NEWS REVIEW FOR THURSDAY, FEBRUARY 2, 2017
Oil & Gas
‘Non-passage of PIB affecting interest in oil sector’
The Managing Director, Oil and Gas Free Zones Authority, Mr. Umana Okon, has said the delay in the passage of the Petroleum Industrial Bill by the National Assembly is causing uncertainties in the oil sector, and as such, affecting investors’ interest.
Nigeria’s oil rig count falls by 32%
The number of active oil rigs in Nigeria extended its decline last year, as it dropped to 23 in December, down from 38 in January 2015, data from Baker Hughes Incorporated and the Organisation of Petroleum Exporting Countries showed.
Relocate tank farms from Apapa, ANLCA urges government
Stakeholders in the maritime industry have urged the government to relocate tank farms from Apapa, where the nation’s busiest ports are situated.
Reps threaten to recommend revocation of oil licences
An ad hoc committee of the House of Representatives on Tuesday threatened to recommend the revocation of various controversial Oil Prospecting Licenses and Oil Mining Leases awarded by the Federal Government.
Crude Oil Hits $56 as Russia Joins OPEC Cuts
Crude oil price yesterday rose to around $56 per barrel, supported by signs that Russia and the Organisation of the Petroleum Exporting Countries (OPEC) are delivering on promised supply reductions, although a report showing a large rise in United States crude inventories curbed the price gains.
FG, States, IOCs to Adopt Collaborative Approach for Devt of N’Delta
In furtherance of efforts to entrench peace in the Niger Delta, the federal government, international oil companies (IOCs) and other stakeholders have kicked off a collaborative approach aimed at maximising resources for the sustainable development of the region.
Shell profit more than doubles to $4.6bn
Royal Dutch Shell on Thursday said profit after tax more than doubled in 2016, helped by a recovery for oil prices in the fourth quarter.
Ex-militants give condition for Niger Delta development
Former militants in the Niger Delta region have called on the Federal Government and the Niger Delta Development Commission to carry them along if they were serious about developing the region.
FG seeks collaboration with oil producing states
The Minister of Niger Delta Affairs, Pastor Usani Uguru Usani, has called for collaboration with the nine oil producing states, oil companies and development partners to solve challenges facing the region. Usani made the call at a stakeholders’ meeting organised by the ministry on Tuesday in Abuja.
We confiscated N420.1bn stolen oil, diesel in 2016 — Navy
The Nigerian Navy said on Wednesday that it seized 810,725 metric tonnes of stolen crude in 2016 alone.
Ijaw Community Gives Chevron 14 Days Ultimatum to Connect It to Electricity
Hundreds of indigenes of Kokodiagbene in Gbaramatu kingdom in Warri South West local Government area of Delta State yesterday stormed the Otunana flow station operated by Chevron Nigeria Limited (CNL) protesting against the company’s refusal to supply electricity to the oil rich community.
Fuel scarcity: Reps hail NNPC over hitch-free Yuletide
The House of Representatives Committee on Petroleum Resources (Downstream) has commended the Nigerian National Petroleum Corporation (NNPC) for a seamless supply of petroleum products during the last Yuletide and New Year festive period.
NOSDRA recommends compensation for oil leak victims in Bayelsa
The National Oil Spills Detection and Response Agency has recommended to the Federal Government payment of compensation to the victims of Seibou oil spill in Bayelsa.
LPG market can create two million jobs – NLPGA
With effective government policy in place, the Liquefied Petroleum Gas (cooking gas) market is capable of generating over two million jobs, the Nigerian Liquefied Petroleum Gas Association has said.
Nigeria gains $22m from Bonny Light crude in December
The price of Nigeria’s Bonny Light crude oil was the second highest in December among members of the Organisation of the Petroleum Exporting Counties (OPEC), rising from $42.20 in November to $53.91 per barrel.
Gas producers task government on foreign exchange availability
The Nigerian Gas Association (NGA) has called on the Central Bank of Nigeria (CBN) to include gas producers and suppliers in the 60 per cent foreign exchange (forex) platform.
APC backs importation of crude oil from Niger
Ruling All Progressives Congress (APC) has declared support for plans by the Federal Government to import crude oil from Niger Republic.
A-Ibom Assembly tasks ExxonMobil, others on quality roads
MEMBERS of Akwa Ibom State House of Assembly have urged the management of ExxonMobil and other oil companies operating in the state to partner the state government in providing quality road networks for their host communities.
Malawi to study NEITI implementation in Nigeria
A high ranking delegation from Malawi is expected to arrive Abuja this week on a study of Nigeria’s implementation of the Extractive Industries Transparency the Initiative (EITI).
Ajaokuta requires $2bn to revive operations, says FG
The Federal Government has said that to get the Ajaokuta Steel Complex to produce at full installed capacity requires an investment of $2bn.
FG creates task force on increasing food prices
The Federal Government has set up a task force on food security.
FG to raise VAT on champagne, other luxury items
The Federal Executive Council on Wednesday approved the revised National Tax Policy.
Investment inflow to Nigeria drops to 10-year low
The Nigerian economy recorded its worst investment inflow in 10 years with the country attracting a total investment of $5.12bn in the 2016 fiscal period.
ASSBIFI faults mass sack as solution to economic recession
The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has decried massive retrenchment of workers and closures of companies as a result of the economic recession in the country.
Workers ground TCN, resist MD’s removal by Fashola
Workers of the Transmission Company of Nigeria on Wednesday afternoon grounded activities at the firm’s Abuja headquarters for some hours in protest against the alleged removal of the Managing Director/Chief Executive Officer, Dr. Abubakar Atiku, by the Minister of Power, Works and Housing, Mr. Babatunde Fashola.
MOSOP cautions indigenes against bunkering
The Movement for the Survival of Ogoni People (MOSOP) has urged the indigenes to guard against illegal bunkering in the area. MOSOP warned that bunkering would lead to further pollution of Ogoniland and render the clean-up exercise useless.
FG says warning strikes are threats, unacceptable, Labour kicks
The Minister of Labour and Employment, Dr Chris Ngige, on Wednesday, warned labour unions in the country that the Federal Government would no longer tolerate warning strikes.
Committee on National Minimum Wage to submit report next week – Ngige
The Technical Committee on National Minimum Wage saddled with the responsibility of reviewing workers’ salaries to reflect current socioeconomic realities will submit its report next week.
Nigeria’s capital importation falls 15 per cent
The National Bureau of Statistics says the total value of capital imported into the country in the fourth quarter of 2016 is estimated to be $1, 548.88m.
FG’s $1 bln Eurobond sale likely this week – Adeosun
Nigeria is likely to launch a planned $1 billion sale of Eurobonds this week, its finance minister said on Wednesday.
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