NEWS REVIEW FOR FRIDAY, APRIL 12, 2019

OIL & GAS

Nigeria to award gas flare contract in Q3’19 — Kachikwu

Minister of State for Petroleum Resources, Ibe Kachikwu yesterday said that Nigeria will award contracts for its flared gas by the third quarter of the year.

https://www.vanguardngr.com/2019/04/nigeria-to-award-gas-flare-contract-in-q319-kachikwu/

NNPC, 2019 budget and Baru’s optimism

It was not the first time the Group Managing Director of the Nigeria National Petroleum Corporation, NNPC, had been upbeat about developments in the country’s oil sector in the last three years. But when he told senators recently that Nigeria would meet the oil production target of 2.3 million barrels of oil per day benchmark used in the 2019 budget, he portrayed a sector that is on a rising curve of growth.

https://www.dailytrust.com.ng/nnpc-2019-budget-and-barus-optimism.html

Gas Flaring: 800 Companies Bid For Acquisition of 176 Flare Sites

No fewer than 800 companies have bidded for management of 176 gas flare sites in the country, the Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has said.

Gas Flaring: 800 Companies Bid For Acquisition Of 176 Flare Sites

Marketers to build 10,000 gas plants in local councils

The Federal Government is pushing forward a bill via the Department of Petroleum Resources (DPR) to force marketers of petroleum products to build new 10,000 gas filling plants in their stations across the country.

Marketers to build 10,000 gas plants in local councils

Nigeria must stop gas flaring by 2020 — Kachikwu

The federal government yesterday said its target to ensure Nigeria exit the practice of flaring gas next year at its oil fields still stands.

https://www.dailytrust.com.ng/nigeria-must-stop-gas-flaring-by-2020-kachikwu.html

Osinbajo inaugurates LPG plant in army barrack

Vice-President Yemi Osinbajo says one of the objectives of the Federal Government transformation of the oil sector is to stimulate gas revolution and enhance the economy through the utilisation of resources.

https://www.dailytrust.com.ng/osinbajo-inaugurates-lpg-plant-in-army-barrack.html

NNPC assures of petrol availability during Easter

Nigerian National Petroleum Corporation, NNPC, yesterday, restated its commitment to the sustenance of the present seamless supply and distribution of petroleum products across the country.
https://www.vanguardngr.com/2019/04/nnpc-assures-of-petrol-availability-during-easter/

Many More Questions for Baru

Who will probe the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru, for inflated fuel consumption figures?

Many More Questions for Baru

FG to look into gradual removal of fuel subsidy, says Finance Minister

The Minister of Finance, Mrs Zainab Ahmed says the Federal Government will look into gradual removal of fuel subsidy as part of strategy to boost revenue.

https://www.vanguardngr.com/2019/04/fg-to-look-into-gradual-removal-of-fuel-subsidy-says-finance-minister/

Oil prices dip nearly 2 per cent

Oil prices fell yesterday, after rising to five-month highs earlier this week on the Organisation of Petroleum Exporting Countries (OPEC)-led production cuts and free-falling Venezuelan output.

Oil prices dip nearly 2 per cent

IMF Advises Nigeria to Remove Fuel Subsidy

The Managing Director, International Monetary Fund (IMF), Mrs. Christine Lagarde, has advised the Nigerian government to jettison spending on fuel subsidy and expend the money on health, education and infrastructural development.
IMF: Nigeria, others spent $5.2trn on fuel subsidy in four years

Managing Director of the International Monetary Fund (IMF), Christine Lagarde, has disclosed that Nigeria and some other countries spent $5.2 trillion on fuel subsidy since 2015. She said such amount would have been used to improve education, health system, water and infrastructure for the majority poor people in most countries.

IMF: Nigeria, others spent $5.2trn on fuel subsidy in four years

MARKETERS RATION PETROL, LOCK GATES AGAINST MOTORISTS IN LAGOS, OGUN

Some marketers of Premium Motor Spirit (PMS), also known as petrol, in parts of Lagos and Ogun states yesterday began to ration the product for motorists as high landing cost takes toll on their businesses. New Telegraph had reported that the landing cost of petrol hit N205 per litre two days after depot owners hiked the ex-depot price from N133.28 per litre official price to N139 per litre. More privately owned filling stations, checks by this newspaper showed yesterday, have begun to ration fuel while others locked gates for motorists.

MARKETERS RATION PETROL, LOCK GATES AGAINST MOTORISTS IN LAGOS, OGUN

Panic buying as petrol scarcity hits Ilorin

Scarcity of Premium Motor Spirit on Thursday resurfaced in Ilorin, the Kwara State capital as vehicles queued at few petrol stations in search of fuel.The shortage became noticeable on Wednesday evening as some filling stations shut their gates and refused to sell fuel to motorists, claiming that they could not get fuel supply from the NNPC depot.

Panic buying as petrol scarcity hits Ilorin

Chevron donates hybrid library to Niger school

TEXACO Nigeria Outer Shelf, a subsidiary of Chevron Nigeria Limited, on Thursday, donated a new hybrid library to the Maryam Babangida Girls College, Minna, Niger State.

Chevron donates hybrid library to Niger school

Oando Foundation harps strategic partnership with stakeholders

Oando Foundation has charged female and budding entrepreneurs to look out and embrace strategic partnerships with local and international organisations, to gain from the immense benefits therein.

Oando Foundation harps strategic partnership with stakeholders

Edo Govt Moves to Check Hoarding Of Petroleum Products

Edo State government has warned petroleum marketers hoarding petroleum products and selling above the pump price of N145 per litre to desist from the act, as those found culpable would be made to face the full wrath of the law.

Edo Govt Moves To Check Hoarding Of Petroleum Products

OTHER NEWS

Public Service Negotiating Council begs Buhari to assent to minimum wage bill

Joint National Public Service Negotiating Council, JNPSNC, Trade Union side, has pleaded with President Muhammadu Buhari to expedite action in signing the N30,000 minimum wage bill into law, saying workers have been eagerly looking forward to the new wage.
https://www.vanguardngr.com/2019/04/public-service-negotiating-council-begs-buhari-to-assent-to-minimum-wage-bill/

NLC resolves age-long dispute between agric unions

The Nigeria Labour Congress (NLC) has resolved the 11 years trade dispute between the Agricultural and Allied Employees Union of Nigeria (AAEUN) and Agric and Allied Workers Union of Nigeria (AAWUN).

NLC resolves age-long dispute between agric unions

Minimum Wage: Labour tackles Buhari over delay

Barely one month after the Senate endorsed the National Minimum Wage Bill, organised labour, under the aegis of Trade Union Side (TUS) of the Joint National Public Service Negotiating Council (JNPSNC), has enjoined President Muhammadu Buhari to sign the N30,000 minimum wage into law to put smiles on the faces of Nigerian workers

Minimum Wage: Labour tackles Buhari over delay

Micro pension scheme

The National Pension Commission [PenCom] has come up with a laudable pension scheme called Micro Pension Plan (MPP) for the informal sector. The plan is to cover those not involved in formal employment. The target includes those in trades like photography, catering, hairdressing, motorcycle services, tailoring, fashion designing, carpentry, painting etc.
https://www.dailytrust.com.ng/micro-pension-scheme.html

NEWS REVIEW FOR THURSDAY, APRIL 11, 2019

OIL & GAS

NNPC, 2019 Budget and Baru’s Optimism

It was not the first time the Group Managing Director of the Nigeria National Petroleum Corporation, (NNPC) had been upbeat about developments in the country’s oil sector in the last three years. But when he told senators recently that Nigeria would meet the oil production target of 2.3 million barrels of oil per day benchmark used in the 2019 budget, he portrayed a sector that is on a rising curve of growth.

https://www.thisdaylive.com/index.php/2019/04/11/nnpc-2019-budget-and-barus-optimism/

NNPC denies inflating fuel import figure

Group General Manager, Group Public Affairs Division of the Nigerian National Petroleum Corporation, NNPC, Mr. Ndu Ughamadu, yesterday, disclosed that the corporation does not inflate or doctor records of its petroleum products importation into the country.

https://www.vanguardngr.com/2019/04/nnpc-denies-inflating-fuel-import-figure/

Kachikwu: Firms should raise Nigeria’s oil production to 7m bpd

The Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu has challenged exploration and production companies in Nigeria to strive to raise daily crude oil production to seven million barrels per day (bpd) from the about 2.1 million bpd currently produced.

https://thenationonlineng.net/kachikwu-firms-should-raise-nigerias-oil-production-to-7m-bpd/

Shell bags Most Impactful Local Content Company award

Shell Companies in Nigeria have emerged the International Oil Company with the most impactful Local Content Initiatives in the upstream category at the 2019 edition of the Nigerian Oil and Gas Opportunity Fair (NOGOF) held in Yenagoa, Bayelsa State.

https://thenationonlineng.net/shell-bags-most-impactful-local-content-company-award/

