NEWS REVIEW FOR WEDNESDAY, MARCH 1, 2017
Oil & Gas
NNPC: Oil Production to Grow above 2.2mbd Budget Benchmark in Q2 2017
The Nigerian National Petroleum Corporation (NNPC) on Tuesday disclosed that the current volume of crude oil produced from Nigeria’s oil fields has risen to 2.1 million barrels a day (mbd) as a result of the federal government’s sustained peaceful overtures to militants in the Niger Delta.
NNPC lists steps to achieve 40 bbl reserve by 2020
THE Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru has explained that the country needs an increment of at least 1billion barrels in reserves and half a million barrels in incremental production capacity per day year-on-year, for it to achieve the 40 billion barrels of crude oil reserves and meet the government’s 2020 production target of 4 million barrels per day.
Indigenous company set to acquire IOC’s oil fields
BAYWOOD Continental Limited, an indigenous and integrated oil and gas technical service company, said it is set to acquire matured oil fields from multinational oil companies in the country as part of its expansion drive in the sector.
28 ships laden with petrol, food items, to arrive Lagos ports
The Nigerian Ports Authority (NPA) stated this in its publication – `Shipping Position’, – a copy of which was made available to the News Agency of Nigeria (NAN) on Monday in Lagos.
‘$530bn siphoned from Africa by multinationals’
A sum of $530 billion is estimated to have been siphoned from Africa by multinationals engaging in illicit flow of funds and tax evasion.
OPEC: Global Spending on Oil Production Fell by $300bn in Two Years
The Organisation of Petroleum Exporting Countries has said that between 2015 and 2016, the global oil and gas industry witnessed a sharp contraction in its overall investment in exploration and production, mainly on account of the market imbalance witnessed within these periods.
Nigeria, Algeria, others lost $1tn to oil crash – OPEC
Nigeria, Algeria and other members of the Organisation of Petroleum Exporting Countries lost a cumulative revenue of about $1tn as a result of the crash in crude oil prices, the Secretary-General of OPEC, Mohammed Barkindo, has said.
Nigeria’s growth drops, oil raises hopes for end to recession
Nigeria’s battered economy suffered a year-long contraction in 2016, official data showed Tuesday, but the oil sector showed signs of recovery, raising hopes for an end to recession.
FG to attract $10bn oil and gas investments – Kachikwu
The Minister of State, Petroleum Resources, Dr Emmanuel Kachikwu, has said that the Federal Government will attract more than $10bn investments to the oil and gas industry in the next five years.
Petroleum products’ importation a fraud, must end –Kachikwu
The importation of petroleum products into the country is a fraud and must be put to an end if the nation is to make progress in the oil and gas sector, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said.
Senate to probe alleged N5.1 trillion subsidy fraud in NNPC
The Senate is set to probe the Nigerian National Petroleum Corporation (NNPC) over claims that it mismanaged about N5.1 trillion it got as subsidy funds between 2006 and 2015.
OPEC records 94% compliance on output cut – Barkindo
The Organization of the Petroleum Exporting Countries (OPEC) has achieved a record 94 per cent compliance in the first month of an agreed production cut deal, its Secretary-General Mohammad Barkindo said yesterday in Abuja.
$395bn oil, gas deals recorded in 2016 -Report
The value of global oil and gas transactions increased in 2016 to $395 billion from $340 billion in 2015, a report by EY has shown.
Stop destroying pipelines, NDDC boss charges militants
Destruction of oil facilities and other government-owned assets within the Niger Delta would only help to further aggravate the monumental infrastructural and environmental challenges facing the region, rather than solving them for the good of the people. Chairman Governing Board of Niger Delta Development Commission (NDDC), Senator Victor Ndoma-Egba, has said.
FG initiates $20b gas project in Delta
A $20 billion public-private sector partnership gas industrial park is in the offing, the Presidency has said.
Local oil firms execute $1.6b projects for IoCs
Nigerian companies’ participation in oil and gas contracts has increased by 180 per cent from 15 Nigerian Content Compliance Certificates (NCCCs) worth $396,103,336.38 issued in 2015 to 42 NCCCs valued at $1,645,233,425.59.
Malabu Oil Block Forfeiture: Shell, Agip, Others Know Fate March 13
The Abuja division of the Federal High Court has reserved till March 13 ruling on two separate applications filed by Shell Nigerian Exploration and Production Company and
Court summons SPDC, eight staff members over alleged tax evasion
A high Court sitting in Yenagoa, yesterday ordered the management of the Shell Petroleum Development Company (SPDC) and eight of its senior staff to appear before the state Physical Planning and Development Tribunal over alleged evasion of levies and taxes payable to the Bayelsa State government.
