NEWS REVIEW FOR MONDAY, NOVEMBER 26, 2018

OIL & GAS

Fresh trouble for Nigeria as oil price plunges

The international oil benchmark, Brent crude, has fallen to its lowest level this year and below the proposed benchmark for Nigeria’s 2019 budget, with economic experts describing the development as a cause for concern for the country.

https://punchng.com/fresh-trouble-for-nigeria-as-oil-price-plunges/

 

Fresh Fact Reveals Nigeria Lost $6bn In OML 245 Oil Deal

A fresh fact has emerged showing how Nigeria was scammed losing $6 billion in the OML 245 Oil Deal.

https://orientalnewsng.com/nigeria-loses-6bn-from-corrupt-oil-deal-linked-to-fraud/?utm_source=newsletter&utm_medium=email&utm_campaign=nigeria_loses_6bn_from_corrupt_oil_deal_linked_to_fraud&utm_term=2018-11-26

 

Calls for deregulation of Nigeria’s fuel market persist

The recent rise in the landing cost of petroleum products has renewed the calls for the full deregulation of the downstream subsector of the nation’s oil and gas industry

https://punchng.com/calls-for-deregulation-of-nigerias-fuel-market-persist/

 

DPR, stakeholders to examine sustainability in oil industry

The Department of Petroleum Resources has said the need to drive sustainability in the nation’s oil and gas industry through stakeholders’ environmental stewardship will be the focus of the forthcoming conference on health, safety and environment.

https://punchng.com/dpr-stakeholders-to-examine-sustainability-in-oil-industry/

 

INVESTING 95 PER CENT OF NNPC: THE MECHANICS

Chijioke Mama argues that there exists a strong case for divestment in the state-oil corporation

https://www.thisdaylive.com/index.php/2018/11/26/divesting-95-per-cent-of-nnpc-the-mechanics/

 

Oil prices collapse as glut fear triggers heavy selling

Oil prices slumped Friday to lows not seen since last year as concerns over high crude supplies triggered massive selling, dealers said.

https://guardian.ng/business-services/oil-prices-collapse-as-glut-fear-triggers-heavy-selling/

 

 

Slump in oil price threatens government’s economic forecast

The downward slide of crude price may hamper current economic prospects in the country, particularly if the development refuses to abate, oil and gas analysts have said.The prices of oil had fallen on Friday with Brent oil inventory for January delivery, sliding 6.1 percent to $58.80 per barrel, while West Texas Intermediate (WTI) dropped $4.21 to $50.42 a barrel for January delivery, a decline of 7.7 percent.

https://guardian.ng/news/slump-in-oil-price-threatens-governments-economic-forecast/

 

Shinning the Light on West Africa’s  Oil and Gas Shipping Prospects

The 2018 Oil Trading and Logistics Expo in Lagos shines a light on opportunities in the West African oil and gas shipping clusters, highlighting how they can be harnessed

https://www.thisdaylive.com/index.php/2018/11/25/shinning-the-light-on-west-africas-oil-and-gas-shipping-prospects/

 

DPR discovers 50 illegal filling stations in Akwa Ibom

The Department of Petroleum Resources, Eket office says it had discovered 50 illegal filling stations in the state

https://punchng.com/dpr-discovers-50-illegal-filling-stations-in-akwa-ibom/

 

OTHER NEWS

Strike: FG, ASUU hold another crucial meeting today

The Federal Government is expected to hold another emergency meeting with the Academic Staff Union of Universities on Monday in a bid to end the ongoing strike in public universities.

https://punchng.com/strike-fg-asuu-hold-another-crucial-meeting-today/

 

W’Bank: Nigeria’s Fiscal Deficit May Widen

The World Bank has stated that fiscal deficits in Nigeria will likely widen further in 2018 due to increased pre-election spending and sustained revenue shortfalls.

https://www.thisdaylive.com/index.php/2018/11/26/wbank-nigerias-fiscal-deficit-may-widen/

 

How to protect your bank cards from fraud

The risk of a fraudster accessing your bank account through the card you use at the ATM or a shop terminal is very real. In fact, card fraud accounts for several billions annually, according to www.macquarie.com.

https://punchng.com/how-to-protect-your-bank-cards-from-fraud/

 

NEWS REVIEW FOR THURSDAY, NOVEMBER 22, 2018

OIL & GAS

Port Harcourt refinery may resume production next week

The Port Harcourt Refinery, shut down two months ago over a major equipment failure, may resume production next week. It was gathered that the facility’s boiler got severely damaged thus crippling production activities.

https://guardian.ng/news/port-harcourt-refinery-may-resume-production-next-week/

 

FG to launch guidelines for oil industry Monday

The Minister of state Petroleum Resources, Ibe Kachikwu, will on Monday in Lagos launch three regulatory guidelines aimed at standardising the nation’s oil and gas industry.