Climate change: Shell plans $300m investment to tackle Co2 emissions

Oil giant, Royal Dutch Shell, has said it is investing $300 million over the next three years in natural ecosystems as part of its strategy to act on global climate change including addressing carbon dioxide (Co2) emissions generated by customers when using its products.

https://thenationonlineng.net/climate-change-shell-plans-300m-investment-to-tackle-co2-emissions/

Sahara Group seeks intra-Africa solution for oil sector issues

Sahara Group has urged for collaboration among financial institutions, development agencies, trading companies, National Oil Companies and other stakeholders in , saying it would enhance the contribution of intra-Africa led solutions to addressing the petroleum sector’s trade and project finance challenges on the continent.

https://thenationonlineng.net/sahara-group-seeks-intra-africa-solution-for-oil-sector-issues/

Firm ties refinery construction to full downstream deregulation

Petrocam Nigeria Limited has said it would build a refinery in-country only when the Federal Government fully deregulates the downstream sub-sector of the oil industry.

https://thenationonlineng.net/firm-ties-refinery-construction-to-full-downstream-deregulation/

Fuel subsidy, Nigeria’s biggest fiscal burden — LCCI

Lagos Chamber of Commerce and Industry, LCCI, has described fuel subsidy which the World Bank said cost Nigeria N731 billion in 2018, as the biggest fiscal burden currently staring the nation’s economy in the face.

https://www.vanguardngr.com/2019/04/fuel-subsidy-nigerias-biggest-fiscal-burden-lcci/

Seplat wins NCDMB’s award for impactful local content initiatives

Seplat Petroleum Development Company Plc has emerged as the Nigerian Content Development and Monitoring Board’s (NCDMB) most impactful independent upstream operating company for its local content initiatives at the Nigeria Oil and Gas Opportunity Fair (NOGOF) in Yenagoa, Bayelsa State.

https://www.sunnewsonline.com/seplat-wins-ncdmbs-award-for-impactful-local-content-initiatives/

Domestic gas market in focus as shortage lingers

With less than 20 per cent of the natural gas produced in the country going to the domestic market despite huge demand, there is a need to unlock the nation’s huge gas potential.

https://punchng.com/domestic-gas-market-in-focus-as-shortage-lingers/

OPEC projects to tighter oil market in 2019

The research and analysis arm of the Organisation of Petroleum Exporting Countries pointed towards a much tighter market in 2019 as the group has seen its production fall significantly this year, led by curbs to Saudi Arabian output along with dramatic, involuntary declines from sanctions-hit Venezuela.

https://punchng.com/opec-projects-to-tighter-oil-market-in-2019/

Reps okay 2019-2021 MTEF/FSP, adopt $60.O/b as crude benchmark price

The House of Representatives, on Wednesday, passed the 2019 to 2021 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for the 2019 fiscal year.

https://www.tribuneonlineng.com/202904/

Oil rises above $71 on tight supply

Oil prices raced on Wednesday to five-month highs hit the previous day as the Organisation of Petroleum Exporting Countries (OPEC) production cuts and United States (U.S.) sanctions on Iran and Venezuela continued to tighten supply, though economic worries increased.

https://thenationonlineng.net/oil-rises-above-71-on-tight-supply/

Oil Prices Fall on Surging US Crude Supply, Economic Slowdown

Oil prices fell on Thursday as U.S. crude stockpiles surged to their highest levels in almost 17 months amid record production and as economic concerns cast doubt over growth in demand for fuel.

https://www.thisdaylive.com/index.php/2019/04/11/oil-prices-fall-on-surging-us-crude-supply-economic-slowdown/

OPEC sees tighter 2019 market as Nigeria, others defy cuts

Organisation of the Petroleum Exporting Countries (OPEC), has forecast a much tighter market in 2019, and has seen its production fall significantly this year, led by curbs to Saudi Arabian output along with dramatic, involuntary declines from sanctions-hit Venezuela.

https://guardian.ng/business-services/opec-sees-tighter-2019-market-as-nigeria-others-defy-cuts/

Venezuela Oil Output Plummets to 870,000 bpd On Outages, Sanctions

Published 1 hour ago on 1 hour ago By Agency Report Global oil supply dropped in March as U.S. sanctions and power outages pushed Venezuela’s crude output to a long-term low of 870,000 barrels per day (bpd).

https://leadership.ng/2019/04/11/venezuela-oil-output-plummets-to-870000-bpd-on-outages-sanctions/

Helios acquires Axxela’s Oando gas firm

Africa’s Sub-Saharan gas and power portfolio company, Axxela Limited, has announced its formal acquisition by Helios Investment Partners.

https://www.dailytrust.com.ng/helios-acquires-axxelas-oando-gas-firm.html

 

 OTHER NEWS

NLC Faults Report Alleging Its Complicity in NSITF Fraud

The President of the Nigeria Labour Congress (NLC), Mr. Ayuba Wabba, has faulted a report published in THISDAY edition of August 12, 2018, alleging the complicity of the union in the alleged fraud at Nigeria Social Insurance Trust Fund (NSITF).

https://www.thisdaylive.com/index.php/2019/04/11/nlc-faults-report-alleging-its-complicity-in-nsitf-fraud/

FG releases N1.5bn to pay benefits of dead civil servants

Federal Government has disclosed that it has so far the sum of N1.5 billion to pay all the certified next-of-kin to deceased civil servants, as death benefits through Finance Ministry.

https://www.sunnewsonline.com/fg-releases-n1-5bn-to-pay-benefits-of-dead-civil-servants/

Sign minimum wage bill now, Labour tells Buhari

Organised labour under the aegis of Trade Union Side (TUS) of the Joint National Public Service Negotiating Council (JNPSNC) has urged President Muhammadu Buhari to assent to the N30,000 National Minimum Wage Bill. This was coming on the heels of Senate’s approval of the bill last month.

https://guardian.ng/news/sign-minimum-wage-bill-now-labour-tells-buhari/

Poly rectors not aware of ASUP’s strike threat –COHEADS chairman

Chairman of Council of Heads of Polytechnics and Colleges of Technology (COHEADS) in Nigeria, Polytechnics sector, Masud Elelu, has said the body, made of rectors of federal and state polytechnics, is not aware of the Academic Staff Union of Polytechnics’ (ASUP) threat to embark on industrial action.

https://www.sunnewsonline.com/poly-rectors-not-aware-of-asups-strike-threat-coheads-

Labour issues Okorocha 7-day ultimatum to pay salaries

Owerri—The leadership of the Nigeria Labour Congress, NLC, Imo State chapter, yesterday gave the outgoing Imo State Governor, Rochas Okorocha, 7-day  ultimatum to pay workers in the state their salary for March, 2019.

https://www.vanguardngr.com/2019/04/labour-issues-okorocha-7-day-ultimatum-to-pay-salaries/

NEWS REVIEW FOR WEDNESDAY, APRIL10, 2019

OIL & GAS
FG Spent N731 Billion to Subsidise Inflated Petrol Imports, Says W’Bank

A World Bank report called the “Nigeria Biannual Economic Update” for 2018, which was released on Monday and obtained by THISDAY yesterday in Abuja disclosed that Nigeria spent N731 billion to subsidise petrol consumption in the year under review.

https://www.thisdaylive.com/index.php/2019/04/10/fg-spent-n731-billion-to-subsidise-inflated-petrol-imports-says-wbank/

Oil prices to steady at $72.50 in Q2 on cuts, U.S. sanctions

Goldman Sachs has adjusted its second quarter (Q2) 2019 Brent oil price forecast upwards by 11.5 per cent from $65/barrel to $72.50/b to reflect stronger assumptions on OPEC output cuts, further tightening of U.S. oil sanctions on Venezuela, and Iran, as well as only moderate growth in U.S. shale production.

Oil prices to steady at $72.50 in Q2 on cuts, U.S. sanctions

Senate Assures AGIP of Commitment on $13.5bn Oil Project

The Senate Committee on Local Content has assured Nigerian Agip Oil Company (NOAC) and other stakeholders of its support. The committee also expressed its commitment for the commencement of the 13.5 billion dollar off -shore Zabazaba Crude Oil Production project.

Senate Assures AGIP Of Commitment On $13.5bn Oil Project

OPEC daily basket price Monday, 8 April 2019

The price of OPEC basket of fourteen crudes stood at $70.33 a barrel on Monday, compared with $69.02 the previous Friday, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

OPEC daily basket price Monday, 8 April 2019

Shell Unveils $300m Carbon Emissions Reduction Campaign

Lagos Oil major, Shell is taking fresh measures aimed at offsetting carbon emissions created by the consumption of the fossil fuels the company produces.

Shell Unveils $300m Carbon Emissions Reduction Campaign

Asian Demand of Nigeria’s Crude Oil Compensates Large US Export Drop

Owing to stability in Asian economy, Nigeria’s oil export is maintaining stability which saw a huge plunge following rising shale oil production by the US.

