General News Politics Uncategorized

Nigeria’s oil earnings dip by 2.6% to N3.97trn in 9 months ― CBN

Petrol price stays at N145, NNPC says By Michael Eboh Nigeria’s earnings from the oil and gas industry declined by 2.62 per cent to N3.973 trillion in the first nine months of the year, from January to September 2019, according to data obtained from the Central Bank of Nigeria, CBN. The CBN, in its Economic […]

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Oil price volatility threatening Nigerian content development — NNPC

Delegates at the ongoing Practical Content Conference in Bayelsa By Michael Eboh & Prince Okafor The Nigerian National Petroleum Corporation, NNPC, yesterday, expressed concern that the persisting volatility in the price of crude oil is putting pressure on the local content initiative of the Federal Government. Amendment of Deep Offshore Act long overdue – NNPC […]

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Nigeria earned $21bn from oil, gas sector in 2017 – NEITI

The Nigeria Extractive Industries Transparency Initiatives (NEITI), says Nigeria earned 21 billion  dollars from the oil and gas sector in 2017. Continue reading Nigeria earned $21bn from oil, gas sector in 2017 – NEITI at Vanguard News. Hits: 0

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Oil production sharing contract and conspiracy of silence

By Sonny Atumah President Muhammadu Buhari last Monday in far away the United Kingdom gave accent to the long-awaited Deep Offshore and Inland Basin Production Sharing Contract Act 2004 (Amendment) Bill, 2019. To Buhari, it appeared a joyous moment that Nigeria will now receive its fair, rightful and equitable share of income from natural resources […]

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FG seeks increased women participation in oil industry

•A female engineer in an oil rig By Michael Eboh & Gabriel Ewepu Minister of Women Affairs, Dame Pauline Tallen, has challenged women in the Nigerian oil and gas industry to strive towards the effective discharge of their duties to ensure they remain relevant and make meaningful impact in the industry. Speaking at the fourth […]

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Oil slips on uncertainty over U.S.-China trade deal, surging inventories

Crude oil futures fell on Friday amid lingering uncertainty on whether, and when, the U.S. and China will agree on a long-awaited deal to end their bitter trade dispute, the gloom compounded by rising crude inventories in the United States. Brent crude, the global benchmark, was down 16 cents, or 0.3 per cent, at 62.13 […]

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Bayelsa State oil and environmental commission to meet IOCs, subsidiaries

Following testimonies and documents received from individuals and other concerned bodies, the Bayelsa State Oil and Environmental Commission (BSOEC) has formally invited the management of all National, International oil companies and their Nigerian subsidiaries operating in Bayelsa State to a meeting with the Commission. The Secretary of the commission Dr. Kathryn Nwajiaku -Dahou who confirmed […]

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NNPC sets deadline for accurate crude oil, fuel consumption data

By Michael Eboh NNPC THE Nigerian National Petroleum Corporation, NNPC, said within the next 90 days, Nigerians would be able to know the actual volume of crude oil produced in the country, and the actual quantity of petroleum products imported the country. The actual volume of crude oil produced and the volume of petroleum products […]

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Oil falls on weak Chinese industrial data

Oil prices fell on Monday after strong gains last week as data released in China reinforced signs that its economy is slowing, although progress in China-U.S. trade talks has supported prices. Brent crude was down 32 cents or 0.5 per cent at 61.70 dollars a barrel by 0933 GMT, having gained more than 4 per […]

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Gas, future oil of Nigeria, says Presidential aide

Ajuri Ngelale, Senior Special Assistant to President Muhammadu Buhari on Public Affairs says gas is the new oil and future of Nigeria. Ngelale said this in an interview with News Agency of Nigeria (NAN) in Abuja while speaking on government’s effort at combating Climate Change issues, particularly gas flaring in the country. “President Muhammadu Buhari […]

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2020 Budget: FG earmarks N257m for pipeline rehab, oil database

By Michael Eboh The Federal Government has earmarked N257.95 million budget for the Nigerian oil and gas pipeline infrastructure rebirth programme, coordination of public service reform as well as the development and management of an oil and gas database for the country. President Buhari presenting the 2020 Budget proposal to the National Assembly This was […]

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Oil marketers prepare to comply with corporate governance code

Members of Major Oil Marketers Association of Nigeria, MOMAN, have adopted measures targeted at complying with the corporate governance of Nigeria’s oil and gas industry. In a statement sent to Vanguard, MOMAN stated: “At the 2019 CEOs strategy retreat, MOMAN CEOs had agreed to target certain areas in order to improve industry reputation; Health Safety Environment […]

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Saudi Arabia set to further improve relations with Nigeria

Ambassador Adnan Mahmoud, Ambassador of the Kingdom of Saudi Arabia to Nigeria on Monday said that the country was keen on improving the excellent relationship shared by both countries. Mahmoud disclosed this at the 89th National Day celebration of the Kingdom held in Abuja. He said that Nigeria and Saudi Arabia has a deep history […]