https://www.dailytrust.com.ng/fg-to-launch-guidelines-for-oil-industry-monday.html

 

Subsidy debts: Marketers, DMO, others to meet Senate committee

The Debt Management Office, Ministry of Finance, Petroleum Products Pricing Regulatory Agency, Central Bank of Nigeria as well as oil marketers are to meet with the Senate Committee on Petroleum (Downstream) on Thursday (today) regarding the payment of subsidy debts.

https://punchng.com/subsidy-debts-marketers-dmo-others-to-meet-senate-committee/

 

Without reforms, Nigeria’s oil reserves won’t increase — Experts

Worried about the state of the nation’s oil and gas industry, stakeholders under the aegis of the Nigerian Association of Petroleum Explorationists have highlighted the need for reforms in order to attract the investments needed to increase the reserve base.

https://punchng.com/without-reforms-nigerias-oil-reserves-wont-increase-experts/

 

Legal practitioners hopeful of Buhari’s assent to PIGB

The Nigerian Bar Association (NBA), is optimistic about the assenting of the Petroleum Industry Governance Bill (PIGB), by President Muhammadu Buhari, following recent deliberations on the bill and its submission to the Presidency.

https://guardian.ng/business-services/legal-practitioners-hopeful-of-buharis-assent-to-pigb/

 

Trump Praises Saudi Arabia for $63 Crude Oil Price

As crude oil price rose by one per cent to $63 per barrel Wednesday after slumping six per cent on the previous day, the United States President, Donald Trump, has praised Saudi Arabia for helping to lower oil prices as pressure intensified to impose tougher sanctions on the Middle East ally following the murder of Saudi journalist, Jamal Khashoggi.

https://www.thisdaylive.com/index.php/2018/11/22/trump-praises-saudi-arabia-for-63-crude-oil-price/

 

Militancy: LASG assures oil communities of safety, fairness

Lagos State Government, through the Ministry of Energy and Mineral Resources has said machineries have been put in place for peace to reign supreme in all oil producing areas especially, Aje Community, Badagry.
https://www.vanguardngr.com/2018/11/militancy-lasg-assures-oil-communities-of-safety-fairness/

 

Again, Marketers Seek Removal of VAT on Gas

 

Marketers of liquefied petroleum gas (LPG) commonly known as cooking gas, have raised further concern on the Valued Added Taxes levied on gas produced in the country, calling for the federal government to remove such charges to enable the industry grow.

https://www.thisdaylive.com/index.php/2018/11/22/again-marketers-seek-removal-of-vat-on-gas/

Firm inaugurates $500m LNG plant

Greenville Oil and Gas Company Limited has inaugurated a $500m Liquefied Natural Gas plant in Port Harcourt, Rivers State.

https://punchng.com/firm-inaugurates-500m-lng-plant/

OTHER NEWS

Inflation fell slightly to 11.26% in October – NBS

The consumer price index which measures inflation decreased by 11.26 per cent (year-on-year) in October2018, the National Bureau of Statistics disclosed in its ‘CPI and inflation report October 2018’ which was released on Wednesday.

https://punchng.com/inflation-fell-slightly-to-11-26-in-october-nbs/

Increase in fuel, food prices weakens inflation recovery pace

Although the consumer price index, (CPI), which measures inflation decreased by 11.26 per cent (year-on-year) in October, 0.02 per cent points lower than the rate recorded in September (11.28 per cent), rise in fuel prices—diesel and kerosene as well as food items continued to weaken the pace of recovery.

https://guardian.ng/business-services/increase-in-fuel-food-prices-weakens-inflation-recovery-pace/

Labour Threatens to Demand Two Years Arrears of Minimum Wage

The organised labour has threatened to demand payment of two years arrears of the proposed new national minimum wage for Nigerian workers from the federal and state governments.

https://www.thisdaylive.com/index.php/2018/11/22/labour-threatens-to-demand-two-years-arrears-of-minimum-wage/

FG’s indecision stalls Lagos, labour talks on minimum wage

Governor Akinwunmi Ambode of Lagos State has called off a meeting with labour leaders on the minimum wage crisis, citing the inability of the Federal Government to agree yet on a figure.

https://guardian.ng/news/fgs-indecision-stalls-lagos-labour-talks-on-minimum-wage/

Electricity workers call for review of privatised DisCos

Electricity workers under the auspices of National Union of Electricity Employees (NUEE) yesterday demanded for immediate review of performance of privatised electricity distribution companies.

https://www.dailytrust.com.ng/electricity-workers-call-for-review-of-privatised-discos.html