Asian Demand Of Nigeria’s Crude Oil Compensates Large US Export Drop

Oando on Steady Recovery

Goddy Egene writes that the N29 billion profit after tax recorded by Oando Plc for the 2018 financial indicates a steady recovery expected to lead to payment of dividend in no distant time

https://www.thisdaylive.com/index.php/2019/04/10/oando-on-steady-recovery/

PETAN: Nigeria Must Take Advantage of Opportunities in Oil Industry

The Petroleum Technology Association of Nigeria (PETAN) has urged Nigerians in the oil and gas industry to build capacity in order take full advantage of the growing opportunities in the sector.

https://www.thisdaylive.com/index.php/2019/04/10/petan-nigeria-must-take-advantage-of-opportunities-in-oil-industry/

Libya Crisis Pushes Brent Crude to $71.34 per Barrel

Lagos Oil prices recorded fresh gain yesterday reaching their highest since November as concerns over exports from war-torn Libya stoked tightness in the market, with global supply already hit by OPEC-led production cuts and U.S. sanctions on Iran and Venezuela.

Libya Crisis Pushes Brent Crude To $71.34 Per Barrel

OTHER NEWS

Missing N38bn: Reps grill PenCom mgt for over 3 hours

The House of Representatives panel probing National Pension Commission, PenCom, yesterday, grilled the management team of the apex regulatory body over alleged missing N38 billion released to it by the Central Bank of Nigeria, CBN.
https://www.vanguardngr.com/2019/04/missing-n38bn-reps-grill-pencom-mgt-for-over-3-hours/

FG declares Friday, Monday public holidays

The Federal Government has declared Friday, June 15, and Monday, June 18 as public holiday to celebrate the 2018 Eid-El-Fitr.

FG declares Friday, Monday public holidays

Protesting Aviation Workers Ground Lagos Airport

The National Union of Air Transport Employees (NUATE) yesterday protested the non-payment of the benefits of workers of Caverton Helicopters Limited, and blocked the access road leading to Caverton Helicopters headquarters at the Murtala Mohammed International Airport (MMIA) in Lagos

https://leadership.ng/2019/04/10/protesting-aviation-workers-ground-lagos-airport/

ASUP threatens strike over FG’s failure to implement agreement

The Academic Staff Union of Polytechnics (ASUP) has threatened to embark on a one week national strike over alleged failure of the Federal Government to implement the agreement it reached with the union recently.

https://www.dailytrust.com.ng/asup-threatens-strike-over-fgs-failure-to-implement-agreement.html

NEWS REVIEW FOR TUESDAY, APRIL 09, 2019

OIL & GAS

NNPC, 2019 Budget and Baru’s Optimism

It was not the first time the Group Managing Director of the Nigeria National Petroleum Corporation, NNPC, had been upbeat about developments in the country’s oil sector in the last three years. But when he told senators recently that Nigeria would meet the oil production target of 2.3 million barrels of oil per day benchmark used in the 2019 budget, he portrayed a sector that is on a rising curve of growth.

https://leadership.ng/2019/04/09/nnpc-2019-budget-and-barus-optimism/

Oil Producers Bank on Kachikwu for $1bn Investment Fund

Africa’s oil producers will be looking up to Nigeria’s Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, to help them attract as much as $1 billion they intend to invest in building energy infrastructure across the continent.

https://www.thisdaylive.com/index.php/2019/04/09/oil-producers-bank-on-kachikwu-for-1bn-investment-fund/

Fuel subsidy soars to N3bn in one day

Oil price yesterday rose to $70 per barrel, highest level since November 2018, pushing the under recover  oust also known as subsidy on Premium Motor Spirit (PMS), popularly called petrol, to N3 billion in one day. Though the higher crude price increases government’s revenue on crude export, the heavy dependence on import for petrol neutralises the gains as it pushed the landing cost to N205 per

https://www.newtelegraphng.com/2019/04/fuel-subsidy-soars-to-n3bn-in-one-day/

N205bn Worth of Petroleum Products Lost to Vandals in 10 Years

Between 2008 and 2017, Nigeria lost a total of N205.4 billion worth of petroleum products to vandals who hacked into petroleum products pipelines of the Nigerian National Petroleum Corporation (NNPC), a report from the state-run oil company has disclosed.

https://www.thisdaylive.com/index.php/2019/04/09/n205bn-worth-of-petroleum-products-lost-to-vandals-in-10-years/

How govt limits rise in LPG per capita consumption -–– Experts

Despite its position as the second largest producer of Liquefied Petroleum Gas, LPG, industry expert have attributed blames to the government for stalling progress of LPG per capital usage in country.

https://www.vanguardngr.com/2019/04/how-govt-limits-rise-in-lpg-per-capita-consumption-experts/  

Oil theft: Navy hands over 8 suspects, 1 vessel to EFCC

The Nigerian Navy Ship (NNS) DELTA on Monday in Warri handed over eight suspected oil thieves and a vessel to the officials of the Economic and Financial Crimes Commission (EFCC). The News Agency of Nigeria (NAN) reports that the vessel was laden with about 100,000 litres of Automotive Gasoline Oil (AGO) which was believed to have been illegally acquired by the suspects.

https://www.dailytrust.com.ng/oil-theft-navy-hands-over-8-suspects-1-vessel-to-efcc.html

Oil rises above $71 as Libya civil war threatens supply

Brent, against which Nigeria’s crude oil is priced, hit a high of $70.86 per barrel, with instability in Libya raising the prospect of further supply constraints at the same time that the Organisation of Petroleum Exporting Countries has made cuts to production.

https://punchng.com/oil-rises-above-71-as-libya-civil-war-threatens-supply/

Total empowers 149 SAP beneficiaries

Total Nigeria Plc said it has empowered 149 beneficiaries since inception of its Skills Acquisition Program (SAP). SAP is a sustainable youth development scheme where less privileged youths of our host communities are trained in vocations of their choice.

https://guardian.ng/appointments/total-empowers-149-sap-beneficiaries/

 

OTHER NEWS

Appeal Court upholds 15-year jail term for TASUED NASU executives

A Court of Appeal sitting in Ibadan has upheld the 15-year jail term handed to three Non-Academic Staff Union executives of Tai Solarin College of Education, who were accused of converting to personal use the sum of N6.6m belonging to the union.

https://punchng.com/acourt-upholds-15-year-jail-term-for-tasued-nasu-executives/

 

NEWS REVIEW FOR MONDAY, APRIL 8, 2019

OIL & GAS

Concerns as 211 Nigerian oil blocks remain idle

More than 50 per cent of Nigeria’s oil and gas blocks remain untapped even as crude oil production continues to hover around two million barrels per day while gas shortages persist in the country over the years. Out of 390 oil blocks in the country, 211 are yet to be allocated by the Federal Government, latest data obtained from the Department of Petroleum Resources have shown.

https://punchng.com/concerns-as-211-nigerian-oil-blocks-remain-idle/

Capital Market: MTN listing, NNPC privatisation will spur more participation of investors – Usman

The proposed listing of MTN, privatisation of Nigeria National Petroleum Corporation, NNPC and the remaining power sector privatisation will attract more participation of investors in the capital market and thus enhance financial inclusion in the country, former Minister of National Planning.

https://www.vanguardngr.com/2019/04/capital-market-mtn-listing-nnpc-privatisation-will-spur-more-participation-of-investors-usman-2/

Job losses loom over $3bn ExxonMobil’s asset sale

Scare of possible job losses is currently rocking ExxonMobil over plans by the United States (US) oil super major to pull out of Nigeria in a $3 billion assets sale.
The firm, New Telegraph gathered at the weekend, is also concerned over possible fallout of the plan on its workforce in Nigeria just as it is, however, “accompanying the sale with plans for staff.”

https://www.newtelegraphng.com/2019/04/job-losses-loom-over-3bn-exxonmobils-asset-sale/

MOMAN backs Fed Govt’s Petroleum policy

Major Oil Marketers Association of Nigeria (MOMAN) has restated its support for government policy on the petroleum industry, including policy on deregulation, which remains the only way to achieving a robust and sustainable downstream petroleum industry.

https://thenationonlineng.net/moman-backs-fed-govts-petroleum-policy-2/

Oil firm on strong economic data, supply risks

Oil prices shot up nearly one per cent on Friday on bullish United States (U.S.) employment data that tempered fears about a decline in global crude demand and on expectations that an escalating conflict in Libya could tighten oil supplies.

https://thenationonlineng.net/oil-firm-on-strong-economic-data-supply-risks/

No mercy for oil thieves, new JTF commander warns

The new Commander of the Joint Task Force code-named ‘Operation Delta Safe’, Rear Admiral Akinjide Akinrinade, says the military task force stationed in the Niger Delta will show no mercy to oil thieves and other criminals in the region.

https://punchng.com/no-mercy-for-oil-thieves-new-jtf-commander-warns/

African Labour Ministers Hail Nigeria’s Economic Plan

The Economic Recovery and Growth Plan of the Buhari administration was commended at the weekend in Addis Ababa, Ethiopia by the African Ministers of Labour, Employment and Social Affairs.

