FG cuts oil output by 400,000 bpd

There are indications that Nigeria may amend its N8.9 billion 2019 budget, following the recent oil output cut by about 400,000 barrels per day, bpd, in

conformity with the  Organisation of Petroleum Exporting Countries, OPEC, policy.

OML 11: Ogoni people must be consulted before any decision —HOSCON

Oil producing communities, under the auspices of Host Communities of Nigeria, Producing Oil and Gas, HOSCON, yesterday, called for the suspension of the planned transfer of operatorship of Oil Mining Lease, OML, 11 in Ogoni land, to the upstream subsidiary of the Nigerian National Petroleum Corporation, NNPC, Nigerian Petroleum Development Corporation, and NPDC.

Gowon, NNPC Boss to Receive OGTAN Award

Former head of state and elder statesman, Gen. Yakubu Gowon and group managing director of the Nigerian National Petroleum Corporation (NNPC) would be honoured at the second annual international conference and exhibition of the Oil and Gas Trainers Association of Nigeria (OGTAN), in collaboration with Nigerian Content Development and Monitoring Board (NCDMB).

Nigeria Exports N1.9trn Crude Oil in Q4 – NBS

Published 1 min ago on March 19, 2019 By KEHINDE SALLAH Data released by the Nigerian Bureau of statistics (NBS) has revealed that Nigeria traded a total of N1.93 trillion worth of crude oil to India, Spain, Netherlands, China and France

Shell: Erosion of Business Environment May Affect Our Nigerian Operations

The Royal Dutch oil firm, Shell, has said its operations in Nigeria’s oil industry could face adverse impacts if the business environment in Nigeria deteriorates.

Shell which has considerable interests in Nigeria’s oil industry and operates mostly through its Nigerian arms – Shell Petroleum Development Company of Nigeria Limited (SPDC) and Shell Nigeria Exploration and Production Company (SNEPCo), recently had to contend with issues about its operations in Nigeria including legal proceedings on its past transactions as well as recent claims by Nigerian government that it has backlogs of tax to pay for its operations in the country.

OPEC: Nigeria’s Bonny Light among Top Price Earners

The Organisation of Petroleum Exporting Countries (OPEC) has revealed that Nigeria’s crude oil blend – the Bonny Light – was among the top price earners in its February Oil price Reference Basket (ORB), with a 7.7 per cent price gain from where it previously traded in January.

Oil exploration, production, others gasp for $11trn investment–- OPEC


Organisation of Petroleum Exporting Countries, OPEC, has disclosed that $11 trillion would be required to invest in oil and gas exploration, production, refining and distribution of petroleum products between now and 2040.


Oil Producers to Decide On Extending Cuts

Oil producer group OPEC on Monday scrapped its planned meeting in April and will decide instead whether to extend output cuts in June, once the market has assessed the impact of U.S. sanctions on Iran and the crisis in Venezuela.


Nigeria, India: Consumers dump kerosene, gas as high prices persist – Study

The relatively high prices of kerosene and cooking gas have compelled many households to take to increased utilisation of firewood in Nigeria.

Investigation by Vanguard showed that while the price of kerosene currently stands at between N200 and N300 per litre, depending on location, the price of cooking gas stands at N4,000 (N12.5 kg), which many households said they cannot afford.


Minimum wage and Nigeria’s jobs crisis

Two weeks ago, I wrote a detailed analysis of the reforms required that will help for improvements towards changing Nigeria’s minimum wage (See Business Day 4th of March p.30). This article is a slight modification of the arguments made in the analysis, especially in relation to Nigeria’s job crisis.

‘Getting adequate sleep vital to living healthy lives’

The Chief Executive Officer of Mouka Limited, Mr. Raymond Murphy, has highlighted the need for people to have adequate sleep, noting that it is one of the core pillars of health.



NNPC suffers 257 pipeline ruptures, breaches in one month

Nigeria has suffered 257 ruptures and breaches on its pipeline network across the country in just one month. This is despite a surge in pipeline surveillance investments including the $18.48 million contract for the surveillance of the 87-kilometre Trans-Forcados Pipeline (TFP) to Ocean Marine Solution Limited on September 26, 2018. The Nigerian National Petroleum Corporation (NNPC), which declared in a statement yesterday that it suffered this “whopping 34 percentage point,” in one month, noted that it “appears to be no let-up in the activities of vandals who in December last year pushed pipeline breaches across the country.”

 NNPC Records N12.13bn Trade Surplus in December

The Nigerian National Petroleum Corporation (NNPC) in its Monthly Financial and Operations Report posted trading surplus of ₦12.13 billion in December 2018, a leap from recent past performances.

OML 11 license not revoked, NPDC becomes operator May 2

The license for Oil Mining Lease 11 has neither been revoked nor withdrawn from Shell Petroleum Development Company, rather the operatorship of the oil block was transferred from the SPDC to the Nigerian Petroleum Development Company.

 332,000bpd crude production grows NNPC’s profit by N12.13bn

The Nigerian National Petroleum Corporation has recorded a trading surplus of N12.13bn, the monthly financial and operations report of the firm for December 2018, which was released on Sunday in Abuja, has stated.

Lack of capacity, technology may hamper NNPC takeover of OML 11 operatorship

A myriad of bottlenecks are piling against the ability of the Nigeria National Petroleum Corporation (NNPC) to take over from Royal Dutch Shell plc operatorship of the $2 billion Oil Mining Licence (OML) 11 in Ogoniland, in the heart of the Niger Delta, where environmental and human rights controversies have prevented Shell from operating over…


Labour Leader Lauds Recent Ban on Forex for Textiles Importers

A former deputy president of Nigeria Labour Congress (NLC) and the General Secretary, National Union of Textile Garment and Tailoring Workers of Nigeria (NUTGTWN), Mr. Issa  Aremu, has lauded  the Central Bank of Nigeria’s (CBN) recent decision to ban the sale of forex to importers of textiles into the country.

