NEWS REVIEW FOR THURSDAY, MARCH 2, 2017
Oil & Gas
Kachikwu: OPEC Must Lower Production Costs to Compete With Shale Oil
The Minister of State for Petroleum, Dr. Ibe Kachikwu, has stated that the members of the Organisation of the Petroleum Exporting Countries (OPEC) must lower the costs of oil production to compete better with shale producers.
Buhari Rules Out Sale of Refineries, Approves New Investment Model
The Nigerian National Petroleum Corporation (NNPC) Wednesday disclosed that President Muhammadu Buhari has ruled out the option of privatising its moribund refineries.
NNPC shuts down Warri refinery
The Nigerian National Petroleum Corporation, NNPC, yesterday, stated that it had shut down the Warri Refinery, due to some technical issues surrounding its operations.
Oil price rises as OPEC sticks to output pledges
Oil reversed earlier losses, yesterday, as investors took heart from strict Organisation of the Petroleum Exporting Countries, OPEC, compliance with its pledge to cut output.
Senate mandates committee to probe NNPC over alleged N5.1tr subsidy fraud
The Senate yesterday mandated its Committee on Petroleum (Downstream) to investigate the Nigerian National Petroleum Corporation (NNPC) over claims that it mismanaged N5.1 trillion subsidy funds between 2006 and 2015.
Militants give S/African firms 30-day ultimatum
Former President, Chief Olusegun Obasanjo, yesterday, condemned attacks by South African youths on Nigerians and other African nationals in their country.
Shale: Nigeria, others must lower costs, says Kachikwu
Members of the Organisation of the Petroleum Exporting Countries must lower production costs to compete better with shale oil producers, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said.
Investments in gas, LNG declining – NLNG MD
The Managing Director of the Nigerian LNG Limited, Mr. Tony Attah, has said investments in gas and the Liquefied Natural Gas are declining, and the proposed amendment to the NLNG Act poses further threat.
‘Dialogue critical to ending militancy in Niger Delta’
The Chairman, Energia Limited, an indigenous oil firm, Chief Albert Horsfall, has said dialogue is critical to putting an end to the militancy in the oil-rich Niger Delta.
IPMAN gives FG seven-day ultimatum over fuel crisis
The Independent Petroleum Marketers Association of Nigeria, Kwara State chapter on Wednesday gave the government a seven-day ultimatum to address challenges confronting operators in the oil sector in the state or face industrial action.
Lekoil begins oil production from Otakikpo
Lekoil, the oil and gas exploration and development company with a focus on West Africa, has announced the commencement of continuous production from the Otakikpo Marginal Field in Oil Mining Licence 11.
DPR warns A-Ibom IPMAN against arbitrary petrol price increases
The Department of Petroleum Resources, DPR, in Eket, Akwa Ibom State, has warned the Independent Marketers Association of Nigeria, IPMAN, in Eket against arbitrary increase in the price of petrol.
Exploded pipeline cuts gas supply to NLNG
The Nigeria Liquefied Natural Gas (NLNG) said is not receiving gas supply at the moment because of an explosion that hit a pipeline system supplying feedgas to the company’s liquefied natural gas (LNG) export facility in Bonny, Rivers State.
Ex-British Intelligence Officers Under Spotlight over Malabu Oil Deal
The role of two former MI6 officers employed by Shell in an allegedly corrupt oil deal is being investigated by Italian prosecutors, it emerged on Tuesday.
NLC, TUC, ULC at war over unions’ registration
THE crisis rocking the Labour movement in Nigeria, is fast assuming a dangerous dimension as Nigeria Labour Congress, NLC, and its Trade Union Congress of Nigeria, TUC, counterpart, for the second time in less than two months, have written the Minister of Labour and Employment over the new labour centre: the United Labour Congress of Nigeria, ULC.
CBN’s PMI report indicates decline in economic activities in February
THE Central Bank of Nigeria, CBN, yesterday, released its Purchasing Managers Index (PMI) report for February, 2017 which indicated continued decline in economic activities, coming against the backdrop of the bottoming-out of recessionary trend as reported earlier in the week by the National Bureau of Statistics, NBS.
Labour Rejects Sale of Govt Quarters in Kaduna
The Kaduna State chapters of the Nigerian Labour Congress (NLC) and Trade Union Congress (TUC) have rejected the sale of government quarters by the state government to “highest bidder.”
Can Nigeria Achieve Local Food Sufficiency in 2017?
With the Federal Government’s renewed focus on agriculture as a viable alternative revenue source and greater involvement of young agri-preneurs in agri-processing, some analysts believe Nigeria can achieve local food sufficiency in 2017.
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