Labour raises alarm over BPE illegal extension of DISCOs’ operating license

Organised Labour yesterday raised alarm over alleged illegal extension of the operating licenses of the Electricity Distribution Companies, DISCOs, by the Bureau of Public Enterprises, BPE, in contravention of Power Privatization Act.
https://www.vanguardngr.com/2018/11/labour-raises-alarm-over-bpe-illegal-extension-of-discos-operating-license/

Workers besieging ASCSN for justice – Kaigama

THE increasing unfair practices and perceived injustices at work places in may have been worsened by the economic reality in country. Many unions are now being boarded daily with one form of injustice, unfair practice or the other.
https://www.vanguardngr.com/2018/11/workers-besieging-ascsn-for-justice-kaigama/

Nigerian businesses need capacity building support, says Lord Marland

Lord Marland is the Chairman of the Commonwealth Enterprise and Investment Council (CWEIC), established in July 2014, with the support of the Commonwealth Secretariat.

https://guardian.ng/business-services/nigerian-businesses-need-capacity-building-support-says-lord-marland/

NEWS REVIEW FOR WEDNESDAY, NOVEMBER 21, 2018

 

NEWS REVIEW FOR WEDNESDAY, NOVEMBER 21, 2018

OIL & GAS

Stakeholders Want PEF Expunged from PIGB, Refineries Privatised

Some stakeholders in Nigeria’s oil industry have asked the National Assembly to expunge the Petroleum Equalisation Fund (PEF) from the recently legislated Petroleum Industry Governance Bill (PIGB).

https://www.thisdaylive.com/index.php/2018/11/20/stakeholders-want-pef-expunged-from-pigb-refineries-privatised/

 

As NNPC Returns to Loss-making Streak

The Nigerian National Petroleum Corporation may have returned to its old loss-making operation after the positive performance it recorded between February and July this year

https://www.thisdaylive.com/index.php/2018/11/20/as-nnpc-returns-to-loss-making-streak/

 

Revealed: Govs championed 2012 fuel subsidy removal —Jonathan

Nearly six years after implementing a controversial fuel subsidy withdrawal which sparked a nationwide protest, former President Goodluck Jonathan has revealed that it was the 36 state governors who pushed him to remove the subsidy to provide more money for them.
https://www.vanguardngr.com/2018/11/revealed-govs-championed-2012-fuel-subsidy-removal-jonathan/

 

Nigeria’s oil output drops, as rig count rises

Nigeria’s rig count — a standard yardstick used in measuring a nation’s activeness in exploration and production of crude oil and gas — for the month of October, 2018 increased to 34 from 33 recorded in the previous month, data from the Organisation of Petroleum Exporting Countries, OPEC, have showed.
https://www.vanguardngr.com/2018/11/nigerias-oil-output-drops-as-rig-count-rises/

 

FG earns N1.7trn oil revenue in 3 years

Nigeria may have earned about N1.68 trillion as revenue from oil between 2015 and 2017. The Department of Petroleum Resources, DPR, in its 2017 Nigerian Oil and Gas Industry Annual Report, stated that the revenue was realised from oil and gas royalty, gas flare penalty, concession rentals and miscellaneous oil revenue.
https://www.vanguardngr.com/2018/11/fg-earns-n1-7trn-oil-revenue-in-3-years/

 

Oil price continues downward slide

THE price of crude oil has dropped further to $66.32 per barrel in the international market as a result of excess supply and speculation. It closed at $68.00 low last week.
https://www.vanguardngr.com/2018/11/oil-price-continues-downward-slide/

 

MOMAN rules out strike option, says more firms under pressure

Major Oil Marketers Association of Nigeria has ruled out the option of going on strike in its quest for the payment of subsidy arrears owed its members.

https://guardian.ng/energy/moman-rules-out-strike-option-says-more-firms-under-pressure/

 

Rewane queries Atiku’s plans to sell NNPC

The Chief Executive Officer (CEO) of Financial Derivatives Company, Bismarck Rewane, has asked the presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, to tell Nigerians who he wants to sell the Nigerian National Petroleum Corporation (NNPC) to and how he intends to go about it.
https://www.vanguardngr.com/2018/11/rewane-queries-atikus-plans-to-sell-nnpc/

 

Ex-Energia workers head to court over N2bn compensation as DPR negotiation fails

FORMER 37 workers of Energia Limited, a major indigenous oil and gas producing company, have headed to the Lagos High Court over N2 billion compensation as negotiation fails to yield result.
https://www.vanguardngr.com/2018/11/ex-energia-workers-head-to-court-over-n2bn-compensation-as-dpr-negotiation-fails/

 

Govt should incentivise production of gas cylinders – NLPGA

The Nigeria Liquefied Petroleum Gas Association (NLPGA), has called on the Federal Government to incentivise the production of gas cylinders to deepen the penetration of LPG use in the country.
https://www.vanguardngr.com/2018/11/govt-should-incentivise-production-of-gas-cylinders-nlpga/

 

