Concerns as 211 Nigerian oil blocks remain idle

More than 50 per cent of Nigeria’s oil and gas blocks remain untapped even as crude oil production continues to hover around two million barrels per day while gas shortages persist in the country over the years. Out of 390 oil blocks in the country, 211 are yet to be allocated by the Federal Government, latest data obtained from the Department of Petroleum Resources have shown.


Capital Market: MTN listing, NNPC privatisation will spur more participation of investors – Usman

The proposed listing of MTN, privatisation of Nigeria National Petroleum Corporation, NNPC and the remaining power sector privatisation will attract more participation of investors in the capital market and thus enhance financial inclusion in the country, former Minister of National Planning.


Job losses loom over $3bn ExxonMobil’s asset sale

Scare of possible job losses is currently rocking ExxonMobil over plans by the United States (US) oil super major to pull out of Nigeria in a $3 billion assets sale.
The firm, New Telegraph gathered at the weekend, is also concerned over possible fallout of the plan on its workforce in Nigeria just as it is, however, “accompanying the sale with plans for staff.”


MOMAN backs Fed Govt’s Petroleum policy

Major Oil Marketers Association of Nigeria (MOMAN) has restated its support for government policy on the petroleum industry, including policy on deregulation, which remains the only way to achieving a robust and sustainable downstream petroleum industry.


Oil firm on strong economic data, supply risks

Oil prices shot up nearly one per cent on Friday on bullish United States (U.S.) employment data that tempered fears about a decline in global crude demand and on expectations that an escalating conflict in Libya could tighten oil supplies.


No mercy for oil thieves, new JTF commander warns

The new Commander of the Joint Task Force code-named ‘Operation Delta Safe’, Rear Admiral Akinjide Akinrinade, says the military task force stationed in the Niger Delta will show no mercy to oil thieves and other criminals in the region.


African Labour Ministers Hail Nigeria’s Economic Plan

The Economic Recovery and Growth Plan of the Buhari administration was commended at the weekend in Addis Ababa, Ethiopia by the African Ministers of Labour, Employment and Social Affairs.


‘Dangote Refinery will Transform Nigeria’s Economy’

Africa’s richest man and President of Dangote Group, Alhaji Aliko Dangote, has said his refinery, one of the world largest, when completed, will transform Nigeria’s economy.


Sahara Group Canvasses Solution for Challenges in Petroleum Sector

The Executive Director, Sahara Group, Wale Ajibade, has said collaboration between financial institutions, development agencies, trading companies, National Oil Companies and other stakeholders in Africa will address the sector’s trade and project finance challenges on the continent.


How indigenous coys can access funding for oil, gas projects

The inability of indigenous oil and gas companies to access cheap funds to execute oil and gas contracts has been a source of con- cern to operators in the industry, especially the International Oil Companies (IOCs), who have several projects to execute.




FG approves N2.6bn to pay pension increment arrears

The Pension Transitional Arrangement Directorate has approved the payment of the final tranche of the six months’ arrears of 33 per cent pension increment to pensioners.