NEITI ALLEGES N2.23TR FRAUD IN NNPC

The Nigeria Extractive Industries Transparency Initiative (NEITI) yesterday revealed how the Nigerian National Petroleum Corporation (NNPC) and its sub-units either lost or refused to remit a total of N2.23 trillion, consisting of $9.75 billion and N378.67 billion, to the federation account as earnings from various aspects of its operations in 2013.

The Chairman of the NEITI Board, Dr. Kayode Fayemi, at the presentation of the report yesterday in Abuja, said some revenues that should have gone to the Federation Account in 2013 didn’t make it .

Read more @ The Guardian

NIGERIA STILL UNSURE AS SAUDI, OTHERS PLAN FOR LIFE AFTER OIL

Nigeria is once again being left behind as Saudi Arabia, the world’s largest oil producer, and other oil rich nations seek alternative sources of revenue. The sale of five percent of Saudi state-owned oil corporation- Aramco, and raising non-oil revenue are impending steps Saudi Arabia which has 28.8 million people.

Read more @ BusinessDay

NIGERIA LOSES N7.1TN OIL REVENUE TO ILLEGAL WITHDRAWALS, OTHERS

Poor record keeping, illicit payments and withdrawals, absence of coordination by government agencies, outdated laws, among others, have resulted in oil revenue loss of N7.1tn by Nigeria.

A report put together by the Nigerian Natural Resource Charter and the Natural Resource Governance Institute, which was released in Abuja on Wednesday, stated that this was a summary of findings from previous oil sector reports and documents by various committees of government.

Read more @ Punch Online

CRUDE THEFT: FG SUES IOCs OVER $12BN MISSING OIL REVENUE

In a move interpreted by industry watchers as a major step by the Muhammadu Buhari administration to curb the menace of oil theft in the country, the federal government has instituted civil suits against international oil companies (IOCs) operating in the country in a bid to recover over N2 trillion in alleged missing revenues from over 57 million barrels of crude oil shipments that were believed to have been declared or under-declared between 2011 and 2014.

 

Read more @ Thisdaylive

OPEC’S OIL, GAS INVESTMENT MAY DROP TO $320B THIS YEAR

The International Energy Information Administration (IEA) expects oil and gas investment in Organisation of Petroleum Exporting Countries (OPEC) to drop from $1.2 trillion it recorded in 1012 to $320 billion in 2016.

The IEA, which made this disclosure in its Medium Term Oil Market report released recently, stated that as a whole, oil export revenues slumped from a peak of $1.2 trillion in 2012 to $500 billion in 2015 and, if oil prices remain at current levels, this will fall in 2016 to approximately $320 billion.

Read more @ The Guardian

OIL PRICES SLIDE BELOW $33 TO NEAR 12-YEAR LOW

Oil prices slid below $33 a barrel yesterday to levels not seen in more than a decade, as a tumble in Chinese equities rattled investors already concerned by near-record production and massive stockpiles of unwanted crude and refined products.

The price of oil has shed around 70 percent since the current downturn began in June 2014, causing pain to oil companies and governments that rely heavily on crude revenues.

Read more @ Guardian Online

OIL PRICE CRASH DIPS NIGERIA'S REVENUES BY N11.96BN IN TWO DAYS

Nigeria’s crude revenues dipped by N11.96 billion in the last two days as prices of oil, country’s cash cow, dipped below $40 a barrel at the global market.

This came as experts declared in two separate reports on Thursday that tougher times were still ahead for prodigal members of Organisation of Petroleum Exporting Countries (OPEC), stating that the commodity, which they depend on, could fall further to $30 per barrel in 2016.

Read more @ New Telegraph

NIGERIA'S CRUDE PRODUCTION HITS 195.3BN BARRELS IN 3 MONTHS

Crude production from Nigeria surged to 195.3 billion barrels in the third quarter 2015. National Bureau of Statistics (NBS), which disclosed this in a new data, added that this has expanded the revenues of the largest economy in Africa at a slightly faster pace in the third quarter.

The gross domestic product rose 2.8 per cent from a year ago, compared with 2.4 per cent in the second quarter and 6.2 per cent in the same period of 2014.

Read more @ New Telegraph

OIL, GAS SECTOR FACING DECLINING REVENUES, SAYS KACHIKWU

The Group Managing Director of Nigeria National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu, monday said the industry was facing a sharp lower revenues from the country’s oil assets. Kachikwu said this at the 33rd Annual International Conference and Exhibition organised by Nigerian Association of Petroleum Explorationists (NAPE) in Lagos.

