NNPC to import 45m litres of petrol daily from March 1

29 February 2016, Abuja – The Nigerian National Petroleum Corporation (NNPC) said on Monday that it would, from March 1, begin to take delivery of 45 million litres of petrol every day for distribution across the country. The NNPC said this in a statement from its spokesman, Mr. Ohi Alegbe, in Abuja. It explained that […] More »

Illegal Mining: NSCDC set to deploy 5,000 armed squad to checkmate activities

29 February 2016, Abuja – The Commandant-General, Nigeria Security and Civil Defence Corps (NSCDC), Abdullahi Gana Mohammadu has said that the agency is set to deploy 5,000 “Solid Minerals defenders” armed squad to curb Illegal mining activities in the country. Abdullahi stated that negligence and lack of effective regulations or laws to protect the exploration of […] More »

Bristow in talks with concerned agencies over contracts cancellation

29 February 2016, Lagos – Bristow Helicopters has said it is in talks with government and its agencies over the directive by the National Petroleum Investment Management Services (NAPIMS) to its joint venture partners, international oil companies, to cancel its services contract with them. Bristow confirmed in a statement at the weekend that a number of […] More »

Freight forwarders partner SFU on corruption prevention

29 February 2016, Lagos – Freight forwarders have joined forces with the Special Fraud Unit (SFU) of the Nigerian Police to fight corruption in the nation’s seaports, airports and international borders. The freight forwarders, under the aegis of the National Association of Government Approved Freight Forwarders (NAGAFF), said the partnership was in line with its campaign […] More »

BEDC wins CBN’s cashless payment award

29 February 2016, Lagos – Benin Electricity Distribution Plc. (BEDC) has become the first electricity distribution company to emerge a winner in the maiden edition of the Electronic Payments Incentives Scheme (EPIS) Efficiency Award as it emerged the best Cashless Driver-Corporate category. The Central Bank of Nigeria (CBN) and the Nigerian Interbank Settlement Scheme (NIBSS) Plc […] More »

Shell, Bayelsa seal deal on gas supply for power generation

29 February 2016, Lagos – As oil prices in the global market continue to decline, the Bayelsa State Governor, Henry Seriake Dickson has taken proactive steps to insulate and ring-fence the gas-rich economy through partnerships in gas-based infrastructure. To this end, Bayelsa State Government has closed a business deal in the hydrocarbon value chain with the […] More »

Sepla shares defy bear run, rally to N340 per share

29 February 2016, Lagos – The shares of Seplat Petroleum Development Company Plc sustained its rally to lead the price gainers’ chart at the stock market last week. The stock, which has witnessed an unprecedented recovery despite the decline in oil price, rose 12.4 per cent to close at N340 per share last week. Seplat has […] More »

Group advocates for Nigeria beyond oil

29 February 2016, Lagos – In the face of the dwindling oil prices and revenue, the Nigerian Society of Chemical Engineers (NSChE), has called on the federal government to look beyond oil and develop other sectors like agriculture and manufacturing for revenue generation. The group expressed the view at the first public lecture of the NSChE […] More »

Customs agents get two weeks’ ultimatum to register with CRFFN

29 February 2016, Lagos – Due to the controversies rocking the Maritime sector over who will register freight forwarders between Nigeria Customs Service (NCS) and the Council for the Regulation of Freight Forwarding in Nigeria (CRFFN), the Minister of Transportation, Mr. Rotimi Amaechi has directed that all practitioners should go back and register with CRFFN within […] More »

Queues return as marketers exhaust PPPRA’s import allocations

29 February 2016, Lagos – Long queues of motorists waiting to buy petrol were noticed in filling stations across the country at the weekend as private oil marketing companies have exhausted the allocations approved by the Petroleum Products Pricing Regulatory Agency (PPPRA) to import petrol for the first quarter of 2016, THISDAY has learnt. But in […] More »

Ogoni community raises the alarm over another Army invasion

29 February 2016, Lagos – Yeghe Community in Gokana Local Government Area of Rivers State has raised the alarm that soldiers from 2 brigade of the Nigerian Army, Port Harcourt had concluded plans to invade the community again on Monday. Responding to the rumour, residents of the community have fled their homes to avoid being caught […] More »

Power supply drops to 2,665MW due to explosions, gas constraint

29 February 2016, Lagos – Inadequate supply of gas to the power station and explosions at transmission lines in the Lagos area and Jebba have resulted in a drop in electricity generation to 2,665MW.. THISDAY gathered that with this development, the Transmission Company of Nigeria (TCN) has directed the 11 distribution companies (Discos) nationwide “not to […] More »

Dwindling oil revenues: Economic implications for governance, business & development

