NEWS REVIEW FOR THURSDAY, AUGUST 23, 2018
Oil & Gas
NCDMB seeks listing of oil firms on Stock Exchange
THE Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Wabote has urged investors in Nigeria’s oil and gas industry to get listed on the Nigerian Stock Exchange, NSE in order to attract adequate funds required to grow their businesses.
Why multinationals, IOCs defy listing on NSE
Efforts by the Nigerian Stock Exchange (NSE), to woo multinational companies in the telecoms, and oil and gas sectors to list on the nation’s bourse may continue to ‘hit a brick wall’, unless government withdrew completely from private business.
Nigeria’s net revenue lowest among OPEC members
Nigeria’s oil receipts are currently the lowest among members of the Organisation of Petroleum Exporting Countries (OPEC) with capita net put at $132 per citizen.
NLNG Train 7 to increase FDI in Nigeria – MD
The Managing Director and Chief Executive Officer of Nigeria LNG Limited (NLNG), Tony Attah, has said that the NLNG’s planned Train 7 Project, which will increase production output of its plant from 22 Million Tonnes Per Annum (MTPA) to 30 MTPA, will lift Foreign Direct Investment (FDI) in the country.
Oil price rises above $74 as supply tightens
The global oil benchmark, Brent crude, hit a two-week high above $74 a barrel on Wednesday as an industry report showing a sharp drop in US crude inventories and US sanctions on Iran pointed to tighter supplies.
Total committed to add 200,000 barrels per day in Q4
Total Exploration and Production Nigeria limited has assured that by the last quarter of 2018 it will be adding 200,000 barrels of oil per day to nation’s oil production.
Nigerian crude oil sells slowly amid oversupply
The number of unsold Nigerian crude oil cargoes has reduced as buying interest picked up on Wednesday.
FG, oil majors lose N195bn to pipeline shutdown
The shutdown of the Trans-Ramos Pipeline since May has cost the Federal Government, Shell, Total and Nigeria Agip Oil Company Limited at least $640m (N195bn) in lost revenue.
IPMAN calls for urgency in roads repair
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has called on the Federal Government to expedite action on the repair and reconstruction of bad roads across the country.
NNPC, others sign pact to develop Bayelsa state’s oil communities
The Nigerian National Petroleum Corporation (NNPC) and FIRST Exploration and Petroleum Development Company Limited (FIRST E&P) Joint Venture have signed a Global Memorandum of Understanding (GMoU) with KEFFES Rural Development Foundation (KDRF) to better the lot of host communities in Bayelsa State.
Oil majors, tanker owners defy presidential orders
The directives by Vice President Yemi Osinbajo aimed at easing traffic congestion in the Apapa area of Lagos State and ensuring the relocation of oil companies’ headquarters to the Niger Delta have not been complied with.
Tank farms: Apapa sitting on keg of gun powder — Vicky Haastrup
Executive Vice Chairman of ENL Consortium, operators of Terminals C and D of Apapa port, spoke with Godfrey Bivbere, Abigail Ezenwafo & Kemi Abioye on cost of ports operations, the Ports & Harbours Bill, way out of the traffic logjam, alternative transport of goods and many more.
Why OB3 pipeline project is delayed, by Nestoil
Nestoil has attributed the delay in the completion of the East-West pipeline project to incessant rainfall, resulting in flooding of the operational areas.
SPDC announces clean-up in Aghoro, Odimodi
The Shell Petroleum Development Company of Nigeria Limited (SPDC), says it has recovered over 95 per cent of spilled oil from the recent spill incidents on sections of the Trans Ramos Pipeline (TRP) in Aghoro and Odimodi communities in Bayelsa and Delta states respectively.
30 cargoes of Nigeria’s oil await buyers
There are indications that Nigeria’s oil has been over-supplied as 30 unsold cargoes await buyers in the international market.
Kuwait to settle oilfield disputes with Iraq, Saudi Arabia
Kuwaiti Oil Minister, Bakheet al-Rashidi, has said he expects to resolve two long-standing oilfield disputes involving its neighbours, Iraq and Saudi Arabia, in the coming weeks.
FG to adopt methanol fuel technology – Minister
The Federal Government is considering the utilization of methanol fuel technology to generate electricity and expand the chemical industry.
ILO decries low participation of women in labour market
Latest figure from International Labour Organisation (ILO) indicates that despite notable progress over the past 20 years, there are still persistent inequalities between women and men on access to the labour market, unemployment and conditions at work.
Government raises domestic borrowings by N1.5 trillion
The Federal Government has borrowed no less than N1.47 trillion from deposit money banks in the last three months, possibly through debt instruments from its monetary authorities.
Governors delaying new minimum wage – Ngige
The Minister of Labour and Employment, Dr Chris Ngige, has attributed the delay in the approval of a new minimum wage for Nigerian workers to the inability of the state governors to agree on a figure.
As Inflation Continues to Simmer Down
Inflation in Nigeria which stubbornly jumped to about 19 per cent in 2017, has continued to trend downward.
FG spent $202,000 servicing external debt for 2018 Q2
The Debt Management Office (DMO) has disclosed that Nigeria spent a total of $202,253.15 to service its external debt stock for the second quarter of 2018.
TUC commends FG’s anti-corruption fight
Trade Union Congress (TUC) has commended the Federal Government’s fight against corruption.
PenCom in the Eyes of Pension Reform Act of 2004
Pension funds by their very nature can, in some cases, tempt even an angel. And that is why its administration demands from those charged with the responsibility of ensuring an effective and efficient managing the funds an unimpeachable integrity, transparency and accountability, proactive in terms of being hands on in a practical manner, responsiveness as it relates to promptness and sensitivity.
CPC Vs Multichoice: No end in sight over price hike tussle
There seems to be no end in sight over the tussle between the Consumer Protection Council (CPC) and Multichoice Nigeria Limited (operators of DStv and GOtv) over subscription fee hike of cable television services.
Unpaid Salary: Ekiti Workers Chase out Colleagues from Offices
Workers in Ekiti State, led by their leaders Thursday chased out the staff of the state government from their offices following the non-payment of salaries to the workers.
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