https://www.thisdaylive.com/index.php/2019/04/08/african-labour-ministers-hail-nigerias-economic-plan/

‘Dangote Refinery will Transform Nigeria’s Economy’

Africa’s richest man and President of Dangote Group, Alhaji Aliko Dangote, has said his refinery, one of the world largest, when completed, will transform Nigeria’s economy.

https://www.thisdaylive.com/index.php/2019/04/08/dangote-refinery-will-transform-nigerias-economy/

Sahara Group Canvasses Solution for Challenges in Petroleum Sector

The Executive Director, Sahara Group, Wale Ajibade, has said collaboration between financial institutions, development agencies, trading companies, National Oil Companies and other stakeholders in Africa will address the sector’s trade and project finance challenges on the continent.

https://www.thisdaylive.com/index.php/2019/04/08/sahara-group-canvasses-solution-for-challenges-in-petroleum-sector/

How indigenous coys can access funding for oil, gas projects

The inability of indigenous oil and gas companies to access cheap funds to execute oil and gas contracts has been a source of con- cern to operators in the industry, especially the International Oil Companies (IOCs), who have several projects to execute.

https://www.sunnewsonline.com/how-indigenous-coys-can-access-funding-for-oil-gas-projects/

 

OTHER NEWS

FG approves N2.6bn to pay pension increment arrears

The Pension Transitional Arrangement Directorate has approved the payment of the final tranche of the six months’ arrears of 33 per cent pension increment to pensioners.

https://punchng.com/fg-approves-n2-6bn-to-pay-pension-increment-arrears/

NEWS REVIEW FOR FRIDAY, APRIL 05, 2019

OIL & GAS

No petrol price hike now — NNPC GMD

The Group Managing Director of the Nigeria National Petroleum Corporation (NNPC), Maikanti Baru, has said the Federal Government has no plan to increase the pump price of petrol.

It will be recalled that the Independent Petroleum Marketers Association (IPMAN) had, said plans were underway to increase the pump price of petrol above the current N145.

https://www.tribuneonlineng.com/201205/

NNPC to continue oil exploration in the North — Baru

Group Managing Director of the Nigeria National Petroleum Corporation, NNPC, Maikanti Baru has said, oil exploration in Northern Nigeria will continue until the corporation reaches its target.

NNPC to continue oil exploration in the North — Baru

NNPC Intensifies Search for Oil in North

The Nigeria National Petroleum Corporation, (NNPC) has disclosed that it will continue oil exploration in the north.

https://leadership.ng/2019/04/05/nnpc-intensifies-search-for-oil-in-north/

Kachikwu Urges Indigenous Oil Coys to Takeover IOCs’ Operations

The minister of State for Petroleum Resources, Dr Ibe Kachikwu, has tasked indigenous operators in the oil and gas sector to step up their investments and take over major operations from international oil companies (IOCs).

https://leadership.ng/2019/04/05/kachikwu-urges-indigenous-oil-coys-to-takeover-iocs-operations/

Oil theft: JTF, surveillance contractors intensify crackdown, seize vessels

Residents of Bayelsa State coastal communities have lauded the collaboration between the Joint Task Force, JTF, deployed to the Niger Delta and surveillance contractors for tackling oil theft.

Oil theft: JTF, surveillance contractors intensify crackdown, seize vessels

FG, IOCs, indigenous firms create $102bn opportunities for investors in oil, gas

The Federal Government, International Oil Companies, IOCs and indigenous companies, have created investment opportunities worth $102 billion for investors in Nigeria’s oil and gas industry.

FG, IOCs, indigenous firms create $102bn opportunities for investors in oil, gas

Nigeria’s oil industry under-developed

The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has decried the state of the nation’s oil and gas industry, which he described as under-developed.

Nigeria’s oil industry under-developed, Kachikwu laments

Consider our people in your recruitment, Delta host Communities urges NNPC

Some host communities of the Warri Refinery and Petrochemical Company, WRPC, have urged the Nigerian National Petroleum Corporation, NNPC, to ensure that special consideration is given to their people in its ongoing recruitment exercise.

Consider our people in your recruitment, Delta host Communities urges NNPC

Petrol ex-depot price hits N139 per litre

The ex-depot price of Premium Motor Spirit (PMS) also known as petrol at private depots in Apapa, Lagos on Thursday hit N139 per litre as the product’s supply hitch worsened. The number of depots without petrol, a market survey obtained by New Telegraph yesterday showed, has increased from 20 to 22 with Folawiyo and Fatgbems joining the league.

Petrol ex-depot price hits N139 per litre

Dangote refinery to boost Nigeria’s 1.095m bpd domestic target — NNPC

The Nigerian National Petroleum Corporation, NNPC, yesterday said that the Dangote Refinery, currently under construction would complement Nigeria’s quest of attaining 1.095 million barrels per day self-sufficiency in the refining of petroleum products.

https://www.vanguardngr.com/2019/04/dangote-refinery-to-boost-nigerias-1-095m-bpd-

More money for Nigeria as oil price hits 2019 high

Lagos Oil price hit a 2019 high, above 69 dollars a barrel on Tuesday, on the prospect that more sanctions against Iran and further Venezuelan disruptions could deepen an OPEC-led supply cut, and as the market became less worried that demand may reduce.

More money for Nigeria as oil price hits 2019 high

Slow pace of regulation rains on Lekoil’s $1bn investments plan for Ogo fields

Lekoil plc, an Africa-focused oil and gas exploration and production company with interests in Nigeria and Namibia, says navigating through the maze of regulatory approvals in Nigeria represents its biggest challenge in taking the Ogo fields, offshore Lagos, to production. Lekan Akinyemi, the company’s CEO, told Business Day that the slow pace of getting approvals due…

Slow pace of regulation rains on Lekoil’s $1bn investments plan for Ogo fields

BREAKING: Oando sells off N14bn gas, power assets

Nigeria’s indigenous oil company, Oando, has sold off its remaining 25 per cent residual interest in Axxela Limited (formerly known as Oando Gas and Power) for $41.5 million (N14 billion).

BREAKING : Oando sells off N14bn gas, power assets

OTHER NEWS

N33bn PenCom fund: Reps summon CBN, PENCOM, AGF

The House of Representatives Ad-hoc Committee probing the management of over N9trillion of Pension Funds on Thursday summoned the Central Bank of Nigeria, CBN, the Accountant General of the Federation, AGF, and the Director General of PenCom over the fresh N33billion pension fund.

https://www.tribuneonlineng.com/201213/

Workers need to save for life after work – Aremu

Comrade Issa Aremu is a member of the National Executive Council of the Nigeria Labour Congress (NLC) and the General Secretary of National Union of Textile, Garment and Tailoring Workers of Nigeria. In this interview, Comrade Aremu says every worker needs to save for life after work. He speaks on the Contributory Pension Scheme (CPS), the Micro Pension Plan and the pension sector in Nigeria.
https://www.dailytrust.com.ng/workers-need-to-save-for-life-after-work-aremu.html

NEWS REVIEW FOR THURSDAY, APRIL 4, 2019

OIL & GAS

PENGASSAN: Strikes not feasible with NNPC’s rehabilitation plans

Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has assured the Federal Government that oil workers may not embark on another round of industrial action if the plans by the Nigerian National Petroleum Corporation (NNPC) to rehabilitate the four state-owned refineries are realised

PENGASSAN: Strikes not feasible with NNPC’s rehabilitation plans

Kachikwu: deal for OPEC+ cut extension coming

Members and non-members of the Organisation of Petroleum Exporting Countries (OPEC+) deal to curb oil production will possibly be extended, “hopefully for another six months” beyond the end of June, Minister of State, Petroleum Resources, Emmanuel Kachikwu, said yesterday.

Kachikwu: deal for OPEC+ cut extension coming

‘NPDC cannot begin production until it meets Ogoni demands’

Stakeholders in Ogoni land have said that while they are not averse to the decision of the Federal Government to ask the Nigeria Petroleum Development Company (NPDC) to take over operations in Oil Mining Lease (OML 11), they are however of the view that the company may have the same problems as Shell if it…

‘NPDC cannot begin production until it meets Ogoni demands’

Nigeria ignores OPEC quota again, boosts crude oil production

For the third consecutive month, Nigeria failed to comply with the new quota given by the Organisation of Petroleum Exporting Countries as it produced far in excess of its cap.

Nigeria ignores OPEC quota again, boosts crude oil production

Major oil marketers aim to reduce supply chain costs

The Major Oil Marketers Association of Nigeria has said it will optimise and reduce supply chain costs through better collaboration and use of technology.

Major oil marketers aim to reduce supply chain costs

Malabu oil block award ‘illegal’

A consultant hired by Italian prosecutors, Dr. Dayo Ayoade, yesterday in Italy, said award of Malabu Oil Block (OPL 245) to Shell and ENI was illegal.

Malabu oil block award ‘illegal’

Firm partners Ondo on $500m modular refinery

A private firm, the Crown Refinery and Petrochemical Limited, on Wednesday, signed a Memorandum of Understanding with the Ondo State Government on the establishment of a $500m modular refinery in the state.

