OIL & GAS

Petrol: As Nigeria battles with N145, Zimbabwe sells N1,204 per litre

A massive hike of 240 per cent in the prices of petrol and diesel goes into effect today in Zimbabwe.
https://www.vanguardngr.com/2019/01/petrol-as-nigeria-battles-with-n145-zimbabwe-sells-n1204-per-litre/

Zimbabweans Protest against Fuel Price Hike

Protesters barricaded roads and burned tires in a suburb of Zimbabwe’s capital Harare on Monday, two days after President Emmerson Mnangagwa announced a massive fuel price hike in an effort to stem a deepening economic crisis.

https://www.thisdaylive.com/index.php/2019/01/14/zimbabweans-protest-against-fuel-price-hike/

NPDC seeks N967bn to develop 416 million barrels of oil

The Nigerian Petroleum Development Company is making efforts to raise $3.15bn through third party financing to develop the country’s oil and gas reserves from Oil Mining Lease 13

https://punchng.com/npdc-seeks-n967bn-to-develop-416-million-barrels-of-oil/

Groups petition The Netherlands over case against OPL 245 acquisition

Four non-governmental organisations have petitioned The Netherlands government over their case against Royal Dutch Shell Plc (RDS) acquisition of the OPL 245 oil and gas field in Nigeria.

https://guardian.ng/news/groups-petition-the-netherlands-over-case-against-opl-245-acquisition/

Why we exposed corruption in OML 30 pipeline contract, by firm

Eraskorp Nigeria Limited (ENL) has said it exposed the controversial re-award of the Trans Forcados Pipeline (TFP) surveillance Contract to Ocean Marine Solutions (OMS) Limited for national interest and its belief in the anti-graft war of President Muhammadu Buhari.

http://thenationonlineng.net/exposed-corruption-oml-30-pipeline-contract-firm/

‘Fuel subsidy stalls economic growth’

Unreliable refineries, reliance on imported products, weak infrastructure and shortage of gas – the oil sector is challenged. The Managing Director of the Nigerian arm of Petrocam Trading Company, Petrocam Nigeria Limited , Patrick Ilo, in this interview with AKINOLA AJIBADE, speaks on the industry’s challenges.

http://thenationonlineng.net/fuel-subsidy-stalls-economic-growth/

It’s unhealthy that only NNPC is importing petrol — Oyebanji

Mr Adetunji Oyebanji is the new Chairman of the Major Oil Marketers Association of Nigeria and Managing Director, 11 Plc (formerly Mobil Oil Nigeria Plc). He speaks with ’FEMI ASU on the state of the nation’s downstream oil and gas industry

https://punchng.com/its-unhealthy-that-only-nnpc-is-importing-petrol-oyebanji/

Oil price: Now best time to end petrol subsidy – Experts

The best time for the Federal Government to totally stop subsidy on petrol and completely deregulate the downstream sector is now when global crude oil prices are still trading low, economy and energy experts have said.

https://www.dailytrust.com.ng/oil-price-now-best-time-to-end-petrol-subsidy-experts.html

Niger Delta militants threaten to shut down oil wells over CJN’s trial

The Coalition of Niger Delta Agitators on Sunday warned that it would begin to attack oil wells in the oil-rich region if President Buhari failed to reverse the harassment of  Chief Justice of Nigeria, Justice Walter Onnoghen.

https://punchng.com/niger-delta-militants-threaten-to-shut-down-oil-wells-over-cjns-trial/

https://guardian.ng/news/niger-delta-agitators-threaten-attacks-over-onnoghens-ordeal/

Dangote refinery receives RFCC’s Regenerator, begins installation of equipment

The Dangote Oil Refining Company (DORC) Ltd. has taken delivery of one of the major components of its refinery equipment, the Regenerator for the Residual Fluid Catalytic Cracker (RFCC).

https://guardian.ng/news/dangote-refinery-receives-rfccs-regenerator-begins-installation-of-equipment/

Brent crude to average $75, says report

The price of Brent will average  $75 per barrel this year, a new report released at the weekend said.

http://thenationonlineng.net/brent-crude-average-75-says-report/

Oil on track for weekly gains on trade talk hopes, OPEC-led supply cuts

Oil prices were on track for solid weekly gains on Friday after financial markets were lifted by hopes the United States and China may soon resolve their trade disputes, and as OPEC-led crude output cuts started to tighten supply.

https://www.dailytrust.com.ng/oil-on-track-for-weekly-gains-on-trade-talk-hopes-opec-led-supply-cuts.html

What Otedola’s divestment from Forte Oil means

With share price which rose by 9.95 per cent to close at N34.35 per share on Thursday against N31.25 on December 24, 2018, Forte Oil’s shares remained strong despite the announcement by its major shareholder, Mr. Femi Otedola, to divest 75 per cent equities from the oil firm.

https://www.dailytrust.com.ng/what-otedolas-divestment-from-forte-oil-means.html

OTHER NEWS

Fresh crisis looms over new minimum wage

The moves by the Federal Government and the organised labour to finalise the new minimum wage issue this month face yet another crisis.

https://punchng.com/fresh-crisis-looms-over-new-minimum-wage/

Minimum wage: FG asks technical committee to look for additional revenue

The Technical Committee on the Implementation of a new Minimum Wage inaugurated last Wednesday by President Muhammadu Buhari has been asked to look for additional sources of revenue to pay the minimum wage and the consequential salary adjustment that will follow.

https://punchng.com/minimum-wage-fg-asks-technical-committee-to-look-for-additional-revenue/

How Naira will find support from rising oil price

The Dollar tumbled against a basket of major currencies last week Wednesday, after minutes from the meeting of the United States Federal Open Market Committee (FOMC) revealed policymakers had adopted a more cautious approach towards raising rates.

https://guardian.ng/business-services/business/how-naira-will-find-support-from-rising-oil-price/

Power, interest rate, others slowed business in 2018 — CBN

Business activities were slowed down by an insufficient power supply, high-interest rates and other challenges in 2018 financial period.

https://punchng.com/power-interest-rate-others-slowed-business-in-2018-cbn/

2019 budget proposal as proverbial ‘wait and see’

One of the major issues fuelling Nigeria’s development challenges has been identified as its budget, manifested in the processes, quality and the will to implement capital budget items.

https://guardian.ng/business-services/2019-budget-proposal-as-proverbial-wait-and-see/

2019 budget tops agenda as National Assembly resumes tomorrow

THE two chambers of the National Assembly will tomorrow resume plenary after the Christmas and New Year break.

http://thenationonlineng.net/2019-budget-tops-agenda-national-assembly-resumes-tomorrow/

Budget 2019 inflation projection unattainable — FDC

ANALYSTS at Financial Derivatives Company, FDC, have contradicted the 9.98 percent inflation projection for budget 2019, saying it expects inflation reading for December 2018 at 11.28 percent.
https://www.vanguardngr.com/2019/01/budget-2019-inflation-projection-unattainable-fdc/

ASSBIFI seeks decent working conditions

Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has called for decent working conditions for workers.

http://thenationonlineng.net/assbifi-seeks-decent-working-conditions/