NEWS REVIEW FOR TUESDAY, AUGUST 28, 2018
Oil & Gas
Oil sector depresses Nigeria’s Q2’18 GDP
The National Bureau of Statistics (NBS) has disclosed that the decline in Nigeria’s oil production has slowed the country’s Gross Domestic Product (GDP) to 1.5 percent in the second quarter of 2018 (Q2’18).
Tanker drivers commend government for improving road infrastructure
The Petrol Tanker Drivers (PTD) branch of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), has commended the Minister of Works, Power, and Housing, Babatunde Raji Fashola, on improvement in infrastructure development across the country.
Excess oil revenue rises to $58m per day as price hits $76 per barrel
Nigeria’s excess oil revenue has increased from $48.3 million to $58 million per day as international oil price leaps to $76 per barrel Monday from $72.
Oil rises, world stock index at highest in over 5 months on NAFTA hopes
An index of major world stock markets rose to its highest level in more than five months on Monday, following signs of progress on a U.S.-Mexico trade deal.
Oil Will Remain Relevant in Global Energy Mix, Says Shell Boss
Crude oil as a major component of the global and local energy mix, will continue to remain relevant in the medium term, but expectations on the commodity have gradually changed, the Managing Director of Shell Petroleum Development Company of Nigeria Limited (SPDC) and Country Chair of Shell Companies in Nigeria, Mr. Osagie Okunbor has disclosed.
Crude Oil Price Rises to $76 per Barrel
The price of the global benchmark, Brent oil rose yesterday to $76 per barrel even as global output continued to rise while a trade dispute between the United States and China capped gains.
Oil Consortium to deliver 1.8bn litres PMS, save $1.7bn
JIL-AMBER Consortium, involving JIL Engineering & Oil Services Limited and Amber Enerji Makina Logistics, is set to deliver 1,898,460,000 litres of petrol as part of moves to enable Nigeria exit massive importation by 2019.
Total sells equity in Hazira terminal, signs LNG agreement with Shell
Total has signed a binding Letter of Intent (LOI) with Shell for the sale of its 26 per cent minority equity stake in Hazira LNG regasification terminal in India.
JV funds’ll attract investments in oil sector – Shell
Improvement in the release of joint venture funds for oil and gas projects by the Federal Government through the Nigerian National Petroleum Corporation will attract more investments to Nigeria’s oil sector, Shell Petroleum Development Company of Nigeria has said.
Nigeria export to Denmark rises by 157 % in 2018, says envoy
Denmark ambassador to Nigeria, Torben Gettermann, says Nigeria export to Denmark rose by 156.6 per cent within the first three months of 2018 in relation to the same period in 2017.
AVEON Offshore, National Oilwell Varco delivers Egina OLT-BUOY project
AVEON Offshore has team-up with National Oilwell Varco, APL/NOV, to launch an EGINA OLT- BUOY.
Kachikwu, others to attend Future Energy conference
Minister of State, Petroleum Resources, Dr. Ibe Kachikwu, his counterpart in South Africa, H.E Jeff Radebe; Uganda, Hon. Irene Muloni and Kenya, Hon. Charles Keter along with over 300 delegates from over 50 countries and 1,500 global industry attendees are among others expected to attend the 2018 Future Energy Africa.
With JTF metallic operation, crude oil thieves can’t restart business in N’Delta
THE criminal but lucrative crude oil refinery business, which once dominated the mangrove swamp of the Niger Delta is gradually being decimated, following sustained raids on the camps tucked away in the creeks by operatives of the Joint Task Force, code-named Operation Delta Safe, OPDS, in the region.
Missing tanker docks in Togo after suspected hijacking
A tanker with 19 crew members on board has docked at a port in Togo after going missing for over a week in a suspected hijacking off the West African coast, the crew’s agency said on Friday.
PANDEF writes Chevron over alleged enslavement of N-Delta graduates
PAN NIGER Delta Forum, PANDEF, the umbrella body of leaders and stakeholders of ethnic nationalities of Niger Delta, has written to Chevron Nigeria Limited, CNL, demanding a meeting over complaints that 151 graduates of the region that underwent the company’s Vocational Training Programme, VTP, were being used as bond (slave) labour, rather than given employment, three to four years after they concluded the programme.
Osinbajo knocks IBB, Obasanjo, Jonathan, others for wasting $982.8bn oil revenues
Vice-President Yemi Osinbajo said he wondered how past Nigerian leaders, including a military dictator, Ibrahim Babangida; former President Olusegun Obasanjo and former President Goodluck Jonathan, spent the oil revenues that accrued to the country during their administrations.
Oil spills: ‘Shell using JTF to force us to sign report’
The people of Aghoro 1 community in Ekeremor Local Government Area, Bayelsa State, have accused Shell Petroleum Development Company of using the Joint Military Task Force, Operation Delta Safe, to coerce their leaders into signing oil spill reports.
JTF, Shell deny coercing Bayelsa community to endorse spill report
The Joint Task Force (JTF) in the Niger Delta and oil major, Shell on Monday denied allegations of coercing the leadership of Aghoro 1 community in Bayelsa to sign a disputed report on oil spillage.
Nigeria spends $22bn annually on food importation — Audu Ogbe
THE Minister of Agriculture and Rural Development, Mr. Audu Ogbeh, has expressed displeasure over the huge funds the country spent on importation of food, adding that efforts were ongoing to reverse the trend.
Manufacturing key to economic growth, devt – Dangote
EXECUTIVE Director of the Dangote Group, Hajiya Halima Aliko-Dangote has urged millennials in Nigeria and across Africa to diversify from service-oriented enterprises to manufacturing and agriculture in a bid to fast-track the development of the continent.
Strike: NLC, TUC ban ex-Ekiti labour leaders for 10 years
FORMER Chairmen of the Nigeria Labour Congress, NLC, Ayodeji Aluko and the Trade Union Congress, TUC, Kolawole Olaiya have been barred from labour unionism for a period of 10 years for allegedly spearheading a protest where they declared an indefinite strike without authorization.
ASSBIFI decries deteriorating condition of workers
The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has drawn the attention of employers, government at various levels and other stakeholders to the deteriorating condition of workers in the country.
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