-250768.html

NNPC Seeks End to Perpetual Hold on Oil Acreages

The Nigerian National Petroleum Corporation (NNPC) has asked the National Assembly to split the licences issued for development of oil fields in Nigeria into two components, one for prospecting and another for production under the draft Petroleum Industry Administrative Bill (PIAB) currently before it.

https://www.thisdaylive.com/index.php/2018/05/17/nnpc-seeks-end-to-perpetual-hold-on-oil-acreages/

Akwa Ibom, Mobil collaborate on oil exploration

The Akwa Ibom State Government has announced plans to work more with Mobil Producing Nigeria in the area of oil exploration and development of various communities.

http://punchng.com/akwa-ibom-mobil-collaborate-on-oil-exploration/

Politicians showed unusual interest in refineries’ maintenance contracts – Akpieyi

Chief Joseph Akpieyi, a former Chief Executive Officer of Nigerian Petroleum Refining Company (now Port Harcourt Refinery Company) (1980-85) and Warri Refining and Petrochemicals Company Limited (1980-88), is the chairman of ARCO Group.

http://punchng.com/politicians-showed-unusual-interest-in-refineries-maintenance-contracts-akpieyi/

IPMAN seeks timely payment of bridging claims

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has appealed for the timely payment of bridging claims to its members.

https://www.dailytrust.com.ng/ipman-seeks-timely-payment-of-bridging-claims-250984.html

Vitol, Glencore, Shell Compete for Petrobras’ Nigerian Assets

The world’s three largest oil traders are competing to buy the African arm of Brazil’s Petrobras (PETR4.SA) that owns stakes in two major Nigerian offshore oil blocks, industry and banking sources with knowledge of the matter said, after submitting bids earlier this month.

https://www.thisdaylive.com/index.php/2018/05/17/vitol-glencore-shell-compete-for-petrobras-nigerian-assets/

Cooking gas price rises by 15%, says NALPGAM

The price of 20 metric tonnes of Liquefied Petroleum Gas, popularly known as cooking gas, has increased by 15 per cent to N4.6m, the marketers have said.

http://punchng.com/cooking-gas-price-rises-by-15-says-nalpgam/

https://www.dailytrust.com.ng/vat-makes-lpg-price-high-marketers-250998.html

N’Delta coalition writes Buhari, demand oil blocs

The Coalition of Niger Delta Agitators has written to President Muhammadu Buhari asking for a re-distribution of all expired Oil Mining Licences and Oil Prospecting Licences earlier allocated to companies and individuals.

http://punchng.com/ndelta-coalition-writes-buhari-demand-oil-blocs/

Other News

At last, National Assembly passes N9.12tn budget…lawmakers increase NASS budget to N139.5bn

The National Assembly eventually passed the 2018 budget on Wednesday, six months after President Muhammadu Buhari submitted the estimates to both chambers of the assembly.

http://punchng.com/at-last-nassembly-passes-n9-12tn-budget-lawmakers-increase-nass-budget-to-n139-5bn/

2018 budget to face further delay

The 2018 budget is set to face further delay despite its passage by the National Assembly yesterday.

External reserves drop for first time in eight months

The nation’s foreign exchange reserves have declined for the first time in eight months, slipping to $47.793bn, according to the latest data from the Central Bank of Nigeria.

http://punchng.com/external-reserves-drop-for-first-time-in-eight-months/

LCCI raises concern over FOREX multiplicity rate

The Lagos Chamber Of Commerce And Industry (LCCI) has raised concern over use of foreign exchange multiple rate by the Central Bank of Nigeria (CBN) saying that such rate will continue to raise transparency issues with adverse impact on investors’ confidence.

https://www.dailytrust.com.ng/lcci-raises-concern-over-forex-multiplicity-rate-250994.html

PTAD recovers N16bn pension assets from insurance underwriters

The Pension Transitional Arrangement Directorate has so far recovered N16bn of legacy pension funds and assets from insurance underwriters.

http://punchng.com/ptad-recovers-n16bn-pension-assets-from-insurance-underwriters/

FG clears workers’ promotion arrears with N34.2bn

The Minister of Finance, Mrs. Kemi Adeosun, on Tuesday said that the Federal Government would settle the inherited debts and contractual obligations to local contractors between 2006 and 2015.

http://punchng.com/fg-clears-workers-promotion-arrears-with-n34-2bn/

Informal sector growth threatens decent work agenda, says ILO

The high incidence of informality has been identified as a major challenge militating against decent work and sustainable of an inclusive development, as transition to the formal economy is a condition to realise decent work for all, the International Labour Organisation (ILO) has said.

https://guardian.ng/appointments/informal-sector-growth-threatens-decent-work-agenda-says-ilo/

Trends shaping the modern workplace

The workplace as we know it is evolving. Nearly half of executives believe that by 2020, technology such as cloud and Artificial Intelligence will have an impact on their way of working.

http://punchng.com/trends-shaping-the-modern-workplace/

Nine million Nigerians lost jobs under Buhari, says Moghalu

A former deputy governor of the Central Bank of Nigeria, Prof. Kingsley Moghalu, has said that defeating President Muhammadu Buhari in the 2019 general elections will be easy.

http://punchng.com/nine-million-nigerians-lost-jobs-under-buhari-says-moghalu/

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