Professor Chijioke Nwaozuzu 29 February 2016, Sweetcrude, Port Harcourt — Oil revenue has been and still is the mainstay of the national economy and is likely to remain so for a long time to come, as it currently provides the bulk of government revenue and most of the foreign exchange earnings. At present, crude oil […] More »

Al-Makura demands improved power supply to Nasarawa State

29 February 2016, Abuja  Nasarawa State Governor, Alhaji Tanko Al-Makura, has called on the Federal Government to improve power supply to his state. The governor, who addressed State House Correspondents after a meeting with Vice President Yemi Osinbajo, also allayed the fears of insecurity in his state and pledged to do all with his capacities […] More »

Akpobolokemi challenges court’s jurisdiction in N754.7m theft case

29 February 2016, Lagos – The immediate-past Director-General of the Nigerian Maritime Administration and Safety Agency, Patrick Akpobolokemi, on Monday challenged the jurisdiction of a Lagos State High Court in Igbosere to entertain the charges of N754.7m theft preferred against him by the Economic and Financial Crimes Commission. The EFCC arraigned Akpobolokemi and six others before […] More »

CPC fines Abuja Disco N10m for boy’s electrocution

29 February 2016, Abuja – The Consumer Protection Council has ordered the Abuja Electricity Distribution Company to pay the family of an electrocuted boy the sum of N10m for the firm’s alleged technical lapses and negligence. The CPC’s order came on the heels of a complaint by one Mr. Tade Ayodele, who claimed that a live […] More »

Motorists groan as fuel scarcity worsens

29 February 2016, Lagos – The latest round of fuel scarcity being witnessed in many states across the country worsened on Sunday as motorists and other users of petrol had difficulties getting the product at filling stations. One of our correspondents also gathered that private depots in Apapa, Lagos were selling the product above the ex-depot […] More »

Price slump: Oil firms, banks risk bankruptcy over IOCs’ assets acquisition

29 February 201, Abuja – Indigenous oil companies that acquired the divested interests of Shell, Total and Chevron in Nigeria, between 2013 and 2015 are at r isk of going bankrupt and may find it difficult to repay the loans they borrowed from financial institutions to acquire these assets, thereby putting the banks in dire […] More »

Buhari to OPEC: Oil price crash unacceptable Read more at: http://ift.tt/1oI1nnu

29 February 2016, Abuja – — President Muhammadu Buhari, yesterday, in Doha, Qatar, told member states of Organisation of Petroleum Exporting Countries, OPEC, and non-OPEC members that the continued crashing of oil prices was no longer acceptable. He, as a matter of of urgency, called on all other stakeholders in the sector, especially the oil producing […] More »

Terminal operators owe FG N86.2bn Ports charges, fees

29 February 2016, Lagos – Terminal operators in Nigeria are currently indebted to the Federal Government to the tune of $433.4 million, about N86.2 billion, for lease and container throughput fees as at December 2015, Financial Vanguard investigation has revealed. But most of the terminal operators when contacted said they were up to date with their […] More »

Blowing up of gas installations, kidnapping, killings in Nigeria scare foreign investors – Buhari

9 February 2016, Abuja – President Muhammadu Buhari on Sunday stated that deliberate explosions, kidnapping and killings in the country were the principal reasons why foreign investors get scared from coming to the country. The president who spoke during at a town hall meeting with members of the Nigerian community in Doha, Qatar charged Nigerians […] More »

Nigeria: Govt moves to unveil beneficiaries of N66bn Halliburton bribes

29 February 2016, Abuja — The Federal Government moved a notch higher in its anti-graft war, last night, with a confirmation that it was launching a comprehensive probe into the controversial Halliburton bribery case in which top Nigerian politicians allegedly received huge bribes in the region of N66 billion. The bribes were taken by top […] More »

African Energy Forum welcomes global investors to 18th anniversary

29 February 2016, Sweetcrude, London, United Kingdom — The 18th annual Africa Energy Forum, AEF, (http://ift.tt/21Dv2wm) will be held on 21-24 June in London at the brand new London Intercontinental O2 overlooking the River Thames. The Africa Energy Forum is the global investment meeting for Africa’s power, energy, infrastructure & industrial sectors, expected to welcome […] More »

PENGASSAN demands autonomy for PPPRA

The union says the persistent deployment of NNPC staff to head PPPRA is a flagrant contravention of the Act establishing the agency and would never allow the agency align with the global best practices More »

OPEC must take action to stabiise oil market – Buhari

The OPEC cartel needs to take action to stabilise the oil market because crude prices have fallen to "totally unacceptable" levels, Nigerian President Muhammadu Buhari said on Sunday. More »