DPR to monitor marketers to check hoarding, diversion
The Director of the Department of Petroleum Resources (DPR) Mordecai Ladan has directed DPR offices nationwide to intensify surveillance activities at all private truck parking terminals and depots to ensure that petroleum products lifted from depots are neither hoarded nor diverted.
Oil community accuses firm, indigenes of concealing toxic wastes
The oil-producing community of Koko in Warri North Local Council of Delta State has alleged that a company operating in the area (name withheld) was sand-filling the toxic dumpsite it exposed a day ago apparently to cover up the evidence.
Alasoadura: Senate will Pass PIGB Latest by April
The Senate Committee Chairman on Petroleum Upstream, Senator Donald Alasoadura tuesday stated that the Senate had advanced its works on the Petroleum Industry Governance Bill (PIGB) currently before it and would pass it into law latest by April 2017.
NEITI to establish open contracting data standard platform
The Nigeria Extractive Industries Transparency Initiative (NEITI) has unveiled plans to establish an open contracting data standard platform for procurement of goods and services.
Stakeholders call for incentives to increase investment in gas infrastructure,
Stakeholders in the country’s oil and gas sector have urged the Federal Government to initiate appropriate incentives to attract more investment in gas sector.
‘Jonathan, key to Osinbajo’s fruitful tour of Niger Delta
The successful tour of some Niger Delta states by Acting President Yemi Osinbajo was achieved due to former president Goodluck Jonathan’s earlier visit to Gbaramatu kingdom.
Mozambique to begin production of oil
The firm’s Joint Chief Executive, Stephen Cornell, said on Monday in Johannesburg that the output would be the first crude from the southeast African country.
Economy shrank by 1.5% in 2016 – NBS
The National Bureau of Statistics on Tuesday released the Gross Domestic Product growth rate for the country, with the economy recording a contraction of -1.3 per cent in the fourth quarter of 2016 and – 1.5 per cent for the year.
JAMB Restructures, Scraps Awaiting Results
The Joint Admissions and Matriculation Board (JAMB) has concluded all restructuring, transformation, reforms and other preparation for the 2017 Unified Tertiary Matriculation Examination (UTME) and is now set to commence the sale of its application document in March 2017.
Corruption in civil service, a nation’s greatest tragedy — Osinbajo
The acting President, Prof. Yemi Osinbajo, has said a situation where privileged civil servants subvert the system for personal gains at the expense of the poor is the greatest tragedy that a nation could experience.
Controversy over N3.2b fraud charge against PenCom director general
The Nigeria Police Force have commenced the interrogation of the National Pension Commission (PenCom) Director-General, Chinelo Anohu-Amazu, over allegation of embezzling N3.2b, tax evasion, total disregard of court orders and other unlawful activities, leveled against it by the First Guarantee Pensions Limited (FGPL).
Government may begin hamonisation of biometric data bases Q2
The Subscribers Identification Modules (SIM) cards, which gulped about N6.1 billion from the Nigerian Communications Commission (NCC) purse and about N30 billion from the Mobile Network Operators in the last six years is also listed for hamonisation.
New forex policy’ll stop round-tripping, attract investors –Analysts
Economic and financial experts, including the Chief Executive Officer, Financial Derivatives Company Limited, Mr. Bismarck Rewane, on Tuesday described the recent modification to the foreign exchange policy by the Central Bank of Nigeria as a step in the right direction.
Nigeria’s forex bazaar
“How can a country earn $300bn from crude oil sales since 2014, according to estimates by the NNPC and yet see more than 60 per cent of its population living in abject poverty?”
Vehicle import policy: Port authorities claim improved traffic
TWO months after the Federal Government commenced implementation of its fiscal policy on importation of vehicles through land border, two vehicle terminals have claimed improvement in number of vehicles imported through their terminals.
FG liability in contributory pension hits N183bn – NLC
The Nigeria Labour Congress (NLC) said the sustainability of Contributory Pension Scheme (CPS) is under threat, citing the Federal Government liability in the scheme which it said stands at N183 billion.
Recession: Nigeria’s economy improved in 2016 – NBS
Nigeria’s Gross Domestic Product (GDP) contracted by -1.30 per cent in the final quarter of 2016, indicating a gradual narrowing of the nation’s recession.
CBN Black Market Attack is Just a Stopgap Until Nigeria Floats the Naira
Don’t be fooled by the biggest black-market gain in a year for Nigeria’s naira.
Discos miss February deadline for metering of electricity customers
Electricity Distribution Companies (Discos) have failed to meet the February 28, 2017 deadline set by the Nigerian Electricity Regulatory Commission (NERC) for the provision of pre-paid meters to customers nationwide.
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