NEWS REVIEW FOR THURSDAY, FEBRUARY 23, 2017
Oil & Gas
Nigeria lost N217bn to gas flaring in 2016 – NNPC
The country lost at least N217bn last year as oil and gas companies flared a total of 244.84 billion standard cubic feet of natural gas in that period, data from the Nigerian National Petroleum Corporation have shown.
NNPC says no more product import by 2019
The Nigeria National Petroleum Corporation (NNPC) on Wednesday said it planned to rehabilitate, revamp and upgrade all the refineries so that there would be no more product import by 2019.
KRPC releases 19m litres of Kerosene
Amidst scarcity of Kerosene in the North, Kaduna Refining and Petrochemical Company (KRPC), on Tuesday said it had dispatched more than 19 million litres of the product into the market between January to date.
Explosion rocks NLNG gas pipeline in Rivers
An explosion has occurred on a section of the Right of Way housing two gas transmission pipelines, one of which belongs to the Nigeria Liquefied Natural Gas (NLNG) company, about three kilometres from Rumuji in Rivers State.
NNPC Admits Inefficiency in Management of Refineries
The Nigerian National Petroleum Corporation (NNPC) has admitted that it had displayed inefficiency over the years in the management of the country’s four refineries, attributing the poor performance of the refineries to obsolete technology.
Nigeria gets N160.76b from refined petroleum products in one month
Pipelines and Product Marketing Company (PPMC) realised ₦N160.76 billion from the sale of refined petroleum or white products in December 2016, far above the N145.47 billion collected in November.
Global oil, gas production spending fell by $300bn – OPEC scribe
The global oil and gas production and exploration spending fell by around 26 per cent in 2015 and a further 22 per cent in 2016, both worth above $300 billion, the Secretary General of the Petroleum Exporting Countries (OPEC), Mohammed Sanusi Barkindo, has said.
Non-passage of PIB crippling oil industry – Egbogah
CHAIRMAN of Emerald Energy Institute, EEI, Dr. Emmanuel Egbogah, has attributed the current woes of the country’s economy as well as the difficulties in the petroleum industry to non-passage of the Petroleum Industry Bill, PIB.
Indigenous companies lack capacity for oil, gas production – PwC
INDIGENOUS oil companies in Nigeria may still have a long way to go in the exploration and production of oil and gas, if the verdict of the PricewaterhouseCoopers, one of the foremost global auditing firms is anything to go by.
NNPC records $2.45bn crude oil export sale in one year
THE Nigerian National Petroleum Corporation (NNPC) has said that $2.4 billion export sale was recorded in 12 months of 2016.
Refineries may end-up like Nitel – Seplat CEO
THE Chief Executive Officer of Seplat Petroleum Plc, Mr. Austin Avuru, has called on Nigerians to embrace the sales of non performing national assets that are gulping resources which are needed for more useful investments in the country.
Erha North Phase II adds 65,000bpd to Nigeria’s oil production
NIGERIA’S oil production is expected to get a boost with the coming to stream of 65,000 barrels per day, bpd, Erha North Phase II, a deepwater field operated by ExxonMobil Joint Venture.
Reps probe scarcity, price hike of cooking gas
The House of Representatives in Abuja on Wednesday mandated its Committee on Gas Resources and Petroleum Downstream to investigate reasons for the scarcity and incessant hike in the price of cooking gas.
Nigeria has manpower shortage in oil sector – OGTAN
There are jobs in Nigeria’s oil and gas sector but the country lacks competent manpower to fill up these positions, the Oil and Gas Trainers’ Association of Nigeria has said.
OPEC to meet one-third of rise in global oil demand
WITH Non-Organisation of the Petroleum Exporting Countries, OPEC, poised to grow again, OPEC will need to increase oil output by just 2.2 million barrels per day (b/d) to meet global incremental oil demand of about 5.5 million b/d over the 2017 and 2022 period.
OGFZA to license new oil, gas zone in Delta
The Oil and Gas Free Zones Authority is set to break new grounds with plans to license another oil and gas free zone in Delta State.
Delta new OGFZ to attract over $100m FDI
AWARITSE Nigeria Limited (ANL), said that its acquisition of new Oil and Gas Free Zone (OGFZ) in Delta State would attract over $100 million in foreign direct investments (FDIs) in the first phase.