Minimum wage: FG in dilemma over inadequate budgetary allocation

The Federal Government appears to be in a dilemma on how to source funds to pay the new N30, 000 minimum wage to workers. ADVERTISING the development is generating tension as the government fears that this might lead to another round of crisis between it and organised labour.

PenCom Engaging FG to Pay Pension Arrears

The acting director-general, National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar, spoke on the activities of the regulator to reposition the pension industry for the betterment of all stakeholders., CBN, Others Move to Bridge N16trn Housing Deficit

Plans are underway to allow pension contributors access 25 per cent of savings in their respective Retirement Savings Accounts (RSAs) for mortgage finance, LEADERSHIP has learnt.





NNPC/NPDC takeover of OML 11

There is something to be said about an education that does not prepare its recipients to properly interrogate ideas and issues.

Shell sets carbon reduction targets

Royal Dutch Shell yesterday said it planned to reduce carbon emissions from its oil and gas operations and product sales by between two per cent and three percent by 2021. This is the first time the oil major is issuing carbon footprint targets.

Stanbic IBTC to provide N18bn facility for Eland Oil & Gas

Stanbic IBTC, working with its group brand, Standard Bank Group of South Africa, has partnered Eland Oil & Gas,  West Africa with an initial focus on Nigeria, to provide a new accordion facility and increased borrowing base of $50m (about N18bn).

Nigeria, Sao Tome Give Total Nod to Develop Oil Blocks

French oil giant, Total, was yesterday awarded an exclusive right by Nigeria and the Island of São Tomé and Principe, to begin exploration for oil in three blocks, 7, 8 and 11, located within the hydrocarbon-rich Joint Development Zone (JDZ) owned by both countries in the Gulf of Guinea.

Movements in prices of cooking gas divergent as average petrol price drops

The National Bureau of Statistic (NBS) has reported a mixed development in average prices of Liquefied Petroleum Gas, LPG, across the country but a decline in average price of premium motor spirit (petrol) in its survey for the month of February 2019 released yesterday.

FAMFA Oil inspires schoolchildren to read on World Book Day

Last Thursday, March 7, was World Book Day in Nigeria, an annual event aimed at celebrating the book as an all-important cultural item all over the world. Lagos-based oil and gas company, FAMFA Oil Limited, grabbed the opportunity offered by the occasion to hold its maiden book reading event at the MUSON Centre in Onikan, Lagos, with over 300 schoolchildren drawn from selected schools in the state.

How Senator Ikechukwu Obiora got N4.127bn in Malabu Oil sleaze

A new revelation has been made of how former lawmaker, Senator Ikechukwu Obiora, was paid the sum of $11,465,000, an equivalent of N4.127 billion in what has earlier been described as Africa’s largest petroleum industry scandal in history.


Civil servants urged to shun corruption

Civil servants have been urged to shun corruption and other related offences in their work places, in line with the anti-corruption mantra of the government.



Take over operation of OML 11 from Shell, Buhari orders NNPC

President Muhammadu Buhari has ordered the Nigerian National Petroleum Corporation to take over the operatorship of the entire Oil Mining Lease 11 from Shell Petroleum Development Company.

NNPC confirms recruitment of fresh graduates, others

The Nigerian National Petroleum Corporation says it has commenced recruitment of fresh graduates and experienced professionals.

Exporters earned $1.16bn from non-oil business in three months

Total non-oil export earnings received through the banks in the last quarter of 2018 amounted to $1.16bn, representing an increase of 1.5 per cent and 85.9per cent above the levels in the preceding quarter and the corresponding quarter in 2017 respectively.

Twelve ships arrive Lagos ports with petrol,

Twelve ships carrying various products have arrived at Apapa and Tin-Can Island ports, waiting to berth, the Nigerian Ports Authority said in its daily publication on Wednesday in Lagos.

Eni makes significant oil find offshore Angola

Italy’s Eni has made a significant discovery in Block 15/06 offshore Angola estimated to contain 450 million to 650 million barrels of light oil in place with further upside, it said on Wednesday.

The discovery was made at the Agogo exploration prospect in Block 15/06 which feeds into its West Hub project, according to S&P Global Platts.

We supported NLNG to save fishing trawler —NIMASA

The Nigerian Maritime Administration and Safety Agency said it collaborated with the Nigeria LNG Limited to save a fishing vessel named MV ORC4 from sinking, reported on Wednesday.

Lagos oilfield output hit 1.2 million barrels in 2018

Crude oil production from Aje field, offshore Lagos, rose to 1.2 million barrels in 2018, one of the joint venture partners have said.

Chevron/NNPC Sign Gas Sales Agreement with Dangote

Chevron Nigeria Limited (CNL), operators of the Nigerian National Petroleum Corporation (NNPC)/ Chevron joint venture projects yesterday said it has signed a Gas Sale and Aggregation Agreement (GSAA) with Dangote gas Aggregation Company of Nigeria Limited (GACN) as the aggregator.

Breaking: Bonny light price rises to $67.48 per barrel

The price of Bonny Light, Nigeria’s premium oil grade has risen from $66.00 to $67.48 per barrel, the highest in recent times, as the Organisation of Petroleum Exporting Countries, OPEC; continue to eliminate excess oil from the global market.


NCDMB, stakeholders to examine oil, gas opportunities

Stakeholders in the nation’s oil and gas industry will converge on Yenagoa, Bayelsa State next month to examine investment opportunities, the Nigerian Content Development and Monitoring Board has said.



Senate minimum wage panel begins sitting

Members of the senate committee on minimum wage bill held their first sitting on Wednesday with an assurance that they would submit their report by Tuesday next week.

Labour asks Shettima to pay pensioners

 Borno State Governor Kashim Shettima has been told by the Nigeria Labour Congress in the state to pay pensioners their entitlements before leaving office on May 29.

