|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.
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.
Govs want petrol subsidy payments probed
The 36 state governors have moved against the Nigerian National Petroleum Corporation for allegedly falsifying some figures.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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