NEWS REVIEW FOR TUESDAY, SEPTEMBER 11, 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).
Oil sector depresses Nigeria’s Q2’18 GDP
Oil reserve crisis looms over delay of blocks The delay in the award of new oil blocks and uncertainties over existing marginal oilfields are upsetting industry players, amid a warning that the country’s economic development could be jeopardised.
Oil reserve crisis looms over delay of blocks
Oil workers to monitor implementation of local content law Oil workers under the auspices of Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), and Nigerian Union of Petroleum and Natural Gas Workers (NUPENG), have restated their readiness to monitor the implementation of local content law in the oil and gas sector.
Oil workers to monitor implementation of local content law
BoI, CEXIM seal $500m pact for refineries, gas recovery The Bank of Industry (BoI), and the Export-Import Bank of China (CEXIM), have signed a Memorandum of Understanding (MoU), to provide a credit line of up to $500 million towards the establishment of modular refineries, and Flare Gas Recovery Programmes in the country.
BoI, CEXIM seal $500m pact for refineries, gas recovery
Regulators withhold data on kerosene importation as scarcity worsens Industry regulators, the Department of Petroleum Resources (DPR), and Petroleum Products Pricing Regulatory Agency (PPPRA), have declined to produce importation data for kerosene as scarcity hits the market with price differentiation
Regulators withhold data on kerosene importation as scarcity worsens
OPEC to enforce 1m bpd oil output increase this week There are indications that a major decision to govern the production of the one million barrels per day, mbpd, increase in oil output agreed by the Organization of Petroleum Exporting Countries, OPEC, and non-OPEC members would be taken this week.
OPEC to enforce 1m bpd oil output increase this week
GAS FLARING: We can’t sleep, our homes cracking, Bayelsa villagers cry out RESIDENTS of Polaku community, a confluence settlement between Taylor Creek and River Nun in Gbarain clan, Yenagoa Local Government Area, Bayelsa State, have expressed alarm that they could no longer sleep happily at night, while their homes were coming apart due to continuous gas flaring at the nearby Shell Petroleum Development Company, SPDC Integrated Gbarian/Ubie Gas gathering facility.
GAS FLARING: We can’t sleep, our homes cracking, Bayelsa villagers cry out
Strike: Niger Delta youths fault NUPENG over SEEPCO, BGL crisis Niger Delta youths within the operating areas of Sterling Energy Exploration Company, SEEPCO, and British Oil and Gas Limited, under the aegis of Ex-Agitators Forum, yesterday, faulted the allegations levelled against the two oil companies by the National Union of Petroleum and Natural Gas Workers, NUPENG.
Strike: Niger Delta youths fault NUPENG over SEEPCO, BGL crisis
Barkindo: Why OPEC’s Alliance with Non-members Have Been Successful The Secretary General of the Organisation of Petroleum Exporting Countries (OPEC), Dr. Mohammad Sanusi Barkindo, has explained why the alliance the cartel entered with non-members of OPEC led by the Russian Federation to rebalance the prices of crude oil has remained successful.
Barkindo: Why OPEC’s Alliance with Non-members Have Been Successful
NNPC Turns to China for Expertise in Oilfield Development The Nigerian National Petroleum Corporation (NNPC) has said it is considering going into a partnership with the China National Offshore Oil Corporation (CNOOC), to develop its expertise in oilfield services.
NNPC Turns to China for Expertise in Oilfield Development
DPR directs Energia to pay workers N900m THE Department of Petroleum Resources, DPR, has directed Energia Limited, a major indigenous oil and gas producing company, to pay N900 million to sacked workers in order to escape a court-driven compensation valued at N2.0 billion.
DPR directs Energia to pay workers N900m
Gunmen Invade Libya’s Oil Corporation Building An armed group has stormed the Tripoli headquarters of the National Oil Corporation (NOC) in Libya.
Gunmen Invade Libya’s Oil Corporation Building
Other News FAAC disburses N3.9trn to govts in H1’18 Total funds disbursements to the three tiers of government from the Federation Accounts Allocation Committee, FAAC, in the first half of 2018, H1’18, stood at N3.95 trillion, a huge 41.4 per cent jump over the N2.8 trillion disbursed in the corresponding period of 2017, H1’17.
FAAC disburses N3.9trn to govts in H1’18
This message contains confidential information and is intended only for the individual named. If you are not the named addressee you should not disseminate, distribute or copy this e-mail. Please notify the sender immediately by e-mail if you have received this e-mail by mistake and delete this e-mail from your system