Firm partners Ondo on $500m modular refinery

Oando to raise fresh capital, cut debt – CEO

Oando Plc, an indigenous energy group, aims to raise fresh capital over the next two years and repay debt used to acquire ConocoPhillips’ Nigerian assets.

Oando to raise fresh capital, cut debt – CEO

Oil Prices Continue Upward Trend

Oil prices increased for a fourth day yesterday with support from OPEC-led supply cuts and US sanctions overshadowing an industry report showing an unexpected rise in US inventories last week.

https://leadership.ng/2019/04/04/oil-prices-continue-upward-trend/

Mining sector is next to oil sector – Miners

The newly elected President of the Miners Association of Nigeria (MAN), Alhaji Muhammed Kankara, has said the mining sector is next to the oil sector in terms of revenue generation.

https://www.dailytrust.com.ng/mining-sector-is-next-to-oil-sector-miners.html

OTHER NEWS

N9trn PenCom fund: Reps threaten to issue bench warrant on PFAs

House of Representatives threatens to issue a bench warrant to compel Pension Fund Administrators to appear before its ad hoc committee if they fail to attend the public hearing on April 4.

N9trn PenCom fund: Reps threaten to issue bench warrant on PFAs

NEWS REVIEW FOR WEDNESDAY, APRIL 3, 2019

OIL & GAS

We are exploring options to commercialise gas flare sites – NNPC

The Nigerian National Petroleum Corporation says it is exploring options for commercialising existing gas flare sites in the country.

https://punchng.com/we-are-exploring-options-to-commercialise-gas-flare-sites-nnpc/

Major Oil Marketers to Support FG’s Petroleum Policy

The Major Oil Marketers Association of Nigeria (MOMAN) has offered to collaborate with government toward actualising the petroleum industry policy including deregulation which remains the only way in achieving a robust and sustainable downstream petroleum industry.

https://leadership.ng/2019/04/03/major-oil-marketers-to-support-fgs-petroleum-policy/  

Crude Oil Price Rises to $69

Oil price rose to fresh highs for the year yesterday after a U.S. official said Washington is considering more sanctions on Iran and a key Venezuelan export terminal halted operations.

https://leadership.ng/2019/04/03/crude-oil-price-rises-to-69/

Shell pays $6.4bn as production entitlement, tax to govt, NNPC, others

Shell Petroleum Development Company of Nigeria Limited (SPDC) and Shell Nigeria Exploration and Production Company Limited (SNEPCo), have paid Nigerian National Petroleum Corporation, NNPC, Federal Inland Revenue Service, FIRS,    Department of Petroleum Resources and others $6.397 billion    as production entitlement and tax in 2018.

https://www.vanguardngr.com/2019/04/shell-pays-6-4bn-as-production-entitlement-tax-to-govt-nnpc-others/

Nigeria raked in N2.30trn in taxes, royalties from Shell in 2018

Royal Dutch Shell paid the Nigerian government the sum of $6.30 billion (N2.30 trillion) in taxes, royalties, fees and bonuses last year, the company said in published disclosures made to governments around the world where it has production. According to the document sent to Business Day, prepared in accordance with The Reports on Payments to Governments…

https://businessday.ng/exclusives/article/nigeria-raked-in-n2-30trn-in-taxes-royalties-from-shell-in-2018/

ExxonMobil considers sale of Nigerian oil, gas fields for $3bn

Nearly two and a half years after exiting Nigeria’s downstream oil sector, ExxonMobil is weighing the sale of some oil and gas fields in the country.

https://punchng.com/exxonmobil-considers-sale-of-nigerian-oil-gas-fields-for-3bn/

No plan to sell fuel above N145 per litre –IPMAN chairman

The Independent Petroleum Marketers Association of Nigeria (IPMAN), in Kano State, Tuesday said the association has no plan to sell petrol above government’s approved price of N145 per litre.

https://www.sunnewsonline.com/no-plan-to-sell-fuel-above-n145-per-litre-ipman-chairman/

NLNG/NIMASA legal tussle: Dakuku hails appeal court judgment

Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside, yesterday, hailed the appeal court judgment setting aside a $57 million judgment granted the Nigeria LNG Limited (NLNG) against the agency by a Federal High Court.

https://www.dailytrust.com.ng/nlng-nimasa-legal-tussle-dakuku-hails-appeal-court-judgement-2.html

Oando posts N29bn PAT

Oando Plc has posted a N28.8 billion profit-after-tax (PAT); a 46 per cent increase from the N19.8 billion recorded at full year end 2017.

https://www.newtelegraphng.com/2019/04/oando-posts-n29bn-pat/

OPL 310: ‘Lekoil needs minister’s consent’

Federal High Court sitting in Lagos, and presided by Justice Sule Hassan, has ruled that Lekoil’s acquisition of an interest in OPL 310 still requires consent from the Minister of Petroleum Resources.

http://thenationonlineng.net/opl-310-lekoil-needs-ministers-consent/

Dangote refinery leads Africa’s $30bn downstream investment push

Dangote’s 650,000 barrels per day refining project in Nigeria, which is expected to start up in late 2022 is leading the charge for $30 billion investment push in Africa’s logistics, distribution, storage terminals, import facilities and retail marketing of the downstream sector. Other projects can be found in Egypt, Algeria, Côte d’Ivoire, South Africa, Morocco,…

https://businessday.ng/energy/oilandgas/article/dangote-refinery-leads-africas-30bn-downstream-investment-push/

 

OTHER NEWS

NLC intervenes to end doctors’ strike in Nasarawa

The Nasarawa State chapter of the Nigeria Labour Congress has intervened in the ongoing warning strike by the state chapter of the Nigeria Medical Association with a view to ending it.

https://punchng.com/nlc-intervenes-to-end-doctors-strike-in-nasarawa/

 

NEWS REVIEW FOR TUESDAY, APRIL 2, 2019

OIL & GAS

Refineries revamp: We’re open to external financing, says NNPC

The Nigerian National Petroleum Corporation has said it is still open to external financing for the rehabilitation of the nation’s ailing refineries.

https://punchng.com/refineries-revamp-were-open-to-external-financing-says-nnpc/

NNPC’s $48 billion oil and gas projects

At the 2019 International Petroleum Conference held in London, recently, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru, was reported to have copiously highlighted major investment opportunities not only in the Nigerian but the African oil and gas sector. He expressed great optimism on the positive outlook of the continent’s oil and gas business sector. He noted that $194 billion worth of investment could be deployed between 2018 and 2025 into 93 upcoming oil and gas fields in Africa, with Nigeria accounting for $48.04 billion or about 24.8 per cent.

https://guardian.ng/opinion/nnpcs-48-billion-oil-and-gas-projects/

Why NNPC flaunted 1bn litres of petrol stock

The planned move by some depot owners or terminal operators to sell Premium Motor Spirit, otherwise called petrol, above the official ex-depot price, triggered the Nigerian National Petroleum Corporation’s (NNPC’s) flaunted over 1billion litres stock petrol, New Telegraph has learnt.

https://www.newtelegraphng.com/2019/04/why-nnpc-flaunted-1bn-litres-of-petrol-stock/

Nigeria spends N10trn on petrol subsidy

 

At the backdrop of the continued comatose state of the Nigeria’s local refining capacity, the country may have spent about N10 trillion in the provision of pump price subsidy on imported petroleum products from 2006 to 2018.

https://www.vanguardngr.com/2019/04/nigeria-spends-n10trn-on-petrol-subsidy/

Oil majors rush to Permian basin starves Nigeria of investment dollars

The giddy rush by International Oil Majors to buy stakes in the Permian basin, the world’s second biggest oil field located in the United States, is resonating in Nigeria in the form of dwindling investment dollars. Nigeria has been responding in a cavalier manner, seizing their assets as in the case of Shell’s OML 11…

https://businessday.ng/energy/oilandgas/article/oil-majors-rush-to-permian-basin-starves-nigeria-of-investment-dollars/

Oando grows profit by 46% to N28.8bn

Oando Plc, an indigenous energy group, has said its profit after tax for the 2018 financial year rose by 46 per cent to N28.8bn compared to N19.8bn in 2017.

https://punchng.com/oando-grows-profit-by-46-to-n28-8bn/

NNRC: Oil Discoveries in Other African Countries Eroding Nigeria’s Competitiveness

The Nigeria Natural Resource Charter (NNRC) has said that Nigeria is fast losing its competitiveness in the global oil market due to new hydrocarbon discoveries in new jurisdictions within the African continent.

https://www.thisdaylive.com/index.php/2019/04/02/nnrc-oil-discoveries-in-other-african-countries-eroding-nigerias-competitiveness/

Investors won’t lose money in Nigeria’s gas commercialisation programme – Derefaka

Bidders in Nigeria’s gas flare commercialisation programme, will have the flexibility of choosing which flare site to bid for, how much they wish to buy the flared gas from a floor price of $0.25c/1000scf, the end market or gas product, as well as the technology to be used, Justice Derefaka, program manager of Nigeria Gas…

https://businessday.ng/energy/oilandgas/article/investors-wont-lose-money-in-nigerias-gas-commercialisation-programme-derefaka/

Norway’s state owned Equnior is investing in battery technology fund, why shouldn’t NNPC?

