NEWS REVIEW FOR MONDAY, MARCH 20, 2017
Oil & Gas
NNPC probes N11bn missing petrol from marketers’ depots
The Nigerian National Petroleum Corporation on Friday announced measures to fully recover over 130 million litres of Premium Motor Spirit, popularly known as petrol, stored in the facilities of two indigenous downstream operators, MRS Limited and Capital Oil & Gas Limited, under a throughput arrangement to ensure a robust strategic reserve.
Capital Oil Accuses NNPC of Consistent Breach of Contract
Capital Oil and Gas Limited has accused the Nigerian National Petroleum Corporation (NNPC) of consistent breach of contractual agreement, saying the allegation by the corporation that it could not access over 100 million litres of petrol stored in the company’s depot was a calculated attempt to stifle and strangulate the private company.
Relocation order: Oil majors keep mum, experts differ
Major oil companies including Chevron and ExxonMobil are keeping mum on the growing calls for the relocation of their main offices to the Niger Delta where they carry out their exploration and production activities.
Nigeria’s declining revenue coming to an end — NEITI
The decline in revenue accruing to the federation observed since 2014 may be gradually coming to an end judging by the improvement in the recent disbursements to the three tiers of government, the Nigeria Extractive Industries Transparency Initiative has said.
NEITI raises alarm over N3.3trn states’ debt
THE Nigeria Extractive Transparency Initiative, NEITI, yesterday, raised an alarm over the rising debt profiles of states in the country, stating that the 36 states of the Federation are indebted to the tune of N3.342 trillion as at the end of 2016.
Malabu: Court lifts forfeiture order on OPL 245
A Federal High Court in Abuja has discharged its interim forfeiture order on the controversial Oil Prospecting Licence 245, an oil block at the centre of the $1.1bn Malabu oil scam.
FG okays new package for Niger-Delta
The Presidency has finally come out with a bumper package aimed at accelerating the return of peace to the troubled Niger Delta region and ensure steady production of oil, Nigeria’s biggest foreign exchange earner, and gas, the badly-needed feedstock for the nation’s power generating plants.
2017 Budget: FG, N/Delta dialogue must be in good faith – Onyekpere
THE on-going dialogue be-tween the federal government and the Niger Delta must be conducted in good faith as the only guarantee for a steady flow of oil and gas in order to fully realize the revenue estimates of the 2017 budget.
Relocation of IOCs: We have offices, operations in Niger Delta, say shell, total
International Oil Companies (IOCs) operating in the country have said that the issue of relocating their headquarters to the Niger Delta region as directed by the Federal Government, does not arise, as they already have offices and operations in the area.
Recession: Job losses extend to expatriates in multinationals
As workers in the country continue to experience job losses as a result of the shrinking economy, IFE OGUNFUWA examines the impact of the recession on expatriates employed in the private sector
Niger Delta stakeholders strategise ahead of formalising modular refineries
Some Niger Delta stakeholders have commenced the enumeration of artisanal refineries and crude oil distillation camps in the region ahead of Federal Government liberalisation of modular refineries.
Outage pushes petrol demand to 51.8m litres daily
With a shortfall of 16,256 Megawatts (MW) in electricity requirement in Nigeria, the demand for Premium Motor Spirit (PMS) or petrol has increased astronomically, as national daily average consumption has risen from 40 million litres to 51.8 million litres, according to the National Bureau of Statistics (NBS).
NNPC announces new measures to ensure improved products supply
The Nigerian National Petroleum Corporation (NNPC) on Sunday said it had put in place measures to ensure steady supply of petroleum products across the country. The corporation said this in a statement released in Abuja by Mr Ndu Ughamadu, its Group General Manager, Group Public Affairs Division.
NLNG mulls growing into global shipping leader
Nigeria LNG Limited (NLNG) said its shipping operation is relying on the strategic deployment of skills and technology to power its transformation into a global maritime industry leader.
CBN releases forex to fuel importers
The Central Bank of Nigeria has released foreign exchange to oil marketers to enable them to import petroleum products into Nigeria.
Nigeria to unveil roadmap for Niger Delta development
The Federal Government will soon unveil a comprehensive road map for the development of the Niger Delta, a Presidency source told the News Agency of Nigeria (NAN) on Sunday.
Nigeria’s multi-billion dollar gas projects linger on
Three Liquefied Natural Gas (LNG) projects that should earn Nigeria billions of dollars in foreign investments, revenue and jobs are currently suffering delays because of bickering, lack of political will and uncertainty around the Petroleum Industry Bill (PIB).