90 per cent of Nigerian homes lack LPG cylinders, reveals NLPGA

Over 90 per cent of Nigerian homes do not have Liquefied Petroleum Gas (LPG) cylinders, thus exposing them to health hazards characterising the use of dirty cooking fuels like kerosene, wood, among others.

https://guardian.ng/energy/90-per-cent-of-nigerian-homes-lack-lpg-cylinders-reveals-nlpga/

 

Company inaugurates $500M LNG plant, seeks government support

In line with the Federal Government’s initiative on gas to power, Greenville, an oil and gas company has inaugurated its first phase of Liquefied Natural Gas (LNG) plant with a daily capacity of 2,250 tons in Rumuji, River State.

https://guardian.ng/energy/company-inaugurates-500m-lng-plant-seeks-government-support/

 

Petrocam opens seventh solar-powered filling station

Petrocam Trading Nigeria Limited, a player in the country’s downstream sub-sector, has unveiled its seventh solar-powered filling station in Lagos.

https://guardian.ng/energy/petrocam-opens-seventh-solar-powered-filling-station/

 

OTHER NEWS

Minimum Wage: Our Situation is Precarious, Govs Tell Buhari

Representatives of Nigeria Governors’ Forum (NGF) yesterday met with President Muhammadu Buhari to discuss the lingering issue of national minimum wage, telling the president that states are too financially weak to pay the N30,000 recommended by the National Minimum Wage Committee.

https://www.thisdaylive.com/index.php/2018/11/20/minimum-wage-our-situation-is-precarious-govs-tell-buhari/

 

Ndume Opposes Govs, Recommends N40,000 Minimum Wage

The senator representing Borno South senatorial district, Ali Ndume, has said the new minimum wage should be N40,000, instead of the proposed N30,000.

https://www.thisdaylive.com/index.php/2018/11/21/ndume-opposes-govs-recommends-n40000-minimum-wage/

 

Slippery Floors Can Cause Permanent Disability, Death’

The Managing Director of No-Slips Limited, the sole distributor of Sure-step in Nigeria, Mr. Charles Igbinidu has stated that, more Nigerians are sustaining life threatening injuries and death as a result of slip and fall accidents.

https://www.thisdaylive.com/index.php/2018/11/20/slippery-floors-can-cause-permanent-disability-death/

 

We equally need upward review of our pensions, senior citizens beg FG

FOR Nigerian pensioners, it will be unfair for the government to approve a new minimum wage for workers, without doing same for retired workers who served the country meritoriously in different capacities.
https://www.vanguardngr.com/2018/11/we-equally-need-upward-review-of-our-pensions-senior-citizens-beg-fg/

 

National Mimimum Wage and peculiarities of the localities (1)

A few weeks ago, the organised labour announced its decision to call out workers on a nation wide strike to press home the need for an increase in the national minimum wage which as at today is fixed at N18,000 under Section 1 of the The National Minimum Wage Act Cap.
https://www.vanguardngr.com/2018/11/national-mimimum-wage-and-peculiarities-of-the-localities-1/

 

 

NLC wants conflict resolution mechanism to tackle killings 

The Nigeria Labour Congress (NLC), has urged the Federal Government to set up conflict resolution mechanisms to resolve frequent clashes of conflicting interests.

https://guardian.ng/appointments/nlc-wants-conflict-resolution-mechanism-to-tackle-killings/

 

Tackling unemployment through economic diversification

The claim that Nigeria is endowed with huge human and material resources is at variance with the rising acute unemployment, and under-employment challenges that confront the country.

https://guardian.ng/appointments/tackling-unemployment-through-economic-diversification/

 

Unions call for continuous training among workers

Trade Union leaders have called for continuous training among various unions to ensure workers’ power in workplace.

https://guardian.ng/appointments/unions-call-for-continuous-training-among-workers/

 

Labour threatens global intervention in national minimum wage struggle

As the controversy over the proposed N30,000 national wage lingers, the Nigeria Labour Congress (NLC) has threatened to involve global union and deploy lawful means in pressuring government to pay the sum agreed by the Amal Pepple-led
National Minimum Wage Tripartite Committee.

https://guardian.ng/news/labour-threatens-global-intervention-in-national-minimum-wage-struggle/

 

 

NEWS REVIEW FOR THURSDAY, NOVEMBER 15, 2018

OIL & GAS

Ex-PENGASSAN president wants Labour to step up struggle for passage of PIRB

FORMER President of Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, Dr Brown Ogbiefun, has urged Organised Labour in the country to step up push for passage of the Petroleum Industry Reform Bill, PIRB, into law.
https://www.vanguardngr.com/2018/11/ex-pengassan-president-wants-labour-to-step-up-struggle-for-passage-of-pirb/

