REPS, LAW COMMISSION TO REVISIT PIB

The House of Representatives and the Nigerian Law Reform Commission are set to commence debate on the need for the reform of the legal framework of the nation’s petroleum industry.

 

The debate is to draw lessons from the failure of the attempts by both the former President Goodluck Jonathan and the 7th National Assembly to ensure the successful passage of the Petroleum Industry Bill.

 

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SHELL BEGINS CAMPAIGN ON ENERGY EFFICIENCY IN NIGERIA

Global oil giant, Shell, has announced the launch of a public service campaign in Nigeria as part of an international effort to encourage debate on how a rapidly expanding world population can meet its energy needs.

 

The company said in a statement on Monday that the 2016 campaign christened, #makethefuture, was aimed at promoting advocacy and partnership for bright energy ideas as part of Shell’s thought leadership on the future of energy.

 

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S’ARABIA OFFERS MORE OIL TO ASIAN CLIENTS AHEAD OF OPEC MEETING

Saudi Arabia is offering extra crude to customers in Asia, a sign the world’s largest oil exporter does not intend to cut output as it battles for market share with other top producers.

Saudi’s offers of more oil come after it recently completed maintenance programmes that had reduced supplies from some fields during the second quarter, traders said. The kingdom will also soon increase its Arab Extra Light crude output in an expansion of the Shaybah oilfield.

Read more @ The Guardian

NIGERIA RISKS LOSING OIL BUYERS TO IRAN, SAUDI ARABIA

Nigeria, which recently lost its Africa’s top oil producer status to Angola on the back of huge decline in its output, stands a chance of losing some of its traditional buyers to rival producers such as Iran and Saudi Arabia, industry experts have said.

 

Following the spate of production disruptions largely caused by the recent upsurge in militant attacks on oil infrastructure in the Niger Delta that have cut Nigeria’s output to the lowest in almost three decades, exports of the commodity from the country have taken a serious beating

 

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OIL PRICE HITS $50 AMID NIGERIA OUTAGES

Global oil benchmark, Brent crude, on Thursday traded above $50 per barrel for the first time in 2016 as supply disruptions and increased global demand continue to fuel a recovery.

 

Brent, against which Nigeria’s oil is priced, hit $50.14 per barrel early on Thursday, the highest level in seven months, data from Energy Intelligence showed.

 

Read more @ The Guardian

NIGER DELTA MILITANTS BOMB CHEVRON’S ESCRAVOS PIPELINE

Another setback hit the nation’s oil production yesterday as the militant group, Niger Delta Avengers (NDA), blew up a facility belonging to Chevron Nigeria Limited (CNL), the main gas pipeline which provides electricity to the Escravos tank farm in Delta State.

The nation’s crude oil output has already been reduced by 31 per cent this year to about 1.4 million barrels per day (bpd), against the 2.2 million bpd estimated in the 2016 budget, the lowest in 22 years.

Read moree @ The Guardian

FG OPENS TALKS WITH MILITANTS

The Federal Government has met with a select group of militants from the restive Niger Delta as a result of the ongoing attacks on oil pipelines in the region.

 

It was gathered that the meeting, which was attended by the Edo State Governor, Mr. Adams Oshiomhole; Minister of Niger Delta Affairs, Usani Usani; National Security Adviser, Maj. Gen. Babagana Monguno (retd); and Special Adviser to the President on Niger Delta, Brig. Gen. Paul Boroh (retd.), was arranged by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu.

 

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