Minimum wage: Senator Adeola urges RMFC to review revenue allocation formula

Chairman of Senate Committee on Local Content, Solomon Adeola, has called for the review of revenue allocation formula by the Revenue Mobilisation and Fiscal Commission (RMFC), as a way of effectively implementing the recommended N30,000 minimum.

 How Amosun bowed to Labour power

Despite receiving billions in bailout funds, Ogun State Government continues to owe its workers arrears of salaries. Mostly affected are workers of the Tai Solarin College of Education who have been owed arrears of salaries and pension for close to a decade.”

These were the words of the President of Nigeria Labour Congress, NLC, Ayuba Wabba, while addressing guests and delegates at the opening ceremony of the recent 12th Quadrennial National Delegates Conference of NLC, on February 5, 2019.

Menopause: No cause for worries

As a facilitator in health talks in churches and social organisation, I have found that most questions asked centered on middle age challenges. The most commonly asked are on arthritis, diabetes, hypertension and menopause. I had promised on various occasions that I would populate my column with menopause on a convenient time and inform them. That promise is what I intend to keep today.

Air crash: FG bans Boeing 737-Max planes

The Federal Government on Wednesday announced a ban on Boeing 737-Max aircraft flying in Nigerian airspace after the Ethiopian Airlines flight from Addis Ababa to Nairobi crashed on Sunday, killing 157 people.




We Are Recruiting, NNPC Confirms

The Nigerian National Petroleum Corporation (NNPC) says it has opened its portal for recruitment of fresh graduates and experienced professionals into the system.

We Are Recruiting, NNPC Confirms

NNPC recovers N771m assets from defaulting oil marketers

The Nigerian National Petroleum Corporation (NNPC) says it has recovered assets worth over N771 million from some marketers who had underpaid for petroleum products supplied to them from the Petroleum Products Marketing Company (PPMC) Kaduna Depot.
NEITI: $926bn Earned from Oil, Solid Minerals in 17 Years

The Nigeria Extractive Industries Transparency Initiative (NEITI) has said that between 1999 and 2016, a period of 17 years, Nigeria earned a combined sum of $925.99 billion from its production and sale of crude oil, gas, and solid minerals.

NEITI: $926bn Earned from Oil, Solid Minerals in 17 Years

Uncertainty still surrounds FID on $4.3bn NLNG Train 7

Eight months after the signing of the Front End Engineering Design contract for Train 7 of the Nigeria LNG Limited, there is still uncertainty as to when the shareholders will take the final investment decision on the project.

Uncertainty still surrounds FID on $4.3bn NLNG Train 7

NIMASA seeks amendment in crude oil trade terms

The Nigerian Maritime Administration and Safety Agency, NIMASA, said it is focused on ensuring that the nation’s crude oil trade terms are changed from the present Free on Board, FOB to Cost Insurance Freight, CIF. Peterside Dakuku Disclosing this in Benin over the weekend, Director-General of NIMASA Dakuku Peterside, said in a bid to create enabling ground for businesses to grow in the Nigerian shipping industry, the Nigerian Maritime Administration and Safety Agency, NIMASA, will re-evaluate Nigeria’s crude oil trade term, customs duty among others to drive competitiveness.

NIMASA seeks amendment in crude oil trade terms

NIMASA Debunks Report Of Failure To Rescue Distressed Vessel

Published 1 min ago on March 13, 2019 By YUSUF BABALOLA The Nigerian Maritime Administration and Safety Agency, NIMASA has described as untrue the news making the rounds in some online media platforms that the agency failed to provide assistance to a distressed vessel, MV ORC4.

NIMASA Debunks Report Of Failure To Rescue Distressed Vessel

World Book Day: FAMFA Oil Motivates Pupils to Read

Marked in over 100 countries across the world, World Book Day, a UNESCO initiative aimed at celebrating books and reading, especially among younger people in the society presented an opportunity for FAMFA Oil Limited to create a situation that would unlock the power in the minds of the numerous children that gathered at MUSON Centre Lagos to commemorate the day. Mary Nnah reports

World Book Day: FAMFA Oil Motivates Pupils to Read


More than half world population lacks health care, social security — ILO

International Labour Organisation, ILO, yesterday said more than half of the world’s population lacked access to essential health care and 29 per cent had comprehensive social security coverage.

More than half world population lacks health care, social security — ILO

Senate names new chair for minimum wage committee, begins budget debate

The Senate will begin the second reading and debate on the general principles of the N8.83trn 2019 budget on Wednesday.

Senate names new chair for minimum wage committee, begins budget debate

FG wants full risk identification in Labour sector

Permanent Secretary, Federal Ministry of Labour and Employment, William Alo, spoke in Abuja during the flag-off of a workshop on the Development of National Risk Register, NRR, for Nigeria, organized for the staff of the Ministry.

FG wants full risk identification in Labour sector

CSOs Advice ASUU against Undermining FUOYE’s Management

Citing the recurring crisis between the management and lecturers of the Federal University, Oye-Ekiti in Ekiti State, and the Civil Society Groups for Good Governance has admonished the chairman of the institution’s chapter of the Academic Staff Union of Universities (ASUU), Dr. Akinyemi Omonijo, against undermining the authorities’ efforts to develop the school

CSOs Advice ASUU Against Undermining FUOYE’s Management

Pension jargon took me 10 years to unravel

Years of flattering fund reports from Prudential convinced David Mitchell, 69, that he was due a fair-sized pension. When it didn’t materialise, he launched a decade-long campaign for answers in plain English. But experts say financial firms are still bamboozling consumers and putting them at risk.

Pension jargon took me 10 years to unravel

Polycystic Ovary Syndrome: Symptoms, causes, treatment (2)

The most common symptoms of polycystic ovary syndrome include irregular periods, heavy bleeding, hair growth, acne, weight gain, male-pattern baldness, darkening of the skin and headaches.

