NEWS REVIEW FOR TUESDAY, JANUARY 10, 2017
Oil & Gas
We’ll pass PIB in 2017 – Kachikwu
Minister of State for Petroleum Resources Dr. Ibe Kachikwu has expressed confidence that the protracted Petroleum Industry Bill (PIB) would be passed this year.
NUPENG lauds FG’s policy on petroleum products importation
The Nigerian Union of Petroleum and Natural Gas Workers has thrown its weight behind the Federal Government’s policy to end importation of petroleum products by 2018.
High expectations for oil, gas sector growth in 2017
The drop in the price of crude oil at the international market and the economic recession in Nigeria affected the nation’s oil and gas industry in 2016, leaving most operators in fear of what lies ahead of them.
Non-implementation of gas flare penalties costs Nigeria N2.9trn LACK of political will on the part of the Federal Government to enforce its own laws on gas flare penalties, has cost the country $14.298 billion between April 2008 and October 2016.
Recession: Indigenous oil companies sell off assets THE current economic recession in the country appears to have taken its toll on indigenous players in the nation’s oil and gas industry as some of them have been selling off their assets to pay back loans taken from banks.
We owe banks $1bn, oil marketers lament
Oil marketers under the aegis of the Independent Petroleum Products Importers have said they owe some Nigerian banks over $1bn used for the importation of petroleum products, with accumulated interest of N160bn.
No going back on January 11 warning strike – NUPENG
The Nigeria Union of Petroleum and Natural Gas Workers says there is no going back on its planned warning strike scheduled to commence on January 11.
Nigeria Reclaims Africa’s Top Oil Producer Spot
Nigeria may have reclaimed its position as Africa’s top oil producer which it lost to fellow African oil producer, Angola earlier in March 2016.
Deepening Local Participation in Crude Oil Lifting
Since oil multinational dominate the exploration and production business in Nigeria, crude oil lifting contracts awarded yearly by the Nigerian National Petroleum Corporation should be restricted to Nigerian companies to deepen local participation and boost the economy.
Oil prices drop on concerns U.S. production is rising OIL prices dropped yesterday as signs of increasing United States production outweighed optimism that many other producers, including Russia, were sticking to a deal to cut supplies in a bid to bolster the market.
Oil: Kachikwu outlines goals for 2017
In a bid to substantially ensure a smooth transformation in the oil industry in 2017, Minister of State for Petroleum, Dr. Ibe Kachikwu, has said the oil and gas sector will be run with a rocket pace. Kachikwu: Takes charge of Delta PDP The minister in a post on his twitter handle, entitled the Nigeria Petroleum Sector 2017 Outlook, said that in 2017, activities will be sped up to achieve set goals.
FG directs NNPC to explore alternative energy sources Worried by incessant attacks on oil installations, especially bursting of gas pipelines by the militants in the Niger Delta, the Federal Government has directed the management of Nigerian National Petroleum Corporation, NNPC, to explore alternative energy sources, with a view to addressing the problems of irregular power supply.
Refineries production capacity to hit 60% by December, says NNPC
The Nigerian National Petroleum Corporation (NNPC) says it aims to reduce fuel importation by boosting the capacity utilisation of the country’s refineries to 60 per cent by the end of the year.
Host community challenges Buhari, FG over OKLNG’s fate THE Federal Government must not allow the Olokola Liquefied Natural Gas, OKLNG, to waste, Ode-Omi, host community of the project, said.
DAPPMA: NNPC Imports 90% of Petrol Consumed in Nigeria
The Nigerian National Petroleum Corporation (NNPC) is now the largest importer of petrol into the country, accounting for 90 per cent of the entire importation, the Depot and Petroleum Products Marketers Association (DAPPMA) has said.
Another N’Delta militant group announces resumption of hostilities THE Niger Delta Revolutionary Crusaders, NDRC, a militant group in the Niger Delta, yesterday, joined the Niger Delta Avengers, NDA, in declaring its plan to resume fresh hostilities in the Niger Delta, following the Federal Government’s alleged decision not to dialogue with the Pan Niger Delta Forum, PANDEF.
Why cooking gas scarcity persists – Suppliers
The foreign exchange scarcity as well as the hiccup in the supply chain of the Liquefied Petroleum Gas (LPG) otherwise known as cooking gas are currently behind the scarcity of the product in the country.
State govs fuelling Niger Delta crisis —OMPALAN Oil and Solid Minerals Producing Area Landlords’ Association of Nigeria, OMPALAN, yesterday, accused governors of oil-producing states of fuelling the crisis in the Niger Delta through constant interference in affairs of the communities.
Artificial scarcity pressures diesel prices ARTIFICIAL scarcity has hit diesel market with depot prices souring to between N252 and N258 last weekend.
How International Pricing of Cooking Gas Escalated Domestic Price
The practice whereby Liquefied Petroleum Gas (LPG), better known as cooking gas, is supplied to the Nigerian market at international price, has been blamed for the current escalating cost of the product at the domestic market.
Malabu scandal: Jonathan, Diezani named in Italian probe
Italian prosecutors have named former President Goodluck Jonathan and Mrs. Diezani Alison-Madueke, who served under his administration as Minister of Petroleum Resources, among those who allegedly received kickbacks in the controversial $1.3bn oil block deal involving oil giants ENI and Royal Dutch Shell.
Prosecute beneficiaries of N156bn ghost workers’ salaries –NLC
The Nigeria Labour Congress has urged the Federal Government to fish out those who allegedly diverted N156bn as salaries for 50,000 ghost workers in 2016 for prosecution.
Unremitted N450bn: FG issues new guideline for calculating surplus
To prevent further revenue leakage through non-remittance of its agencies’ operating surpluses, the Federal Government has come up with a template that it believes will solve the problem http://punchng.com/unremitted-n450bn-fg-issues-new-template-surplus-computation/
Senate Passes 2017-2019 MTEF on Thursday
As the National Assembly resumes from its three weeks of Christmas and New Year break today, the Senate has announced its preparedness to pass the 2017-2019 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) this week to pave the way for deliberations on the 2017 budget.
BUDGET: Lawmakers warn Buhari of imminent face-off if… Ahead of today’s resumption of the two chambers of the National Assembly, the legislators are warning that President Muhammadu Buhari could trigger an unneeded face-ff should he insist on having his way through the budget process.
Budget, Buhari’s $29.96bn loan request top agenda as N’Assembly reconvenes
Debate on the 2017 budget and the bid by President Muhammadu Buhari to secure a $29.96bn foreign loan will top the agenda as the National Assembly reconvenes in Abuja on Tuesday (today) after the Christmas and New Year break.
Unemployment in Nigeria rises to 31 million
The number of Nigerians without jobs as at last September was 31 million, a report by the National Bureau of Statistics (NBS) reveals.
Why there were fewer strikes in 2016, by labour unions
Organised labour has offered reasons for its seeming docility to key government policies that begged for immediate reactions last year.
Senate to prioritise passage of 2017 Budget – Spokesman
The Senate Spokesman, Sen. Sabi Abdullahi, has said that the Senate would place priority on the passage of the 2017 Appropriation Bill when it resumes from its three weeks recess.
Naira to weaken further as forwards market declines
The naira is expected to weaken further in the forwards market despite measures implemented by the Federal Government to mitigate the situation.
Agenda setting for labour movement in 2017
The failure of labour movement to influence policy direction of government for the benefit of workers in 2016 necessitates the need for it to fashion out strategies that would better the lot of the working class in 2017.
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