Natural gas to become largest energy source by 2030 — IEA

There are indications the world is fast moving into gas as major source of energy with a report by the International Energy Agency (IEA) saying that Natural gas is expected to overtake coal as the world’s second largest energy source after oil by 2030.
https://www.vanguardngr.com/2018/11/natural-gas-to-become-largest-energy-source-by-2030-iea/

Concerns as Nigeria fails to attract big oil investments

While other African oil-producing countries are gearing up to attract investments, regulatory uncertainty in Nigeria’s oil and gas industry has continued to darken the outlook for big projects in the country.https://www.thisdaylive.com/index.php/2018/11/13/kachikwu-wabote-tinubu-canvass-greater-local-content/

Senate alleges fresh $1.15bn illegal withdrawals from NLNG accounts

The Senate says it has uncovered illegal withdrawals of $1,151,609bn from the dividends accounts of the Nigerian Liquefied Natural Gas by the Nigeria National Petroleum Corporation.https://punchng.com/senate-alleges-fresh-1-15bn-illegal-withdrawals-from-nlng-accounts/

Trains 7&8 will cost over $9.4b

MORE than $9.4billion will be spent by the Nigeria Liquefied Natural Gas (NLNG) to finance the construction of Trains 7&8. The trains would be used to export Liquefied Natural Gas (LNG) to interested buyers/nations, its former Managing Director, Mr Godswill Ihetu, hinted.http://thenationonlineng.net/trains-78-will-cost-over-9-4b/

 

NNPC fires over 80 senior staff for failing promotion exams

The Nigerian National Petroleum Corporation (NNPC) has sacked over 80 manager-level employees, Daily Trust learnt.https://www.dailytrust.com.ng/nnpc-fires-over-80-senior-staff-for-failing-promotion-exams.html

FG mobilises $180m to start Ogoni clean-up

The much-awaited clean-up of the Ogoniland in Rivers State will commence fully by the end of this month, the Federal Government said on Wednesday.https://punchng.com/fg-mobilises-180m-to-start-ogoni-clean-up/

Crude Oil Price Rises as Producers Discuss Supply Cut

Barely 24 hours after crude oil prices slumped to one-year low, the prices rose yesterday, recouping some of the previous session’s slide, on the growing prospect of the Organisation of Petroleum Exporting Countries (OPEC) and allied producers cutting output at next month’s meeting to prop up the market.https://www.thisdaylive.com/index.php/2018/11/15/crude-oil-price-rises-as-producers-discuss-supply-cut/

OTHER NEWS

Funding delaying release of unemployment report –Kale

The Statistician-General of the Federation, Dr Yemi Kale, has blamed the inability of the National Bureau of Statistics to release the unemployment report on lack of funding.https://punchng.com/funding-delaying-release-of-unemployment-report-kale/

FG, ASUU hold crucial meeting over strike today

The Federal Government through the Ministry of Labour and Employment and leaders of the Academic Staff Union of Universities are expected to meet in Abuja on Thursday over the strike in public universities since November 5.https://punchng.com/fg-asuu-hold-crucial-meeting-over-strike-today/

ASUU, principals fault Buhari’s education, feeding policies

The Academic Staff Union of Universities (ASUU) has described President Muhammadu Buhari’s education policy as a disaster. https://guardian.ng/news/asuu-principals-fault-buharis-education-feeding-policies/

Civil servants call for review of emoluments

Civil servants across the country have sought upward review of their wage.https://guardian.ng/appointments/civil-servants-call-for-review-of-emoluments/

Govs to Labour: Expect sacking if we must pay N30,000 minimum wage

Nigerian governors have said they cannot afford to pay workers a minimum wage of N30,000 unless the organised labour wants its members to be sacked.https://punchng.com/govs-to-labour-expect-sacking-if-we-must-pay-n30000-minimum-wage/

Minimum wage, now the hard part

ORGANISED Labour – the Nigerian Labour Congress, NLC, led by Comrade Ayuba Wabba, and Comrade Joe Ajaero’s United Labour Congress, ULC – are floating on the euphoria of a historic achievement. They squeezed out a new National Minimum Wage of N30,000 without actually embarking on indefinite strike, burning down the economy and subjecting the people to untold hardship.
https://www.vanguardngr.com/2018/11/minimum-wage-now-the-hard-part/

The debt burden and how we got there (1)

Nigeria’s debt stock increased by three per cent from the N21.68tn recorded in December 2017 to N22.4tn recorded in December 2017 and to N22.2tn ($73.21bn) at the end of June 2018. The Director-General, Debt Management Office, Patience Oniha, made this known at a media briefing in Abuja on Tuesday, August 14, 2018.https://punchng.com/the-debt-burden-and-how-we-got-there-1-2/