FG wants full risk identification in Labour sector



Baru directs DSDP partners to patronise NNPC Shipping Coy

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has advised all its partners involved in the Direct Sale Direct Purchase (DSDP) scheme to patronise the NNPC shipping subsidiary (NIDAS), as a way of sustaining the profitability of the national oil outfit.

FG told to ask Shell, Exxon Mobil to list on NSE

Financial expert and Head of FSDH Research, Mr. Ayodele Akinwumi, has described the proposed listing of MTN on the Nigerian Stock Exchange as a welcome development, while urging the Federal Government to persuade other multinationals like Shell, Total Upstream and Exxon Mobil to also list on the NSE.

South Africa’s oil discovery signals decline for future Nigerian supply

The discovery of crude oil by French oil and gas major Total in offshore South African could soon herald a gradual decline in demand from Nigeria and could constrain about N340bn worth of crude oil bought from Nigeria in the last three months of 2018. According to latest International trade figures released by the National…

Nigeria cuts 1.484m barrels off oil production

Nigeria, Africa’s biggest crude exporter, slashed a total of 1.484 million barrels of crude in the 28 days of February.
The Federal Government made this known in a statement.
It maintained that this production slash was achieved through 53,000 barrels cut daily in compliance with quota slammed on the country by the Organisation of Petroleum Exporting Countries (OPEC).

 ‘How $32trn climate change push disrupted global oil industry’

Global oil and gas companies are increasingly facing an uphill battle, as global warming policies are taking their toll, a report by oil showed.
Noting that investors had forced Dutch oil and gas major Shell to officially change its strategy, the report stated that this had made the super major to invest in more renewable energy and energy storage.

W/ Africa Crude: Angolan clears slowly

BP sold a cargo of Kissanje to Unipec. BP was previously offering the cargo at dated Brent plus $1.30 a barrel. The deal price did not immediately emerge but it was below $1 a barrel.

Oil Prices Appreciate On Falling US Drilling Activity Oil prices inched up yesterday as Saudi oil minister, Khalid al-Falih, assured that an end to OPEC-led supply cuts was unlikely before June and a report of falling U.S. drilling activity.

Oil nears $67 on Saudi’s export cuts

Oil futures headed higher yesterday amid reports that Saudi Arabia planned to extend efforts to reduce crude exports.




Beware of mischievous advisers, failed experts, Labour tells Buhari

The Association of Senior Civil Servants of Nigeria (ASCSN) has advised President Muhammadu Buhari to be wary of mischievous individuals and failed experts who are bent on derailing his administration but pretending to wish him well.

New Minimum Wage, MTEF/FSP, 2019 budget top agenda as Senate resumes today

Barring any unforeseen circumstances, the Senate will resume plenary today, March 12, 2019, with the approval of the new National Minimum Wage Bill, 2019-2021 Medium Term Expenditure Framework/Fiscal Strategy Paper (MTEF/FSP), N8.83 trillion 2019 Budget and other critical bills on top of its agenda. The Senate will also be reconsidering some critical bills earlier rejected…

ASUU chair’s sex-for-marks case takes new twist

The sex harassment claim leading to the suspension of the Chairman of the Ambrose Alli University, Ekpoma, and branch of the Academic Staff Union of Universities, Dr. Monday Igbafen, by the institution has taken a new twist with the family of the woman allegedly sexually harassed by the lecturer demanding an apology from the school.



Insurance Records 13.9% Growth in Oil Businesses in 10 Years

The insurance sector in the past ten years (2008-2017), recorded the highest cumulative average growth rate of 13.9 per cent in oil and gas business.

Oil rises on ongoing OPEC-led supply cuts, fall in U.S. rig count

Oil prices rose on Monday, lifted by comments from Saudi oil minister Khalid al-Falih that an end to OPEC-led supply cuts was unlikely before June and a report showing a fall U.S. drilling activity.

Saudi Arabia to Cut Crude Oil Exports In April

Saudi Arabia plans to cut its crude oil exports in April to below seven million barrels per day (bpd), while keeping its output “well below’’ 10 million bpd, Saudi official said on Monday.

Nigeria’s massive importation of petrol

AS oil goes, so goes Nigeria, and there is perhaps no better indication of the state of affairs in the country than recent reports that Nigeria, officially one of the foremost exporters of crude oil in the world, is now also the world’s largest importer of petrol. To put Nigeria’s ignoble distinction in perspective: it is the only nation among the 15-member Organisation of Petroleum Exporting Countries (OPEC) to import petrol. Such, apparently, is the grim state of things that in January this year, Nigeria became the largest buyer of petrol from China. In that month alone, Nigeria imported 51,000 metric tonnes of petrol from the Asian giant.



N30, 000 minimum wage: Labour, OPS take battle to FIRS

The battle for a new national minimum wage in the country seems far from being won. Though Nigerian workers are anxiously waiting for the Senate to pass the bill, there appears to be more hurdles to cross besides the President signing it into law.





Nigeria produced above OPEC oil quota in Feb – Report

Nigeria, Africa’s top oil producer, pumped more crude oil in February than the quota given by the Organisation of Petroleum Exporting Countries, a new survey has shown.

NNPC wants DSDP partners to patronise NIDAS

The Group Managing Director of the Nigerian National Petroleum Corporation, Dr Maikanti Baru, has charged partners involved in the Direct Sale Direct Purchase scheme of the corporation to patronise its shipping subsidiary, NIDAS Limited.

Oil industry can attract $25bn in two years — NCDMB

The Nigerian Content Development and Monitoring Board said on Thursday that the investment opportunities in the nation’s oil and gas industry could attract $25bn in the next two years.

