NIGERIA’S OIL SECTOR NEEDS N7B YEARLY INVESTMENT

The Nigerian oil and gas sector requires about $7 billion capital investment yearly, to fund exploration and development to achieve the nation’s crude production targets, according to Nigerian Investment Promotion Commission (NIPC). Besides, Organisation of the Petroleum Exporting Countries (OPEC), also put the expected oil upstream investment requirements from 2016 to 2040 at $7.4 trillion).

Read more @ The Guardian Online 

TOTAL BEMOANS HIGH COST OF OIL AND GAS PROJECTS IN NIGERIA

A French oil major, Total, has bemoaned the high cost of projects in Nigeria’s oil and gas industry, identifying long contracting cycle, security and community issues as factors that prompt contractors to inflate the cost of projects in the country.

The company has also called on the federal government to ensure that the Petroleum Industry Bill (PIB) reduces the duration for getting approvals for projects, saying the number of agencies involved in granting approvals for projects are also responsible for the high cost of projects due to the delay in getting approvals.

Read more @ Thisday Live

FRESH CRISIS LOOMS AS NUPENG HANDS AGIP ULTIMATUM OVER STOP-GAP CONTRACTS

There is growing tension in both the downstream and the upstream sectors of the oil and gas industry, following a 14-day ultimatum handed over to Nigerian Agip Oil Company (NAOC) by the Port Harcourt Zone of the Nigerian Union of Petroleum and Natural Gas (NUPENG), THISDAY has learnt.

Rising from their August 11, 2014 emergency meeting, NUPENG had handed over an ultimatum to NAOC to respect the April and June 2014 letters from the National Petroleum Investment Management Services (NAPIMS), a subsidiary of the Nigerian National Petroleum Corporation (NNPC).

The letters, according to NUPENG, directed the Italian company to discuss the stop-gap contract of turbine and related equipment maintenance contract in OB|OB, Ebocha and Kwale with Arco Petroleum Nigeria Plc.

Read more @ Thisday

MONTHLY OIL REVENUE DECLINES TO N630.3BN IN JULY

Excess crude account drops to $4.1bn as FG, states, LGs share N654.5bn FAAC ponders directive on first line charge for judiciary
James Emejo 

Production hiccups including a force majeure declared by Shell, shut-down of trunk lines and pipelines at Akpo and Bonny terminals caused a significant decline in monthly receipts as gross revenue for July dropped by about N154.5 billion to about N630.3 billion compared to about N784.8 billion in June.

Also, a substantial decline in Company Income Tax (CIT) has further dampened the prospects for higher collections for the month.

Read more @ Thisday

FLARING MUST BE UNATTRACTIVE FOR FULL FLARE OUT

To put an end to the recurring issue of gas flaring in Nigeria’s oil and gas sector, the Federal Government should make the practice unprofitable by enforcing stringent penalties against defaulting companies.

This is the opinion of Mr. Moritz Abazie, the Managing Director of Strides Energy and Maritime Limited, an offshore oil and gas construction firm.

Read more @ Vanguard

FG TASKS OIL INDUSTRY OPERATORS ON OIL SPILL

The Federal Government has urged oil and gas companies operating in Nigeria to partner with it towards eradicating oil spillage and its harmful effect on the environment.

The Minister of Environment, Mrs. Lawrencia Mallam, called for the partnership during the inauguration and handover ceremony of the Geographic Information System laboratory stationed at the headquarters of National Oil Spill Detection and Response Agency in Abuja.

She said operators in the sector must join hands with the government to ensure safe and cleaner environment.

Read more @ Punch Online