SUBSIDY DEBT RISES TO N314BN AS FG DITHERS

The total fuel subsidy debt owed by Nigeria to importers of petroleum products has swelled to N314 billion as President Muhammadu Buhari hesitates on its removal, oil and gas sources tell BusinessDay.

 

“Not a kobo in subsidy has been paid since Buhari was sworn in,” one licensed importer of petroleum products said.

 

Read more @ Businessday Online

CRUDE EXPORTS FROM NIGERIA, OTHERS TO ASIA DROP

Crude oil exports to Asia from Nigeria and other West African countries are set to fall to 1.68 million barrels per day in September, their lowest since August 2014, according to shipping data and a survey provided by traders on Wednesday.

 

Angola, Nigeria and neighbouring countries are expected to export about 28 cargoes to China in September and 15 to India, down from 30 and 25 respectively last month.

 

Read more @ Punch Online

NNPC RULES OUT SALE OF REFINERIES

From the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu, came yesterday a declaration that there is no plan by the Federal Government to privatise the nation’s refineries.

The NNPC boss also revealed that plans are underway to unbundle the Pipelines and Products Marketing Company (PPMC) into three different companies.

Read more @ The Guardian

GROUP TASKS NNPC ON SERVICE DELIVERY TO INDUSTRIES

Oil and Gas Service Providers Association of Nigeria (OGSPAN) has emphasised the need for the Nigerian National Petroleum Corporation (NNPC) to ensure regular supply of petroleum products to industries.
The group, which has endorsed the transformation programme of the Group Managing Director of NNPC, Emmanuel Ibe Kachikwu, advised Kachikwu to work on the production and refining of different petroleum products in order to meet domestic demand of industries and other consumers.

Read more @ The Guardian

STAKEHOLDERS SEEK ABOLITION OF OIL SWAP DEALS

Stakeholders in the energy industry have endorsed the cancellation of crude oil swap contracts, as well as Offshore Processing Contracts (OPA), which the Nigerian National Petroleum Corporation (NNPC) entered with traders, under the previous administration of President Goodluck Jonathan.

The cancellation was however scripted to replace the former contractors as the corporation had invited seven firms to bid for the scheme.

Read more @ The Guardian

GAS PRICING INTRIGUES HURTING NEW DEALS

The intrigues trailing the formalisation of the gas pricing at $2.50 may have been jeopardising numerous gas-to-power supply deals anticipated by the operating firms in the sector.

The price was approved by the former Minister of Petroleum, Mrs Diezani Alison-Madueke since August last year, but The Guardian gathered that the price has not been properly formalised by the appropriate quarters, thereby making it difficult for prospecting contractors to sign various supply agreements.

Read more @ The Guardian

NNPC SEEKS TO END OIL THEFT IN EIGHT MONTHS USING DRONES

The Nigerian National Petroleum Corporation (NNPC) has announced its intention to end crude oil theft in Nigeria within eight months using drones to monitor the movement of crude oil bearing vessels.

The NNPC in a statement from its Group General Manager Public Affairs, Ohi Alegbe yesterday in Abuja stated that the new initiative to stem oil theft and pipeline vandalism was unveiled by its Group Managing Director, Dr. Ibe Kachikwu in a presentation at the special conference on security in the Gulf of Guinea organised by the Gusau Institute.

 

Read more @ Thisdaylive