NEWS REVIEW FOR WEDNESDAY, AUGUST 29, 2018
Buhari withholds assent to 17-year-old oil bill
President Muhammadu Buhari has withheld assent to the Petroleum Industrial Governance Bill (PIGB). The decision is coming after 17 years of rigorous consultations and legislative hassles on the document.
NNPC to establish 200,000bpd condensate refineries
The Nigerian National Petroleum Corporation (NNPC) is to establish two condensate refineries with 200,000 barrels per day (bpd) refining capacity at Western Forcados Area and Assah North, Ohaji South (ANOH) Delta and Imo states.
FG denies alleged plans to sell NLNG
The Federal Government on Tuesday, denied that there were plans to sell the Nigerian Liquefied Natural Gas Limited (NLNG).
Rising crude refining cost justifies need to harness Nigeria’s local capacity
For 2017 alone, Nigeria imported 22.5387 billion litres of petroleum products worth over N3.24 trillion from foreign refineries. This is likely going to soar this year given the rising crude prices in the global marketplace. STANLEY OPARA, in this report, examines the need to harness local refining capacity.
FG suspends pipeline monitoring contract over oil theft
The Federal Government has suspended the contract it awarded to Topline Security, a private firm, for the protection of petroleum pipelines belongings to the Nigerian National Petroleum Corporation (NNPC).
$3.3bn Egina FPSO has opened Nigeria for more investments, say stakeholders
The $3.3 billion Floating Production Storage Offloading (FPSO) unit that sailed away in the early hours of Sunday from Lagos to the 200,000 barrels per day Egina oilfield has opened new vistas for investments into Nigeria from all over the world, according to stakeholders.
Egina FPSO sail-away buoys oil, gas production increase
Anticipated increase by 200,000 barrels of oil per day to Nigeria’s oil production (approximately 10 per cent of the country’s total oil production) received impetus following the successful sail-away of the Egina Floating, Production, Storage and Offloading (FPSO).
$3.3bn Egina FPSO to arrive offshore oilfield this week
The $3.3 billion Floating Production Storage Offloading (FPSO) unit that sailed away in the early hours of Sunday from Lagos to the 200,000 barrels per day Egina oilfield will arrive at the offshore field this week, investigation has revealed.
Group petitions presidency, EFCC over 30,000 job losses in Egina FPSO
Young professionals in the oil and gas sector yesterday petitioned President Muhammadu Buhari and the Economic and Financial Crimes Commission (EFCC) to protest against corruption in the sector, which has led to the loss of 30,000 jobs.
Faltering growth affirms Nigeria’s oil dependence
Just because the nation’s oil sector lost its steam to the tune of four per cent, the non-oil sector, with its impressive 10-quarter high at two per cent, could not deliver the country from the pangs of economic slowdown.
Deepen local content in maritime, oil & gas sectors, FG told
Agencies of the Federal Government regulating the maritime and oil & gas sectors have been charged to improve implementation of local content policies in order to enable establishment of indigenous companies and employment generation in the two sectors
Shell Nigeria Gas marks 20 years, implements health programme
Shell Nigeria Gas (SNG) has marked its 20th anniversary as a gas distribution company, and has implemented a health programme as part of the activities marking the event.
Nestoil blames delay of OB3 pipeline on weather
The delay in completion of the Obiafu, Obrikom, Oben (OB3) gas pipeline has been attributed to bad weather owing to flooding from continual rainfalls in areas of operation.
Claims on NNPC operations pit APC against PDP
To the Peoples Democratic Party (PDP), the Nigerian National Petroleum Corporation (NNPC) is economical with the truth on remittances into the Federation Account.
FMBN, labour plan 2,800-unit housing scheme
The Federal Mortgage Bank of Nigeria (FMBN) and leading labour unions have agreed to begin the implementation of a national affordable housing programme for workers.
Nigeria, home to highest number of world’s very poor people –UK Prime Minister
The Prime Minister of the United Kingdom, Mrs Theresa May, has painted a grim picture of economic inequality in Nigeria and many other countries in Africa.
Buhari administration has spent N500bn to alleviate poverty, says Osinbajo
Nigeria’s vice president Yemi Osinbajo on Tuesday said the government has injected the sum of N500 billion to create wealth and alleviate poverty.
Why Nigeria’s economic recovery is slowing down
Ordinarily there should be so much going for Nigeria’s economy. Production of crude oil at about 2 million barrels per day at a good price of about 70 dollars per barrel is yielding good foreign exchange for the Nation, helping to boost foreign reserves which today stand at about 47.25 Billion dollars.
What it takes to register a business name
In Nigeria, many small businesses pay little attention to having their business entities registered.
Ogun not remitting pension deductions since 2015—SPN
THE problem of remittanc-es of pension deductions from workers’ salaries and payment of pensions to retired civil servants by state governments across the country, has reached a boiling point.
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