Millions of barrels of crude stranded in the Atlantic

The NS Concept is a colossal red-and-yellow oil tanker with an international background almost as colorful as its paintwork. It sails under the flag of Liberia; was built in South Korea by Hyundai, and is owned and commercially managed by Russia’s Sovcomflot. However, of late it’s been drifting in international waters, owing to US sanctions.

 Oil Prices Slide As Economic Outlook Darkens, U.S. Supply Surges

Oil prices dropped on Friday as clouds gathered over the global economy after the European Central Bank (ECB) warned overnight of continued weakness and fresh data showed Chinese exports and imports slumped last month.:


ASCSN warns Buhari: Stop naming non-civil servants as perm secretaries

The Association of Senior Civil Servants of Nigeria on Thursday advised President Muhammadu Buhari to restore tenure policy in the civil service for Permanent Secretaries and directors and stop the practice of recruiting Permanent Secretaries from outside the civil service.

ASUU restates commitment to 2019 Memorandum of Action with FG

The Academic Staff Union of Universities (ASUU), says it will abide by the contents of the 2019 Memorandum of Action (MoA) agreed upon by the union and the Federal Government.

Economy: Labour seeks fresh positive perspectives

As President Muhammadu Buhari is certain to mount the nation’s saddle of leadership for another four years following his re-election, organised labour, under the aegis of Association of Senior Civil Servants of Nigeria (ASCSN), has advised him to come into office with fresh and positive perspectives to governance as it is in other developed economies

 International Women’s Day: Nigeria in focus

As the world marks International Women’s Day (IWD), which draws attention to matters relating to women and girls, women in Nigeria have been called upon to continually up-skill themselves, network actively, and put themselves forward confidently for greater roles in society.
Some prominent Nigerian women who spoke with Business Day also called for gender balance, women empowerment, and inclusion of more women in governance in the country for economic development.




NNPC recovers N771m assets from defaulting marketers

The Nigerian National Petroleum Corporation on Tuesday announced that it had recovered assets worth over N771m from some oil marketers who under-paid for petroleum products supplied to them from the Kaduna depot of the Petroleum Products Marketing Company

NNPC plans fertilizer, power plants in Bayelsa, Kaduna, others

The Nigerian National Petroleum Corporation on Tuesday expressed its preparedness to build additional Independent Power Plants in Abuja, Kaduna and Kano.

Oil Prices Down On Weak Demand Growth Outlook

Published 2 hours ago on March 6, 2019 By CHIKA IZUORA Oil prices dropped yesterday as markets eyed only modest prospects for growth in fuel demand, although OPEC-led efforts to cut output still offered some support.


NEITI meets EFCC, police, others over oil frauds

To further deepen the fight against fraudulent activities in the extractive industry, particularly in the oil and gas sector, the Nigeria Extractive Industries Transparency Initiative on Tuesday held a meeting with officials from the Nigeria Police Force, the Economic and Financial Crimes Commission, the Federal Ministry of Justice, Code of Conduct Bureau, the Nigeria Financial Intelligence Unit, and the Independent Corrupt Practices and Other Related Offences Commission.

Soon, no one will buy Nigeria’s crude. Not

Once, US was the highest off taker of Nigerian crude. In 2010, US imported 358.9 million barrels of crude from Nigeria. With the advent of shale oil boom in 2012, US imported 148.48 million barrels of crude from Nigeria and as at 2018, the figure has nosedived to about 36 million barrels.



Decent work, key to achieving sustainable development – DG, ILO

The Director-General, International Labour Organisation, Guy Ryder, has said that decent work is key to achieving sustainable development and social justice.

Amosun reinstates Ogun NLC boss, 3 others

Ogun State Governor, Senator Ibikunle Amosun, yesterday, reinstated the Ogun State chairman of the Nigeria Labour Congress (NLC), Akeem Ambali, into the civil service, 28 months after dismissal.

Pension complaints and solutions

MRS ADEJUMO: Thank you so much. I have seen my complaint in The Nation. I hope you will pursue my case to enable PTAD address my complaint and settle the seven years’ and seven months’ arrears.  – Mrs. Agnes Adejumo from Ibadan.

PTAD’s response: The pensioner is advised to send her complaint, name and account details to to enable us give an update on her complaint as no phone number was provided to communicate with her.

Now that ASUU has suspended its strike

There is no doubt that Nigeria’s higher education sub-sector, especially the university system, is going through tough times, given the events of the last four months. What is more astounding and unpardonable is how the system has been held in the jugular for over three years in the last three decades at every provocation by the various workers’ unions in the university system, which always find it convenient to throw the system into abysmal state under the guise of agitating for betterment of their welfare and that of the ivory towers.




Oil workers urge FG not to renege on rehabilitation of refineries

Oil workers under the auspices of Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) have urged President Muhammadu Buhari not to renege on his determined efforts to diversify the nation’s economy and optimally rehabilitate the four refineries.

Buhari’s re-election will guarantee refinery revamping – NNPC

The Nigerian National Petroleum Corporation (NNPC) says the re-election of President Muhammadu Buhari will help to facilitate the revamping of the nation’s refineries.

NNPC loses N228.1bn revenue as refineries remain dormant

The Nigerian National Petroleum Corporation lost revenue of N228.1bn between April and November 2018, a period of about seven months, as its refineries continued to perform poorly, the latest industry data revealed.

FG trains stakeholders on measurement in oil, gas sector

The Federal Government, on Monday, commenced training of stakeholders involved in the oil and gas sector on proper metering and measurement in the sector for enhanced national economic development.

Crude trade: Nigeria set to migrate from FOB to CIF

The Nigerian Maritime Administration and Safety Agency has said that it achieved a level of success on the discussion around the migration from Free On Board to Cost, Insurance and Freight trade terms for the nation’s crude oil.

FG spent N2.95tn on petrol imports in 2018 –NBS

the amount spent by the Federal Government on the importation of Premium Motor Spirit, also known as petrol, soared by nearly 50 per cent to N2.95tn last year.

