The Nigeria Union of Petroleum and Natural Gas Workers on Wednesday issued a 21-day ultimatum to the Federal Government to prevail on International Oil Companies operating in the country to stop mass retrenchment of oil workers.
The Chairman, Senate Committee on Gas, Senator Bassey Akpan, has pledged the support of the committee to the proposed Train 7 expansion project of the Nigerian LNG Limited. Akpan stated this when he led members of the committee on an oversight visit to the NLNG facility in Bonny.
Analysts are adducing different reasons for the recent divestments
in the downstream sector of the Nigerian oil and gas industry. Shortly after
details filtered in that Nipco Investments Limited is buying 60 percent stake
in ExxonMobil’s downstream operations, industry operators confirm a media
report that Total Nigeria has already received over a dozen interests for its
downstream assets. Analysts say possible reasons for these divestments could be
due to harsh operating environment in the downstream sector compounded by slump
in crude oil prices. 
As part of the efforts to reinvigorate the Nigerian oil and gas sector, especially upstream, Nigeria has negotiated a $15 billion investment deal with some India public sector companies for crude oil purchase. Ibe Kachikwu, minister of state for petroleum, who is currently in India for a business visit, did the negotiation on behalf on the country
But for gas supply challenges, which constrained over 3,321 Mega Watts (MW) of electricity, the nation’s total electricity generation would have hit 7,529MW in the last one month.
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said that Nigeria will soon close the deal on a $3 billion to $4 billion loan from China that will be channelled towards the provision of infrastructure in the oil and gas sector.
The Nigerian National Petroleum Corporation on Monday said it had stepped up its exploration of crude oil in the Chad Basin, Benue Trough and other frontier basins. It said the crude oil to be drilled from the frontier basins would serve as reserves for Nigeria.
The Nigerian National Petroleum Corporation (NNPC) has said Nigeria will need to produce up to 15 billions standard cubic feet per day (sbcf) of gas to ensure that her national goal of turning her economy into a fully industrialised one by 2020 is realised.
The Nigerian National Petroleum Corporation, NNPC, says about 326.8 million standard cubic feet, MSCF, per day of gas was supplied to gas-fired power plants in the country in June.
The Federal Government owes oil companies at least a total of $8.06bn in unpaid cash calls, as the Nigerian National Petroleum Corporation failed to pay $3.06bn in the first seven months of the year.
In a move certain to raise eyebrows reminiscent of the outcry over the proposal on the sale of the country’s strategic oil and gas assets, the Nigerian National Petroleum Corporation (NNPC) has said that it is working on new modalities that would allow it to fund its joint venture (JV) cash call obligations in the future, as well as pay off the arrears on the JVs from oil and gas royalties and taxes.
The Federal Government earned N537.19 billion from oil and gas export during the second quarter of 2016, according to the Central Bank of Nigeria (CBN).
The House of Representatives on Thursday ordered a probe of the $17bn worth of allegedly undeclared crude oil and liquefied natural gas exports to foreign countries.
No fewer than 13 lives have been lost in the last two months to gas flaring in six communities of Warri South West and Ndokwa West councils of Delta State.The communities include Koko, Diagbene, Kwale, Abbe, Utagbe-Uno and Ebede.
The Group Managing Director of the Nigerian National Petroleum Corporation, (NNPC), Dr. Maikanti Baru has reaffirmed the Corporation’s commitment to the development of gas resources in Nigeria.
The Lagos Deep Offshore Logistic (LADOL) Base is blazing the trail in the quest for local capacity development in the country, as it advanced with the construction of the world-class Floating Production Storage and Offloading (FPSO) vessel.
Despite calls for diversification of Nigeria’s revenue base to other sectors like manufacturing and agriculture, oil and gas accounted for 92.9 per cent of the country’s export earnings during the second quarter of 2016.
