OIL & GAS
NUPENG, PENGASSAN Hail FG Over Flag-Off Of Oil Exploration in North
The Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) and Petroleum and Natural Gas Senior Staff Association (PENGASSAN) have expressed their satisfaction over the flag-off and official commencement of crude oil search in the Kolmani Well River-ll, located near Barambu, Alkaleri Local Government Area of Bauchi State.
Nigeria’s oil exports drop as Aiteo shuts pipeline
The nation’s crude oil export has suffered a setback following the shutdown of the Nembe Creek Trunk Line, one of the major crude oil transportation channels used for export.
Oil Prices Step up as OPEC’s Supply Cut Grips Market
Oil prices rose yesterday as markets tightened amid output cuts by producer club OPEC, but surging US supply and a global economic slowdown prevented crude from climbing further.
FAAC kicks over NNPC’s failure to offset NPDC’s $1.7bn debt
The Federation Account Allocation Committee (FAAC) is irked by refusal of the Nigerian National Petroleum Corporation (NNPC) to offset an outstanding sum of $1.7 billion indebted to it by the Nigerian Petroleum Development Company (NPDC), a subsidiary of NNPC. The oil firm, it was learnt, had given commitment to settling the debt, having secured necessary government’s approvals to procure a loan to offset the debt. A FAAC document sighted by New Telegraph over the weekend that captured FAAC members’ position, berated the Nigeria’s oil firm for reneging on payment after several assurances.
Eterna: Earnings hurt by costs
Operating environment for oil and gas sector of the Nigerian economy like other sectors has remained very challenging with enormous economic and security issues. The rapid devaluation of the naira has wiped out billions of naira in market capitalisation for Nigeria’s fledgling oil and gas companies. Challenges of insecurity and other high costs of operations attributable to poor infrastructure have also continued to make the business operating environment difficult especially the oil and gas sector of the economy.
Mired $29.8bn projects hurt Nigeria’s gas fortune
The projected gas prosperity in Nigeria has been badly hurt, as hope of funding and development for the stalled $29.8 billion gas projects in the country suffered further setback,
NEITI: Nigeria Lost $28bn to Outdated Crude Oil PSCs
For a period spanning over ten years, 2008 to 2017, Nigeria lost as much as $28 billion from crude oil due to outdated Production Sharing Contracts (PSCs) it signed with international oil companies (IOCs) operating in the country, the Nigeria Extractive Industries Transparency Initiative (NEITI), has disclosed.
Rights violation: NLC threatens showdown with Gov Amosun
Nigerian workers under the auspices of Nigeria Labour Congress (NLC) have vowed to make true its promise of taking to the streets to confront and engage the Ogun State Governor, Ibikunle Amosun, for trampling on the rights of its members in the state even as the latter has threatened to deal with them, if they dared to protest on Tuesday, March 5.
ASUU Not Making Fresh Demands
The Academic Staff Union of Universities (ASUU) has denied embarking on another strike or making any fresh demands.
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