Debt swaps a tough sell for cash-strapped U.S. energy firms

29 February 2016, New York — Highly-leveraged U.S. energy companies are struggling to carry out debt swaps as part of their survival strategy because plummeting oil and gas prices make investors either avoid such deals or demand tougher terms. Last year, at least, 10 exploration and production companies, including California Resources Corp (CRC.N), managed to […] More »

U.S. shale’s message for OPEC: above $40, we are coming back

*For leading U.S. shale oil producers, $40 is the new $70 29 February 2016, New York — Less than a year ago major shale firms were saying they needed oil above $60 a barrel to produce more; now some say they will settle for far less in deciding whether to crank up output after the […] More »

OPEC daily basket price close at $30.74/b

29 February 2016, Sweetcrude, Vienna, Austria — The price of OPEC basket of thirteen crudes stood at $30.74 a barrel on Friday, compared with $29.19 the previous day, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Minas […] More »

Financial market products & services update

29 February 2016, Sweetcrude, Lagos — Local and international financial market products and services update. NIGERIA: The Nigerian government has removed nearly 24,000 workers from its payroll after an audit revealed they did not exist, the Finance Ministry has said. The move has enabled a monthly saving of around $11,5m (£8m). The audit is part […] More »

Nigeria sees emerging vision to resuscitate mining sector

With the turbulence being witnessed in the oil and gas sector leading to declining revenues over the years, the Federal government is, once again, looking for ways to reposition the solid minerals sector and turn it into a job creator and a viable foreign currency earner for the economy. More »

Oil prices “totally unaceptable,” Buhari tells Qatar’s ruler

28 February 2016, Lagos – The OPEC cartel needs to take action to stabilise the oil market because crude prices have fallen “totally unacceptable” levels, President Muhammadu Buhari said on Sunday. President Muhammadu Buhari in a chat with the Emir of Qatar, Sheikh Tamim Bin Hammad Al-Thani at the Amiri Diwan (Emir’s Office) in Doha, […] More »

Govt moves to unveil beneficiaries of Halliburton N66bn bribes

28 February 2016, Abuja – The Federal Government moved a notch higher in its anti-graft war last night with a confirmation that it was launching a comprehensive probe into the controversial Halliburton bribery case in which top Nigerian politicians received huge bribes in the region of N66 billion. The bribes were taken by top players in […] More »

Bristow slams NAPIMS over helicopter ditch

28 February 2016, Lagos – Bristow Helicopters has slammed the de-marketing of its operations by the National Petroleum Investment Management Services (NAPIMS). NAPIMS at the weekend requested clients to terminate their contracts with Bristow. The order was not unconnected with the ditching of one of its Sirkorsky C 76 ++ helicopter into the Atlantic Ocean on February 3, […] More »

PEDAN to PPPRA: Compel marketers to pay members’ commission

28 February 2016, Lagos – Petroleum Dealers Association of Nigeria, PEDAN, yesterday in Warri, Delta State, called on Petroleum Products Pricing and Regulatory Agency, PPPRA, to compel major marketers to pay members the commission due to them. The group said full payment of the commission (allotted rebate) has became necessary to enable PEDAN implement the Collective […] More »

Fuel scarcity persists in Benue

28 February 2016, Makurdi – The scarcity of fuel, which began in Benue State last weekend has continued to bite harder as many filling stations remain shut due to perceived lack of the product. Long queues are witnessed in a few petrol stations that have the product in Makurdi metropolis with only major marketers selling at […] More »

Angola: Oil production records increase of more than 6%

28 February 2016, Luanda — The production of crude oil in Angola recorded a 6 percent rise in 2015 compared to that of 2014, announced the State-owned Oil Firm “Sonangol” in its operational and financial results presented Thursday. According to a press release delivered to Angop, in 2015 the production of crude oil stood at 649.5 […] More »

More gas seen on Tanzania’s Ruvu Basin

28 February 2016, Dar Es Salaam –  Tanzania has made yet another discovery of natural gas reserves totalling 2.17 trillion cubic feet (tcf) along Ruvu Basin in Coast Region. The discovery has been made at a block operated by Dodsal Hydrocarbons and Power Tanzania Limited owned and chaired by UAE-based billionaire, Dr Rejan Kilachand. It brings […] More »

Oil prices “totally unaceptable,” Buhari tells Qatar’s ruler

28 February 2016, Lagos – The OPEC cartel needs to take action to stabilise the oil market because crude prices have fallen “totally unacceptable” levels, President Muhammadu Buhari said on Sunday. President Muhammadu Buhari in a chat with the Emir of Qatar, Sheikh Tamim Bin Hammad Al-Thani at the Amiri Diwan (Emir’s Office) in Doha, […] More »