Pipeline leak delays Nigeria’s Forcados crude loadings

Loadings of Nigeria’s Forcados crude oil, one of the nation’s largest export grades, have been delayed by at least 10 days after a leak on the main pipeline, Reuters quoted industry and local sources as saying.

Shell rules out force majeure on oil export after Nembe fire

Royal Dutch Shell has disclosed that it does not have plans to declare force majeure on Bonny Light exports after a fire in an area around a key pipeline.

Shell Inducts 30 Engineering Graduates

Thirty engineering graduates have been inducted to the fifth batch of the Shell Nigeria internship programme, a four-year old scheme designed to help young graduate engineers upscale their skills in readiness for employment in the energy sector.


Nigeria Heightens Field Growth as Global Oil & Gas Drilling Set to Surge

New forecast has said that Nigeria growing drilling activities would support expected global surge in oil and gas drilling this year.

Sentiment, speculation, rumours influence oil market – Barkindo

The Organisation of Petroleum Exporting Countries, OPEC, has identified sentiment, speculation and rumours as major determinants of developments in the global oil market.

BudgIT Charges Buhari to Prioritise Oil Sector Reform

BudgIT, a civic organisation has called on President Muhammadu Buhari to focus on oil and gas sector reforms in his second term.

Jeon: Why Local Content Matters in Nigeria’s Oil and Gas Industry

The Managing Director of Samsung Heavy Industries Nigeria (SHIN) Limited, Mr. Jejin Jeon, in this interview speaks on his company’s accomplishments in the area of local content in Nigeria’s oil and gas sector. Oluchi Chibuzor presents the excerpts:

Report: Oil Sector Contributes 92.9% of Illicit Financial Flows

A report by the Nigeria Extractive Industries Transparency Initiative (NEITI) and Trust Africa has disclosed how companies and persons doing business in Nigeria’s oil and gas sector contribute 92.9 per cent of the total amount of illicit financial flows (IFFs) the country records every year.

US-China Trade Dispute Resolution Pushes Oil Prices Up

Oil prices moved up slightly yesterday as the United States and China were reported to be close to signing a trade deal, to bring to bring to an end a row that has roiled financial markets and clouded the outlook for the global economy.


Nigeria raises oil, gas investment projection ceiling to $48bn

The Federal Government has raised the ceiling for oil and gas projects’ investments currently available in Nigeria to $48 billion.

Tinubu: Oil sector suffers skills gap

The oil and gas sector suffers from skills shortage that is compounded by a small pool of homegrown talent, Group Chief Executive, Oando PLC. Mr. Wale Tinubu, has stated.
He said this in a statement made available to New Telegraph in Lagos.


ASCSN demands immediate implementation of N30, 000 minimum wage

Following his re-election victory, the Association of Senior Civil Servants of Nigeria (ASCSN), has demanded immediate implementation of the N30,000 national minimum wage from President Muhammadu Buhari.

Congratulating President Buhari for his re-election, the union urged him to implement the new national minimum wage as soon as the Senate passed the Bill since the House of Representatives had already done so.

NLC converges on Abeokuta today to protest govt anti-workers policies

The leadership of the Nigeria Labour Congress (NLC) and its 43 affiliates will today converge on Abeokuta, the Ogun State capital to protest against the state government over what it described as grievous mistreatment by the state workers by Governor Ibikunle Amosu.

PenCom fines employers, recovers N15.31bn unremitted pensions

The National Pension Commission has recovered N15.31bn from defaulting employers, who failed to remit the pension deductions of their workers into the Retirement Savings Accounts of workers.

Minimum wage: Senate shops for new chairman as Adeyeye quits

The leadership of the Senate has yet to appoint a new chairman for its ad hoc committee on Minimum Wage Bill following the voluntary withdrawal of the Senate Chief Whip, Senator Olusola Adeyeye, from the panel.

N30,000 minimum wage: We won’t sack workers –Niger govt

The Niger state government has reassured civil servants of its commitment to the full implementation of the N30,000 minimum wage, as agreed with the organised labour.

Health Benefits Of Spinach

….cures Asthma, Healthy Skin, Others Spinach is a super food. It is loaded with tons of nutrients in a low-calorie package. Dark, leafy greens like spinach are important for skin, hair, and bone health. They also provide protein, iron, vitamins, and minerals. The possible health benefits of consuming spinach include improving blood glucose control in people with diabetes, lowering the risk of cancer, and improving bone health, as well as supplying minerals and vitamins that can provide a range of different




NUPENG, PENGASSAN Hail FG Over Flag-Off Of Oil Exploration in North

The Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) and Petroleum and Natural Gas Senior Staff Association (PENGASSAN) have expressed their satisfaction over the flag-off and official commencement of crude oil search in the Kolmani Well River-ll, located near Barambu, Alkaleri Local Government Area of Bauchi State.


Nigeria’s oil exports drop as Aiteo shuts pipeline

The nation’s crude oil export has suffered a setback following the shutdown of the Nembe Creek Trunk Line, one of the major crude oil transportation channels used for export.


Oil Prices Step up as OPEC’s Supply Cut Grips Market

Oil prices rose yesterday as markets tightened amid output cuts by producer club OPEC, but surging US supply and a global economic slowdown prevented crude from climbing further.


FAAC kicks over NNPC’s failure to offset NPDC’s $1.7bn debt

The Federation Account Allocation Committee (FAAC) is irked by refusal of the Nigerian National Petroleum Corporation (NNPC) to offset an outstanding sum of $1.7 billion indebted to it by the Nigerian Petroleum Development Company (NPDC), a subsidiary of NNPC. The oil firm, it was learnt, had given commitment to settling the debt, having secured necessary government’s approvals to procure a loan to offset the debt. A FAAC document sighted by New Telegraph over the weekend that captured FAAC members’ position, berated the Nigeria’s oil firm for reneging on payment after several assurances.