The Road that will Reduce Our Cost of Food

I have spoken with a few friends who say they don’t understand why I am involved in farming. They say its too risky and unprofitable, and too difficult – and they are partly right. But other parts of the value chain have their challenges as well.https://www.thisdaylive.com/index.php/2018/11/15/the-road-that-will-reduce-our-cost-of-food/

Yam validated to treat cancer, diabetes, pain, bone loss, others

Can extracts of the tubers and leaves of some species of yam be used to beat cancer, diabetes, pain, arthritis, bone loss, and premenopausal syndrome?https://guardian.ng/features/yam-validated-to-treat-cancer-diabetes-pain-bone-loss-others/

 

PPMC BDC

President, Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Comrade Francis Olabode Johnson, led other members of the Central Working Committee (CWC) to participate in the 5th Triennial Delegates Conference of the PENGASSAN PPMC Branch at Top Rank Galaxy Hotel, Utako, abuja on Wednesday, 10th October, 2018. Past leaders of the Branch were also in attendance. CONTINUE

PENGASSAN NAOC Branch

Pictures of events at the 5th Triennial Delegates Conference of the PENGASSAN NAOC Branch at Eko Hotel & Suites, Victoria Island, Lagos on Friday October 5, 2018. The event was attended by the leadership of PENGASSAN led by the President Comrade Francis Olabode Johnson. Other Branches were also represented by their chairmen and BEC members. At the occasion, Comrade Peter Onita was re-elected as Chairman to lead the Branch for another three year-term.

CONTINUE

NEWS REVIEW FOR TUESDAY, SEPTEMBER 4, 2018

Oil & Gas
PIGB: As Nigeria’s Oil Reform Hits Brick Wall
Hopes that Nigeria would enact the much-needed reforms in her oil and gas industry may have been dashed once again with President Muhammadu Buhari’s refusal last week to assent to the Petroleum Industry Governance Bill (PIGB), an offshoot of the omnibus Petroleum Industry Bill (PIB)

PIGB: As Nigeria’s Oil Reform Hits Brick Wall

NUPENG to boost workers’ welfare for maximum productivity
Plans are underway by the President Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) to increase the welfare of its workforce to boost productivity.

NUPENG to boost workers’ welfare for maximum productivity

We didn’t complain over rail infrastructure, PIGB delay — NCDMB
The Nigerian Content Development and Monitoring Board (NCDMB) has debunked the sensational headlines reported in some newspapers last week to the effect that the Board has queried the infrastructural development in the rail sector and delayed passage of the Petroleum Industry Governance Bill (PIGB).

We didn’t complain over rail infrastructure, PIGB delay — NCDMB

AKK gas pipeline project to commence next month – NNPC
The Nigerian National Petroleum Corporation, NNPC, Monday, stated that work would commence on the Ajaokuta-Kaduna-Kano, AKK, pipeline project by October, at the onset of the dry season.

AKK gas pipeline project to commence next month — NNPC


https://www.dailytrust.com.ng/chinese-oil-firm-agrees-to-secure-funds-for-nnpcs-2-8bn-akk-project.html

Forex irregularities scare marketers off kerosene importation
Oil marketers in Nigeria are still reluctant to resume the importation of Dual Purpose Kerosene (DPK), after abandoning the venture for over two years on the grounds of unprofitability.

Forex irregularities scare marketers off kerosene importation

Crude oil sells at $78.24 as output peaks
Members of the Organisation of Petroleum Exporting Countries (OPEC) last month produced 32.74 million barrels of crude oil per day, as price rose sharply to $78.24.

Crude oil sells at $78.24 as output peaks

Chevron Put Commitment to Nigeria’s Local Content at $2bn
Chevron Nigeria Limited (CNL) has said its financial commitment to the development of Nigeria’s local content law in the operations of the country’s oil and gas industry has now reached $2 billion.

Chevron Put Commitment to Nigeria’s Local Content at $2bn

Group raises alarm over activities of expatriates in oil sector
A civil society group, Campaign Against Impunity (CAI) has raised an alarm over activities of a certain group of expatriates in the nation’s oil sector, allegedly frustrating indigenous oil companies.
https://www.dailytrust.com.ng/group-raises-alarm-over-activities-of-expatriates-in-oil-sector.html

NPA reports gains of new oil cargo handling policy
THERE are indications that the breaking of monopoly over handling of oil and gas consignments has enabled oil companies to cut cost of operations in Nigeria.

NPA reports gains of new oil cargo handling policy

Total’s Egina FPSO arrives field
The Nigerian National Petroleum Corporation (NNPC), Total Upstream Nigeria Limited, TUPNI and her partners have announced the successful sail-away of Egina Floating, Production, Storage and Offloading (FPSO) unit from the SHI-MCI Yard, LADOL Island in Lagos.
https://www.dailytrust.com.ng/totals-egina-fpso-arrives-field.html

Navy inaugurates 16 patrol vessels to patrol key oil installations
THE Nigerian Navy, yesterday, inaugurated 16 patrol vessels which are to be deployed to patrol and police key oil installations within the maritime domain.