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OPEC to cut cost of overproduction by 50% ― Timipre Sylva

By Orajekwe Linda The Honourable Minister of State, Petroleum Resources, Chief Timipre Sylva, on the 21st of September said that there will be no Organisation of Petroleum Exporting Countries (OPEC) cut off oil production by 50 per cent as previously reported rather, there will be a cut for overproduction of the 57,000 barrels per day. […]

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Nigeria earned N28.6trn from oil, non-oil sources in 5 years

The Nigeria Extractive Industries Transparency Initiative (NEITI) said that N28.58 trillion was remitted to the Federation Account between 2012 and 2016, from mineral revenues, non-mineral revenues and Value Added Tax (VAT). NEITI disclosed this on its latest Fiscal Allocation and Statutory Disbursement (FASD) Audit report for the period 2012-2016, released in Abuja, on Sunday. NEITI […]

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Oil price to rise further as Yemen threatens another attack on S-Arabia

By Udeme Akpan THERE are indications that the price of oil, currently in excess of $60 per barrel, could rise further in the international market as Yemen has threatened another attack on Saudi Arabian oil facilities, after the first affected the production of 5.7 million barrels per day, bpd. Yemen’s Houthi movement, which took responsibility […]

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SON adopts 10 standards to enhance operations in oil, gas

by Prince Okafor THE Standards Organisation of Nigeria, SON, has adopted 10 America Petroleum Institute, API, Standards for the nation’s oil and gas industry. Director-General/Chief Executive, SON, Osita Aboloma, who disclosed this during a joint Technical Committee meeting on Oil and Gas/Petroleum and Petro Chemicals event in Lagos, said the standards would impact positively on […]

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Oil prices rise 15% after attack on Saudi facilities hits global supply

Oil prices surged more than 15% to their highest level in nearly four months at the open on Sunday after an attack on Saudi Arabia’s oil facilities on Saturday that knocked out more than 5% of global oil supply. Brent crude futures jumped more than 19% to a session high of $71.95 a barrel at […]

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Superpowers scramble for oil in the Arctic

By Sonny Atumah Global citizens are up in protest that oil is contributing to global warming. Global warming is pushing the ice farther north. Manmade climate change is causing the Arctic to grow warmer twice as fast as the rest of the planet. Ices are melting fast and pulling back with no sign of returning […]

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OML 11: Why court ordered FG to renew Shell’s oil lease for 20 years

By Ikechukwu Nnochiri The Abuja Division of the Federal High Court, on Friday, ordered the Minister of Petroleum Resources to renew Oil Mineral Lease, OML 11 to Shell Petroleum Development Company of Nigeria, SPDC, for 20 years. The court judgement followed a legal action that Shell instituted against the Federal Government through the Minister of […]

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Oil prices nudge higher, eyes on speech by Fed chair

Oil prices clawed back the previous day’s losses on Friday, with Brent nudging above $60 a barrel. This is as tighter supplies from key producers offset slowing demand growth and investors await clues on the U.S. Federal Reserve’s monetary policy. Brent crude LCOc1 rose 29 cents, or 0.5 per cent, to $60.21 a barrel by […]

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FG urged to pay 13% derivation to oil communities

By Jimitota Onoyume WARRI— National Chairman, Host Communities of Nigeria Producing Oil and Gas, HOSCON, Dr Mike Emuh, has urged the Federal Government to pay the 13 percent derivation fund to oil communities in Niger Delta, saying  this will speed up development of the communities and Niger Delta. Emuh, who spoke in Warri, Delta State, […]

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Oil rises on falling U.S. stockpiles

Oil prices rose on Wednesday after industry data showed U.S. stockpiles fell far more than expected, alleviating concerns about oversupply, while major U.S. producers evacuated rigs in the Gulf of Mexico ahead of a brewing storm. oil revenue West Texas Intermediate (WTI) crude Clc1 climbed 85 cents, or 1.5 per cent , to $58.68 by […]

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Nigerian oil industry to attract $48bn investments in 7 years

By Udeme Akpan, Michael Eboh & Ediri Ejoh Group Managing Director of Nigerian National Petroleum Corporation, NNPC, Dr. Maikanti Baru, yesterday, stated that the Nigerian petroleum industry would attract over $48.04 billion investments, in terms of capital expenditures, over the next seven years. Nigerian National Petroleum Corporation (NNPC) Group Managing Director, Dr. Maikanti Baru, Court […]

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Don’t over rely on oil as sole revenue source- NITDA DG

Dr Isa Ali Pantami, the Director-General, National Information Technology Development Agency (NITDA), has advised Nigerians not to over rely on the nation’s oil as the only revenue source. Pantami gave the advice in a goodwill message at the Nigeria Export Summit Award with the theme: “Powering and Digitising the Economy”. The NITDA director-general, at the […]