Eterna: Earnings hurt by costs

Operating environment for oil and gas sector of the Nigerian economy like other sectors has remained very challenging with enormous economic and security issues. The rapid devaluation of the naira has wiped out billions of naira in market capitalisation for Nigeria’s fledgling oil and gas companies. Challenges of insecurity and other high costs of operations attributable to poor infrastructure have also continued to make the business operating environment difficult especially the oil and gas sector of the economy.


Mired $29.8bn projects hurt Nigeria’s gas fortune

The projected gas prosperity in Nigeria has been badly hurt, as hope of funding and development for the stalled $29.8 billion gas projects in the country suffered further setback,



NEITI: Nigeria Lost $28bn to Outdated Crude Oil PSCs

For a period spanning over ten years, 2008 to 2017, Nigeria lost as much as $28 billion from crude oil due to outdated Production Sharing Contracts (PSCs) it signed with international oil companies (IOCs) operating in the country, the Nigeria Extractive Industries Transparency Initiative (NEITI), has disclosed.  


Rights violation: NLC threatens showdown with Gov Amosun


Nigerian workers under the auspices of Nigeria Labour Congress (NLC) have vowed to make true its promise of taking to the streets to confront and engage the Ogun State Governor, Ibikunle Amosun, for trampling on the rights of its members in the state even as the latter has threatened to deal with them, if they dared to protest on Tuesday, March 5.


ASUU Not Making Fresh Demands

The Academic Staff Union of Universities (ASUU) has denied embarking on another strike or making any fresh demands.


I Don’t Fall Sick Any More, A Former NNPC Staff Reveals What He Used and How You Can Also Benefit Too.


This revelation May Change Your Health & Your Life, Just Like it did mine! This is a very long letter I will encourage you to read to the end for better understanding immune Are you one of those who have health challenges ranging from malaria, typhoid, High Blood Pressure, Diabetes, Weakness in the Bedroom, Infections, Ulcer, Eyesight problems etc. If you are patient enough to read you will be happy with yourself.




PENGASSAN to tackle oil firm on staff disengagement

Members of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) may have resolved to challenge ExxonMobil over its plan to disengage its workers.

NNPC seeks investors for $48bn oil sector capital projects

The Group Managing Director, Nigerian National Petroleum Corporation, Maikanti Baru, has called on investors to utilise the over $48bn investment opportunities available in the upcoming capital projects in Nigeria’s oil and gas industry.

Nigeria complied with OPEC cut deal in February —Kachikwu

The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has said Nigeria implemented its portion of the production deal by the Organisation of Petroleum Exporting Countries in February, a move that enhances the impact of supply cuts that have already boosted crude prices.

NLNG calls for entries in 2019 literature prize, others

The Advisory Boards for The Nigeria Prize for Literature, The Nigeria Prize for Science and The Literary Criticism Prize, sponsored by Nigeria Liquefied Natural Gas Limited, have called for entries in the 2019 edition of the awards.

Mohammed Abacha heads to Appeal Court over Malabu Oil

The son of former Military Head of State, Mohammed Abacha, has dragged the Federal Government, Shell Petroleum Nigeria and others to the Appeal Court as the battle over Malabu Oil rages.

BUSINESS Oil Prices Dip on China’s Weakening Economy

Published 11 mins ago on March 1, 2019 By CHIKA IZUORA Oil prices slipped yesterday as a result of China’s weakening economy and record U.S. crude output, although markets remained relatively well supported by supply cuts led by producer club OPEC.

How OPEC’s refusal to ease supply hike oil prices


Following resistance by the Organization of the Petroleum Exporting Countries (OPEC) to stick to its supply cuts despite pressure from U.S. President Donald Trump, Oil prices rose on Wednesday after a report of declining U.S. crude inventories.


Buhari’s re-election, good omen for NNPC Oil, Gas sector-Stakeholders

Stakeholders in the Nigerian oil and gas sector says the re-election of President Muhammadu Buhari is good omen for the oil and gas sector.



NLC dismisses Amosun’s threat, insists on

The Nigeria Labour Congress has denounced a threat against its leadership by the Ogun State Governor, Ibikunle Amosun, over the union’s protest slated for Friday.

Mining Sector Losing Revenue Due To Unreliable Data – NEITI

Published 1 min ago on March 1, 2019 By FESTUS OKOROMADU The absence of accurate and authentic data has been identified as major factors responsible for the federal government losing accruable revenues from the country’s mining sector.



PENGASSAN Tasks Workers on Capacity Building

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has called on companies operating in the nation’s oil and gas sector to sufficiently update their workforce on trending global technology.

This, the union stated would adequately prepare them on how to handle its effects.

A statement quoted the PENGASSAN President, Mr. Francis Olabode Johnson, to have said this at a 2-day PENGASSAN Port Harcourt Zonal Workshop, with the theme: ‘Impact of Technology, Politics and Leadership Skills on Industrial Relations in the Workplace,’ organised by the Port Harcourt Zone of the Association in Awka, Anambra State recently.

Oil search in inland basins

President Muhammadu Buhari recently flagged off drilling activities by the Nigeria National Petroleum Corporation (NNPC) in the Kolmani River 1 oil well in the Gongola Basin of the Benue Trough, Bauchi State. In the same vein he also directed the extension of exploration activities related to the search for petroleum in six other basins in the country, pursuant to boosting the country’s proven petroleum resources.

Tender for NLNG Train 7 out in April

The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Simbi Wabote, has said the Nigeria Liquefied Natural Gas Limited (NLNG) will issue Invitation to Tender (ITT) for the NLNG Train 7 project in April.

Oil hits $65 on OPEC cuts, Saudi shutdown

Brent crude oil prices hit 2019 highs above $65 per barrel on Friday, spurred by OPEC-led supply cuts and a partial shutdown of Saudi Arabia’s biggest offshore oil field.