The NNPC boss was represented by the Group General Manager, Nigerian Petroleum Investment Management Services (NAPIMS), Mr. Dafe Sejebor.

 

Read more @ Thisdaylive

MALABU: ‘NIGERIA LOST $1.1BN TO LACK OF TRANSPARENCY’

A lack of beneficial ownership transparency in the oil and gas industry led to the loss of $1.1bn to a single deal by Nigeria, an international watchdog, Global Witness, has said in a new report. 

The report stated that in Nigeria, Democratic Republic of Congo and Angola, lucrative oil and mining assets worth $4bn were awarded to companies with hidden owners, thereby diverting vast resource revenues to unknown private pockets, adding that in the Republic of Congo, a company whose beneficiaries remained uncertain had recently received lucrative stakes in several oil fields.

Read more @ Punch Online

FG probes NNPC, NPA, others for remitting foreign currency revenue in naira

The Federal Government Thursday said it is investigating some revenue generating agencies who generate revenues in foreign currency but remit in local currency to the federation coffers. Agencies under include the Nigerian National Petroleum Corporation, Nigerian Ports Authority and the Nigerian Maritime Administration and Safety Agency among others.

Read more @ Businessday Online

ALL REVENUES FROM NNPC, OTHERS MUST BE PAID INTO CONSOLIDATED REVENUE FUND

In a landmark directive, President Muhammadu Buhari monday ordered all revenue generating agencies such as the Nigerian National Petroleum Corporation (NNPC), Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), Nigerian Ports Authority (NPA), Central Bank of Nigeria (CBN), Nigerian Maritime Administration and Safety Agency (NIMASA) and Nigerian Liquefied Natural Gas (NLNG), amongst others, to pay all their revenues into the Consolidated Revenue Fund (CFR).

 

Read more @ Thisdaylive

Petroleum minister orders NNPC to defray $1.48b debt

The Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke has directed the Nigerian National Petroleum Corporation (NNPC) to defray $1.48 billion remittances due to the Federation Account by the Nigerian Petroleum Development Company (NPDC), being signature bonus, taxes and royalties on the assets transferred to the firm.

NPDC is an upstream subsidiary of NNPC. The Corporation also insisted it is not indicted by the forensic audit report on the alleged missing $20bn unremitted oil revenue carried out by the reputable international firm, PriceWaterhouseCoopers.

Read more @ Guardian

 

SHELL EARNINGS SLIDE ON PLUNGING CRUDE PRICE

Royal Dutch Shell is to cut more than $15bn in spending and freeze its dividend in an effort to plug dwindling revenues from oil sales, after the company on Thursday reported a sharp slide in quarterly earnings due to the plunge in crude prices.

 

The Anglo-Dutch energy group, the first of the world’s big oil companies to report full-year results for 2014, signalled that a period of adjustment lay ahead for much of the industry, following a near 60 per cent slide in crude prices since last summer to less than $50 a barrel.

 

Read more @ Businessday Online

NIGERIAN FIRMS TO REAP $1.8BILLION FROM NLNG’S VESSEL BUILDING CONTRACTS

Several indigenous companies taking part in the supply of products for building Nigeria Liquefied Natural Gas (NLNG) Limited’s six new ships, are expected to realise about $10 million (N1.8 billion) in revenues.

According to a statement signed by NLNG’s General Manager, External Relations Division, Kudo Eresia-Eke, the company, via its subsidiary company, Bonny Gas Transport (BGT) Limited, in 2013 contracted the building of the new vessels to South Korean shipbuilders, Samsung Heavy Industries (SHI), and Hyundai Heavy Industries (HHI), and successfully leveraged to include a unique local content clause which enables the concerned Nigerian companies to benefit from substantial vessel construction material export contracts. 

Read more @ The Guardian

TOP OIL TRADER TRAFIGURA TO DISCLOSE PAYMENTS TO NNPC

Trafigura Beheer B.V, one of the world’s leading commodity trading firms and a major lifter of Nigeria’s crude oil, has announced its commitment to opening up on its payment to Extractive Industries Transparency Initiative (EITI)-compliant and candidate countries like Nigeria, starting from 2015.

Trafigura’s decision is in compliance with the principles espoused by EITI in advancing transparent remittance of revenues from natural resources of countries.

Read more @ Thisday Live

GOVT ALLAYS FEAR OVER FALL IN OIL PRICE

NIGERIANS need not worry about the economy over the fall in oil price as the Federal Government has other sources of revenues, according to an official.       

There has been anxiety that the fall in the price of oil,  the nation’s highest foreign exchange earner, at the international market may adversely affect the economy.

Read more @ The Guardian