SPE decries slow progress in domestic gas usage
The Society of Petroleum Engineers, Nigeria Council has described the progress on the domestic gas utilisation as slow despite the huge reserves in the country.
NCDMB to ban imported cables for oil projects
The Executive Secretary, Nigerian Content Development and Monitoring Board, Mr. Simbi Wabote, on Wednesday, said the board would ban the importation of wires and cables for oil and gas projects in the country.
DPR intercepts 1.5m litres of contaminated petrol
The management of Department of Petroleum Resources (DPR) has seized a vessel, MT JAZI, which was alleged to be loaded with 1. 5 million litres of contaminated petroleum product while discharging at Nakem Jetty, Kirikiri, Lagos.
Otakikpo marginal field to evacuate crude oil soon
The Otakikpo marginal oil field would soon commence evacuation of crude oil following the successful completion of Maximum Efficiency Rate (MER) test on the production wells of the project.
Propel Group expands, partners foreign company in oil bunkering business
PROPETROL Nigeria Limited, one of the indigenous oil service companies, appears to be changing the narrative in the sector as it partners with a foreign company to offer bunkering services, hitherto dominated by foreign companies.
NDDC redeploys 11 directors in major shake-up
The Niger Delta Development Commission (NDDC) has redeployed 11 directors to different offices and directorates to boost its performance in the development of the Niger Delta.
‘Only 3 firms access $600m local content fund’
Despite the enactment of the Nigerian Content Act in 2010 to jack up local participation in the oil and gas sector, the industry is yet to fully tap the benefits as outlined by the law, indications have emerged.
Stakeholders harp on high refining capacity for Nigeria’s crude oil resources
Stakeholders in Nigeria’s oil and gas sector have stressed the need to balance high crude oil output with commensurate refining capacities in order to reduce import and export charges for petroleum products nationwide.
FG earned $31bn from crude sales in 11 months
The total value of crude oil exported by Nigeria in 2016 amounted to over $31.2 billion, excluding December sales which have not yet been reported, official data showing crude oil lifting values made available by the Nigerian National Petroleum Corporation (NNPC) has shown.
Abuja Airport closure: FG names eight emergency centres
The Federal Government has named eight primary response centres and 10 governmental and non-governmental organisations to provide emergency medical services in case of accidents.
Naira continues gain, closes at 505/dollar
The naira recorded further gain against the United States dollar on the parallel market on Wednesday, reversing part of the loss it had recorded in recent days.
NLC, TUC, ActionAid seek review of tax treaties
The country is losing billions of naira in revenue annually as a result of the various tax and double taxation treaties it signed with advanced nations, multinational corporations and high net worth individuals, ActionAid Nigeria and labour unions have said.
Nigeria loses $2.9bn yearly to tax waivers – Report
The country director of AAN, Ms. Ojobo Ode Atuluku, who disclosed this yesterday in Abuja, said Ghana and Senegal also lose $2.7 and $0.2bn respectively annually to tax waivers bring the loss of the three countries to $5.8bn annually.
NPC targets informal sector in new pension regime
Energised by the successes recorded by the new pension reform, which led to monumental increment of pension holdings to the tune of N6 trillion, the National Pension Commission (NPC) is set to target the informal sector in the first quarter of 2017.
Eight tips to protect you from ATM scams
Having highlighted five common ATM scams above, here are eight tips on how you can avoid being a victim. Knowledge, they say, is power:
PenCom seeks approval of N79.2bn to settle benefits of 79,961 pensioners
The National Pension Commission, PenCom, has pleaded with the National Assembly to approve N79, 155,550,000.00 to pay pension increase of 79,961 pensioners on the Defined Contributory Scheme, DCS, from 2004 to 2014.
75m Nigerians lack access to electricity, says World Bank report
Nigeria is second to India on the list of countries with the highest electricity access deficit with 75 million people compared to India’s 263 million persons.
Ajaokuta steel company will soon start production- Senator
Sen. Ahmed Ogembe (PDP,Kogi Central), has expressed optimism that the moribund Ajaokuta Steel Complex would soon be revived.
Senators Say 2017 Appropriation Bill Messier Than 2016 Budget
The March 8 deadline set by the Senate for the passage of 2017 budget is no longer feasible, as the chairmen of the sub-committee on the Appropriation Committee tuesday complained that the three weeks set aside for budget defence had exposed fundamental flaws in the document.
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