INVESTMENTS IN NIGERIA’S OIL SECTOR DECLINE TO N78B

Capital importation into Nigeria’s oil and gas sector has declined from the $200 million (N90 billion) from the second quarter of 2016 to $172 million (N78 billion) in 3rd quarter, according to the National Bureau of Statistics (NBS). But this decline has been attributed to uncertainty in the country’s oil and gas sector occasioned by insecurity, delay in the passage of the Petroleum Industry Bill (PIB) and delay in meeting contractual obligations in the services industry.
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SENATE BEGINS DEBATE ON PIB NEXT WEEK

The Senate will next week begin deliberations on the Petroleum Industry (Governance) Bill otherwise known as PIB.

According to the notice paper of the upper chamber of the National Assembly, the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) will also be considered on Wednesday in accordance with the Fiscal Responsibility Act 2007.

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IRAN SEEKS $50-$60 OIL PRICE AS BARKINDO VISITS TEHRAN

Iranian Oil Minister, Bijan Zanganeh, has stated that his country supports an oil price of $50-60 per barrel and any measure that would help stabilise the market, following a meeting held yesterday with the Secretary General of the Organisation of Petroleum Exporting Countries (OPCE), Mr. Mohammed Barkindo in Tehran.

This is coming as the Chairman of the Senate Committee on Petroleum (Upstream) Resources, Senator Omotayo Alasoadura, said the Petroleum Industry Bill (PIB) was put on hold due to the Niger Delta crisis.

 

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PIB, OTHERS THREATEN OUR OPERATIONS IN NIGERIA – SHELL

Royal Dutch Shell Plc has said the passage of the Petroleum Industry Bill, which seeks to overhaul the Nigerian oil and gas industry, could take a huge toll on its current and future operations in the country.

 

The oil major stated this in its annual report for the year ended December 31, 2015, which was released on Thursday and obtained by our correspondent.

 

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LAWMAKERS TO BEGIN DEBATE ON PIB DESPITE EXECUTIVE DELAY

Members of the House of Representatives are set to move on with debates of their own version of the Petroleum Industry Bill (PIB), despite lingering delays by the Executive to transmit its own version to the National Assembly for further legislative action.

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N'ASSEMBLY ASKS PRESIDENT TO SUBMIT REVISED PIB

The National Assembly monday tasked President Muhammadu Buhari as the new Minister of Petroleum to as a matter of urgency send a revised Petroleum Industry Bill (PIB) to it for quick consideration.

The legislative institution made the call at the opening of a two-day dialogue organised by National Institute for Legislative Studies (NILS) in Abuja on the theme, “Dialogue on Economy, Security and Development”.

 

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UNBUNDLED PIB TO BE RESUBMITTED TO PARLIAMENT IN FIRST QUARTER 2016

In its bid to restructure the oil and gas sector, the federal government plans to split the Petroleum Industry Bill (PIB) stuck in the National Assembly for eight years and resubmit it by the first quarter of 2016, as its delay deters investment in the country, Vice-President Yemi Osinbajo has said.

The vice-president was reiterating a similar statement by the Group Managing Director of the state-run Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu, who during his Senate screening last week advocated the unbundling of the bill, adding that the non-passage of the legislation had cost the country $15 billion annually.

 

Read more @ Thisday Online

 

 

PIB, oil theft, poor gas infrastructure face new Petroleum Minister

Whoever takes on the office of minister of Petroleum in the  current dispensation would have to contend with a deluge of challenges including  the stagnant Petroleum Industry Bill, oil theft, finding solution to the nation’s poor gas infrastructure and cash call issues.

  Industry stakeholders say these and other challenges must be tackled head-on by the coming  Petroleum minister.

 

Read more @ Businessday Online

NNPC CALLS FOR REVIEW OF PIB

The Group Managing Director of the Nigerian National Petroleum Corporation, Dr. Ibe Kachikwu, has said the fall in global crude oil prices calls for a review of the Petroleum Industry Bill in order to iron out all the grey areas in the bill. The PIB has been before the National Assembly for about seven years.

 

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NNPC RAISES HOPE ON PASSAGE OF PETROLEUM INDUSTRY BILL

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu has raised hope over the stalled Petroleum Industry Bill (PIB), promising that the corporation needs at least one year to get it back on track.
Kachikwu said NNPC needs to x-ray the issues and therefore requires extensive engagements with all stakeholders to iron out all grey areas.

Read more @ The Guardian

PIB MUST ADEQUATELY ADDRESS ROYALTY ISSUES – EGBOGA

A former Presidential Adviser on Petroleum and Chairman, Emerald Energy Resources Limited, Dr. Emmanuel Egboga, has said that the Petroleum Industry Bill must address issues on royalties holistically.

