FG SLASHES OIL JOINT VENTURE BUDGET BY 40%

The dropping oil prices have forced the Federal Government to reduce the capital budget for joint venture oil operations by 40 per cent to $8.1 billion for the fiscal year 2015.

According to Platts ( a provider of energy and metals information and a source of benchmark price assessments in the physical energy markets), “The Nigeria National Petroleum Corporation (NNPC) has informed the joint venture partners that this year’s capital expenditures will be cut down by 40 percent from the initial proposed budget of $13.5 billion.”

 

Read more @ Businessday

 

 

PWC SUBMITS NNPC FORENSIC REPORT RECOMMENDS REFORMS

The Federal Government has received the report of the forensic audit carried out on the Nigerian National Petroleum Corporation’s (NNPC) account.

 

The report which was submitted to President Goodluck Jonathan at the Presidential Villa, Monday, by Uyi Akpata the country senior partner of the PriceWaterHouseCoopers (PwC), called for reforms in the sector.

 

Read more @ Businessday

SIX YEARS AFTER, GOVT RENEWS CHEVRON’S LICENCE FOR 20 YEARS

Exactly six years after the operating licence for Chevron’s Oil Mining Leases (OMLs) 83, 85, 88, 89, 90, 91 and 95 expired in December 2008, after 40 years of issuance, the federal government has renewed the licence for these seven leases for another 20 years.

Chevron Nigeria Limited operates these seven acreages and five others – OMLs 49, 51, 52, 53 and 55, under a joint venture with the Nigerian National Petroleum Corporation (NNPC), with Chevron having 40 per cent interest, while the national oil company holds 60 per cent.

Read more @ Sweet Crude

TOTAL E&P BOOSTS ALAOJI POWER PLANT WITH GAS SUPPLY

The Federal Government effort to improve power supply in the country has received a boost as Total Exploration and Production Nigeria Limited announced the completion of Northern Option Pipeline (NOPL) from Km 38 at Obigbo to Km 50 at Imo River.

The project was completed in January, and is now ready for gas inflow to the National Integrated Power Plant (NIPP) at Alaoji, along the Imo River in Abia State.

Read more @ Businessday

FG’S REVENUE PLAN DIPS AS LNG PRICE FALLS TO $7.20/MMBTU

The Federal Government’s revenue projection dipped at the weekend as prices of Liquefied Natural Gas (LNG) fell from $8 per million British thermal units (mmBtu) to $7.20.

The Nigeria Liquefied Natural Gas (NLNG) Limited, one of Nigeria’s gas marketing companies, which in 2014 paid $1 billion in corporate income tax (CIT) to government for the 2013 financial year, is expected to contribute over five per cent to government’s 2014 revenue projection through its income tax payment to the federation account.

Read more @ New Telegraph

GOVERNOR ACCUSES JONATHAN OF SQUANDERING $35BN OIL REVENUE

The Governor of Osun State, Ogbeni Rauf Aregbesola, at the weekend accused President Goodluck Jonathan of squandering about $35 billion of oil revenue which accrued to the government of the federation.

Aregbesola was quoted as speaking in Lagos on Friday at the Presidential rally which saw the candidate of the All Progressives Congress, Gen Muhammadu Buhari, his running mate, Prof Yemi Osinbajo, former Lagos State Governor, Asiwaju Bola Tinubu, and others reminding the huge crowd that the 16 years of the Peoples Democratic Party have brought Nigeria to her knees.

Read mre @ Sweet Crude

FG TACKLES PIPELINE VANDALISM WITH ELECTRONIC MONITORS

The Federal Government has started installing electronic monitors to check the vandalism of gas pipelines as part of measures aimed at ensuring regular power supply, the Minister of State for Power, Mr. Mohammed Wakil, has said.

 

He expressed confidence that the recent privatisation of the power sector would soon yield visible results, noting that South Africa was already emulating the exercise, which he described as a model for many other countries.

 

Read more @ The Punch