Navy inaugurates 16 patrol vessels to patrol key oil installations

Navy Deploys 16 Warships to Critical Oil Installations in N’Delta, W’Africa

Customs intercept N1.5bn smuggled petroleum products
The Nigeria Customs Service, Federal Operations Unit,, Zone ‘A’ Ikeja, said that it had intercepted N1.5bn worth of petroleum products about to be smuggled out of the country to Benin Republic.

Customs intercept N1.5bn smuggled petroleum products


Get involved in oil industry reform, NCDMB boss tells lawyers
Nigerian Lawyers have been told to get more involved in the ongoing reforms in the Oil and Gas Industry.
https://www.dailytrust.com.ng/get-involved-in-oil-industry-reform-ncdmb-boss-tells-lawyers.html

Other News
Why China has an edge over UK, US in Africa —Kachikwu
Minister of State for Petroleum Resources, Dr Ibe Kachikwu, weekend, said China has an edge over the US and UK in Africa because it was providing what Africa needed.

Why China has an edge over UK, US in Africa —Kachikwu

Only fraudsters will demand money to process pension — PTAD
THE Pension Transitional Arrangement Directorate, PTAD, has warned pensioners to avoid persons who demand money to process their pension payments, saying that such persons are likely to defraud them.

Only fraudsters will demand money to process pension — PTAD

Support FG’s proposed new minimum wage, TUC urges govs
Bayelsa State chapter of Trade Union Congress of Nigeria, TUC, has appealed to state governors and other stakeholders across the country to support the on-going move by the Federal Government for a new minimum wage for workers in the country.

Support FG’s proposed new minimum wage, TUC urges govs

Nigeria’s external debt rises by $11.77bn in three years
Nigeria’s external debt commitment rose by $11.77bn in the last three years, investigation has shown.

Nigeria’s external debt rises by $11.77bn in three years

Insecurity: SGF inaugurates committee on peace commission establishment
Secretary to the Government of the Federation, Mr Boss Mustapha, has inaugurated a committee on the establishment of the National Peace Commission with the acting Director General of the Institute for Peace and Conflict Resolution, Dr Bakut Bakut, as chairman.

Insecurity: SGF inaugurates committee on peace commission establishment

South Africa Slips into Recession
South African President Cyril Ramaphosa unexpectedly suffered the same false start as his predecessor nine years ago: a recession in his first six months in office.

South Africa Slips into Recession

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THE OFFICIALS OF THE BRANCH OF ZENITH BANK MATORI PLC PAID A COURTESY VISIT TO PENGASSAN PRESIDENT

The officials of the Matori Branch of Zenith Bank Plc led by Mrs ijeoma Umeasiegbu paid a courtesy visit on the President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Comrade Francis Olabode Johnson at Association’s head office at Ikorodu Road, Lagos for consolidation of the relationship between the bank and the Association. PENGASSAN offiational Treasurer, Comrade Victor Ononokpono; General Secretary, Comrade Lumumba Okugbawa; Deputy General Secretary Finance and Administration, Comrade Joseph Oshiokpekhai and Deputy General Secretary Industrial Retaions,Comrade Ngozi Okagbue.

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NEWS REVIEW FOR WEDNESDAY, AUGUST 29, 2018

NEWS REVIEW FOR WEDNESDAY, AUGUST 29, 2018

Buhari withholds assent to 17-year-old oil bill
President Muhammadu Buhari has withheld assent to the Petroleum Industrial Governance Bill (PIGB). The decision is coming after 17 years of rigorous consultations and legislative hassles on the document.

Buhari withholds assent to 17-year-old oil bill

NNPC to establish 200,000bpd condensate refineries
The Nigerian National Petroleum Corporation (NNPC) is to establish two condensate refineries with 200,000 barrels per day (bpd) refining capacity at Western Forcados Area and Assah North, Ohaji South (ANOH) Delta and Imo states.

NNPC to establish 200,000bpd condensate refineries

NNPC to establish two condensate refineries

FG denies alleged plans to sell NLNG
The Federal Government on Tuesday, denied that there were plans to sell the Nigerian Liquefied Natural Gas Limited (NLNG).

FG denies alleged plans to sell NLNG

Govt denies plan to sell NLNG to reflate economy

Rising crude refining cost justifies need to harness Nigeria’s local capacity
For 2017 alone, Nigeria imported 22.5387 billion litres of petroleum products worth over N3.24 trillion from foreign refineries. This is likely going to soar this year given the rising crude prices in the global marketplace. STANLEY OPARA, in this report, examines the need to harness local refining capacity.

