The Chief of Naval Staff (CNS), Vice Adm. Usman Jibrin, has said that the Nigerian Navy in the last one year has achieved a drastic reduction in crude oil theft.
The Group General Manager, Group Public Affairs Department of the Nigerian National Petroleum Corporation (NNPC), Ohi Alegbe has dissociated himself from a story wherein he was quoted to have said the process of ceding the operatorship right of two oil blocks - OML 42 OML 40 to Neconde Energy Ltd and Elcrest respectively followed the industry best practices.
The
Nigerian National Petroleum Corporation on Sunday denied owing Lutin Investment
Limited the sum N95bn, insisting that all contentious issues between the two
firms had been laid to rest.
Oil workers on Wednesday disrupted activities at the headquarters of the Nigerian National Petroleum Corporation in Abuja.
The association, in a statement on Wednesday, argued that all the sub-sectors of the oil and gas industry were experiencing one problem or the other, a development that was not only limiting the sector but the national economy.
Revenue collected by the Federal Government from crude oil and gas export has dropped by 39.8 per cent to N359.73 billion in the month of February, according to the latest data from the Central Bank of Nigeria (CBN). This has however, affected the Federally-collected revenue estimated at N560.84 billion, showing a decline of 38.1 percent.
Fresh facts have emerged indicating that the federal government withdrew the operatorship of some of the oil blocks sold by Shell Petroleum Development Company and other International Oil Companies (IOCs) from the Nigerian National Petroleum Corporation (NNPC) to the new buyers to offer training and understudy opportunities for NPDC to further develop its capacity in all areas of petroleum operation and compliance, as recommended by the Department of Petroleum Resources (DPR).
The Independent Petroleum Marketers Association of Nigeria on Tuesday restated its complaint that the bridging claims by some of its members had yet to be paid by the Petroleum Equalisation Fund, a development it said had contributed to the petrol scarcity being experienced in the country.
The Petroleum Products Pricing Regulatory Agency (PPPRA) has explained that the price of crude at the international market as well as other cost elements such as landing cost determine the amount of subsidy paid on a litre of fuel in Nigeria, noting that the petroleum minister, Diezani Alison-Madueke is not responsible.
Nigeria's crude oil production output for April increased by 19,000 barrels per day (bpd) according to the OPEC monthly oil market report released on Tuesday May 12, 2015, while the country's production output, based on secondary sources, rose from 1,867,000bpd in March to 1,886,000 bpd in April.
With this achievement, Universal Energy has joined
the league of marginal oil field producing companies in Nigeria, having
successfully completed the construction of an Early Production Facility and
building of the necessary 23 km pipeline from the Stubb Creek Field to Exxon
Mobil’s Qua Iboe Terminal to enable evacuation and delivery. Commercial oil
production from the Stubb Creek Field is at an initial gross rate of 2,000 bpd with
plans to increase the processing capacity to 8,000 bpd.
As a team, Universal Energy wishes to express sincere
appreciation and thanks to everyone who provided support and significantly contributed
to the successful completion of the Stubb Creek Early Production Facility Project
in Unyenge, Mbo Local Government Area; from conceptualisation, through to development
and achieving first oil delivery. Particular thanks to our esteemed Board Chairman
and Members, Seven Energy International Limited
(which owns 62.5% equity interest in Universal Energy), other shareholders, our
Joint Venture Technical Partner - Sinopec International
Petroleum Exploration & Production Company (Nigeria) Ltd and the current Universal Energy management team
and our retired and serving staff. We also value the immense contribution of Universal
Energy project team and the numerous contractors, suppliers and vendors that
have all played a part in the accomplishment of this goal in the development
journey of the Stubb Creek Field.
The recurrent fuel scarcity being witnessed in many parts of the country, particularly in Lagos and Abuja, continued yesterday, showing no signs of easing up, while respite seems not in sight for motorists and residents.
The National Bureau of Statistics on Monday unveiled plans to carry out a survey of the consumption of gas and petroleum products in the country. The survey, which will be carried out from May 27, is designed to build a robust oil and gas database for policy formulation and strategic planning for sustainable development in the sector.
Farmers impacted by the Shell Petroleum Development Company, SPDC, Kolo Creek oil fields spill in Otuasega, Ogbia Local Government Area of Bayelsa State, have gone to court over the April 15, 2015 spill, which polluted their farms.
According to a report by Platts, the differentials for Nigerian crude grade, Bonga, are sliding due to the accumulated oversupply from the May and June program ahead of the release of the new July program this week.“On the demand side, Cepsa, Total, ExxonMobil are not buying Bonga at this stage and India’s strategic petroleum reserve alone cannot support the grade,” a trade from Europe stated. 
The Naira on Friday remained stable against some major international currencies at the official and parallel markets. Naira, at the official market traded for N197 to a dollar, the same market value at the beginning of the week.
The new President of the Association of National Accountants of Nigeria (ANAN), Mr. Anthony Nzom has called on the Financial Reporting Council of Nigeria (FRC) to conduct a forensic audit on activities of the Nigerian National Petroleum Corporation (NNPC).Nzom, who was reacting to allegations and counter allegations over what he described as “the so-called missing money,” made the suggestion in a statement at the weekend. 
Between 2015 and 2016, Nigeria’s oil and gas sector will rake in $10 billion (about N200 billion) worth of investments through the Local Content Development Policy.
The Nigerian National Petroleum Corporation (NNPC) has said that it expects to start regular supply of gas to end users within the eastern part of Nigeria through its East-West gas pipeline in early 2017.
The Chairman, Senate Committee on Public Accounts, Senator Ahmad Lawan, has expressed fears that the Petroleum Industry Bill may not be passed by the incoming eighth National Assembly if the contentious issues in the document are not addressed.
Group Managing Director, NNPC, Dr. Joseph Dawha, who disclosed this in a statement signed by Mr. Ohi Alegbe, Group General Manager, Group Public Affairs Division and obtained by the News Agency of Nigeria (NAN), said NNPC was forced to suspend exploration in the region due to rising insecurity, stating that it planned to resume activities there in the next few days.
Seven Energy International Limited (“Seven
Energy”), the independent
Nigerian integrated gas development, production and distribution company, and its subsidiary company Universal Energy Resources Ltd, announce
the commencement of crude oil production from the Stubb Creek Field, in Akwa
Ibom State, following approval to embark on delivery of oil through ExxonMobil’s
Qua Iboe Terminal.
Production at Stubb Creek is also important
because it marks the attainment of first oil at one of the marginal fields
allocated to indigenous companies. This realises the original intention of the
marginal field round to enable domestic companies to bring smaller, unutilized
fields on-stream, enhancing both domestic ownership and national production,
and so revenue.”
A United States District Court of Harris County, Texas, has ordered Chevron USA Inc. and BNP Paribas Securities Corporation to produce all documents and correspondence between them or their employees or agents and the bidders of Chevron’s disputed Oil Mining Leases (OML) 52, 53 and 55 being contested by Brittania-U Nigeria Limited.
As reactions continue to trail the release of the full audit report of the Nigerian National Petroleum Corporation, industry experts have said a thorough audit of the process and operations of the NNPC needs to be carried out as the audit failed to show that revenue from condensates was accounted for.