The rise of cheap renewable energy is starting to upend the bottom lines of fossil-fuel companies’ world over; while Nigeria National Petroleum Corporation (NNPC) has being relatively quiet with renewable energy, its counterpart Norway’s state-owned Equinor is planning to invest in a $180 million fund for battery and related technologies. The investment is a major…

https://businessday.ng/energy/power/article/norways-state-owned-equnior-is-investing-in-battery-technology-fund-why-shouldnt-nnpc/

Downstream woes revealed by negative stock returns in 10yrs

Listed companies in Nigeria’s downstream oil and gas sector have recorded negative returns in the last 10 years compared to their peers in other sectors, pointing to a myriad of challenges bedeviling the sector. While firms operating in the financial services, agriculture, Fast Moving Consumer Goods (FMCG) and other sectors have seen their share price…

https://businessday.ng/exclusives/article/downstream-woes-revealed-by-negative-stock-returns-in-10yrs/

 

OTHER NEWS

We may start selling petrol above N145 –IPMAN

The Independent Petroleum Marketers Association of Nigeria has urged the Federal Government and the Nigerian National Petroleum Corporation to ensure that private depot owners maintain the official ex-depot price of Premium Motor Spirit (petrol) at N133.28 per litre.

https://punchng.com/we-may-start-selling-petrol-above-n145-ipman/

NEITI’s Quest for Reform in Extractive Sector

The works the Nigeria Extractive Industries Transparency Initiative is doing make the country’s extractive sector more accountable should go beyond the award of satisfactory complaint status to supporting the country in reforming the sector.

https://www.thisdaylive.com/index.php/2019/04/02/neitis-quest-for-reform-in-extractive-sector/

Labour Minister Seeks More Funding For Skills Acquisition

The minister of Labour and Employment, Sen. Chris Ngige, has called for an upward review of the budget for the Skill Acquisition Centres for increased training opportunities for Nigerian youths.

https://leadership.ng/2019/04/02/labour-minister-seeks-more-funding-for-skills-acquisition/

NEWS REVIEW FOR MONDAY, APRIL 1, 2019

OIL & GAS

NNPC, oil marketers move against scarcity, urge PIGB passage

The Nigerian National Petroleum Corporation (NNPC) and Major Marketers Association of Nigeria (MOMAN) are strengthening existing relationships to avert scarcity of petroleum products nationwide. Speaking at a MOMAN Chief Executive Officers Strategy Retreat Dinner at the weekend in Abuja, the Group Managing Director of NNPC, Dr.Maikanti Baru, said a deal with the marketers would address inherent challenges in the downstream sector, particularly in the area of effective supply of petroleum products across the federation.

https://guardian.ng/news/nnpc-oil-marketers-move-against-scarcity-urge-pigb-passage/

NNPC warns depot owners not to sell petrol above N133.28k per litre

The Nigerian National Petroleum Corporation (NNPC) has warned depot owners and terminal operators not to sell Premium Motor Spirit (PMS), otherwise known as petrol, above the official ex-depot price of N133.28k per litre and also cautioned petroleum products marketers not to sell the product above N145 per litre.

https://www.dailytrust.com.ng/nnpc-warns-depot-owners-not-to-sell-petrol-above-n133-28k-per-litre.html

Tax holiday: Appeal Court dismisses NLNG’s case against NIMASA

The Court of Appeal, Lagos Division, last week set aside the judgment of the Federal High Court, which had exempted the Nigerian Liquefied Natural Gas Limited (NLNG) from levies payable to the Nigerian Maritime Administration and Safety Agency (NIMASA) under the NIMASA Act, Cabotage Act, Marine Environment (Sea Protection Levy) Regulations, and other laws of the federation. The Appeal Court based its ruling on the fact that NIMASA, the country’s maritime regulatory agency, was not given fair hearing at the lower court.

https://www.sunnewsonline.com/tax-holiday-appeal-court-dismisses-nlngs-case-against-nimasa/

Shell, UBA sign $200m contractor support fund

Efforts to boost the financial strength of indigenous vendors and suppliers in the oil and gas industry may have received the desired boost as Shell Petroleum Development Company of Nigeria Limited (SPDC) has increased its contractor support fund with $200 million.

https://www.sunnewsonline.com/shell-uba-sign-200m-contractor-support-fund/  

Sahara Advocates Adoption of Uniform Petroleum Products Standards

The adoption of unified standards across Africa will create a bigger and more effective regional market that will enhance the continent’s competitive positioning in global energy markets, the Executive Director, Sahara Group, Tope Shonubi.

https://www.thisdaylive.com/index.php/2019/04/01/sahara-advocates-adoption-of-uniform-petroleum-products-standards/

We’ll produce 65.4 million litres of petrol, others daily –Dangote

Dangote Industries Limited has said its crude oil refinery is expected to produce 65.4 million litres of petrol, diesel, aviation fuel and kerosene daily when it comes on stream.

https://punchng.com/well-produce-65-4-million-litres-of-petrol-others-daily-dangote/

“JTF Operations Increases Oil Production Output To 2m Barrel Per Day”

Authorities of the Joint Task Force (JTF) code named Operation Delta Safe, a special security outfit, fighting criminalities in the Niger Delta region, weekend disclosed that some of its operations led to a huge increase of daily oil production from 900bpd to over two million currently being explored in the region.

https://leadership.ng/2019/04/01/jtf-operations-increases-oil-production-output-to-2m-barrel-per-day/

Fayemi mourns death of ex-PPPRA boss,

Ekiti State Governor, Dr. Kayode Fayemi, has commiserated with the family of a former Executive Secretary of the Petroleum Products Pricing Regulatory Agency, Dr. Oluwole Oluleye, who passed on Saturday after a brief illness.

https://punchng.com/fayemi-mourns-death-of-ex-pppra-boss-oluleye/

OTHER NEWS

Inflation to affect new minimum wage – TUC

(Nan)Inflation has seriously affected the purchasing power of the N30, 000 National Minimum Wage recently approved by the Senate, the Trade Union Congress of Nigeria (TUC) has said.

https://www.sunnewsonline.com/inflation-to-affect-new-minimum-wage-tuc/

Ooni, Emir Sanusi named in committee on FG, ASUU crisis

The National Association of Nigerian Students has constituted a committee of traditional rulers and elder statesmen across the country to help in providing a permanent solution to the crises between the Federal Government and the nation’s academic unions including the Academic Staff Union of Universities and the Academic Staff Union of Polytechnics.

https://punchng.com/ooni-emir-sanusi-named-in-committee-on-fg-asuu-crisis/

NEWS REVIEW FOR MONDAY, APRIL 1, 2019

OIL & GAS

NNPC, oil marketers move against scarcity, urge PIGB passage

The Nigerian National Petroleum Corporation (NNPC) and Major Marketers Association of Nigeria (MOMAN) are strengthening existing relationships to avert scarcity of petroleum products nationwide. Speaking at a MOMAN Chief Executive Officers Strategy Retreat Dinner at the weekend in Abuja, the Group Managing Director of NNPC, Dr.Maikanti Baru, said a deal with the marketers would address inherent challenges in the downstream sector, particularly in the area of effective supply of petroleum products across the federation.

NNPC, oil marketers move against scarcity, urge PIGB passage

NNPC warns depot owners not to sell petrol above N133.28k per litre

The Nigerian National Petroleum Corporation (NNPC) has warned depot owners and terminal operators not to sell Premium Motor Spirit (PMS), otherwise known as petrol, above the official ex-depot price of N133.28k per litre and also cautioned petroleum products marketers not to sell the product above N145 per litre.

https://www.dailytrust.com.ng/nnpc-warns-depot-owners-not-to-sell-petrol-above-n133-28k-per-litre.html

Tax holiday: Appeal Court dismisses NLNG’s case against NIMASA

The Court of Appeal, Lagos Division, last week set aside the judgment of the Federal High Court, which had exempted the Nigerian Liquefied Natural Gas Limited (NLNG) from levies payable to the Nigerian Maritime Administration and Safety Agency (NIMASA) under the NIMASA Act, Cabotage Act, Marine Environment (Sea Protection Levy) Regulations, and other laws of the federation. The Appeal Court based its ruling on the fact that NIMASA, the country’s maritime regulatory agency, was not given fair hearing at the lower court.

Tax holiday: Appeal Court dismisses NLNG’s case against NIMASA

Shell, UBA sign $200m contractor support fund

Efforts to boost the financial strength of indigenous vendors and suppliers in the oil and gas industry may have received the desired boost as Shell Petroleum Development Company of Nigeria Limited (SPDC) has increased its contractor support fund with $200 million.

