NEWS REVIEW FOR TUESDAY, AUGUST 8, 2017
Oil & Gas
FG May Sell NNPC’s Refineries as Scrap Metals, Says Kachikwu
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu has stated that the federal government might sold the country’s refineries as scrap metals in few years’ time if the Nigerian National Petroleum Corporation (NNPC) did not sit up and make the refineries to be functional.
NNPC owes oil firms N2tn in cash call —GMD
The Nigerian National Petroleum Corporation has put the cash call arrears owed oil companies for the development of joint venture assets at $6.6bn (N2.01tn).
NNPC Clears JV Cash Call Debts by April 2018
The Nigerian National Petroleum Corporation (NNPC) has indicated that it will clear its cash call debts to its Joint Venture (JV) partners in oil production before the anniversary of the first $400 million payment it made to them in April this year.
Kachikwu to Appear Before House over State of Refineries
The House of Representatives Committee on Petroleum Resources (Downstream) yesterday said it would summon the Minister of State for Petroleum, Dr. Ibe Kachikwu, to appear and explain the reason to the comatose state of the nation’s four refineries.
Baru: NNPC’s Audited Account for 2016 Ready by Year End
The Nigerian National Petroleum Corporation (NNPC) has disclosed that an audited financial account containing details of its operations in 2016 would be ready by the end 2017, while that of 2015 would be out by the end of August 2017.
NNPC secures $3.8bn FDI for 4 oil projects
The Nigerian National Petroleum Corporation, NNPC, yesterday, said it has secured $3.8 billion foreign direct investment, FDI, inflow into Nigeria for four major oil and gas projects.
‘Joint Venture agreement to boost Nigeria’s oil revenue by N9.15 trillion’
The Nigerian National Petroleum Corporation (NNPC) has said that four major investments embarked upon with key upstream Joint Venture partners will provide incremental revenue to the national treasury by over $30 billion (N9.15 trillion) within the next 10 years.
Nigeria requires N3.05tr to increase oil production
The Nigeria’s oil and gas industry would require $10 billion (N3.05 trillion) over the next three years to increase crude oil production from 2.2 million barrels per day (bpd) to 3 million bpd.
Crude oil production stands at 2.35m barrels per day – NNPC
The Nigerian National Petroleum Corporation (NNPC) said on Monday the nation’s current crude oil production had risen to 2.35 million barrels per day.
Nigeria needs meters to account for daily oil production
A lawmaker, Sen. Stella Oduah, has urged Nigeria National Petroleum Corporation to put an adequate metering system in place to enable Nigerians to know the country’s exact daily oil production.
India buys first US sweet crude, deals threaten Nigeria market
India’s state-run refiner Bharat Petroleum Corp Ltd (BPCL) bought one million barrels of US crude oil grade, the West Texas Intermediate (WTI) Midland sweet crude, for delivery in October, making it BPCL’s first purchase of the sweet variety from the US.
FG to Engage 10,000 N’Delta Youths in Pipelines Surveillance Jobs
The federal government is to engage no fewer than 10,000 youths from the nine oil-producing states in the Niger Delta in securing oil pipelines traversing their various communities.
Oil exploration’ll be unprofitable in 13 yrs — CSJ
COMMERCIAL crude oil exploration in Nigeria and the rest of the world would become unprofitable within the next 13 years, according to a report by the Centre for Social Justice, CSJ, a civil society organization.
NNPC Targets 5bcf of Gas for Domestic Market By 2020
The Nigerian National Petroleum Corporation (NNPC) targets to deliver five billion cubic feet (5bcf) of gas per day to the domestic market by 2020, the Group Managing Director of the corporation, Dr. Maikanti Baru has said.
Egina 200,000bpd oilfield to be ready in 2018
NIGERIA’S hope of increasing oil production will soon be a reality as Egina oil field, the flagship of Total Exploration and Production, is set to come on stream in 2018.
PANDEF’s U-turn, room for further neglect of N’Delta—Ndokwa Youth
NDOKWA National Youth Movement, NNYM, yesterday, said the decision of the Pan Niger Delta Forum, PANDEF, to suspend its November 1 ultimatum to the Federal Government to implement existing templates on the Niger Delta will create room for further neglect of the core issues affecting the region.
MASECA seeks authorization to tackle vandalism, others
THE Maritime Security Agency, MASECA, has called on the Federal Government to authorize it to partner with other security agencies to beef up security around the country’s waterways in order to tackle vandalism of petroleum assets, militancy and other crimes.
