HOW NPDC OUTSOURCES OPERATORSHIP OF DIVESTED OIL BLOCKS

More revelations have emerged on how the Nigerian Petroleum Development Company (NPDC) uses other contractors or Operations and Maintenance (O&M) contractors to run the oil blocks where it claims operatorship because it lacks financial, technical and adequate human resources to operate the assets.

The former Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke had withdrawn the operatorship of some of the oil blocks divested by Shell and other International Oil Companies (IOCs) from the NPDC, a subsidiary of the Nigerian National Petroleum Corporation (NNPC) and opted for Joint Operatorship Model (JOM) with the new owners of the assets, following the perceived poor performance of NPDC.

 

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PORT HARCOURT REFINERY TARGETS FULL CAPACITY UTILISATION

The Port Harcourt Refining Company (PHRC) Limited has activated comprehensive but phased rehabilitation project that would bring about optimal processing capacity of the plants and full yield of different petroleum products by July 2015.

The rehabilitation will however be carried out in phases in a strategy that would permit operations to progress at available units of the complex while repair works continue on other processing units.

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FUEL SUBSIDY: FAILURE OF A 42-YEAR-OLD PRICE FIXING POLICY (4)

 

As the new president, Mohammadu Buhari settles into office today, it is clearly evident that one of the most urgent (may not necessarily be most important) task before him would the optimal decision on the lingering fuel crises (supply or pricing crises) which ironically welcomed him to office while bidding good (or bad) by to the former president Goodluck Jonathan last weekend.

With a flurry of arguments in the public media over the challenges of fuel crises concentrating on one dominant issue, subsidy, our series on this issue in today’s edition is taking a close look at the histonomics or (historical economics) side of the discuss on subsidy.

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NIGERIA'S TRANSITION CAUSES CRACK IN OPEC

Aleadership vacuum has emerged at the Organisation of Petroleum Exporting Countries (OPEC) following the dissolution of Nigeria’s Federal Executive Council (FEC) last week, which led to the exit of former Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, the OPEC’s first female president.

The oil cartel may meet for its extraordinary meeting in Vienna, Austria on Friday without a substantive president, as Alison-Madueke will no longer be eligible to preside over the meeting.

Read more @ New Telegraph
 
 

COUNTING COST OF FUEL CRISIS

In what many observers have described as Nigeria’s worst nightmare in recent times, several businesses caught in the web of the protracted fuel crisis are still counting their losses running into hundreds of millions, reports Ibrahim Apekhade Yusuf

Fuel crisis is not new in this part of the world. But to many Nigerians who have had to endure the bitter pill of the lingering fuel scarcity these past weeks, the hoopla generated by the non-availability of petroleum products have been rather unprecedented.

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IPMAN CONSULTS JP MORGAN, KPMG ON N600BN REFINERIES

The Independent Petroleum Marketers Association of Nigeria is in talks with JP Morgan and KPMG with respect to its plans to build two refineries in Nigeria worth $3bn (about N600bn at N200 per dollar).

 

This is coming as the Managing Director, Capital Oil, Mr. Ifeanyi Ubah, has urged President Muhammadu Buhari to stop subsidising petrol and probe oil marketers whose actions almost led to the shutdown of the country recently.

 

Read more @ MobilePunch

PRESSURE MOUNTS ON BUHARI TO REVISIT FUEL SUBSIDY PROBE, OIL BLOCKS ALLOCATIONS

President Muhammadu Buhari has been under intense pressure from oil and gas industry stakeholders to reopen all cases relating to fuel subsidy fraud with a view to prosecuting all those indicted.

 

The stakeholders said this has become necessary as most top officials indicted by the probe panel set up by former President Goodluck Jonathan administration were released by security officials because they were close allies of the then government in power.

 

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