Shell, UBA sign $200m contractor support fund

Sahara Advocates Adoption of Uniform Petroleum Products Standards

The adoption of unified standards across Africa will create a bigger and more effective regional market that will enhance the continent’s competitive positioning in global energy markets, the Executive Director, Sahara Group, Tope Shonubi.

Sahara Advocates Adoption of Uniform Petroleum Products Standards

We’ll produce 65.4 million litres of petrol, others daily –Dangote

Dangote Industries Limited has said its crude oil refinery is expected to produce 65.4 million litres of petrol, diesel, aviation fuel and kerosene daily when it comes on stream.

We’ll produce 65.4 million litres of petrol, others daily –Dangote

“JTF Operations Increases Oil Production Output To 2m Barrel Per Day”

Authorities of the Joint Task Force (JTF) code named Operation Delta Safe, a special security outfit, fighting criminalities in the Niger Delta region, weekend disclosed that some of its operations led to a huge increase of daily oil production from 900bpd to over two million currently being explored in the region.

https://leadership.ng/2019/04/01/jtf-operations-increases-oil-production-output-to-2m-barrel-per-day/

Fayemi mourns death of ex-PPPRA boss,

Ekiti State Governor, Dr. Kayode Fayemi, has commiserated with the family of a former Executive Secretary of the Petroleum Products Pricing Regulatory Agency, Dr. Oluwole Oluleye, who passed on Saturday after a brief illness.

Fayemi mourns death of ex-PPPRA boss, Oluleye

OTHER NEWS

Inflation to affect new minimum wage – TUC

(Nan)Inflation has seriously affected the purchasing power of the N30, 000 National Minimum Wage recently approved by the Senate, the Trade Union Congress of Nigeria (TUC) has said.

Inflation to affect new minimum wage – TUC

Ooni, Emir Sanusi named in committee on FG, ASUU crisis

The National Association of Nigerian Students has constituted a committee of traditional rulers and elder statesmen across the country to help in providing a permanent solution to the crises between the Federal Government and the nation’s academic unions including the Academic Staff Union of Universities and the Academic Staff Union of Polytechnics.

Ooni, Emir Sanusi named in committee on FG, ASUU crisis

NEWS REVIEW FOR WEDNESDAY, MARCH 27, 2019

OIL & GAS

Nigeria’s LPG Market to Boom with NLNG’s Train-7 Project, Says NCDMB’s Chief

The Executive Secretary of the Nigerian Content Development Management Board (NCDMB), Mr. Simbi Wabote, has predicted a boom in Nigeria’s Liquefied Petroleum Gas (LPG) market with the anticipated addition of a seventh train to the existing six Liquefied Natural Gas (LNG) trains of Nigerian LNG (NLNG).

https://www.thisdaylive.com/index.php/2019/03/27/nigerias-lpg-market-to-boom-with-nlngs-train-7-project-says-ncdmbs-chief/

NLNG May Face Sanction over Alleged Nigerian Content Policy Violation

A Niger Delta based Oil Servicing Company, Macobarb International Limited will any moment from now, drag the Nigeria Liquefied Natural Gas Ltd. (NLNG) to Court over an alleged violation of the Nigerian Local Content policy and malicious contract termination.

https://www.thisdaylive.com/index.php/2019/03/27/nlng-may-face-sanction-over-alleged-nigerian-content-policy-violation/

Court to Resume $406.7m Oil Shipment Suit against Shell on June 6

A Federal High Court in Lagos will on June 6 resume trial in a suit filed by the federal government against Shell Western Supply & Trading Limited over alleged 406.7 million dollars deprivation in crude oil shipment.

https://www.thisdaylive.com/index.php/2019/03/27/court-to-resume-406-7m-oil-shipment-suit-against-shell-on-june-6/

DPR Sanctions 21 Unlicensed Fuel Stations in A/Ibom

The Department of Petroleum Resources (DPR) in Akwa Ibom has sealed 21 fuel stations for operating without licenses.

https://leadership.ng/2019/03/27/dpr-sanctions-21-unlicensed-fuel-stations-in-a-ibom/

Niger Delta records 40m litres oil spill annually — Dickson

YENAGOA—BAYELSA State Governor, Mr. Seriake Dickson has lamented the environmental despoliation in the Niger Delta saying the region records about 40 million litres of oil spill annually as against 4 million litres recorded annually in the United States.

https://www.vanguardngr.com/2019/03/niger-delta-records-40m-litres-oil-spill-annually-dickson-2/

FG To Harmonise Petroleum Industry Data, Fiscal Policies

The federal government yesterday inaugurated a technical committee made up of experts in ministry of finance, ministry of petroleum resources and ministry of budget and national planning to ensure the harmonisation of data emanating from the nation’s petroleum industry.

https://leadership.ng/2019/03/27/fg-to-harmonise-petroleum-industry-data-fiscal-policies/

OPEC Supply Cut Firms up Oil Prices

Oil prices appreciated yesterday with the support of ongoing supply cuts led by producer club OPEC, and by U.S. sanctions on Iran and Venezuela, but analysts warned that signs of a sharp economic slowdown could soon drag on crude markets.

https://leadership.ng/2019/03/27/opec-supply-cut-firms-up-oil-prices/

Udoma, AGF, NNPC boss, others’ absence stalls consideration of MTEF/FSP

The absence of the Minister of Budget and Economic Planning, Udoma Udo Udoma, his Finance counterpart, Zanaib Ahmed, as well as the Comptroller General of Nigeria Customs Service (NCS), Col. Hammed Ali (retd), stalled the consideration of the Medium Term Expenditure Framework (MTEF)/Fiscal Strategy Paper (FSP), at the House of Representatives, yesterday.

https://www.sunnewsonline.com/udoma-agf-nnpc-boss-others-absence-stalls-consideration-of-mtef-fsp/

 

OTHER NEWS

Micro pension: PenCom targets coverage of 30m informal sector operators

The National Pension Commission (PenCom) says the goal of its Micro Pension Plan (MPP) is to achieve coverage of 30 million people in the informal sector by 2024.

https://www.dailytrust.com.ng/micro-pension-pencom-targets-coverage-of-30m-informal-sector-operators.html

‘Three or more eggs a week dangerous to heart’

A new research published in the medical journal JAMA, has revealed that people who eat three to four eggs a week or 300 milligrams of dietary cholesterol per day have a higher risk of heart disease and early death compared with those who eat fewer eggs.

https://punchng.com/three-or-more-eggs-a-week-dangerous-to-heart/

Drinking hot tea almost doubles risk of cancer – Report

Researchers found that tea drinkers who liked their beverage to be warmer than 60 degrees Celsius and consumed more than 700 ml of tea per day had a 90 per cent risk of esophageal cancer when compared to those who drank less tea and at cooler temperatures.

https://punchng.com/drinking-hot-tea-almost-doubles-risk-of-cancer-report/

NEWS REVIEW FOR TUESDAY, MARCH 26, 2019

OIL & GAS

PIGB: Saving Nigeria from NNPC

The Nigerian National Petroleum Corporation recorded losses (sic) in the region of N551.46bn between January 2015 and December 2018.

https://punchng.com/pigb-saving-nigeria-from-nnpc/

Shell, UBA sign $200m contractor support fund

The Shell Petroleum Development Company of Nigeria Limited, SPDC, has upped its contractor support fund with $200 million in a latest effort to boost the financial capacity of vendors and suppliers in Nigeria’s oil and gas industry. This latest move brings the fund size to $2.4 billion.

https://www.vanguardngr.com/2019/03/shell-uba-sign-200m-contractor-support-fund/

Port Harcourt Refinery Bags Africa’s First ISO 9001:2015 Certification

Port Harcourt Refining Company (PHRC) Limited, a subsidiary of the Nigerian National Petroleum Corporation (NNPC), has attained the International Organisation for Standardization (ISO) 9001:2015 Quality Management System (QMS) certification, the first by any refinery on the African continent.

https://leadership.ng/2019/03/26/port-harcourt-refinery-bags-africas-first-iso-90012015-certification/

Oil Price: Nigeria, Others Commit to Exceed Voluntary Output Cut

Nigeria and other member countries of the Organisation of Petroleum Exporting Countries (OPEC) as well as their non-OPEC allies led by the Russian Federation have said they are committed to making their voluntary oil production adjustment plan work efficiently, and would in this regard follow through their respective commitments in the next coming months.

https://www.thisdaylive.com/index.php/2019/03/26/oil-price-nigeria-others-commit-to-exceed-voluntary-output-cut/

NCDMB, NLNG sign Train 7 Nigerian Content Plan, to create 10,000 jobs

The Nigerian Content Development and Monitoring Board, NCDMB and the Nigeria LNG Limited, NLNG, on Friday signed the Nigerian Content Plan, NCP for the NLNG Train 7 project, taking a big step towards kick- starting the huge gas project that would create a flurry of activities in the oil and gas sector and contribute immensely to the nation’s economy.

https://www.vanguardngr.com/2019/03/ncdmb-nlng-sign-train-7-nigerian-content-plan-to-create-10000-jobs/