 

He said this at a luncheon presentation to the Petroleum Club in Lagos.He said in July 2012 a new draft of the PIB was submitted to the National Assembly for consideration and passage into law.

 

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BUHARI'S SILENCE AFFECTING PETROLEUM DOWNSTREAM

Stakeholders in the downstream sub-sector of Nigeria’s petroleum industry say the silence of the President Muhammadu Buhari-led Federal Government on policy direction is causing more harm than good for the segment and the nation’s economy at large.

They said the President’s muteness over critical issues like the subsidy arrears owed oil marketers, the future of the subsidy regime for Premium Motor Spirit (petrol), the Petroleum Industry Bill and other matters bordering on the general regulation of the downstream petroleum business, was unhealthy for the country.

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HOPE DIMS FOR LNG PROJECTS AS COMPETITION THICKENS

With the shale gas boom in the United States and huge discoveries in Australia and East Africa amid the sustained low global oil price, Nigeria’s LNG projects including the Train 7 face increasing competition from other projects in reaching final investment decision.

 

A new report released by LNG Industry on Wednesday said even as non-LNG exporting nations led by Mozambique and Tanzania sought to develop and monetise their recent discoveries, key Nigerian projects had not advanced in the last couple of years due to reservations over the country’s long-awaited Petroleum Industry Bill.

 

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APC TELLS BUHARI TO DISCARD PIB, REVIEW SUBSIDY

President Muhammadu Buhari’s party, the All Progressives Congress, has advised him to discard the Petroleum Industry Bill, review fuel subsidies and sell off some units of the Nigerian National Petroleum Corporation.

 

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ANOTHER LONG WAIT FOR THE PIB

The passage of Petroleum Industry Bill by the Seventh House of Representatives few hours to the end of its tenure without the concurrence of the Senate, will expose the reform bill to further legislative and executive scrutiny, Ejiofor Alike reports.

After allowing the Petroleum Industry Bill (PIB), an all-important piece of legislation aimed at reforming Nigeria’s oil and gas industry to attain global standard to waste for seven years under the legislative inefficiency that characterises Nigeria’s National Assembly, the seventh House of Representatives woke up from its slumber to pass the bill, few hours to the end of its tenure.

 

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BUHARI'LL SUSTAIN NIGER DELTA AMNESTY PROGRAMME, SAYS NNPC

The Federal Government under President Muhammadu Buhari will sustain the amnesty programme in the Niger Delta, the Nigerian National Petroleum Corporation has said.

 

This was revealed by the Head of Nigeria’s delegation to the 167th meeting of the Organisation of the Petroleum Exporting Countries, Dr. Jamila Shu’ara, who also stated that the new government would effect necessary changes to the Petroleum Industry Bill

 

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REPS PASS PETROLEUM INDUSTRY BILL

The House of Representatives, yesterday, passed the Petroleum Industry Bill (PIB) in a valedictory session to end the Seventh Assembly

And as the Seventh Senate came to an end also yesterday, out-going Senate President, David Mark, has taken responsibility for any shortcoming by the upper chamber even as a political watchdog, Transition Monitoring Group (TMG), rejected the 46 bills passed Wednesday by the Senate National Assembly.

Read more @ Guardian

INCOMING NATIONAL ASSEMBLY MAY NOT PASS PIB

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.

 

Lawan, in an interview with our correspondent in Abuja on Monday, explained that the bill was rejected by the sixth and seventh National Assembly because some of the provisions side-lined a section of the country.

 

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OIL AND GAS PLAYERS WANT BUHARI GOVT TO BE DECISIVE ON PIB

Oil and gas industry stakeholders have asked the incoming administration of General Muhammadu Buhari to be bold and decisive on the matter of the protracted Petroleum Industry Bill in his first month in office.

 

Majority, infact are canvassing that it should be scrapped completely to refocuss attention on other ways to move the industry forward. Sola Adeputu, an energy law expert, making contribution during the Policy Dialogue Roundtable organised by the Petroleum Club recently in Lagos, said there is a need to de-emphasise PIB and move the industry forward.

 

Read more @ Businessday

RESTRUCTURE NNPC, EXPERTS ADVISE BUHARI

Economists and operators in the oil and gas sector have advised the incoming government to prioritise the restructuring of the Nigerian National Petroleum Corporation to speed up the development of the nation. They also urged the new government to ensure the passage of the Petroleum Industry Bill.

 

The advice came as the scarcity of fuel continued to bite harder across the country over the weekend, despite the promise by the NNPC that there was enough fuel to keep the country wet for at least three weeks.

 

Rea more @ Punchonline