OIL & GAS

Shell, NNPC Invite Bidders for $10bn Bonga South West Project

Exactly seven months after the Minister of State for Petroleum, Dr. Ibe Kachikwu, directed the Nigerian National Petroleum Corporation (NNPC) and Shell Nigeria Exploration and Production Company (SNEPCo) to commence the tendering process for the execution of $10 billion Bonga South West/Aparo (BSWA) deep-water project, the corporation and its partners have invited prospective bidders to tender for the project, THISDAY has learnt.

https://www.thisdaylive.com/index.php/2019/02/13/shell-nnpc-invite-bidders-for-10bn-bonga-south-west-project/

NNRC: Nigeria’s Earnings from Oil PSC, Lowest in the World

The fraction of oil monies accruable to Nigeria from Production Sharing Contracts (PSCs) related agreements it has with International Oil Companies (IOCs) has remained the lowest among other oil producing jurisdictions with same PSC arrangements, the Nigeria Natural Resource Charter (NNRC), has disclosed.

https://www.thisdaylive.com/index.php/2019/02/13/nnrc-nigerias-earnings-from-oil-psc-lowest-in-the-world/

Eterna targets 200 petrol stations, oil asset acquisition

Eterna Plc, an operator in the nation’s downstream oil sector, has said it aims to increase the number of its petrol stations across the country to 200 and acquire upstream oil and gas assets in the next five years.

https://punchng.com/eterna-targets-200-petrol-stations-oil-asset-acquisition/

ExxonMobil Accused of Anti-labour Practices

There are allegations that ExxonMobil may have resorted to anti-labour practices aimed at drastically excluding Nigerians from core activities in the company.

https://www.thisdaylive.com/index.php/2019/02/13/exxonmobil-accused-of-anti-labour-practices/

 

First Bank to sustain support for indigenous oil, gas operators – MD

The Chief Executive Officer First Bank Nigeria (FBN) Ltd. Adesola Adeduntan said the bank will continue to assist operators in the oil and gas sector with the right financial support needed to efficiently grow the industry.

https://www.dailytrust.com.ng/first-bank-to-sustain-support-for-indigenous-oil-gas-operators-md-2.html

Our Thoughts on Non-oil export and AfCFTA – MAN

The performance of the economy in 2018 was fair as it recorded fragile growth. On the high side, GDP growth increased to 1.81 percent in the third quarter 2018 from 1.50 percent growth recorded in the second quarter of the year. Inflation headed southward, exchange rate was relatively stable, supply of foreign exchange improved and…

https://businessday.ng/business-economy/article/non-oil-export-and-afcfta/

Oil rises 2% on Saudi Arabia, OPEC cuts

Oil prices rallied yesterday amid signs that the Organisation of Petroleum Exporting Countries (OPEC’s) production cuts are taking hold.

http://thenationonlineng.net/oil-rises-2-on-saudi-arabia-opec-cuts/

2018 saw sustained improvement in non-oil sector ― Presidency

The Presidency has observed that Nigeria’s Gross Domestic Product (GDP) figures recorded a marked improvement in the fourth quarter of 2018.

https://www.tribuneonlineng.com/190302

 

OTHER NEWS

ASUP suspends strike

The Academic Staff Union of Polytechnics has suspended its two-month-old   strike, the News Agency of Nigeria reports.

ASUP National President Mr Usman Dutse confirmed this at a press conference on Tuesday in Abuja.

https://punchng.com/asup-suspends-strike/

New Minimum Wage: Buhari begs private sector not to sack workers

President Muhammadu Buhari has pleaded with the organised private sector not to retrench their workers in a bid to pay the new N30,000 national minimum wage.

https://www.vanguardngr.com/2019/02/new-minimum-wage-buhari-begs-private-sector-not-to-sack-workers-2/

 

Give red card to Governors over unpaid benefits, NLC tells pensioners

 

Nigeria Labour Congress, NLC, has called on pensioners across the country to vote against any state governor still owing backlog of unpaid pension in the forthcoming general elections.

https://www.vanguardngr.com/2019/02/give-red-card-to-govs-over-unpaid-benefits-nlc-tells-pensioners/