Attah: How NLNG Can Shrug Off Rising Market Rivalry

The Managing Director of the Nigerian Liquefied Natural Gas Limited (NLNG), Mr. Tony Attah, has disclosed that the gas company can overcome rising competition and potential cuts from its market shares by emerging LNG companies if it can remain competitive in its operations.

https://www.thisdaylive.com/index.php/2019/03/25/attah-how-nlng-can-shrug-off-rising-market-rivalry/

Tanzania Holds Talks on LNG

Tanzania has said it plans to conclude talks in September with a group of foreign oil and gas companies led by Norway’s Equinor on developing a liquefied natural gas (LNG) project in the East African country. Construction of an LNG export terminal near huge offshore natural gas discoveries in deepwater south of the country has been held up for years by regulatory delays.

https://www.thisdaylive.com/index.php/2019/03/26/tanzania-holds-talks-on-lng/

Nigeria loses N302bn to gas flaring in one year

Gas flaring has continued to take its toll on the Nigerian economy, the environment and the lives of the people of oil-producing communities, as the country lost $987.175 million, about N302.076 billion in 2018, to the continuous flaring by oil and gas firms operating in the petroleum industry.

https://www.vanguardngr.com/2019/03/nigeria-loses-n302bn-to-gas-flaring-in-one-year/

Nigeria’s official oil price stagnates

Over 20 cargo-loads of Nigeria’s crude oil, last weekend, suffered bearish sale unsold over worsening buyers’ apathy, forcing Nigeria to keep the April official selling price (OSP) for the four key grades Bonny Light, Qua Iboe, Bonga and Forcados unchanged.

https://www.newtelegraphng.com/2019/03/nigerias-official-oil-price-stagnates/

New Gas Commercialisation Plan Seeks to End Flaring in Three Years

The new framework – the Nigerian Gas Flare Commercialisation Programme (NGFCP), initiated by the federal government to monetise the volume of gas flared in Nigeria’s oil fields is expected to ensure that wasteful practice ceases to exist in the country within three years from when it becomes operational.

https://www.thisdaylive.com/index.php/2019/03/26/new-gas-commercialisation-plan-seeks-to-end-flaring-in-three-years/

Dangote Refinery inaugurates skills acquisition programme

As part of efforts aimed at making youths from its host communities employable, Dangote Petroleum Refinery and Petrochemicals Company has flagged off a vocational training scheme that will inculcate necessary skills in the young men and women from Ibeju-Lekki area.

https://guardian.ng/appointments/dangote-refinery-inaugurates-skills-acquisition-programme/

Dangote refinery and host community bill’s challenges

Nigeria’s oil space dotted by bickering between oil firms and their host communities is worsened by dearth of host community bill. Adeola Yusuf examines how the World’s biggest single-unit Dangote Refinery copes with this impediment.

https://www.newtelegraphng.com/2019/03/dangote-refinery-and-host-community-bills-challenges/

 Enyo Retail Unveils New Fuel Station

A retail and supply oil and gas company, Enyo, recently launched its newest ultra-modern fuel station, at the Lekki axis of Lagos State.

https://www.thisdaylive.com/index.php/2019/03/26/enyo-retail-unveils-new-fuel-station/

OTHER NEWS

Buhari gets minimum wage panel report, promises prompt action

President Muhammadu Buhari yesterday received the report of the Bismarck Rewane-led Presidential Advisory Committee on New National Minimum Wage with a pledge to act promptly on the document. The panel was inaugurated on January 19, 2019 after organised labour and government had in December agreed on a new wage of N30,000 for civil servants nationwide.

https://guardian.ng/news/buhari-gets-minimum-wage-panel-report-promises-prompt-action/

Inflation has eroded N30,000 minimum wage purchasing power —TUC

The Trade Union Congress of Nigeria (TUC) has hinted that inflation has seriously affected the purchasing power of the N30,000 national minimum wage, recently passed by the Senate.

https://www.tribuneonlineng.com/198454/

NLC commiserates with Mozambique, Zimbabwe workers over cyclone

The Nigeria Labour Congress (NLC) has expressed  grief and commiserated with the workers and people of Mozambique, Zimbabwe, Malawi and Madagascar affected by the horrendous landfall of Cyclone Idai.

https://www.tribuneonlineng.com/198439/

ILO governing body elects Peru Alfaro Espinosa chairperson

The 335th Session of the Governing Board (GB) of the International Labour Organisation (ILO) has elected Silvia Elena Alfaro Espinosa, as its new Chairperson, until June 2019.

https://www.tribuneonlineng.com/198450/

Crisis rocks FUOYE as ASUU, VC at loggerheads

The crisis between the Academic Staff Union of Universities (ASUU) and the management of the Federal University, Oye- Ekiti (FUOYE) in Ekiti State, last week, assumed a new dimension as a faction of the union petitioned the Minister of Education, calling for the removal of the Vice-Chancellor

https://www.newtelegraphng.com/2019/03/crisis-rocks-fuoye-as-asuu-vc-at-loggerheads/

How to build, grow wealth for retirement

Most people are interested in financial comfort particularly at the time of retirement. This is achievable but it depends on a combination of one’s circumstances and approach to managing finances. Undoubtedly, some life circumstances may be beyond one’s control, but how you manage your finances is not. Managing one’s finances to build wealth for retirement requires planning, commitment and conscious attention to a lifestyle in line with the strategies below:

https://www.sunnewsonline.com/how-to-build-grow-wealth-for-retirement/

 

 

NEWS REVIEW FOR MONDAY, MARCH 25, 2019

OIL & GAS

PENGASSAN calls for separation of Petroleum Ministry from Presidency

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has called on President Muhammadu Buhari to separate the Ministry of Petroleum Resources from the Presidency for effective operation of the ministry.

https://www.sunnewsonline.com/pengassan-calls-for-separation-of-petroleum-ministry-from-presidency/

INSECURITY: PENGASSAN seeks more funding for security agencies

Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, weekend,  called for more funding and support for the nation’s security agencies, insisting that no amount of resources expended in securing human lives and properties was a waste.

https://www.vanguardngr.com/2019/03/insecurity-pengassan-seeks-more-funding-for-security-agencies/

FG spent N1.83tn on JV assets in 2018 –NNPC

Over half of the total revenue generated by the Federal Government from oil and gas sales last year was used for the payment of joint venture cash calls, ’FEMI ASU reports

https://punchng.com/fg-spent-n1-83tn-on-jv-assets-in-2018-nnpc/

Shell increases contractor support fund to $2.4bn

Shell Petroleum Development Company of Nigeria Limited says it has increased the size of its contractor support fund by $200m in a bid to boost the financial capacity of vendors and suppliers in Nigeria’s oil and gas industry.

https://punchng.com/shell-increases-contractor-support-fund-to-2-4bn/

10,000 jobs likely as NCDMB, NLNG sign $12b Train 7 Nigerian Content Plan

An agreement, which is expected to bring about 10,000 jobs by utilising Nigeria’s huge natural gas reserves, has been signed in Abuja.

http://thenationonlineng.net/10000-jobs-likely-as-ncdmb-nlng-sign-12b-train-7-nigerian-content-plan/

Much ado about OML 11

The OML 11 matter has been in the news lately. This license area has had its fair share of fame and perhaps, shame. It hosts Nigeria’s first oil and gas terminal built by The Shell Petroleum Development Company of Nigeria Ltd-operated joint venture in 1971 among other facilities, and then the Ogoni production area.

https://punchng.com/much-ado-about-oml-11/

Falana: Assigning Oil Blocks to IOCs, Individuals Unconstitutional

Renowned lawyer, Mr. Femi Falana SAN, has said the practice of allocating crude oil blocks to individuals and International Oil Companies (IOCs) by the federal government is against the constitution of Nigeria, and should be stopped.

https://www.thisdaylive.com/index.php/2019/03/25/falana-assigning-oil-blocks-to-iocs-individuals-unconstitutional/

Dangote Refinery trains 200 youths of host communities in entrepreneurial skills

Dangote Petroleum Refinery and Petrochemicals Company has raised the bar in social investment with the kick-off of training for 200 youths in its host communities, as part of its corporate social responsibility initiatives.

https://www.sunnewsonline.com/dangote-refinery-trains-200-youths-of-host-communities-in-entrepreneurial-skills/

US pledges to secure financiers for $120m Eko petrochemical refinery

The United States Trade and Development Agency (USTDA), has committed to helping source financiers for the $120 million Eko Petrochemical Refinery project.

https://www.sunnewsonline.com/us-pledges-to-secure-financiers-for-120m-eko-petrochemical-refinery/

 

OTHER NEWS

NUPENG confirms Afolabi as Gen Sec, promotes 3 others

The National Union of Petroleum and Natural Gas Workers (NUPENG) has confirmed Comrade Olawale Afolabi as the substantive general secretary of the union, having acted in that capacity for three consecutive months.

https://www.sunnewsonline.com/nupeng-confirms-afolabi-as-gen-sec-promotes-3-others/