Govt moves to unveil beneficiaries of Halliburton N66 billion bribes

28 February 2016, Abuja – The Federal Government moved a notch higher in its anti-graft war last night with a confirmation that it was launching a comprehensive probe into the controversial Halliburton bribery case in which top Nigerian politicians received huge bribes in the region of N66 billion. The bribes were taken by top players in […] More »

Deputy speaker laments expatriate control of oil, other key sectors

28 February 2016, Abuja – The Deputy Speaker of the House of Representatives, Hon. Yussuff Sulaimon Lasun, has lamented that expatriates continue to control key sectors of national economy such as the oil and gas, construction and information technology. This, he said, portends a danger of under-development to the nation, particularly were there is a lack […] More »

Buhari seeks OPEC members, non-members’ support to stabilise crude oil prices

28 February 2016, Abuja – President Muhammadu Buhari on Sunday in Doha, Qatar, said member-states of Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC members must cooperate to find a common ground to stabilise crude oil prices. A statement issued by the Special Adviser to the President on Media and Publicity, Mr Femi Adesina said Buhari […] More »

N/Delta leader cries out over the plight of NIMASA students Read more at: http://ift.tt/1KTijSc

28 February 2016, Lagos – The Coordinator, Ijaw Monitoring Group, Comrade Joseph Evah, has described the plight of Nigerian Maritime Administration and Safety Agency (NIMASA) foreign scholarship beneficiaries as pathetic. In a statement, the Niger Delta activist said the refusal of NIMASA to fulfil its financial obligations to institutions abroad to enable the students return to […] More »

Electrocuted boy: CPC slams N10m compensation on Abuja DISCO

28 February 2016, Lagos – The Consumer Protection Council (CPC) has slammed N10 million compensation on Abuja Electricity Distribution Company (AEDC) for the alleged  technical lapses and gross negligence to the family of Samuel Ayodele who was electrocuted. CPC’s Director General, Mrs. Dupe Atoki, said the  order, which the electric  company must comply with within 60 […] More »

‘Allowing only NNPC to import fuel will create monopoly’

28 February 2016, Abuja – The National Operations Controller of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr. Mike Osatuyi, has asked  the Federal Government to discontinue the policy of allowing only the Nigerian National Petroleum Corporation  (NNPC) to import fuel, saying by doing so, government would be encouraging a  monopoly in the system. In […] More »

‘Nigeria produces 2.2mbd of crude in February’

28 February 2016, Sweetcrude, Lagos — Minister of State for Petroleum Resources and Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Dr. Ibe Kachikwu, says Nigeria’s oil production would be 2.2 million barrels a day for the month of February. Kachikwu, who said the country would keep striving to increase crude oil production […] More »

Govt sees potential in waste-to-power initiatives, demands more research

Oscarline Onwuemenyi 28 February 2016, Sweetcrude, Abuja — The Federal Government has called for more research to be carried out on the best way to convert waste materials to improve power supply. The Minister of State for Power, Works and Housing, Mustapha Baba Shehuri, who made the call recently while receiving the Vice Chancellor and […] More »

Deepening default fears cast shadow over Venezuela’s oil flows

28 February 2016, Houston — As Venezuela grows closer to exhausting nearly every means of paying its debt, some oil market participants are seriously pondering the possible implications of an unprecedented event: the default of a major crude producing company. State-run firm PDVSA faces around $5.2 billion in payments to bondholders in 2016, much of […] More »

US shale oil drillers finally buckling as OPEC pumps on

28 February 2016, News Wires – For more than a year, American oil producers found a way to keep pumping despite a worldwide slide in crude prices. Like cartoon character Wile E. Coyote, U.S. drillers dashed off the cliff and somehow kept running in midair, maintaining volumes even as revenue plummeted. Drilling companies’ latest projections, released […] More »

A’Ibom govt urged to probe fire incident in oil-bearing community

28 February 2016, Uyo – Akwa Ibom State Government has been urged to properly investigate the fire incident reported in an oil-bearing community of the state before effecting any compensation. His Royal Highness, Etubom Ekpo Bassey Ekpo (v) of King James Ekpo Abasi House of James town, Effiat Clan, Mbo local government area of the state, […] More »

CBN targets N200 black market rate to dollar

27 February 2016, Abuja — The Central Bank of Nigeria, CBN, is targeting a N200 to dollar exchange rate in the parallel market as early as next week, according to The Nation The Naira which on Friday traded at N330 to a dollar in the parallel market is expected to appreciate speedily, as impact of […] More »