NUPENG threatens nationwide strike over backlog of salaries owed to members

“The union is, therefore, issuing a notice to withdraw its services any moment from now in solidarity with the affected workers if the unresolved payment of salaries and entitlements of these workers are not settled,” the statement read. More »

PENGASSAN rejects attempts to amend NLNG Act by N/Assembly

“As social partner and major stakeholder in the sector, we can attest that instead of the amendment, the Gas Master Plan unveiled under former President Goodluck Ebele Jonathan, be given proper implementation. This can optimise the Nigeria’s gas resource potential, end gas flaring in the country and bring gas revenue earnings to level up with that of crude oil.” More »

Gencos bear huge shortfalls despite N12.69bn payment by NBET for February invoices

Although, the Central Bank of Nigeria (CBN) provided a N701 billion facility, to assist NBET in meeting its payment obligations from the generation invoices to ease the liquidity challenges, the Gencos are yet to get full payment of all the outstanding debts. More »

Oniha replaces Abraham Nwankwo as DG, DMO

01 July 2017, Abuja – Patience Oniha has replaced Dr. Abraham Nwankwo as Director General of the Debt Management Office, DMO. Oniha, who has resumed office. was recently named by the Federal government as replacement for Nwankwo, a respected Economics who was appointed to head the agency in 2007. Oniha is a former staff of the […] More »

Death toll in Pakistan oil tanker fire rises to 190

01 July 2017, News Wire –  The death toll from an oil tanker explosion in central Pakistan has risen to 190, hospital and government officials said Friday as 16 more people succumbed to their injuries. The tanker overturned early Sunday on a main highway from Karachi to Lahore while carrying some 40,000 litres of fuel. […] More »

Project to retrieve S. Africa’s Apartheid oil stash stalls

*Contractor misses deadline to replace 300,000 barrels of crude *Oil stock rotation was irregular, Central Energy Fund says 30 June 2017, Johannesburg – A South African company that borrowed $15.4 million worth of oil sludge from the government to help fund the recovery of crude stored in a mine during apartheid has yet to implement […] More »

Nigeria inches closer to 40 billion barrels oil reserve target – NNPC

Under the agreement, Schlumberger would provide the over $700 million development cost of the Anyala and Madu fields which would generate 193 million barrels of crude oil into the current reserves of 37.2billion barrels and an additional 800 billion cubic feet of gas into the nation’s proven gas reserves which currently stand at 197 Trillion Cubic feet of gas . More »