Reducing revenue leakages, oil theft with LNG tracking technology

The Federal Government as part of its oil sector reforms last week in Lagos recorded a major milestone in the history of the country’s oil and gas sector with the inauguration of the Crude Oil and LNG Tracking (COLT) to final destination portal by the Minister of State for Petroleum Resources, Mr.Ibe Kachikwu.

Shell, partners sign 300m cubic feet gas FID

The Shell Petroleum Development Company of Nigeria Limited (SPDC) and its joint venture partners last week signed a Final Investment Decision (FID) agreement for 300 million cubic feet of gas per day production at Assa North gas development.

Dangote’s refinery: New highway coming for oil tankers –Sanwo-Olu

All Progressives Congress (APC) governorship candidate in Lagos State, Babajide Sanwo-Olu, has allayed the anxiety being nurtured by residents of Lekki-Epe axis, over the imminent gridlock expected from the operations of Dangote Refinery at the corridor.

Oil firms and disasters in the Niger Delta

The Rains are here again in the upland western Atlantic belt like Lagos. Soon, just in a space of few weeks now, the early rains of the year will veer towards the inland coastal areas, towards the Niger Delta areas, on the mouth of the Atlantic Ocean. The lower heavens was so generous last year with an overdose of rainfall and it did more than cool the temperature of the lower Niger Delta compatriots who already are used to humid weather most periods of the year.



TUC Calls for Review of NLAC

The National Executive Council of the Trade Union Congress of Nigeria (TUC) has called for the review of the law establishing the National Law Advisory Council (NLAC).

NLC to Nigerians: Go out and vote on Saturday

The Nigeria Labour Congress (NLC) has expressed shock at the last minute postponement of the Presidential and National Assembly elections scheduled to hold last Saturday.

Minimum wage and ASUU wars lost once again

JAMES Macpherson was the father of Sir John Macpherson, a former governor-general of Nigeria, who handed the baton of office to Sir James Robertson who was our last British ruler before independence. He noticed how many times his Scottish brethren went to war against the English and have ended up defeated.


Labour Minister Urges Trade Unions To Emulate ANAP

The Minister of Labour and Employment, Senator Chris Ngige, has advised trade unions in the country to Emulate the good conduct of the Association of Nigerian Aviation Professionals (ANAP) since the group was registered three years ago.





PENGASSAN draws battle line with ExxonMobil over sack

A possible confrontation between members of Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the management of ExxonMobil is by the corner, following moves by the oil giant to disengage some of its local employees this week, The Nation has learnt.

NNPC, Shell, others sign FID for gas project

The Nigerian National Petroleum Corporation and its joint venture partners on Wednesday in Abuja signed the Final Investment Decision on the development of the 4.3 trillion cubic feet Assa North/Ohaji South Fields in Oil Mining Lease 21.

Total Nigeria announces winners of competition

Total Nigeria Plc has unveiled the winners of the second edition of the Startupper of the Year by Total Challenge in Nigeria.

The company said a jury of local experts selected the winners of the 2018-2019 edition of the competition and they were presented awards at a ceremony on Wednesday in Lagos.


Nigeria’s daily oil production falls to 1.99 million barrels

The nation’s crude oil production including condensate fell to 1.999 million barrels per day in January from 2.081 million bpd in December, according to the Ministry of Petroleum Resources.


NNPC, IOCs Sign FID on Assa North/Ohaji South Gas Fields

The Nigerian National Petroleum Corporation (NNPC) has signed a Final Investment Decision (FID) with its Joint Venture (JV) partners – Shell Petroleum Development Company (SPDC), Total Exploration and Production Nigeria (TEPNG), and Nigeria Agip Oil Company (NAOC) to develop the 4.3 trillion cubic feet (tcf) Assa North/Ohaji South fields (ANOH) located in Oil Mining Lease (OML) 21.

Crude Oil Price Rises to $63 after Saudi Output Pledge

Crude oil price rose yesterday to $63 per barrel after top exporter, Saudi Arabia, said it would cut crude exports and deliver an even deeper cut to its production.

Restive Oil region braces as Nigeria heads toward election

Heavily armed Nigerian troops crouch behind sandbags outside Royal Dutch Shell Plc’s Kolo Creek pumping station, underscoring the tension pervading the oil-rich Niger River delta before general elections on Saturday. As the race between President Muhammad Buhari and his main challenger, Atiku Abubakar, nears its climax on Saturday, the military has stepped up its presence…

Oil privatisation call exposes Nigeria election divide, says FT

Nigeria’s state-owned refinery in Kaduna, a rusted hulk set on about three square kilometres on the parched outskirts of the northern city, has capacity to process 110,000 barrels of oil a day. Last year it processed virtually nothing. The other three state-owned refineries — in the oil-rich Niger delta region in the south of the…


Shell’s three scholarship awardees graduate

THREE beneficiaries of Shell Nigeria Exploration and Production Company’s (SNEPCo) scholarship in the United Kingdom (UK) have returned home after completing their studies.



After ASUU Strike: Lecturers in classes without students

While the Academic Staff Union of Universities, ASUU, last week suspended its three months old industrial action, many stakeholders were excited with the news, believing that at least students and lecturers can now return to classroom.

Why FG, ASUP disagreement lingered

Shortly before lecturers ended their strike on Tuesday, the chairman of the Academic Staff Union of Polytechnics (ASUP), Kaduna Polytechnic chapter, Dr Aliyu Hassan Ibrahim, explained why it took a long time to reach agreement with government.

AFCON U-20: Mali edges Nigeria on penalties

The Flying Eagles of Nigeria had their dream of a record eighth title success dashed Wednesday following a 4-3 penalty shootout defeat to Mali at the 2019 CAF U-20 AFCON in Niger.