NCDMB lauds Chevron, others over Nigerian Content Devt Act
Nigerian Content Development and Monitoring Board, NCDMB, has commended Chevron Nigeria Limited, Hyundai Heavy Industries, HHI, and Dorman Long Engineering Limited, DLE, for complying with the Nigerian Oil and Gas Industry Content Development Act.
Addax Petroleum Shuts Offices after Swiss Bribery Case
Chinese-owned oil firm, Addax Petroleum, is shutting its offices in Geneva, Houston and Aberdeen, a month after it agreed to pay 31 million Swiss francs ($31.85 million) to settle charges of suspected bribery of Nigerian and other foreign officials.
Loading of products at Ejigbo, Ibadan Depots ’ll ease recurring gridlock in Apapa
The Nigeria Union of Petroleum and Natural Oil Workers (NUPENG), on Monday said loading of petroleum products at Ejigbo and Ibadan Depots would ease the recurring gridlock in Apapa area of Lagos State.
27 ships laden with petroleum products, food items expected in Lagos
A total 27 ships laden with petroleum products, food items and other goods are expected to arrive Apapa and Tin-Can Island Ports in Lagos from Aug. 7 to Aug. 21.
Court Orders Permanent Forfeiture of Alison-Madueke’s $37.5m Banana Island Mansion
Justice Chuka Obiozor of the Federal High Court in Lagos Monday ordered the permanent forfeiture of a $37.5 million mansion on Banana Island, Lagos linked to a former Minister of Petroleum, Mrs. Diezani Alison-Madueke, to the federal government.
Budgeting process vital to sustainable growth – Akabueze
The Director-General of the Budget Office of the Federation, Mr. Ben Akabueze, says budgeting process is critical in the nation’s quest to achieve sustainable economic growth.
NSITF to expand social security cover for workers
The Managing Director of the Nigeria Social Insurance Trust Fund (NSITF), Barr. Adebayo Somefun has said the Fund will expand social security coverage for all workers in Nigeria.
Manufacturing value hit N5.2 trillion in second half of 2016 – MAN
The Manufacturers Association of Nigeria (MAN) has estimated that the value of manufacturing production in the country during the second half of 2016 reached N5.02 trillion as against N4.08 trillion of the corresponding half of 2015; thereby indicating N0.94 trillion or 23.0 per cent increase over the period.
Unemployment: FG tasked on skill gap
THE Nigerian Institute of Training and Development, NITAD, has called on the Federal Government to concentrate more on tackling issues of skill gaps, which is responsible for the high rate of unemployment in the country.
Saraki: Access to Finance Key to Curbing Youth Unemployment
President of the Senate, Dr. Abubakar Bukola Saraki, has stated that youth unemployment in Nigeria can be curtailed with a collaborative policy and legislative thrust that would help improve access to finance and develop basic infrastructure
Militants set October 1 deadline to declare Niger Delta republic
Niger Delta militants under the aegis of the Niger Delta Volunteers (NDV) have stated that arrangements have reached an advance stage with other agitators to declare a Sovereign Republic of Niger Delta (SRND) on October 1, 2017.
NLC seeks expansion of employees’ compensation scheme
The Nigeria Labour Congress (NLC) has bemoaned the implementation of the Employees Compensation Scheme (ECS) to the formal sector of the economy.President of Congress, Ayuba Wabba, who lamented the non-inclusion of the informal sector when he received the managing director of the Nigeria Social Insurance Trust Fund (NSITF), Adebayo Somefun and his management team at the NLC headquarters in Abuja, explained that social security coverage, workmen compensation and occupational health and safety were critical to workers in Nigeria and that everyone should be covered.
Only 11% of workers have retirement savings account, says NBS
The National Bureau of Statistics (NBS) has said that only 10.93 per cent of workers in the country population have a retirement savings account (RSA), as at the second quarter (Q2) of 2017.
N7 trillion 2017 budget not enough for economic development, says Osinbajo
Acting President Yemi Osinbajo has said that the N7 trillion federal budget for 2017 is not sufficient to facilitate the desired economic development in the country, hence the government was making the investment climate profitable and easy for private sector involvement.
FG to submit 2018 budget to National Assembly in October
Mr Ben Akabueze, the Director General, Budget Office of the Federation, on Monday said the 2018 Executive Budget proposal would be submitted to the National Assembly in October.
Lagos to integrate succession planning for workers
The Lagos State Government has concluded plans to create succession plans for its public service to meet the standards of governance and the people’s expectation.
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