OIL & GAS
NNPC, 2019 Budget and Baru’s Optimism
It was not the first time the Group Managing Director of the Nigeria National Petroleum Corporation, (NNPC) had been upbeat about developments in the country’s oil sector in the last three years. But when he told senators recently that Nigeria would meet the oil production target of 2.3 million barrels of oil per day benchmark used in the 2019 budget, he portrayed a sector that is on a rising curve of growth.
NNPC denies inflating fuel import figure
Group General Manager, Group Public Affairs Division of the Nigerian National Petroleum Corporation, NNPC, Mr. Ndu Ughamadu, yesterday, disclosed that the corporation does not inflate or doctor records of its petroleum products importation into the country.
Kachikwu: Firms should raise Nigeria’s oil production to 7m bpd
The Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu has challenged exploration and production companies in Nigeria to strive to raise daily crude oil production to seven million barrels per day (bpd) from the about 2.1 million bpd currently produced.
Shell bags Most Impactful Local Content Company award
Shell Companies in Nigeria have emerged the International Oil Company with the most impactful Local Content Initiatives in the upstream category at the 2019 edition of the Nigerian Oil and Gas Opportunity Fair (NOGOF) held in Yenagoa, Bayelsa State.
Climate change: Shell plans $300m investment to tackle Co2 emissions
Oil giant, Royal Dutch Shell, has said it is investing $300 million over the next three years in natural ecosystems as part of its strategy to act on global climate change including addressing carbon dioxide (Co2) emissions generated by customers when using its products.
Sahara Group seeks intra-Africa solution for oil sector issues
Sahara Group has urged for collaboration among financial institutions, development agencies, trading companies, National Oil Companies and other stakeholders in , saying it would enhance the contribution of intra-Africa led solutions to addressing the petroleum sector’s trade and project finance challenges on the continent.
Firm ties refinery construction to full downstream deregulation
Petrocam Nigeria Limited has said it would build a refinery in-country only when the Federal Government fully deregulates the downstream sub-sector of the oil industry.
Fuel subsidy, Nigeria’s biggest fiscal burden — LCCI
Lagos Chamber of Commerce and Industry, LCCI, has described fuel subsidy which the World Bank said cost Nigeria N731 billion in 2018, as the biggest fiscal burden currently staring the nation’s economy in the face.
Seplat wins NCDMB’s award for impactful local content initiatives
Seplat Petroleum Development Company Plc has emerged as the Nigerian Content Development and Monitoring Board’s (NCDMB) most impactful independent upstream operating company for its local content initiatives at the Nigeria Oil and Gas Opportunity Fair (NOGOF) in Yenagoa, Bayelsa State.
Domestic gas market in focus as shortage lingers
With less than 20 per cent of the natural gas produced in the country going to the domestic market despite huge demand, there is a need to unlock the nation’s huge gas potential.
OPEC projects to tighter oil market in 2019
The research and analysis arm of the Organisation of Petroleum Exporting Countries pointed towards a much tighter market in 2019 as the group has seen its production fall significantly this year, led by curbs to Saudi Arabian output along with dramatic, involuntary declines from sanctions-hit Venezuela.
Reps okay 2019-2021 MTEF/FSP, adopt $60.O/b as crude benchmark price
The House of Representatives, on Wednesday, passed the 2019 to 2021 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for the 2019 fiscal year.
Oil rises above $71 on tight supply
Oil prices raced on Wednesday to five-month highs hit the previous day as the Organisation of Petroleum Exporting Countries (OPEC) production cuts and United States (U.S.) sanctions on Iran and Venezuela continued to tighten supply, though economic worries increased.
Oil Prices Fall on Surging US Crude Supply, Economic Slowdown
Oil prices fell on Thursday as U.S. crude stockpiles surged to their highest levels in almost 17 months amid record production and as economic concerns cast doubt over growth in demand for fuel.
OPEC sees tighter 2019 market as Nigeria, others defy cuts
Organisation of the Petroleum Exporting Countries (OPEC), has forecast a much tighter market in 2019, and has seen its production fall significantly this year, led by curbs to Saudi Arabian output along with dramatic, involuntary declines from sanctions-hit Venezuela.
Venezuela Oil Output Plummets to 870,000 bpd On Outages, Sanctions
Published 1 hour ago on 1 hour ago By Agency Report Global oil supply dropped in March as U.S. sanctions and power outages pushed Venezuela’s crude output to a long-term low of 870,000 barrels per day (bpd).
Helios acquires Axxela’s Oando gas firm
Africa’s Sub-Saharan gas and power portfolio company, Axxela Limited, has announced its formal acquisition by Helios Investment Partners.
NLC Faults Report Alleging Its Complicity in NSITF Fraud
The President of the Nigeria Labour Congress (NLC), Mr. Ayuba Wabba, has faulted a report published in THISDAY edition of August 12, 2018, alleging the complicity of the union in the alleged fraud at Nigeria Social Insurance Trust Fund (NSITF).
FG releases N1.5bn to pay benefits of dead civil servants
Federal Government has disclosed that it has so far the sum of N1.5 billion to pay all the certified next-of-kin to deceased civil servants, as death benefits through Finance Ministry.
Sign minimum wage bill now, Labour tells Buhari
Organised labour under the aegis of Trade Union Side (TUS) of the Joint National Public Service Negotiating Council (JNPSNC) has urged President Muhammadu Buhari to assent to the N30,000 National Minimum Wage Bill. This was coming on the heels of Senate’s approval of the bill last month.
Poly rectors not aware of ASUP’s strike threat –COHEADS chairman
Chairman of Council of Heads of Polytechnics and Colleges of Technology (COHEADS) in Nigeria, Polytechnics sector, Masud Elelu, has said the body, made of rectors of federal and state polytechnics, is not aware of the Academic Staff Union of Polytechnics’ (ASUP) threat to embark on industrial action.
Labour issues Okorocha 7-day ultimatum to pay salaries
Owerri—The leadership of the Nigeria Labour Congress, NLC, Imo State chapter, yesterday gave the outgoing Imo State Governor, Rochas Okorocha, 7-day ultimatum to pay workers in the state their salary for March, 2019.