NCDMB Tasks Shell, Chevron, Total on Nigerian Content Law
The Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Kesiye Wabote has tasked Shell, Chevron and Total to ensure compliance with the Nigerian Oil and Gas Industry Content Development (NOGICD) Act 2010.
Bonga FPSO Repairs May Engender Temporary Drop in Oil Production
Nigeria’s total daily oil output could take a brief drop for maybe a month following announcement by the Shell Nigeria Exploration and Production Company Limited (SNEPCo) that it has shut the 225,000 barrels per day capacity Bonga Floating Production Storage and Offloading (FPSO) field for routine repairs.
N’Delta Host Oil Communities Seek Urgent Relocation of Oil Firms
Host Oil Communities of Nigeria (HOSCON), a congregation of oil and gas-producing villages in the Niger Delta, yesterday welcomed President Muhammadu Buhari from his medical sojourn abroad, and urged him to make good his plan to relocate oil firms’ head offices back to the region.
The Renewed Call for Passage of PIB
Realising that the continued delay in the passage of the Petroleum Industry Bill, a law that could rewrite extant operational anomalies in Nigeria’s oil and gas sector was hurting the industry and the nation, the Nigerian National Petroleum Corporation asked the National Assembly to expedite action in making it a law
Pirates attack on LPG vessel cause of hike in price of cooking gas
The sudden rise in the price of Liquefied Petroleum Gas (Cooking Gas) has been blamed on pirates’ attack on LPG vessel coming to Lagos.Price of refilling a 5kg cooking gas cylinder had been around N1, 200 and N1, 500 for a very long time, only for the price to climb to between N2, 500 and N3, 000 in past weeks.
Lagos task force arrests 43 suspected bunkerers with fake diesel
Operatives of the Lagos State Task Force at the weekend nabbed 43 alleged oil thieves and sealed off a property with 2.5 million litres of adulterated diesel at Alausa, Ikeja.
2017 Budget suffers major setback
STRONG indications have emerged that the passage of the 2017 Appropriation Bill may suffer a major setback in the National Assembly as forty- four committees of the Senate are yet to defend their budget proposals before the Committee on Appropriations.
Sacked workers: We’ll shutdown Aero Contractors’ operations, says NUATE
The National Union of Air Transport Employees has threatened to disrupt Aero Contractors’ operations by Monday if the airline refuses to recall over 700 workers sacked recently.
FG to review Group Life Insurance policy for civil servants
THE federal government has still not payed the N5.4billion premium of its civil servants in the country six months after it was due for renewal.
Recession: Economy will bounce back if FG implements 80% of 2017 budget — Prof. Ekpo
Nigeria’s economy will exit the current recession if government ensures timely implementation of at least 80percent fiscal elements in 2017 budget.
Co-working’ll shape future of office devt –Experts
Built environment experts have predicted that the future of workspaces will be flexible and designed to attract and energise top talent as well fit into trends in technological development.
Why tackling recession requires unusual approach, by FG
Key officials of the Federal Government have said that Nigeria requires unusual tactics to get out of economic recession.
Foreign investors’ acquisition of local firms over forex looms
Unless the Central Bank of Nigeria (CBN) is consistent in making foreign exchange (forex) available for manufacturers to import raw materials that are yet to have local alternatives, foreign investors with access to cheaper funds may acquire controlling stakes in these local firms.
Anxiety as Fed Govt shuts Lagos mining sites
The Federal Government has shut three sand mining sites in Lagos State for operating illegally.
PenCom: regulator or operator?
IT is astonishing that snce the National Pension Commission (PenCom) took over First Guaranty Pensions Ltd (FGPL) on August 12, 2011, it has not held any Annual General Meeting (AGM) contrary to the provisions of the Companies and Allied Matters Act (CAMA).
Review of port concession agreements long overdue – NPA MD
The Managing Director of the Nigerian Ports Authority (NPA), Hadiza Bala Usman, in this interview with our maritime correspondent, bares her mind on how her administration is repositioning the agency, reviewing agreements and building synergy with stakeholders.
The efficacy or otherwise of new foreign exchange policy
Recently, the Central Bank of Nigeria (CBN) initiated a policy which saw the naira appreciate to as much as N425/$ within a week. The trend then halted for a while and on the assurance of the CBN to sustain the supply of dollar, the naira inches on its slow but steady appreciation.
This message contains confidential information and is intended only for the individual named. If you are not the named addressee you should not disseminate, distribute or copy this e-mail. Please notify the sender immediately by e-mail if you have received this e-mail by mistake and delete this e-mail from your system