The Nigerian National Petroleum Corporation (NNPC) and Total Nigeria Plc are considering the movement of petroleum products through the rail system in other to reduce the cost of transportation.
The Senate will next week begin deliberations on the Petroleum Industry (Governance) Bill otherwise known as PIB.The Nigerian National Petroleum Corporation (NNPC) and Total Nigeria Plc are considering the movement of petroleum products through the rail system in other to reduce the cost of transportation.
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.
Ahead of Thursday’s launch of Nigerian National Petroleum Corporation, NNPC Seven Point Roadmap agenda for the country’s petroleum industry by President Muhammadu Buhari, there are high expectations among investors and industry players as they anticipate milestone incentives.
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said that the reforms embarked upon by the government are targeted at cutting petroleum products’ importation by at least 60 per cent by 2018 and thereafter position the country for net export by 2019.
The Nigeria-India upfront oil payment deal will help the Federal Government to tackle the foreign exchange (forex) crisis in the country.The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, initiated the deal during a three-day working visit to India.
United Nations Framework Convention on Climate Change (UNFCCC) and Organisation of Petroleum the Exporting Countries (OPEC) has identified economic diversification as the leeway for building economic resilience.
There are indications that the law establishing the Nigeria Extractive Industries Transparency Initiative (NEITI), may be amended to enable the Agency retain certain percentage of recovered revenues from extractive companies to bridge its funding gap.
Crude oil prices have recovered slightly since September 27, after the Organization of the Petroleum Exporting Countries (OPEC) announced its first planned output cut to limit its production to a range of 32.5-33.0 million barrels per day (bpd) in order to rein in a global supply glut that forced crude to crash from over $100. Despite OPEC's expressed desire to cut output, latest report show the
cartel's September production output at eight-year high of 33.24 million bpd.
In this report, the Nigerian Extractive Industries
Transparency Industry (NEITI) called on President Muhammadu Buhari to take full
charge of enacting a new law for the petroleum sector. According to the agency,
the failure of Nigeria to pass an over-arching law for the petroleum sector
after repeated attempts continue to accumulate huge costs for the country,
estimated at more than $200 billion.
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
Following the huge success recorded by Saipem Contracting Nigerian Limited (SNCL) on the Egina Umbilicals, Flowlines, Risers (UFR), Offloading Systems and Offshore Works project, in terms of employment generation and Nigerian content development, the Nigerian National Petroleum Corporation (NNPC) has called for more support and collaboration from the Nigeria Content Development and Monitoring Board (NCDMB) to shorten contracting cycle to six months.
A Federal High Court in Abuja has restrained the Nigerian Petroleum Development Company Limited (NPDC) and Nigerian National Petroleum Corporation (NNPC) from taking any step in terminating agreement they have with Atlantic Energy Drilling Concepts Nigeria Limited and Atlantic Energy Brass Development Limited owned by businessman, Jide Omokore, in respect of the Oil Mining Leases (OMLs) 26, 30, 44 and 42 (Forcados assets) and OMLs 60, 61, 62 and 63 Brass assets).
Nigeria’s crude oil production has increased by 280, 700 barrels per day (bpd) from the 1.104 million bpd recorded in August to 1.385 million bpd in September.
The Nigerian National Petroleum Corporation (NNPC) has concluded plans to move heavy equipment to Bauchi and Gombe States preparatory to oil exploration, said Group Managing Director Maikanti Baru.
The Ship Owners Association of Nigeria, SOAN, and the Nigerian Ship Owners Association, NISA, say about N2 trillion is lost annually by allowing foreign carriers to exercise dominance over the carriage of 150 million of Nigerian cargo, including crude and products, according Shipping Position Daily.
Oil prices fell about one per cent wednesday after the Organisation of Petroleum Exporting Countries (OPEC) reported its September oil output at eight-year highs in its monthly Oil Market Report (OMR), thus eroding optimism over the carte’s pledge to bring a global crude oil glut under control.