Rising crude refining cost justifies need to harness Nigeria’s local capacity

FG suspends pipeline monitoring contract over oil theft
The Federal Government has suspended the contract it awarded to Topline Security, a private firm, for the protection of petroleum pipelines belongings to the Nigerian National Petroleum Corporation (NNPC).

FG suspends pipeline monitoring contract over oil theft

$3.3bn Egina FPSO has opened Nigeria for more investments, say stakeholders
The $3.3 billion Floating Production Storage Offloading (FPSO) unit that sailed away in the early hours of Sunday from Lagos to the 200,000 barrels per day Egina oilfield has opened new vistas for investments into Nigeria from all over the world, according to stakeholders.

$3.3bn Egina FPSO has opened Nigeria for more investments, say stakeholders

Egina FPSO sail-away buoys oil, gas production increase
Anticipated increase by 200,000 barrels of oil per day to Nigeria’s oil production (approximately 10 per cent of the country’s total oil production) received impetus following the successful sail-away of the Egina Floating, Production, Storage and Offloading (FPSO).

Egina FPSO sail-away buoys oil, gas production increase

$3.3bn Egina FPSO to arrive offshore oilfield this week
The $3.3 billion Floating Production Storage Offloading (FPSO) unit that sailed away in the early hours of Sunday from Lagos to the 200,000 barrels per day Egina oilfield will arrive at the offshore field this week, investigation has revealed.

$3.3bn Egina FPSO to arrive offshore oilfield this week

Group petitions presidency, EFCC over 30,000 job losses in Egina FPSO
Young professionals in the oil and gas sector yesterday petitioned President Muhammadu Buhari and the Economic and Financial Crimes Commission (EFCC) to protest against corruption in the sector, which has led to the loss of 30,000 jobs.

Group petitions presidency, EFCC over 30,000 job losses in Egina FPSO

Faltering growth affirms Nigeria’s oil dependence
Just because the nation’s oil sector lost its steam to the tune of four per cent, the non-oil sector, with its impressive 10-quarter high at two per cent, could not deliver the country from the pangs of economic slowdown.

Faltering growth affirms Nigeria’s oil dependence

Deepen local content in maritime, oil & gas sectors, FG told
Agencies of the Federal Government regulating the maritime and oil & gas sectors have been charged to improve implementation of local content policies in order to enable establishment of indigenous companies and employment generation in the two sectors

Deepen local content in maritime, oil & gas sectors, FG told

Shell Nigeria Gas marks 20 years, implements health programme
Shell Nigeria Gas (SNG) has marked its 20th anniversary as a gas distribution company, and has implemented a health programme as part of the activities marking the event.

Shell Nigeria Gas marks 20 years, implements health programme


Nestoil blames delay of OB3 pipeline on weather
The delay in completion of the Obiafu, Obrikom, Oben (OB3) gas pipeline has been attributed to bad weather owing to flooding from continual rainfalls in areas of operation.

Nestoil blames delay of OB3 pipeline on weather

Claims on NNPC operations pit APC against PDP
To the Peoples Democratic Party (PDP), the Nigerian National Petroleum Corporation (NNPC) is economical with the truth on remittances into the Federation Account.

Claims on NNPC operations pit APC against PDP

OTHER NEWS
FMBN, labour plan 2,800-unit housing scheme
The Federal Mortgage Bank of Nigeria (FMBN) and leading labour unions have agreed to begin the implementation of a national affordable housing programme for workers.

FMBN, labour plan 2,800-unit housing scheme

FMBN, labour unions plan affordable housing programme for workers

Nigeria, home to highest number of world’s very poor people –UK Prime Minister
The Prime Minister of the United Kingdom, Mrs Theresa May, has painted a grim picture of economic inequality in Nigeria and many other countries in Africa.

Nigeria, home to highest number of world’s very poor people –UK Prime Minister

Buhari administration has spent N500bn to alleviate poverty, says Osinbajo
Nigeria’s vice president Yemi Osinbajo on Tuesday said the government has injected the sum of N500 billion to create wealth and alleviate poverty.

Buhari administration has spent N500bn to alleviate poverty, says Osinbajo

Why Nigeria’s economic recovery is slowing down
Ordinarily there should be so much going for Nigeria’s economy. Production of crude oil at about 2 million barrels per day at a good price of about 70 dollars per barrel is yielding good foreign exchange for the Nation, helping to boost foreign reserves which today stand at about 47.25 Billion dollars.

Why Nigeria’s economic recovery is slowing down


What it takes to register a business name
In Nigeria, many small businesses pay little attention to having their business entities registered.

What it takes to register a business name

Ogun not remitting pension deductions since 2015—SPN
THE problem of remittanc-es of pension deductions from workers’ salaries and payment of pensions to retired civil servants by state governments across the country, has reached a boiling point.

Ogun not remitting pension deductions since 2015—SPN

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